Thursday, December 27, 2007
Foreclosure - List of your OPTIONS
If you don't ignore the problem for too long, you'll find that there are many options available to you. Check these out!
OPTIONS: (TAKE QUICK ACTION TO ENSURE YOU HAVE THE MOST TIME TO PERSUE WHICH OPTION IS BEST FOR YOU AND YOUR FAMILY.)
- LOAN REINSTATION - Pay the entire default amount, interest, attorney fees, late fees, taxes, missed payments. There may be additional fees, so ask!
- LOAN MODIFICATION - Refinance the debt or extend loan terms. This may allow you to catch up at a more affordable level if you qualify.
- FOREBEARANCE - In a forbearance, your lender may be able to arrange a repayment plan based on your financial situation.. Documentation will be needed to show that you are able to meet the new payment plan requirements.
- Pursue a “Deed in Lieu of Foreclosure.” Instead of the bank foreclosing, the home is given back. Banks generally require that the home be well maintained and all mortgage payments and taxes are current
- FILE BANKRUPTCY - Bankruptcy may liquidate (some) debt and/or allow more time. REMEMBER that this will not stop the foreclosure from happening. It will simply buy you time and perhaps release some of your debt so you can catch up.
- SELL – This is a conventional home sale. If the property has equity, you could get cash from the sale.
- SHORT SALE – Selling the home with the approval of your lender that is less than the total amount owed. This can be negotiated with your lender if what is owed is more than the property’s value.
***DO YOU HAVE EQUITY IN YOUR HOME and have the stability of FINANCES??
You can payoff/refinance your loan. The bank agrees to let you pay off the entire loan amount plus any default amount and other fees. This option is usually for people who have equity in their home.
NPR : Volatile Market Challenges N.J. Property Appraiser
Quoted from http://www.npr.org/templates/story/story.php?storyId=15785020:
NPR : Volatile Market Challenges N.J. Property Appraiser
Volatile Market Challenges N.J. Property Appraiser
by Nancy Solomon
Listen Now [4 min 21 sec] add to playlist
All Things Considered, October 30, 2007 · Mike Timoni has an almost recession-proof job. He appraises home prices in New Jersey — and in today's volatile market, his assessments are very important.
He gets a lot of calls these days to appraise foreclosures before they are auctioned.
Timoni says that despite the market downturn, his job is as busy as ever.
Wednesday, December 26, 2007
Foreclosure procedures vary by STATE.....
Each state has foreclosure laws that dictate the manner of foreclosure in that state. One of the most important distinctions in a foreclosure process is whether the foreclosure is conducted:
1- through the court system (judicial) or
2- outside the court system (non-judicial).
**State law governs whether judicial or non-judicial foreclosure is used. Some states allow both types of foreclosure, but each state usually has one type that is more commonly used.
In states that allow both types of foreclosure, the document used to secure the mortgage loan usually determines whether judicial or non-judicial foreclosure is used.
To start a judicial foreclosure, the lender files the appropriate court action against the owner in default. Usually this is in the form of a lis pendens (pending lawsuit) against the owner. If it rules against the owner, the court will order a public sale of the property.
The mortgagor has to record a public notice of default to initiate a non-judicial foreclosure. If the owner in default does not pay off the default within a certain time frame, the lender schedules a public sale of the property.
1- through the court system (judicial) or
2- outside the court system (non-judicial).
**State law governs whether judicial or non-judicial foreclosure is used. Some states allow both types of foreclosure, but each state usually has one type that is more commonly used.
In states that allow both types of foreclosure, the document used to secure the mortgage loan usually determines whether judicial or non-judicial foreclosure is used.
To start a judicial foreclosure, the lender files the appropriate court action against the owner in default. Usually this is in the form of a lis pendens (pending lawsuit) against the owner. If it rules against the owner, the court will order a public sale of the property.
The mortgagor has to record a public notice of default to initiate a non-judicial foreclosure. If the owner in default does not pay off the default within a certain time frame, the lender schedules a public sale of the property.
Successes & Failures: SHARE YOUR KNOWLEDGE
Every Real Estate Investor has a STORY:
I want to hear your "nugget of advice"!
I am waiting to hear any ADVICE you have for me. Take a quick minute to share your KNOWLEDGE. Being successful takes many innate qualities in a person combined with advice and strategies that can be put to use.
Tell me, here on my blog, WHAT IT TAKES TO BE SUCCESSFUL IN REAL ESTATE INVESTING.
I appreciate your advice....even your mistakes and regrets.
Thanks to all that contribute!
I want to hear your "nugget of advice"!
I am waiting to hear any ADVICE you have for me. Take a quick minute to share your KNOWLEDGE. Being successful takes many innate qualities in a person combined with advice and strategies that can be put to use.
Tell me, here on my blog, WHAT IT TAKES TO BE SUCCESSFUL IN REAL ESTATE INVESTING.
I appreciate your advice....even your mistakes and regrets.
Thanks to all that contribute!
Monday, December 17, 2007
Worcester, MA vacant homes due to foreclosure
VACANT HOMES due to FORECLOSURE are decaying Worcester neighborhoods!!!
Call these homes Foreclosures, BANK OWNED, REO or simply VACANT and uncared for. Single family and Multi family homes that are vacant are becoming a common site in and around Worcester.
The lawns and building themselves are left to look like dumping grounds for trash and are not taken care of. In many cases, the windows and doors are left wide open for the elements and animals to get in. Sometimes, the homeless take up residence in these homes or further vandalization occurs.
PLEASE CALL THE CITY IF YOUR NEIGHBORHOOD is being over-run with these vacant homes. Whether they are owned by someone who does not live there anymore or it is bank owned...the OWNER of record MUST take responsibility for the property. Not only is this unsightly in our neighborhoods, but dangerous once the buildings begin to deteriorate.
LET'S KEEP OUR NEIGHBORHOODS CLEAN AND SAFE FOR OUR FAMILIES!!!
Call these homes Foreclosures, BANK OWNED, REO or simply VACANT and uncared for. Single family and Multi family homes that are vacant are becoming a common site in and around Worcester.
The lawns and building themselves are left to look like dumping grounds for trash and are not taken care of. In many cases, the windows and doors are left wide open for the elements and animals to get in. Sometimes, the homeless take up residence in these homes or further vandalization occurs.
PLEASE CALL THE CITY IF YOUR NEIGHBORHOOD is being over-run with these vacant homes. Whether they are owned by someone who does not live there anymore or it is bank owned...the OWNER of record MUST take responsibility for the property. Not only is this unsightly in our neighborhoods, but dangerous once the buildings begin to deteriorate.
LET'S KEEP OUR NEIGHBORHOODS CLEAN AND SAFE FOR OUR FAMILIES!!!
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