February 2009 – Page 33 – Realniches.com

Real Estate Foreclosure Help: Short Sales Offers A Good Solution

In these difficult times when things are not looking up for everyone, there are also many homeowners that are facing foreclosure which is leaving them devastated and feeling very helpless and without any hope for the future. There no doubts how much foreclosures can hurt you and this is when an affected homeowner will find it hard to sleep at night and their appetite too will have taken a big hit.

Unrelenting Pressure

Without proper real estate foreclosure help you would be at your wit s end dealing with the constant and unrelenting pressure from lenders, family and peers. Your phone would be ringing incessantly as the lender demands repayment while you don t have anything to reassure the lender about your ability to pay them off.

It is an overwhelming situation that demands that you do something fast and this is when real estate foreclosure help can prove to be a silver lining on an otherwise cloudy horizon. Fortunately, real estate foreclosure help is available and an option worth checking out is the short sale. This is a kind of sale in which the lender lets you list your home and you the homeowner will need to accept an offer that is lower than the amount outstanding on your mortgage loan.

This form of real estate foreclosure help can be made more effective by hiring a short-sale negotiator to work for you the homeowner. This negotiator will do all the necessary spadework for you and will provide your lender with a package that consists of a letter stating your hardship position, your financial statement as well as W-2 s and all your pay stubs as well as other supporting financial documents plus shows the declining value of your home.

This kind of real estate foreclosure help is very helpful for a distressed homeowner who can now satisfy their lender through means of a short payoff and the lender will in turn furnish written statement expressing their satisfaction which ensures that they will not harass the homeowner any more. A short sale is the best real estate foreclosure help option, especially when the homeowner has exhausted all other options in trying to save their home.

Another way of dealing with foreclosure is to look for solutions that will help homeowners prevent home foreclosure. It of course requires talking to the lending bank, trying out the aforementioned short sale, and doing everything possible to shore up your finances so that you can cut back on unnecessary expenses and then use the money saved in meeting with the mortgage payments.

Mortgage Broker Licensing: A Necessity For Virtually Every Mortgage Broker

Mortgage brokers are individuals that act as associates for licensed mortgage brokerage companies or other lenders that happen to be qualified under a particular state s statutes. A mortgage broker licensing qualification helps mortgage brokers as it gives them authorization to solicit loans (mortgage) on behalf of borrowers and to also accept applications as well as to negotiate mortgage loans in the name of lenders.

State Test

To apply for mortgage broker licensing a mortgage broker must fulfill certain conditions including passing a state s test as well as submitting certain forms and being above the age of eighteen. There are a number of schools that provide mortgage broker licensing courses that aim mainly to impart complete knowledge regarding mortgage lending fundamentals in a simple and concise manner.

There are a number of subjects that must be studied and passed when taking a mortgage broker licensing course including subjects such as basic provisions related to mortgages, state as well as federal laws, mathematics, secondary mortgage markets as well as the entire loan cycle that begins when an application is filed and which culminates after proper servicing has been provided.

To apply for mortgage broker licensing requires planning ahead since it is not permissible to make or even broker mortgage loans without already having a license or being qualified for exemption from mortgage broker licensing requirements. An exemption from mortgage broker licensing means that you don t need to comply with the licensing requirements, though in effect it also means that you will be regulated in some other way.

Banks, and subsidiaries of banks as well as attorneys are generally the ones that get exemption from mortgage broker licensing and the same is the case with real estate brokers as well as sellers that deal in property business that involves back seller financing. Some states also provide exemption from mortgage broker licensing to lenders that are already approved with the US Department of Housing and Urban Development.

An independent mortgage broker is often employed to advice people and to help them obtain information regarding benefits as well as conditions related to mortgages which should then help these people understand what it takes to make a commitment for a long term (such as twenty-five years) that is time required to repay their mortgage loan.

In case you want to run a mortgage business you will need to then get mortgage broker licensing and the best course of action for you then would be to apply for the license at least three months prior to when you plan on starting your mortgage brokerage business to ensure that you get your license well before commencing your business.