Prevent Foreclosures

Finding a Lender to Refinance Out of Foreclosure

admin — Thu, 17 Sep 2009 02:23:38 +0000

When you are in foreclosure, you need to expect fewer lenders to want to work with you. That is normal but you should not be discouraged. You might have to convince a lender to work with you and you might have to put up with lenders refusing to discuss any loans with you but many homeowners in foreclosure just kept calling lenders and talking to reputable real estate agents and eventually they found lenders that were willing to assist them. You can also get advice from experts such as HUD counselors. Even if you keep getting rejected by lenders, you should still keep trying because you never know when you will come across one that will accept you.

Lenders to consider

Commercial banks
Savings banks
Mortgage companies
Credit unions
Life insurance companies
Stock brokerage houses
Hard money lenders
Individuals

Each lender that you talk to will have different loans and different interest rates to offer. You need to inspect all the details of the loans they are offering and compare them against each other. You need to shop around. Do not think that you need to take any loan that comes your way just because you are in foreclosure and you do not have a choice. Do shop around and do compare all the loans on the table. Now that the interest rates are low, you may be able to find better loans and better interest rates.

Shop around!

It is important that you shop around. Do not sign anything until you have been on your computer a long time looking around and shopping for the best loans and the best rates. We have introduced many books on refinancing and loan modification so you should be familiar with what are out there. Knowledge is key and do not be pressured into getting a loan that might not be the best for your situation.

Talk to a reputable Realtor

If you are in foreclosure, do not be afraid to ask a Real estate agent for help. A Realtor can be a great resource for you even if you do not buy or sell with him or her. A Realtor is often very helpful and has lots of contact and connections. He/she can give you the names of banks, mortgage brokers, and other institutions that give great loans for people in similar situations to you. A Realtor can advice you on what you can do and what your options are.

If you are ready to talk to a Realtor about your situation, use the free service below to find one.

Save on REALTOR® Fees. Let listing agents compete for your business!

Finding a Lender to Refinance Out of Foreclosure is a post from: Prevent Foreclosures

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So You Want to Refinance

admin — Fri, 11 Sep 2009 00:32:25 +0000

So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans

There are many homeowners with horrible mortgages and they want to refinance. By refinancing, they could lower their monthly payments. Many have refinanced and reduced their mortgage payments by half which help them afford the payments and prevent foreclosure. The problem is that, there are people who fall for bad deals again even when they are refinancing. So, there are lots of things you need to know before you refinance and the more you know, the more prepared you are at choosing the right loan for yourself. Don’t let the mortgage company recommend a loan to you without you verifying that it is a good loan. Too many homeowners do not verify and end up with loans that will come back to haunt them later on.

Are you paying more than you need to?

In this book a mortgage lending insider reveals her answer to this question – and more – in her best selling So You Want to Refinance. If you are baffled by the dizzying array of mortgage companies, sales pitches, and loan products, this book is for you.

The book walks you through each step of the loan process in easy-to-understand language to help you make an informed decision that’s good for YOU-not for your loan officer. The book explains how to asses and rebuild your credit score, accurately calculate the equity in your home, and how to make sure that you present your situation in the best possible light. More than just an introduction to getting a home loan – this book will show you how to get the best deal possible. This book is a must-have for any current or potential homeowner thinking of refinancing.

Key topics include:

-Refinancing Adjustable Rate Mortgages (ARMS)
-Understanding Broker Incentives
-Getting the Best Appraisal -Processing and Underwriting
-Cleaning up your Credit Report
-Signing Tips, Tricks, and Negotiation Strategies

From the Publisher

“A must-have for any home owner looking to refinance” -
Terri Williams, Homeowner

Buy So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans

So You Want to Refinance is a post from: Prevent Foreclosures

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Mortgage Ripoffs and Money Savers

admin — Thu, 10 Sep 2009 03:13:58 +0000

There is no doubt that many homeowners who are in foreclosure right now have bad mortgages. They either did not know what they were getting into and believed in what the mortgage companies told them at the time or they knew but things turned south for them. Either way, if they had more knowledge of what mortgages were out there and what they could do to save money early on, perhaps they could have avoided being in foreclosure. When you do not have money, it is hard to trust anyone because if you make a mistake then the money is gone. This book called Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance will help you understand what the problems with most mortgages are so that you can avoid them and you will also find lots of money savers that can help you finance situation.

There are many excellent “how to get a mortgage” books, but this one is vastly different, because it reveals the insider secrets even many mortgage professionals don’t know. Warren reveals what really goes on in the home-loan business to get mortgages approved, and dhow borrowers can avoid becoming victims of their lenders. On my scale of one to 10, this superb new book rates an off-the-chart 12. — Robert J. Bruss, Inman News, July 10, 2007

Product Description

Carolyn Warren better get a bodyguard. Her new tell-all on the mortgage industry exposes so many of the lending industry’s favorite frauds, every loan officer from Seattle to Miami is going to be gunning for her! Mortgage Rip-Offs and Money Savers is like a map that guides you around the carefully camouflaged landmines laid by lenders. And it gives you simple, step-by-step directions for saving tens of thousands of dollars. If you’re looking for ways to save a king’s ransom on your mortgage and monthly payments, you simply must read this book. — Clayton Makepeace, founder and president, The Profit Center

Topics include:
* Why calling around for the best interest rate is a BAD idea (and what to do instead).
* How to force lenders to disclose their hidden fees.
* The Dirty Dozen: Junk fees You should not pay.
* How to get the lowest possible rate.
* Uncover the best-kept secret of the mortgage industry.
* Avoid the five most common unpleasant closing surprises.
* Turning a denied loan into an approved loan.
* and much more.

Buy Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance

Mortgage Ripoffs and Money Savers is a post from: Prevent Foreclosures

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Credit After Bankruptcy

admin — Tue, 08 Sep 2009 03:34:03 +0000

If you are in foreclosure and are thinking about filing for bankruptcy protection, then there are many things that you have to consider. Many homeowners file for bankruptcy protection to prevent foreclosure. However, bankruptcy may end up hurting you more in the long run if you have not thought it through. When you have bankruptcy on your credit record, your credit score will drop significantly and it will be hard to convince any lender to lend you any money even years after your bankruptcy was finalized. This book called Credit After Bankruptcy: A Step-By-Step Action Plan to Quick and Lasting Recovery after Personal Bankruptcy will help you understand what will happen to your credit after you file for bankruptcy. The good news is that there are many ways for you to build your credit quickly. With the help of this book, you can learn all the different ways that you can re-build your credit yourself. This book gives a step-by-step action plan to quick and lasting recovery after personal bankruptcy.

From the Publisher

You can establish mainstream credit after bankruptcy…in less than eight months. Whether you filed bankruptcy several years ago or last week, this book will show you how to make a dramatic and lasting recovery. Stephen Snyder and his wife Michele, each had their Chapter 7 bankruptcy discharged in 1993. They were both so cash poor at the time they had to borrow money from their families to file. Then, within eight months they mortgaged a home at six percent, leased two new cars, and obtained bank loans, major bank cards, start-up capital for a small business, and more all using mainstream credit and without the aid of high-interest credit companies. Today they give, save, and invest 30 percent of their income live off 70 percent. They consistently maintain a debt-to-income ratio well below 20 percent. And, they are paying back their bankruptcy debt with interest. Our advice works. We know because we’ve been there. This book gives you not only the knowledge and tactics to recover from personal bankruptcy but practical, easy-to-use principles to manage your money and build wealth.

Buy Credit After Bankruptcy: A Step-By-Step Action Plan to Quick and Lasting Recovery after Personal Bankruptcy

Credit After Bankruptcy is a post from: Prevent Foreclosures

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Rent a Home

admin — Sun, 06 Sep 2009 23:09:05 +0000

Finding Some Money to Pay Mortgage Payments

When you need the money to pay your mortgage payments, trying to rent your home out is one way of getting some money. You can then use the money to pay your monthly mortgage payments, therefore avoiding going into foreclosure. If you do not want to rent, you can sell your home and try to pay the lender off altogether but if you want to keep your home, selling is not a good option. You can also borrow from relatives, family members or friends to cover some mortgage payments but nowadays most people find that they do not have anyone they could borrow from. You could also get a loan but if you do not have a good job and are already having a problem paying your current loan payments, then the chances are no bank will lend you the money.

Putting a Sign Up

If you are about to go into foreclosure, you might want to try everything such as putting a sales sign up for your home, putting a rent sign up for your home and even try to find a buyer for a short sale. You never know which route will pan out and which one will end up being the route to save your home or prevent foreclosure. Also putting a sign up encourages people to come to see your home and you never know if they are going to want to buy or rent or even help you do a short sale.

Good Time to Rent

Now that it is a buyers market, you may not be able to sell your home for enough money to pay off your mortgage even if you are willing to sell your home and move out. So, renting may be a good option. You might not want to be a landlord but it may save you from foreclosure. Many homeowners turn into landlords in this real estate market when they could not find buyers. Since people are not sure of where the market is heading, many are not willing to buy but they would not mind renting and even rent to own.

Advertise Your Rental

In order to find the right renter, you need to get as much exposure as possible. You need to do a lot of advertising. People look online for homes to rent nowadays and they also still look in local papers. You need to think about where a buyer or renter might look and advertise there. In the meantime, you need to make the home nice and enticing. You want someone to walk in and feel right at home. If they fall in love with your home then they will either rent or buy if they can afford it. Stage your home very well and use all the tips for attracting renters and buyers you know.

Stay in a Cheap Place

When you move out of your home, you need to find somewhere cheaper than your current mortgage payments. It is best to stay with a friend if you have someone who will let you stay with them for free or for a small rent payment. You need to save as much money as possible so that you can pay the mortgage payments each month and save enough money to actually get out of bad financial situation that you are in.

How to Be a Landlord

Being a landlord is not difficult but it might be a change in your lifestyle. If you do not have a management company to take care of the property (which you should not to save money) then you need to fix anything that is broken, etc. There are legal issues that you need to know as a landlord. You also need to pick the right renter so that you will not have a problem later on. This book called Every Landlord’s Legal Guide will tell you what you need to know to become a landlord.

Every Landlord’s Legal Guide

Rent a Home is a post from: Prevent Foreclosures

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Advantages of a Short Sale

admin — Fri, 04 Sep 2009 22:19:10 +0000

Sometimes, you can avoid having to go through the foreclosure process by doing a real estate short sale. Real estate short sales are commonly associated with upside down mortgages. When a homeowner is upside down, which means he or she owes more than his or her home is worth, then it does not make much sense to sell the home because the proceed from the sale will not be enough to pay the bank off. If the homeowner is only a little upside down, he or she may decide to fork up the difference out of pocket. However, most of the time, upside down homeowners do not have the money to pay up the differences. This is why a short sale is necessary.

When the bank feels that there is no way the homeowner could pay what he/she owes in full, the bank may decide that some payment is better than no payment at all. The bank may also decide that it is more profitable to go ahead and accept a short sale proposal rather than proceed with the foreclosure process. After all, in this buyers market, the bank is not likely to be able to sell a home for a large amount of money.

What are the benefits of a real estate short sale?

The main benefit of doing a short sale for a homeowners is to be able to get out of the mortgage obligation without having to pay it in full. If the homeowner is in foreclosure, the short sale will stop the foreclosure. That means, you should not have foreclosure on your credit record. However, sometimes, the bank has sent your account to a collection agency or has reported foreclosure to the credit bureaus and then do not send them updates after the account has been settled under a short sale agreement. If this is the case for you, then it is up to you to make sure that the bank send proper notifications to credit bureaus and collection agencies or you can dispute with the credit bureaus yourself.

The effects of short sale on your credit

Unlike a foreclosure, having a short sale on your credit report is not as damaging but it is not totally good either. Usually, you will be able to borrow money sooner with a short sale on your credit record than a foreclosure or bankruptcy. So, if a short sale is an option for you, then credit-wise, it is a good option for you to take. However, you need to also consider disadvantages of doing a short sale too. With a short sale on your credit record, the interest rate you are going to get will still be high but not as high as you would get with a foreclosure or bankruptcy on it.

Advantages of a Short Sale is a post from: Prevent Foreclosures

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Personal Bankruptcy Laws For Dummies

admin — Fri, 04 Sep 2009 02:38:52 +0000

We have discussed many ways of avoiding foreclosure and filing bankruptcy protection is one of the ways that can help you stay in your home and it can also help you stop foreclosure completely. However, it is important that you know what to expect when you file for personal bankruptcy. This book called Personal Bankruptcy Laws For Dummies has tips on understanding — and surviving — the new bankruptcy laws. Bankruptcy laws changed recently to make it harder for people to file for bankruptcy protection. You need to be familiar with the new laws if you are considering filing bankruptcy.
If you’re considering bankruptcy, you need straightforward answers and reliable advice. This handy guide covers it all — so you can get your finances in line and your life back on track. This updated new edition covers everything you need to know about the new bankruptcy law and includes even better resources. Don’t get desperate — get out of debt instead!

Discover how to

Weigh the consequences of bankruptcy
Manage your spending
Find professional help you can trust
Decide on the right type of bankruptcy
Pass the means test
Keep more of your stuff

Buy Personal Bankruptcy Laws For Dummies

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Personal Bankruptcy Laws For Dummies is a post from: Prevent Foreclosures

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How Filing Chapter 13 Bankruptcy Can Save Your Home

admin — Wed, 02 Sep 2009 21:23:13 +0000

Although it is not an attractive option to think about, filing for Chapter 13 bankruptcy can actually help you save your home and avoid foreclosure. Unlike filing Chapter 7 bankruptcy, with Chapter 13, you can set up a repayment plan that will allow you to pay missed mortgage payments over a long period of time such as three to five years. As soon as you file for bankruptcy protection, the lender has to stop the foreclosure process immediately until the bankruptcy case is heard in court. When the case is heard, you will work out a repayment plan that is acceptable for to the lender and you. Therefore, the lender will stop the foreclosure effort and you can keep staying in your home.

Avoid paying unsecured debts

The repayment plan will outline what you have to pay and when. If you have unsecured debts, you may end up paying very little towards them or pay nothing at all. That means, you will have money left to pay your missed mortgage payments.

Contest the foreclosure

Sometimes, you can contest the legality of the foreclosure on your home in the bankruptcy court. You can also contest any claims for costs and fees that are added to missed mortgage payments. A lot of the time, these costs are significantly reduced or eliminated when contested.

Get rid of other liens on your home

If you have a second mortgage lien or third mortgage liens on your home, you can usually get rid of them by filing bankruptcy. Most liens that are wholly unsecured can usually be dismissed.

Bear in mind, though, that filing for bankruptcy protection has lots of consequences so you should think carefully about your situation to make sure that it is what you want to do and what you need to do. If you need help or advice from a lawyer, you can use the service below to find one. The service is free and confidential.

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How Filing Chapter 13 Bankruptcy Can Save Your Home is a post from: Prevent Foreclosures

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Should I Contest my Foreclosure?

admin — Tue, 01 Sep 2009 20:46:44 +0000

There are times when it makes sense to contest a foreclosure but not every time. However, if you have a case to contest your foreclosure in court, then you might buy yourself some time to stay in your home longer while you figure out what to do next. You must contest a foreclosure in court. There are many reasons why someone will and can contest a foreclosure even if that person defaults on the loan and fails to keep up with mortgage payments.

When does it make sense to contest the foreclosure?

If the foreclosing party obviously fails to follow the law when they try to foreclose on your home, then you might have a case in court. If by them not following the law, you are deprived of your rights, then the court may rule in your favor when you contest the foreclosure in court. By contesting the foreclosure in court, you could get the foreclosure lawsuit dismissed or delayed. That means, you can stay in your home for much longer than you could have otherwise. By being able to stay in your home longer and stalling the foreclosure process, you will save a lot of money and buy yourself time to find another solution.

Examples of reasons a homeowner can use to contest a foreclosure

Attorneys can help you come up with all sorts of reasons why your foreclosure needs to be contested. For example, you may be able to convince the court that the terms of your loan are too unfair. If the judge agrees with you, then he or she may rule in your favor. If a homeowner can show that the lender took advantage of his or her in any way when signing up for the loan, he or she may be able to convince the judge to rule in his or her favor.

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Should I Contest my Foreclosure? is a post from: Prevent Foreclosures

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The Complete Idiot’s Guide to Selling your Own Home

admin — Mon, 31 Aug 2009 20:51:17 +0000

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

The Complete Idiot’s Guide to Selling your Own Home is a post from: Prevent Foreclosures

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Deed in Lieu of Foreclosure

admin — Sun, 30 Aug 2009 22:34:00 +0000

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.

Deed in Lieu of Foreclosure is a post from: Prevent Foreclosures

Piggy Bank Your Home

admin — Sun, 30 Aug 2009 01:39:40 +0000

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

Piggy Bank Your Home is a post from: Prevent Foreclosures

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All About Mortgages

admin — Fri, 28 Aug 2009 18:27:03 +0000

All About Mortgages: Insider Tips to Finance or Refinance Your Home in Today’s Economy

There are so many types of mortgages and a lot of people find out the hard way which mortgages are not right for them. The good news is, for many homeowners, there is still time to make things right. You can refinance or modify your loan and avoid foreclosure if you are finding it hard to keep paying the current mortgage payments. But, even refinancing or loan modification can be tricky. You absolutely must find out all your options and make sure you what the consequences of getting each type or mortgage are. After all, you cannot afford to make another mistake. This book called All About Mortgages: Insider Tips to Finance or Refinance Your Home in Today’s Economy gives you insights into mortgages for anyone wanting to refinance, modify their mortgage loans or just wanting to understand what are out there. If you want to find a realtor to help you or to give you more information, here is a free service that can help you find your realtor.

Find and compare top, affordable listing agents

Due to new hybrid loans abounding and interest rates increasing from bargain basement levels, millions of consumers who are either seeking a new mortgage or are interested in refinancing their existing mortgages are clamoring for an updated easy-to-follow guide to take them through the complex world of mortgages.

In All About Mortgages, 4th Edition, author Julie Garton-Good, the sole three-time recipient of the prestigious international “Real Estate Educator of the Year” award from the Real Estate Educators’ Association, provides a road map for consumers through the harrowing twists and turns of obtaining a home mortgage. Garton-Good will help consumers select the right mortgage for their needs, giving them the keys to save thousands of dollars. Approximately 25% of this new edition is updated, including new information on hybrid loans, foreclosure alternatives, and more. Now more than ever, it’s essential for consumers to be well informed about their mortgage options.

About the Author
Julie Garton-Good is the author of six real estate books and has penned a syndicated newspaper column weekly for nearly two decades. She is the only woman listed twice on the National Association of REALTORS® “Twenty-five Most Influential People” list and has made appearances on CNBC, Lifetime Network, and numerous other public television and radio shows.

Buy All About Mortgages: Insider Tips to Finance or Refinance Your Home in Today’s Economy

All About Mortgages is a post from: Prevent Foreclosures

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Mortgage Encyclopedia

admin — Thu, 27 Aug 2009 20:19:41 +0000

Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls is an extraordinary piece of work that provides valuable information for mortgage professionals as well as homeowners who are interested in making sure that they know all about what kinds of mortgages are available and what mortgages they are getting into. If you already have a ‘bad’ mortgage and you are in foreclosure, this book will tell you what other types of mortgages are and what you need to avoid if you were to refinance or modify your loan.

No mortgage professional should be without this book. There is value on every single page. You’ll keep turning the pages and you’ll be amazed at how much you learn.

A one-stop reference for in-depth explanations of mortgage topics

With the creation of so many new, complex mortgage programs, it’s difficult for consumers –not to mention real estate agents, attorneys, closing agents, and mortgage brokers–to keep track of them all. Written by nationally syndicated real estate columnist Jack Guttentag, The Mortgage Encyclopedia helps readers understand the various mortgage terms, features, and options by offering clear, precise explanations. The alphabetical organization of terms makes it easy to quickly find information on any topic, from FHA, Investor, and No-PMI Loans to Origination Fee and Rate Float. Each entry includes not just a description of the term, but also relevant advice for consumers, such as answers to the questions “Is this loan right for me?” and “Can I negotiate this fee?”

Guides readers through the bewildering array of new mortgage programs
Features definitions and explanations of common mortgage, escrow, and closing fees and arcane mortgage terminology

From the Back Cover

Your one-stop guide to mortgage topics, from A to Z

There’s a bewildering array of new, complex mortgage programs out there–and now there’s a definitive, concise resource to help you make sense of them all. Written by nationally syndicated real estate columnist Jack Guttentag, The Mortgage Encyclopedia demystifies all the various mortgage terms, features, and options by offering clear, precise explanations.

From A-Credit to Zero Balance, the alphabetical organization of terms makes it easy for you to quickly find information on any topic. You get not just a complete description, but also in-depth discussion of the issues that may affect you, whether you’re a homeowner (or hoping to become one), a real estate agent, a loan provider, or an attorney. There’s even a special section with refinance breakeven tables. So the next time you ask yourself such questions as “Is this FHA loan right for me?” or “Can I negotiate this fee?” reach for this indispensable guide and get the fast, accurate information you need!

Features definitions and explanations of common mortgage-related terms, as well as arcane mortgage terminology
Provides authoritative advice on issues such as whether to use a mortgage brokers, the benefits of paying points versus a larger down payment, and the hazards of cosigning a loan
Identifies common mortgage myths and misperceptions–and warns you of the pitfalls to avoid
Includes helpful tables on affordability, interest cost of fixed-rate versus adjustable rate mortgages, and much more.

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Mortgage Encyclopedia is a post from: Prevent Foreclosures

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Foreclosure Complaint

admin — Wed, 26 Aug 2009 20:10:03 +0000

In Judicial foreclosure, you may have heard of the foreclosure complaint. Let’s define what a foreclosure complaint is and then we will discuss what a homeowner can do to answer a foreclosure complaint, how to answer a foreclosure complaint, and what happens if you do not respond to a foreclosure complaint.

What is a Foreclosure Complaint?

A Foreclosure Complaint is usually a document several pages long that is filed with the court in the county where the property to be foreclosed on is located. The document alleges that the borrower willingly signed a mortgage and a promissory note that is now in default.

What is the purpose of the Foreclosure Complaint?

The purpose of the Foreclosure Complaint is to initiate a lawsuit against all party involved including:

the owners of the property
tenants (if any)
lien holders

The Foreclosure Complaint outlines that the plaintiff sues the defendant(s) and alleges the action for the foreclosure of a mortgage on a specified property. The plaintiff is usually the owner and holder of the Note and Mortgage on the home.

What happens when the Foreclosure Complaint if filed?

The Foreclosure Complaint document and a court summons announcing the lawsuit will be served upon all of the defendants (i.e. all parties involved including owners, tenants, and lien holders)

How to answer a foreclosure complaint?

The Summons details what your options are in terms of answering the Foreclosure Complaint. The Summons explains that a lawsuit has been filed against you and you have a certain number of days, such as 30 days, to file a written response with the clerk of the court. If you want the court to hear your side of the story, you must file your foreclosure complaint answer with the court officially as directed in the Summons you receive. Do not call the court instead of filing a written answer.

What happens if you do not respond to a foreclosure complaint?

If you do not file a foreclosure complaint answer or you do not respond on time, then you will lose the case and you will be basically admitting the Foreclosure Complaint. If you lose, then your wages, money and property may thereafter be taken without further warning from the court.

If you need an attorney to help you, you need to contact one immediately. If you do not have an attorney, you can call an Attorney Referral Service or Legal Aid Office to help you. If you are filing a written response yourself, you need to file it with he court as well as mail a copy to the Plaintiff’s attorney whose contact information will be listed on your Foreclosure Summons.

Foreclosure Complaint is a post from: Prevent Foreclosures

Foreclosure Nation: Mortgaging the American Dream

admin — Tue, 25 Aug 2009 19:47:11 +0000

Foreclosure Nation: Mortgaging the American Dream is an informative book that is very detailed. If you want a better understanding of the current foreclosure crisis, this is definitely a book to consider. If you want help understanding how the mortgage and foreclosure processes work in general, this is also a great book. Olefson has laid it all out in the most understandable format.

The family residence is the backbone of the American economy, the most valuable and enduring asset for those who have achieved a financial foothold. Yet today record numbers of households confront foreclosure. In the next year it is estimated that over two million Americans will lose their homes and almost two billion dollars of wealth will disappear in the process. How did the traditional “American Dream” morph into a nightmare for so many?

Real estate attorney and educator Shari B. Olefson, a recognized expert in the current mortgage crisis and its effects on homeowners, explains how America slipped to the edge of this dangerous stagnation-recession precipice. In plain language that is easily understandable to the average person, she clarifies legal and financial terminology and describes how our country’s mortgage system really works. Utilizing real-life lender and borrower interviews, she exposes its intrinsic flaws and often discriminatory practices, from the mortgage application process to the securitization of bundled mortgages by large investment firms. She also provides evidence to show the government’s and Wall Street’s roles in both causing and solving the problem.

Above all, Olefson offers expert tips, tools, and resources to help you:

Choose a mortgage professional and understand what’s motivating him or her

Decide what mortgage product fits best and when to refinance

Get the best fees, interest rate, and service

Create your own solutions for navigating the credit crunch

Know what to do when you can’t afford your mortgage

Protect your home if you are at risk of foreclosure

Understand how to proceed if you are already in foreclosure

Capitalize on emerging opportunities and avoid the scams and mortgage fraud

Prepare for coming changes

Foreclosure Nation demystifies the real estate bubble and the subprime mortgage crises that followed. With bold, clear visuals like inventory, absorption, and price trend graphs, Olefson pinpoints exactly when and why experts are predicting a recovery. She also cites statistics that strongly suggest the number of foreclosures will surge in the fall of 2008 and again in 2009, with increased reverberations felt throughout the US and global economies. Foreclosure Nation will prove indispensable to explaining what is happening and guiding readers through.

Whether you are planning on buying your first home, struggling to meet your current mortgage payments, facing foreclosure, or wondering how your investments will be affected, this comprehensive book will assuage the fear of the unknown, empowering you to make wise choices and protect your most valuable assets.

About the Author
Shari B. Olefson, JD, LLM (Fort Lauderdale, FL), is a partner and the head of her office’s real estate department at a national law firm.

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Foreclosure Nation: Mortgaging the American Dream is a post from: Prevent Foreclosures

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Bankruptcy and Debtor / Creditor

admin — Mon, 24 Aug 2009 22:52:50 +0000

When a homeowner is in foreclosure and does not have a way to find any money to pay the mortgage company, then filing bankruptcy may be one solution to give him or her a fresh start. But bankruptcy laws have changed over the past years making it harder for people to seek bankruptcy protection. Do you know what ill happen if you file for bankruptcy protection? You might know the laws but do you know what actually happens in real life? A lot of people find that, in reality, filing for bankruptcy protection is not a smooth sail and not even a fresh start as advertised. This book called Bankruptcy And Debtor/creditor: Examples And Explanations gives examples and explanations of what you can expect when you file bankruptcy.

To keep pace with the recent major changes in bankruptcy law, noted author Brian Blum presents a completely revised edition of his popular study guide, “Bankruptcy and Debtor/Creditor: Examples & Explanations.”

This comprehensive text is well known for its effectiveness in helping students understand the many rules, principles, and policies of the area.

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Bankruptcy and Debtor / Creditor is a post from: Prevent Foreclosures

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Foreclosure Presales

admin — Sun, 23 Aug 2009 15:59:54 +0000

If you are in foreclosure or about to be in foreclosure but your situation is not going to get better, then a foreclosure presale option may be something you might want to consider. For example, if a homeowner is divorced and all of a sudden, his or her income is cut in half, then the homeowner needs to move into a smaller home as he or she no longer can afford the existing home on one income. Under this circumstance, the income is not going to suddenly jump to cover the mortgage payments so the best thing to do is to make an agreement with the lender before things get out of hand.

What is a foreclosure presale?

In a foreclosure presale, the lender and the homeowner work together to sell the home before the homeowner is in serious default. The lender hopes that the home can sell for the amount owed plus any extra expenses incurred during the process of getting it sold. It the home is sold for a profit, then everyone is happy and the lender is paid off while the homeowner may keep some of the profit.

If the lender thinks that the home will sell for more than enough to payoff what is owed, then lender probably will not get involved much but will delay the foreclosure process if necessary. If the lender feels like the home will only sell for roughly what is owed or even less, the lender will work closely with the homeowner on what offers to accept, etc. The lender may have to approve any offers to buy the home prior to the homeowner accepting it. If the home will not sell for enough money to pay off the lender, perhaps the mortgage insurance will cover the difference.

When you are working with your lender on a presale of your home, it is best to make sure that the lender is not going to sue for any shortfalls later on.

Foreclosure Presales is a post from: Prevent Foreclosures

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What is Forbearance?

admin — Sun, 23 Aug 2009 00:33:24 +0000

What is a forbearance agreement?

In a forbearance agreement, the lender temporarily permits the borrower to either:

make no payments at the time or
make smaller payments

A forbearance has to be granted by the lender. It is not available to every homeowner. But, when a homeowner is in default or in foreclosure, it comes in very handy. Some loans may have provisions for forbearance included in the terms of the loans in case of a default. It is up to the lender to approve a forbearance or not. Usually, a lender may approve forbearance for a short period of time when the borrowers have problems making mortgage payments. The borrowers may have to prove to the lenders that they are really in financial troubles.

Is forbearance a solution to foreclosure?

A forbearance is not available for every homeowner in foreclosure seeking help. When a forbearance agreement is granted, at the discretion of the lender, the payments can remain delinquent for a reasonable period of time before the lender reviews the loan further. The delinquent amount can be paid back later as a lump sum, on a schedule of increased payments or by selling the property.

Forbearance and Foreclosure

When a homeowner is in default, the lender may want to foreclose on the home. However, sometimes, the homeowner can convince the lender of the financial trouble that he or she is in. To avoid foreclosure, the lender and the borrower can make an agreement called “forbearance”. According to this forbearance agreement, the lender delays his right to exercise foreclosure if the borrower can catch up to his payment schedule in a certain time. This period and the payment plan depend on the details of the agreement that are accepted by both parties.

What is Forbearance? is a post from: Prevent Foreclosures

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When You Have to File for Bankruptcy

admin — Fri, 21 Aug 2009 18:27:59 +0000

If you are facing foreclosure, then it is wise to find out all the options that may be available to you. In some cases, you might be able to stop foreclosure completely and keep your home but in others you might have to sell your home and move on. There are a few foreclosure situations where filing for bankruptcy protection is one of the best ways to do to give the homeowner a fresh start in life. If it comes down to filing for bankruptcy, you need to make sure that you know what you are getting yourself into. You need to get as much information about bankruptcy and what it will mean to your life. This book called When You Have to File for Bankruptcy: Step-by-step Instructions to Take Control of Your Financial Future has step by step instructions of what you need to do.

According to the United States Bankruptcy Courts, the number of bankruptcies filed each year is on the rise. People file bankruptcy for a variety of reasons, such as:

preventing foreclosure on their homes,
preventing repossession of property,
loss of employment, or
reducing or eliminating debts.

Most common types of bankruptcy for individuals

The most common types of bankruptcy for which individuals file are Chapter 7 and Chapter 13.

Chapter 7 involves the surrender of property to pay debts, while a Chapter 13 bankruptcy allows for the retention of property but requires payments over the next three to five years.

This book is divided into three sections: evaluating your need to file for bankruptcy, how to file for bankruptcy, and what to do after you have filed. In the first section, you will be provided with evaluation tools, determine your eligibility, learn how to check your credit report for accuracy, and learn about the different types of bankruptcy for which you can file.

In the second section, you will learn about the major changes in bankruptcy law, bankruptcy lawyers, alternatives to filing for bankruptcy, bankruptcy code, collection agencies, exempt property, nondischargeable debts, what bankruptcy can and cannot accomplish, the automatic stay provision, foreclosure, tax levies, bankruptcy fees, the 341 meeting, bankruptcy myths, the initial consultation with your lawyer, and bankruptcy timelines. You will learn the answers to some of the most common questions about bankruptcy, such as:

Will creditors stop harassing me?
Will my spouse be affected?
Who will know about my filing?
Will I ever get credit again?
What does it cost?

The final section will provide a brief overview of what to do after you have gone through the bankruptcy process. We will address the issues of how to get car loans and home loans and how to build credit after bankruptcy. Whether you are filing for bankruptcy for the first time or, unfortunately, you have been through it before, When You Have to File for Bankruptcy will provide insight into the complex and burdensome process.

Buy When You Have to File for Bankruptcy: Step-by-step Instructions to Take Control of Your Financial Future

When You Have to File for Bankruptcy is a post from: Prevent Foreclosures

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