An increasing number of homeowners behind on their mortgage and facing foreclosure are finding solutions to sell despite the large inventory of homes for sale in the current market.
Their solution is called “short sales”. Short sales are similar to regular home sales except an agreement is reached in which the lender accepts what the house [...]
Archive for the ‘Working with the Lender’ Category
Finding Solutions when Facing Foreclosure
Posted by davidguide on March 18th, 2010
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FHA Secure Loans – Foreclosure
Posted by davidguide on March 4th, 2010
WHAT IS FHA Secure
FHA Secure is designed specifically to address the needs of homeowners who are now facing inevitable foreclosure as result of mortgage payments adjusting beyond their means of affordability. WHO IS ELIGIBLE To qualify for FHA Secure, and include the delinquent loan payments, homeowners wishing to refinance must meet the following requirements:
Have a [...]
How Can I Get a Fresh Start Loan?
Posted by davidguide on February 25th, 2010
photo credit: A6U571N
If you have damaged credit from a combination of late payments, going over the limit on your credit cards, or filing bankruptcy, you may be in the market for a fresh start loan. A fresh start loan can help you find financing for purchases that you need to make while helping you [...]
Lender’s Get Aggressive To Help Borrowers That Are At Default Status On Their Mortgages
Posted by davidguide on February 18th, 2010
If the borrower has committed to staying in the property and fighting through the difficult period of pending foreclosure many lenders and their servicing agent are offering possible solutions. Early on, with mortgage lates, borrowers are being contacted with possible workout solutions to get caught up on their payments. However, many mortgage products with accelerating [...]
Tips to Negotiating a Bank’s Attempt at Foreclosure
Posted by davidguide on January 25th, 2010
If you’ve gone through any part of the pre-foreclosure process, had a lis pendens filed against you (a notice of default – you promised to pay a mortgage, and secured that promise with the deed to the house you mortgaged), or have been harassed by the bank as their interest rates reset on your home [...]
Foreclosure ‘Help’ From The IRS?
Posted by davidguide on January 10th, 2010
Yes, even the IRS appears to have a heart! Did you know that you can actually be taxed on the foreclosed sale of your house? Evading tax is another good reason to try and stave off the foreclosure of your home.
If you are trying to avoid foreclosure, many realtors know solutions to house buying problems [...]
7 Proven Strategies to Avoid a Forclosure and Save your Home
Posted by davidguide on December 26th, 2009
Foreclosure can mean the loss of your home, any equity in your home, your credit rating and your dignity. Foreclosure is a very public process, with your name listed in the public court records and then published in your local newspaper. Then, once you are ready to move on with our life, your foreclosure appears [...]
To Avoid Foreclosure
Posted by davidguide on December 13th, 2009
A number of years ago there was a popular book entitled, “When Bad Things Happen to Good People”. Today, that could describe the nightmare of foreclosure that is facing many families.
Foreclosure can be stopped dead in its tracks before it derails you.
The first step to avoid foreclosure is to deal with the facts honestly and [...]
Foreclosure Programs – Lets Take a Good Look
Posted by davidguide on November 27th, 2009
1. The FHA Modernization Act of 2007 was recently passed today by the Senate authorizes lenders to help borrowers who are in default.
a. lower down payments
b. Allow FHA to insure bigger loans
3. Allow FHA more pricing flexibility
Increased loan limits would also help people living in high-cost areas; current FHA limits make the program unusable for [...]
What Caused the Foreclosure Crisis?
Posted by davidguide on October 31st, 2009
Many people are wondering what the story is behind the foreclosure crisis. Currently over 83,000 families are facing foreclosure every month. Foreclosures have risen over 141% since 2005. In 2007, over 1.3 million homes are in foreclosure and that numbers is expected to rise even higher.
Why is the foreclosure crisis so out of hand? Is [...]
