Help! I am Going To Lose My Home, How Do I Prevent Foreclosure?

If you have watched any television, listened to the radio or read the newspaper lately, you have probably heard that thousands of people around the country have lost their homes due to foreclosure. Many more people are working through foreclosure of their homes and many more are likely to be next. If you are one of the multitude of individuals who may have a foreclosure near at hand, going through a foreclosure or do not want to ever come close to having a foreclosure on your home, you will be pleased to know that there are several measures you can take to prevent foreclosure.

If you are currently in the process of handling a foreclosure, you still have time to prevent the foreclosure from happening. The foreclosure process is not a fast one by any means as there are specific steps that the lender must follow to file the foreclosure for your home. During the time that the foreclosure process is taking place, you can be taking this time to consult with a foreclosure negotiator or even a lawyer, depending on what route you wish to take. You can also simply commence negotiating with your lender and may be able to prevent your foreclosure in that manner. Discussing the situation with your lender is a good idea for many reasons. The lender might agree to simply modifying your home loan, which could prevent foreclosure on your home. If you can give the lender a good explanation of the hardships you have recently faced to put you into a position of foreclosure, the lender may likely be sympathetic to your story and will work to modify your loans or mortgages so that they are manageable. Loan modifications are also a great idea for those who are not experiencing a foreclosure, but feel that they might in the future.

Whether experiencing a foreclosure or not, as a homeowner, it is never a bad idea to seek out professional help for any serious questions or concerns you have about foreclosure. If you are experiencing a foreclosure, it is not a terrible idea to consult with a foreclosure negotiator or a lawyer. One of the best preventative measures that can be taken to avoid a foreclosure on a home is to always pay your home loan on time and even save up a little extra money if it is possible. Of course, these are measures that are most effective when done from the beginning, but any time is a good time to start.

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How Bad Is It If The Bank Forecloses On Your

How Bad Is It If The Bank Forecloses On Your Mortgage?

Like so many people, you’re struggling to pay your bills. You’re realizing the mountain of bills is huge, and your income is much smaller. You’re having a terrible time keeping up with the mortgage payments; your bank has foreclosed. What will you do?

Knowing so many other people in society are also struggling, with the bank foreclosing on their mortgage, can lead you to believe that since so many people will be in your shoes it isn’t a big deal if you end up losing your home to the bank in mortgage foreclosure. Why worry about it? Why not just walk away and start over again? A fresh start is always good, right? Is a home foreclosure that big of a deal these days?

It’s All About Your Credit

If you walk away from your home, and let the bank foreclose, you have no mortgage, true. No more home repairs, no more mortgage insurance or property tax…no more house. You’ll have to find a new place to live. Moving isn’t cheap, and finding a new home can be hard and tiresome. What new place can compare with the old place you loved for so many years? It’s hard to say. Along with kissing your old house goodbye, you can kiss your credit goodbye, too. It will be gone history.

In our world, so much of our lives is ruled by credit. People are constantly looking up our credit report before they grant us a new credit card, or cell phone, or car loan, etc. When creditors look to see if you’re a good credit risk, they will see a foreclosure listed on your credit report. They’ll see that among so many other things both good and bad you walked away from your obligation to pay your mortgage. They’ll think twice before giving you a loan of any kind, whether for a new car, or a new credit card, a new cell phone contract, or anything. They’ll consider you a high risk. Your credit will be affected for years several years. It will be hard to get a new loan, whether for a house or something else.

So does it matter if you walk away from your home when the bank forecloses on your mortgage? Yeah, I’d say it does. Thinking of another option refinance, borrowing from someone, personal loan, inheriting would probably be better than the stain of foreclosure on your record.

The Bank Foreclosed On Your House Now What?

The Bank Foreclosed On Your House Now What?

You are caught in the messed-up economy like so many of your friends and neighbors. You’ve been struggling to make your mortgage payments for months. But now you’ve been laid off, or took a cut in pay to keep your job, or have extra bills (credit card, medical, etc.) that are swallowing more than you can make. And your mortgage holder has been threatening to foreclose on your house the bank wants their money. You’re scraping by, week after week, and trying to make it all work. But it isn’t. Now the bank has foreclosed on your house it’s in black and white on a notice you got in the mail. Now what should you do?

Backing Up…

If you’re just worried it will happen to you, before you get that notice from the bank, give them a call. Explain your situation and why you’ve been making your payments late (or not at all). They’ll appreciate knowing the facts, and sometimes they have some wiggle room on whether the bank will foreclose on your house at all. Often they want your situation written down and faxed to them, with your signature, so that they can put it into your file. If so, explain your situation as best you can, and especially include information about why you’re in the difficult situation you are in (lost your job, business is slow, extra medical bills…whatever has changed such that you’re struggling). They will also want to know when things will get better and how (getting a new job, commission check due to you soon, selling the home, etc.). Talk with them, work with them, be grateful for whatever good graces they grant you, and stick to the deal you carve out with them. Whatever you can do to keep from the bank foreclosing on your house is important to do (other than selling your soul to the devil or offering them your firstborn son…). The bank holds all the cards, and you need them to work with you. Be cooperative.

Once It Happens…

If the bank has foreclosed on your house, they can’t just undo it if you ask pretty please, or even if you pay the amount your mortgage was behind. There will be extra fees as soon as the foreclosure has begun. Once the bank has foreclosed on your mortgage, the best thing to do is to act as soon as possible. Every week you delay adds to the fees not just in your regular, monthly, mortgage payment, but in foreclosure fees, attorney’s paperwork, etc. The sooner you resolve the situation, the less fees will be.

Talk to the lender to know exactly how much money is needed to get you caught up. They will tell you how much it is, and when it would need to be paid by before it increases again (for a new month or additional foreclosure fees, etc.) It will likely be more money than you expected, so don’t faint when you hear the amount. That’s the price you have to pay for allowing the bank to foreclose on your house.

How To Avoid A Bank Foreclosure On Your Property

It’s no secret that our country’s economy is having problems. There are many people who have lost their jobs. They find themselves unemployed or underemployed, struggling to pay their bills. When so many people were one paycheck away from the streets, there are folks all over who are finding themselves wondering how they will make their house payment this month not to mention the month after that. Banks are foreclosing on properties everywhere maybe even next door to you.

What Can You, The Homeowner, Do?

First of all, have the habit of paying your mortgage on time. Try to never have any late payments. If you need to, find a way to get ahead so that your mortgage can come out of your check before the one it comes out of now, so that late payments are something you never have to pay. Not only are they expensive, but they show up on your credit report, hurting your credit and affecting how willing your lender will be to work with you if you have a reason to need a bit more time to pay your mortgage payment. Even if the bank could begin foreclosure on your property, they are more likely to cut you some slack if you tend to pay on time but are just temporarily struggling.

If you do find you are struggling for a bit, consider juggling which bills you pay when. Many utilities will gladly give you an extension on an overdue bill, often even through an automatic phone system, rather than having to talk to a person and feel like you’re begging for a stay of execution. Other bills, like payments of credit card bills, etc., may have a firm due date, but the late fee (for delaying a payment) is better to pay than the late fee for a late mortgage payment. If the bank foreclosed on your house or property is much worse than a few late fees here and there, so it is usually smart to do whatever you need to do to to continue making your mortgage payment.

Another option for helping avoid a bank foreclosure on your property is to refinance your property. Refinancing can help in a couple of ways. First, you can usually get your new mortgage payment to be less than your current mortgage payment. That can ease the crunch of monthly bills in many ways. What would you do with a few extra hundred dollars a month? The other way a refinance can help is that with some refinances you can get a bit of cash out of your equity when you get the new loan. This can give you some money to catch up on bills, and hopefully some to keep in reserve for when times are tight. Remember, though, that you are paying interest on that money that you’ve borrowed, so using it to keep the bank from foreclosing on your property is the best use of the money not just taking a vacation. Remember, though, that all properties are not going to be eligible for a refinance…it depends on your own situation money owed on house, amount of current loan, prepayment penalties on current loan, etc.

If you’re getting notices threatening foreclosure from the bank about property, there are things you can do to protect your home. But taking measures before they foreclose is the smarter way to keep your home, even in difficult times.

How To Turn Bankruptcy Foreclosure Properties Into Gold Mines

One can always find an opportunity for business is every bad situation. Time and again, people who are creative and enterprising have proven that there are a lot of opportunities hiding in every bad situation. For instance, in this time of housing crisis where there are so many bankruptcy foreclosure properties lying around in the country waiting for buyers, one can profit a lot by buying these properties for a fraction of their original prices and then selling them off later on for a handsome price. If you are one of those enterprising people who have money to invest in real estate, you should consider buying bank foreclosure property.

No, you should not buy just any bankruptcy foreclosure properties that you can find. Remember that certain parts of town are not as progressive as the other areas. If you want to make a profit in the real estate business, you need to know what kind of properties you should invest your money in. To help you choose the right bankruptcy foreclosure properties, here are some tips for you.

Check The Land Use And Development Plan In Your Area

Every place has its own development plan. If you want to earn a lot of money from bankruptcy foreclosure properties, you need to check the land use and development plan in your area. Check out the places which have potentials for growth and development. Once you know which areas have potential for development, go to your local bank and ask for a list of bankruptcy foreclosure properties in that area. Pick out those properties that are strategically located. Corner lots and properties are generally better than interior lots.

Check Out The Current Status Of The Property

You need to check the bankruptcy foreclosure property thoroughly before you buy it. Make sure that the property is still in good shape and will only need little repairs. Remember that you cannot sell a house for a good price unless it is in good shape. For instance, a house which has good plumbing is a lot better than a house with rusted or busted pipes and a house that has strong walls is a lot better than a house which is infested with termites.

Check Out The Price

Most banks are willing to sell bankruptcy foreclosure properties for a fraction of their original price. To make the most out of your money, go to the bank and negotiate with them regarding the price of the property.

Bank Owned Foreclosure Property: Buying A New Home During A

Bank Owned Foreclosure Property: Buying A New Home During A Recession

Most people tend to hang on to their hard earned money during a recession. As a result, consumer spending goes down and prices of commodities, properties and the likes also go down. As bankruptcy foreclosure rises, prices of homes across the country plummet. If you are planning to buy a new home, now is the best time for you to buy that dream home of yours. Most bank-owned foreclosure properties are up for sale at low prices at this point so you can save a lot of money on your new home. To help you find the best bank-owned foreclosure properties, here are some pointers for you.

Hire A Real Estate Broker

Although it is nice to go hunting for some bank owned foreclosure property on your own, it may take a long time for you to find the right properties. Remember that there are so many bank owned foreclosure properties out there that are not being advertised so it is often difficult for you to find these properties if you do not have access to the right database. Moreover, trying to find bank owned foreclosure property on your own can be quite tedious and time consuming. If you one a very busy person and you have a lot of other concerns to attend to, you may not have the time to really hunt for bank owned foreclosure properties. As a result, you may end up with a property that is not so good or too expensive. To make sure that you get the best bank owned foreclosure property for the right price, you need to hire a professional real estate broker.

To find a good real estate broker, you may contact the local board of realtors in your place. Ask them for a list of good real estate brokers in your area. Narrow down your choices to at least five names before you start calling these people for an appointment. As much as possible, you need to meet face to face with a prospective real estate broker. Meeting face to face with a prospective real estate broker is important since you will need to work with this person closely for the next few weeks or even months.

Visit Different Bank Owned Foreclosure Properties

Buying a home is a big decision. You cannot just buy a home on a whim. To make sure that you will feel comfortable in your new home and new neighborhood, you need to visit different bank owned foreclosure properties before you decide which one to buy.

Bank Foreclosure: Ways Of Saving Your Home From Foreclosure

A lot of people go through bank foreclosures these days. According to experts, more than 20 percent of Americans are in default of the mortgage payments and are candidates for bank foreclosure. If you happen to be one of those people who are on the verge of losing your home due to bank foreclosure, you should not give up easily and just let the bank take your property without exhausting all possible options to save your home. To help you save your home from bank foreclosure, here are some things that you can do.

Negotiate For Additional Grace Period

Banks are not really happy with the idea of foreclosing so many properties. Remember that banks are into the financial business not the real estate business. Since the bank has equity over your property, the bank party owns your home. Foreclosure of bank owned properties is therefore bad business for them. Banks want their clients to continue paying their amortization and as long as their clients are willing to pay their monthly amortization, banks are open to negotiations. If you want to prevent bank foreclosure, you should never ignore the collection letters from your bank. A lot of bank foreclosures happen after the client ignore a couple of collection letters from the bank. Instead of ignoring the collection letters sent to you by your bank, you should take the time to answer these letters and negotiate for additional grace period. You may also visit your bank and talk to the loans of officer personally. Tell the loans officer that you are willing to pay your obligations to stop bank foreclosure but you need a little time to get the money for this purpose.

When negotiating with your bank, you need to outline your plans on how you are going to pay for your financial obligations. You may also submit a financial plan to the bank. Your financial plan need not be complicated. All you need to do is to show the bank where you will get the money to pay for your monthly amortization.

Restructure Your Bank Loan

If you are having problems making you monthly amortization, you should ask your bank to restructure your loan to give you longer loan term. Yes, longer loan terms may prove to be more expensive for you in the long haul but when you are threatened with bank foreclosure, long term losses is the least of your concerns. What you need now is immediate solution to your problem. Longer loan terms will lower your monthly amortization cost and lower amortization cost will make things easier for you.

Foreclosure: How To Stop The Bank From Taking Away Your

Foreclosure: How To Stop The Bank From Taking Away Your Home

It is very easy to lose your home in this time of financial crisis. A lot of people who have lost their jobs are unable to pay the monthly amortization on their homes which give left banks and financial institutions with no other choice but to foreclose these properties. Fortunately, there are ways of stopping foreclosure. If you are one of those people who are about to lose their homes, here are some simple ways for you to delay or stop bank foreclosure.

Sell Your Home For A Profit

Foreclosure is an ugly thing and you stand to lose a lot of things when your home gets foreclosed. To avoid foreclosure, you may need to sell your home. Selling your home may sound painful to you but when things really get rough, it is better to sell your home and earn some money out of the sale than let the bank foreclose your property. To get the most out of the sale of your home, find out how much is the current market value of your home. If you home is located in a prime location, its value may have increased considerably in the past few years.

To get a fair assessment of the market value of your home, interview some real estate agents. You may also hire the services of a professional broker to sell your home. The good thing about hiring a professional broker to sell your home is that you will no longer have to go to all the troubles of finding a buyer and then doing the paperwork once the buyer decides to buy your home. What’s the catch? The catch here is that you need to pay a commission to the broker after the sale of the home. However, considering the kind of service that you get from the broker, it is only fitting that you compensate your broker well. Remember that there is no such thing as free service these days.

Consider A Short Sale

The housing market is in a bad shape and many properties across the country are worth considerably less than their original price. If your property has been badly affected by the housing crisis, you may have to sell your home for a lesser price. Yes, a short sale is not very appealing but compared to foreclosure, a short sale is better. To stave off foreclosure and still be able to get a fair price on your property, you need to put your property up for sale as early as possible.

How To Get A Bargain At A Public Foreclosure Auction

How To Get A Bargain At A Public Foreclosure Auction

If you’re going to be attending a public foreclosure auction, with the hopes of buying a property, do your homework ahead. Such auctions can provide real bargains…The bank doesn’t want to be in the real estate business they’re in the money business. Owning homes ties up money they want available. So they’re selling. A public foreclosure auction is a way for the bank to recoup some of their losses hopefully giving them at least as much money as what the homeowner still owed on their loan.

Have you ever bought anything on an online auction site? If so, you know how public auctions work foreclosures are similar, but in real life. You need to dot your i’s and cross your t’s, and be prepared to win.

Know Before Going In Where You’re Going

Before you attend a public foreclosure auction, you need to know your purpose in going. Are you just going out of curiosity, to see what it is like, with no intention of buying anything? Then find out when and where, and attend. In fact, attending without intention of bidding is a great way to test the waters, to find out how the auction venue works and what is expected of bidders.

If you’re going and plan to buy something if you can, you need to check with your mortgage broker first. After careful consideration of your financial situation, and in consultation with a lender, the mortgage broker can give you a letter stating the amount you are prequalified to get a loan for. This helps the auction house know that you are a viable offer. Without a prequal letter, they are not always able to take your bid at all. You will also need to have a cashier’s check in the amount of your down payment. Check will the public foreclosure auction company ahead some require it on the spot at the auction, others need it delivered within a few days of close of auction.

Once you know your limit, get the listing of houses up for auction from the auction house. It should tell you basic information about each, including the address. You should go visit any homes you are interested in buying. While you aren’t likely to be able to see the inside, you can see the outside and part of the yard without any trouble at all. Please don’t disturb the current occupant they don’t need a reminder that soon their house won’t be their house anymore. Once you see the home in person, you can determine a reasonable amount you would be willing to bid up to during the public foreclosure auction.

Shoot While The Ducks Are Flying

Once you are at the foreclosure auction open to the public, be prepared to bid up to your predetermined maximum. Keep your head, though don’t get excited with auction-fever and big above what you are willing or able to follow through on.

What To Expect At A Bank Foreclosure Auction

You want to buy a house but aren’t terribly picky or in a rush, think about going to a bank foreclosure auction. Such auctions can be a great choice for those looking for investment properties, particularly.

Ahead Of Time

Check with the courthouse for the date and time of the upcoming bank foreclosure auction. They will know when and where the public foreclosure auction will be held, often on the steps of the courthouse, itself.

Before the bank foreclosure auction, you can get a listing of the properties that will be auctioned off. With the list in hand, drive around and take a look at each. Though you probably won’t be able to go inside though anything is possible! – you can see the outside and the location and condition of the home. You can also check the comparables for the neighborhood, so that you walk into the bank foreclosure auction fully informed.

Decide which properties you are interested in, and what your absolute highest offer will be. Once you’ve decided, based on your finances, the probable worth of the property in question, and the starting price, stick to your guns. Though there can be wonderful bargains at a bank foreclosure auction, there is also buyer’s remorse for those who get caught up in auction fever and bid more than they plan to.

Have your prequal letter with you. Your lender can evaluate what amount of loan you can handle, and will give you paperwork to show that you are able to qualify for a home up to X amount of dollars. Take it with you to the auction, along with a certified check for a down payment usually, both are required to seal the deal.

At The Auction Of Bank Foreclosed Properties

Once you arrive at the auction, expect a lot of people. While many people are losing their homes in these hard times, other people are snatching up the good deals and investing in real estate. Buy low, sell high is the adage that applies in these tough economic times. If you’re the unfortunate homeowner who bought when things were high, and are losing your home to the bank in a foreclosure auction, you may not like it that others are taking advantage of the situation. It can be painful to see your beloved home up on the auction block. If there is no way you will be able to bid on your own home, stay away and avoid the grief. Your morbid curiosity probably doesn’t warrant the pain of attending.