WABROKER

There are many people and companies offering to show you how to stop foreclosure. It is not magic or a secret and the information should cost you nothing. In fact here it is below so you don’t have to go to a seminar or pay a lawyer or a liar to enlighten you.

How to Stop foreclosure for sure every time-

method one- File bankruptcy before the sale date and notify the lender of your case number from the bankruptcy court. This is sure fire but temporary

method two- Pay the mortgage current. This is often impossible due to lack of funds and is therefore unavailable to many people.

How to stop foreclosure for awhile until you figure out you have to move to a new place since this one is going into foreclosure-

There are lots of ways to do this Read the rest of this entry »

A short sale from the seller’s viewpoint is much like applying for a loan, only you fill out paperwork and show information that lets the bank know that you can not afford the payments. You need to gather income and expense information, provide pay-stubs and bank statements and explain why you can no longer make the payments as agreed.

Once you gather this information you must also submit an offer to purchase the property and a listing agreement showing that the property is being adequately marketed to attract offers. Some lenders take the information via fax while some have websites where you can upload them. The problem is if you have more than one loan you mus do the same thing for each lender and each lender may have a different way of doing short sales.

Provided you can learn all of this, and also have the time to devote to it, there is a need for you to be highly organized and patient. Read the rest of this entry »

Want to know how to make money in real estate? Start a business in your home that pays you enough income to maintain the expenses of owning the home and still allows you to accumulate assets..

Oh did you mean how to make money with real estate as a vehicle? Well that is easy, buy low and sell high.

The rules never change but the playing field does. The playing field today is littered with broken rules , broken dreams, and injured players. As I am fond of saying, in times of chaos there is great opportunity.

The opportunities that abound today are a bit harder to recognize but nevertheless they exist. So without further attempts at levity I  will share two of them. Read the rest of this entry »

Foreclosure help comes in many forms. Much of it is difficult to understand and many times does not help at all.

In order to get foreclosure help that meets your needs you must first know what your needs are and then communicate them to someone with at least general knowledge of finance, real estate, bankruptcy, tax laws, escrow procedures….and the list goes on.

Though it sounds like this “someone” does not exist there is in fact an easy way to approach the problem.

First determine your ability to pay the mortgage. If you are no longer able to pay or will soon be unable to pay then foreclosure is imminent and you need to discuss the alternatives, which are short sale, deed in lieu, loan modification, or even walk away.

Walk away simply means you give in and do nothing to prevent the foreclosure. I don’t recommend this except after trying everything else.

Deed in lieu is Read the rest of this entry »

A short sale is a sale that is going to be a foreclosure unless it sells soon. The seller can’t make the payments and will soon face foreclosure but instead tries to sell it  for less than what he owes.

Since there won’t be enough money from the sale to pay the loan and the late payment seller  must get permission from the lender to complete the sale.

This means the seller must fill out paperwork just like they are taking out a new loan only in this case they are trying to show the bank that they can’t pay the payments. This step of filling out papers and getting the lenders permission is what makes a short sale take longer than a normal escrow.

To make matters even more uncertain Read the rest of this entry »

Some people decide to refinance while their house is in foreclosure, but is this a good idea?

If you can no longer afford your mortgage then having a lower payment will make it easier to resume payments, but is not always a complete solution.

If the house is underwater (has a loan much greater than the value of the house), then refinancing is virtually impossible with the current underwriting guidelines in place.

If you do have a small enough loan (or loans) that will allow a refinance to take place, you still will pay extra interest and fees in most cases because of the bad credit from being in foreclosure while you are trying to refinance the loan. If you want to find out what is possible, you must speak to loan officer. The best way to find one is to get a referral from an agent or broker in your area that is doing such business right now and fill out an application with the lender they recommend. Read the rest of this entry »

What happens after foreclosure is different in each case, because the circumstances are different in each case.

What is the same in every case is that the homeowner’s credit is destroyed and whoever lives in the house has to move out.

Time frames may vary, but the two things above are consistent in almost every situation where a foreclosure has taken place.

The bank often has the ability to sue the former owner for the money the bank lost when the home is sold for less than what is owed.

To add insult to injury, former homeowners have potential income tax liability as well, as if the bank actually paid out the money they lost.

For example, if the bank loses $100,000 on the deal, you may owe income tax for that $100,000 in the tax year that the foreclosure took place. Read the rest of this entry »

Many people ask me the question, “how does a foreclosure work?” Each time I hear the question I have to admit that the answer changes every so often, so I am going to answer it again here and now, with the most up to date information we have.
The simple process is this:

1. Mortgage payments are late

2. Bank gets tired of waiting

3. Bank begins process to take title away from owner who is late on payments

4. Owner freaks out, becomes embarrassed, angry, Read the rest of this entry »

Many ask if they can get another mortgage after a short sale.  The answer is yes, if you can qualify for it. The longer you wait after the short sale the more options you will have.

Generally you must wait two years from a short sale to get a good loan. A GOOD LOAN is defined as the best rates available to you if you had no short sale.

The time period is only applicable to the short sale. If you have other credit problems they can still keep you from getting a loan.

If you have insufficient income for the loan you apply for this will always be a problem whether or not you had a short sale.

So to give a short answer; Yes you can get a loan after a short sale by waiting two years, provided everything else is in your favor. The two years begins when the short sale is completed though so don’t start the timer until escrow closes on your short sale.

This is another good reason Read the rest of this entry »

In a short sale the short sale lender(s) have no legal right to dictate to you who buys the house. Yet they often  have put such restrictions in the approval or added such restrictions even to deeds.

Whether or not it is legal you must proceed against such language only at your peril.

The best way to approach such a transaction is with full disclosure to the lender and ask their permission in advance to see what their individual policy may say on the subject.

You must keep in mind that short sales are only governed and negotiated based on the individual banks own policy.

In other words if they prohibit a family member from buying it then the escrow company must comply with their written instruction whether or not they are legal. Remember escrow is a neutral third party and can only proceed with the full approval of all parties. Read the rest of this entry »