Many homeowners facing foreclosure simply don’t know what to do. You can learn exactly what your options are, and what to do next. Take a minute and check this site out… It’s absolutely free.
Archive for Foreclosure Help
Dec
18
Stop Foreclosure With a New Fha Program
Posted by: | CommentsAvoid Foreclosure San Diego
Responding to the current housing crisis, HUD and FHA has just come out with a new program that helps homeowners who may owe more than their home is currently worth.
The Hope for Homeowners program will refinance home loans for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).
The program begins October 1, 2008 and ends September 30, 2011. The Hope for Homeowners Program is designed to directly help those homeowners where their mortgage exceeds the current value of their home.
The program effectively refinances (and pays off the current mortgage including seconds) to 90% of the homes CURRENT market value based on a FHA approved appraisal. Your credit score does not matter; but you must be able to afford the new payment after refinancing.
And you will have to provide income documentation to prove it. If you cannot afford your current loan, you do not own a second home, and your mortgage was originated before 2008 it is very likely that you qualify.
These are 30 year FIXED rate mortgages with NO prepayment penalties; and these new refinance loans are FHA insured. How do you know if you can qualify? Here are the basic guidelines for this new program…
-The home is your primary residence, and you have no ownership interest in any other residential property, such as second homes.
-Your existing mortgage began on or before January 1, 2008, and you have made at least six payments.
-You are not able to pay their existing mortgage without help.
-The loan amount may not exceed a maximum of $550,440.
-The new mortgage will be no more than 90 percent of your home’s value; determined by a current new FHA appraisal.
-You will have to certify you have not been convicted of fraud in the past 10 years, and did not knowingly or willingly provide false information to obtain your existing mortgage.
The bottom line is this. Because of the declining value of homes nationwide, millions of Americans did not have the ability to refinance their current home loan and stop foreclosure.
With the Hope for Homeowners Program, millions of Americans now have that ability; regardless of what they owe and how much their home is currently worth. If you owe more than your home is worth, you need to get more information on this program.
They call this program Hope 4 Homeowners for a reason; and it could work for you as a new way to save your home from foreclosure.
How To Avoid Foreclosure San Diego
Nov
26
The Best Way to Stop Foreclosure
Posted by: | CommentsAvoid Foreclosure San Diego
Determining the best way to stop foreclosure depends on the specifics of your situation.
Various factors like the amount of equity in your home, your monthly payments, your current financial circumstances, what your monthly income is, and how far behind you are on your mortgage play a huge role in coming to an educated decision on the best way to stop foreclosure.
Here’s how the foreclosure process works.
The Timeline
30 days… Your troubles actually start as soon as you miss a single payment. Lenders may not contact you until you’ve skipped a second payment, but most will report the first late payment and every subsequent delinquency to the credit bureaus. Even a single late payment can devastate your credit score, the three-digit number that lenders use to help gauge your creditworthiness.
Each subsequent “late” further decreases your score, making it more difficult and more expensive to get a loan or a refinance that might help your situation. In addition, lenders typically tack on late fees of 5% or so for each missed payment.
60 to 90 days… Eventually, if the payments aren’t made, the lender will file a “notice of default” with a local courthouse and send you a letter saying that the foreclosure process will start unless you make up the missing payments, late fees, and other associated costs.
How quickly the notice is filed depends on the individual lender and your individual state. Some lenders halt the foreclosure if you contact them to work out a payment plan or otherwise explain your situation. Others are more aggressive and start the process as soon as possible to try to protect their investment. Usually, this notice of default means that the amount you owe has shot up as well, since the lender typically adds substantial fees to cover its legal costs.
The notice of default is generally picked up by the credit bureaus, further depressing your credit score and making refinancing the loan extremely difficult.
90 days more…. Borrowers typically have 90 days from the notice of default to make up the deficit before the lender sends out a “notice of sale,” which sets a sale date for the house (typically within the next 15 to 30 days).
In some states, it can be much longer. But your situation is not getting any better. After missing mortgage payments for 3 or 4 months a mortgage company may “call” or “accelerate” the home loan. Once this happens they no longer take a single monthly payment, instead insisting all back payments be made at once.
While other options short of paying all back payments may be negotiated, the biggest mistake people make at this time involves allocation of what little cash they do have.
It almost seems natural since the mortgage company says they do not want your money, and the second mortgage company, credit card companies and others call everyday demanding money, the proper thing to do is pay the others.
If there are ten people calling, making nine happy means fewer calls for you and less headaches in the short run. In the long run this is a critical mistake. At some point you will need those funds to save your home. Many options exist to stop a foreclosure; but they will all require money. So start saving some money for your lender. After all, if you stop making your credit card payments, they give you a bad entry on your credit report. If you can’t work out a loan program with your lender, they take your home!
The first step in stopping your foreclosure is learning how to do so. You have options; you just need straight answers on what exactly they are.
Many homeowners facing foreclosure simply don’t know what to do. You can learn exactly what your options are, and what to do next. Take a minute and check this site out… It’s absolutely free.
How To Avoid Foreclosure San Diego
Nov
17
Stop Foreclosure Before It Starts
Posted by: | CommentsAvoid Foreclosure San Diego
Few of us are financially immune from the unforeseen catastrophes which life can send our way. A job loss, a sudden illness, or as millions of American homeowners have learned with disastrous consequences, a continuing rise in the prime lending rate, may be all it takes to send someone in a downward financial spiral which leads to the brink of foreclosure.
You and your spouse may even be working two or three jobs trying to stay abreast of your mortgage payments, but are being hit by the rising cost of living. What you desperately need is suggestions on how to stop foreclosure proceedings so that you have the time to turn your finances around. What options are there for helping you avoid foreclosure?
The best time to stop foreclosure is before you have missed your first house payment. As soon as you see financial trouble brewing on the horizon, even if it only means you are starting to dip into you savings to meet your day-to-day expenses, you should get in touch with your mortgage lender. Explain and document the nature of the expenses which may cause you to fall behind on your mortgage payments.
Investigate the possibility of a bridge loan to tide you over so that you can keep current on your house payments until your financial problems have abated, because it’s critical that you stop foreclosure from damaging your credit rating if at all possible. A history of foreclosure may prevent you from qualifying for a future mortgage.
By being proactive and trying to avoid foreclosure before you have actually fallen behind on your mortgage you’re greatly improving the odds of saving your credit history, and possibly your home.
When you approach your lender regarding your inability to keep up with your house payments, you must be completely aboveboard about the reasons for your financial shortfall. If your lender understands that your situation is only temporary, and that you have always honored your debts in the past, the chances of their working with you to stop foreclosure will improve dramatically. Why?
Because most lenders are almost as reluctant to put homes into foreclosure as homeowners are to be foreclosed on. Lenders do not want to be stuck with empty homes on which they are making no money, but still have to pay insurance and maintenance costs. It’s definitely to your lender’s advantage to keep you in your home, even if you are paying reduced house payments until your finances have recovered.
Your lender might even be willing to discuss a grace period during which your payments will be suspended entirely, as long as you can give solid evidence of why and when you expect to cover the arrears and resume your normal payment schedule.
The ultimate responsibility for working with your lender to stop foreclosure, however, is yours. You should be capable of presenting a clear and concise picture of your finances, and you should always make a written record of your dealings with your lender. The work will most definitely be worth the effort, however, if it gets you the bridge loan or payment hiatus you need to stop foreclosure, stay in your home, and protect your credit rating!
Robert Barr has been a industry insider for over 20 years and has helped many people stop the foreclosure process and change their circumstances. Find out more about his book on how to avoid foreclosure at http://www.mortgage-foreclosure-solutions.com
How To Avoid Foreclosure San Diego
Nov
15
Tips to Stop Foreclosure Fast
Posted by: | CommentsAvoid Foreclosure San Diego
What is the fastest method to stop foreclosure? Pay off the loan of course, but if you could do that you wouldn’t be in foreclosure in the first place. It’s not all bad news however. There are still techniques to stop foreclosure fast. Keep reading to learn about popular ways to stop foreclosure fast.Loan Payoff / RefinanceA refinance to avoid foreclosure is only appropriate in some cases. If you have enough equity in your home and a stable income, you may be a good candidate for a refinance payoff. This is when a mortgage lender finances a new loan, supplying the funds to pay off the original mortgage plus any fees and penalties. By paying off the mortgage, you prevent foreclosure. If you have an ARM mortgage that has recently ballooned, you might be an ideal candidate for a refinance loan as well.BankruptcyBankruptcy is generally a last option because it comes with many drawbacks. Declaring bankruptcy to prevent foreclosure is only effective for a short while. All it accomplishes is to delay the foreclosure until the bankruptcy court says the bank may go forward. Bankruptcy should not be the solution if the foreclosure is your only major financial problem.Short SalesIn a short sale, you make arrangements with your lender for you to place the house for sale for less than you still owe. Of course, the bank doesn’t like short sales because they lose money on the deal. It is still possible to have them granted by talking directly with your bank. A quick caution – short sales may have an effect on your taxes because the IRS considers short sales as income..The Deed in Lieu of Foreclosure OptionYou can offer the bank whats known as a “Deed in Lieu of Foreclosure” on your home. This essentially is turning back the home to the bank to avoid the process of foreclosure. By giving back the property, you can try and avoid the stress of the actual foreclosure and the longterm damage to your credit. This can be a good option if you decide that you can’t afford the house and have no time left to consider other options.These are just some of the techniques used by homeowners to stop foreclosure fast. Its very important that you do something at the first sign you might fall behind on your mortgage. If you deal with the problem early on and negotiate with your lender you may prevent foreclosure altogether.
Learn How to Stop Foreclosure in 20 Minutes – Click Here Now. For more help to stop foreclosure fast, visit my Foreclosure Help Page.
How To Avoid Foreclosure San Diego
Nov
10
3 Proven Methods To Stop Foreclosure That Do Not Completely Destroy Your Credit
Posted by: | CommentsAvoid Foreclosure San Diego
Few, if any, homeowners plan to go into foreclosure. Should you be facing foreclosure then you are probably feeling a great deal of anxiety and confusion regarding your situation. Before you pay anyone claiming to stop your foreclosure thousands of dollars be sure that you have investigated all the possible ways to stop foreclosure and save your home. Foreclosure scams are on the rise and many homeowners (just like you) are desperate for a fast solution and are having their homes stolen from them by con artists. The following passages will tell how you can take charge of your situation, avoid scams and get out of foreclosure now.
Once your lender has filed a Notice of Default (NOD), you are in the process of foreclosure and your options become very limited. You will be given a short amount of time to stop foreclosure by bringing payments current and paying the cost of foreclosure filing. This is commonly referred to as reinstating the loan. Obviously if you had the money, you would be out of foreclosure. If the lender is not willing to work out an agreement with you, then you should consider the following: sign a deed-in-lieu; consider a short sale; or sell your home. At first glance none of these seem like they will keep you in your home, but two of these solutions may actually do just that.
Deed-In-Lieu
Under this solution you sign a notarized deed and hand your home over to the lender. This will stop foreclosure; however, deeds-in-lieu of foreclosure will affect your credit the same as a foreclosure. Your lender may also be willing to let you stay in your home until you find a new place to live. You should explain to the lender that if they were to continue with foreclosure you would still retain the right of possession of the home during the proceedings.
Sell Your Home or A Fraction Of It
Depending on the real estate market in your area, you may be able to sell your home and payback the lender. Ask real estate agents their opinion of the value of your home and how fast they think it will sell in your market. Carefully select your real estate agent, because they will greatly determine your ability to sell your home fast. You should probably look to hire the most prominent real estate agent for your neighborhood. Check with a local realtor association chapter to find out who that person is.
If your hardship is temporary, consider selling a fraction of your home to an investor or family member for the amount that will bring you current. This process will require the a real estate attorney, who can inform you and the investor of your rights and how to work out the future sale of the property. Keep in mind that the investor will be free to sell their fraction of the home to anyone anytime they wish. However, the sale of the home will have to be a mutual decision between you and the other party. If you are in a rising home market, this may be an excellent way to keep your home until your hardship passes. To find a eligible investor check with local business owners, doctors, lawyers, and local real estate investment clubs for individuals who have access to lots of cash.
Consider A Short Sale
Also called a pre-foreclosure redeemed, you and a real estate agent negotiate with the lender to sell the house to a buyer for less than what is owed on the mortgage. Many reputable real estate investors will do this for you and are experienced with the entire process. However, you should be cautious and before you sign any documents have a real estate attorney look over them.
Before you proceed with any of the solutions suggested above, you should fully investigate any realtor or investor that you are doing business with. Ask for at least three past clients and call them. You want to make sure you are dealing with someone who can help you and is comfortable dealing with the lender during this process. Have a real estate attorney look over any document before you sign it, and if anyone asks you to sign a “Quit Claim Deed” chances are it is a scam. Never sign over ownership of your home to anyone without having the lender paid in full first. Otherwise, you’ll be on the hook for the full amount of your mortgage and you won’t even own the house!
The solutions mentioned above are covered in much greater detail in this manual and over 20 other solutions are offered to help you out of foreclosure regardless of home equity, cash, or circumstances. To find out more visit http://www.foreclosure-help-book.com
How To Avoid Foreclosure San Diego