Archive for August, 2009
The Complete Idiot’s Guide to Selling your Own Home
August 31st, 2009
One obvious way to prevent or avoid foreclosure is to sell your home before the bank takes it from you. However, most people do not want to sell because they are attached to their homes, do not know where to live otherwise and cannot bear to think about moving into a new place. The problem is that, if you cannot afford to pay your mortgage payments for your current home, then sooner or later, you are going to have to move out and it is best to move out on your own terms rather than being forced out by the lender.
Usually, a homeowner who decides to sell his or her home early on before he or she misses too many mortgage payments succeeds in preventing foreclosure. Homeowners who wait until days before the foreclosure auction cannot save their homes. If you think that you will not be able to afford the current mortgage payments, you need to talk to someone about it. There are many options such as selling your home, modifying your loan or refinancing.
If you decide to sell a home, then you can either get a Realtor to help you or you can sell it yourself. When a homeowner decides to sell his or her home himself or herself, it is called FSBO or For Sale By Owner. There is much to learn when you are going to sell your home by yourself without the help of a professional realtor. This book called The Complete Idiot's Guide to Selling your Own Home will be your guide from start to finish. You will be able to save money on Realtor fees.
Do it yourself and keep the commission!
Now anyone who wants to sell their home on their own can learn how. Whether readers are willing to pay a small commission for online help or a flat fee for an MLS listing, or they want to handle every step on their own, this guide will walk them through the process, providing tips on everything from signs and open houses to appraisals and inspections. In 2002, 1.68 million homeowners tried to sell their own home; in 2005, 2.25 million are expected to try it.
About the Author
Jeffrey Wuorio is a speaker and author whose articles have appeared in the New York Times, Money Magazine, BusinessWeek, and Consumer Reports. Hes appeared on CBS, NBC, NPR, and Money Matters. His books include How to Buy and Sell Just About Everything.
Buy The Complete Idiot's Guide to Selling your Own Home
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Posted in Ways to Avoid Foreclosure | 
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Deed in Lieu of Foreclosure
August 30th, 2009
If a homeowner cannot pay the mortgage payments and is in default, he or she may not have to go through the foreclosure process if the lender accepts a transfer of title of the property or deed in lieu of foreclosure.
What is a deed in lieu of foreclosure?
A deed in lieu of foreclosure is a legal document conveying property to the lender after the borrower defaults on his/her mortgage payment.
What happens when the lender accepts deed in lieu of foreclosure?
When the lender accepts deed in lieu of foreclosure, the right to the deficiency judgement is waived. The lender takes possession of the property and, by doing so, avoids the cost of foreclosure, eviction, auction sale, etc. When this happens, the lender will not come after the homeowner for the difference between the amount owed and the proceed from the sale of the property. Usually the lender will not do this unless the lender feels like the homeowner has little wealth and it is not worth their time and cost in risking coming after the homeowner. Usually, even if the lender manages to file a deficiency judgement suit against the homeowner and successfully won, the homeowner still cannot pay.
Problems with deed in lieu of foreclosure
A homeowner should not expect all problems to go away when the lender decides to accept the deed in lieu of foreclosure. Deed in lieu of foreclosure process may not resolve all claims against the property. This is why the warranty deed is so popular to protect buyers against future claims against the property.
Posted in Foreclosure Process, Ways to Avoid Foreclosure |
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Piggy Bank Your Home
August 29th, 2009
If you are considering a reverse mortgage, then you need to find out as much about it as possible before you make the wrong decision. There is a lot to reverse mortgage and it is important that you understand it before you sign any contracts. This is the first book of its kind to illustrate, in picture format, the exciting financial opportunities waiting for eligible seniors. This book, Piggy Bank Your Home: Tap Into the Power of a Reverse Mortgage, has taken the complicated subject of reverse mortgages and has made it easy to understand.
Perfect for professionals to give to their clients. Many professionals from around the country are calling this book "innovative" and "a must read". John E. Lucas, co-author of Reverse Mortgages for Dummies, says, "This book is a great tool. It makes a complex program easy to understand!"
Buy Piggy Bank Your Home: Tap Into the Power of a Reverse Mortgage (Paperback) at Amazon
Posted in Reverse Mortgage Problems |
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