Realtors forming LLC’s in Droves…WHY? Lawsuit Filed Sat, May 1, 2010 at 1:20 PM Reply-To: reply@mlsbankhomes.com URGENT NEWS FOR ANY AGENT DOING SHORT SALES Court dockets are experiencing a dramatic increase in lawsuits over short sales involving real estate agents and brokers. Most cases are the result of agents providing inaccurate or incomplete information within [...]
Archive of posts tagged foreclosure
Sample Foreclosure Hardship Letter
A foreclosure hardship letter is a crucial element for borrowers attempting to save their home from foreclosure. When borrowers become delinquent on their mortgage note, they must contact their lender’s loss mitigation department to request a loan modification or short sale approval.
The foreclosure hardship letter is used to outline the circumstances that caused borrowers’ to become delinquent on their account. For many, the letter of hardship can be painful to write. Many people are intimidated by the process. They do not know what information to include or how to present it in the proper format.
Avoid Foreclosure
Avoid Foreclosure watch?v=JLb8NAsndX8 If you are facing foreclosure this is a must see short. You must get proactive now or there will be severe consequences. You may be eligible for a loan work out , a re-financing option, or a short sale. Get help! You are not alone, unless you choose to be. Help is [...]
Options for Struggling Homeowners
Our housing initiatives must balance the need to help responsible homeowners struggling to stay in their homes, with the recognition that we cannot and should not help everyone. The President has said: “We can’t stop every foreclosure.” And in fact, we can’t maintain the balance described above if we assist every borrower. For example, investors and speculators should not be protected under our efforts, nor should Americans living in million dollar homes or defaulters on vacation homes. Some people simply will not be able to afford to stay in their homes because they bought more than they could afford. Instead, the Administration must focus on providing responsible homeowners opportunities to obtain a modification or to refinance and prevent avoidable foreclosures and, when necessary, must facilitate the transition to a more sustainable housing situation. The adjustments announced today are tailored to accomplish these goals by helping a targeted group of borrowers.
Generate Massive Cash Flow
Let’s face it. We’re in a lousy economy. Businesses are closing in record numbers and the housing market continues to struggle. Folks are getting laid off in record numbers and job security no longer exists. It’s a pretty grim picture, especially for someone looking to generate some income or begin a business of their own. At least, it may seem that way at first.
Did you know that during the Great Depression more millionaires were created than in any other time in our nation’s history?
A recession can actually provide a wealth of opportunities, provided you look in the right place. And the one area that provides the most reward and can generate substantial amounts of cash in as little as 30 days, is the housing market.
Help for Foreclosures
Many people have homes and mortgages and have taken out a loan through a bank and or lender of their choice. Their job then is to make monthly payments to pay back the bank that lent them the money, what happens if one cannot make their payments? Making payments on the mortgage is above all the most important thing a homeowner can do. Not making your payments on time results in a lower credit rating making it tough to get a loan.During this current recession, many people have lost their jobs making it impossible to pay their bills, currently; our unemployment rate is averaging around 10%. That means 10% of our population is currently out of work. When a person or family loses their income they cannot pay the bank back the money they borrowed, the bank will then start a foreclosure process that in a sense, takes the house back from the borrower.
Tidal Wave of Commercial Loan Workouts
Commercial real estate mortgage loans with 7 – 10 year terms are due to reset for a very large number of commercial real estate owners. The commercial estate boom started around 2002 when many buyers flooded the market. Now that all of those notes are due to reset, many owners are unable to refinance due to decreasing property values.
What option is there besides a loan default? Owners can apply for a commercial loan workout.
Most of us by now have heard of mortgage loan modifications for homeowners. But now loan modifications or workouts are starting to enter the market place.
To start the process, an overall evaluation of your commercial properties and financial situation is performed with the assistance of a commercial loan workout professional.
Lieu In Deed Of Foreclosure
Before you consent to do a deed in lieu of foreclosure with your lender, it is best to first know what options you have as a homeowner to stop foreclosure. It is also best to consider if doing a deed in lieu will give you the benefits you desire, or give you consequences that you later regret. If you are facing foreclosure, then you are probably wondering what a deed in lieu of foreclosure is and how it could possible benefit you.
A deed is a piece of paper that is publicly recorded document that says who owns real property (real estate). When you bought your house, a deed was signed from the previous owners stating that they sold the house to you. So when you offer a deed in lieu of foreclosure, it means that you as the homeowner will sign over the deed to the lender voluntarily. This gives the lender ownership of your house and avoids the foreclosure process.
Buying a Foreclosure
Non disclosures- In all bank owned foreclosures, the back will not inform you of any issues that occur with the home. This includes termites, mold, internal and electrical damage, etc. If you decide to bid on a foreclosed home, please be sure to get a thorough home inspection and an estimate of the price of any damages that must be fixed. You do not want to purchase a home for $40,000 and have to do $50,000 worth of repairs when you could have purchased a new or nearly new home for $100,000 without any of the issues.
10 Budget Tips To Buying Real Estate
1. Get pre approved for your home loan
This signifies, fill out a loan application and go through the process of securing financing. That way, when you are prepared to evaluate real estate seriously, you will know exactly how much home you can afford. Furthermore, you can certify to a seller that your offer is honest.
2. Check up on creative financing options
During the home loan preapproval process, ask about alternatives to get creative with your financing. Low down payment choices, first and second mortgage combinations and first time purchaser programs might help you afford more funding. Many lenders are now selling interest only home mortgages; just be sure you thoroughly evaluate the terms for this form of home loan. Down payment grants are also available in a few instances and may be worth investigating or discussing with your realtor.
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