WABROKER

Posts Tagged ‘foreclosure’

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 »

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 »

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 »

Yeah just imagine finding out if an offer has been accepted in three weeks instead of three months. Remember when the seller had 3 days to answer or the deal was off?

and appraisers were good guys and got paid for their work… I just sent the above to an appraiser in response to an email that getting a short sale approved in 3weeks was amazing and wouldn’t it be nice if they all were like that.

How quickly we forget.

The CAR forms we use to write offers in California have a 3 day response time as part of the standard language in all offers and this meant the seller had 3 days to answer or the deal was off.
Just a short few months ago… ok just a few years ago.. deals were actually all done that way.

If you wanted to play rough Read the rest of this entry »

Robo-signing is smoke and mirrors.  Just turn your head and spit it out

Have you ever bought a house? Refinanced a house? Or signed loan documents in an escrow title company for any reason?

Then you know that Robo-signing is not a furor it is standard practice in the industry and has been for the 30 years I have been in real estate.

You sit in the signing room with an escrow officer and they flip through a huge stack if papers and say sign here and initial here… and you just do it. This process of sign sign initial initial still takes 300-60 minutes depending on how thick the stack of loan documents are.

If you stopped to read the stack it would take all day. Read the rest of this entry »

Original Post 11 Oct 10

Don’t get excited about this changing anything in the world you live in. Though a moratorium has been declared I have not personally seen a single file with Bof A or GMAC  that was affected by this great announcement.

My sense is that it will never amount to anything. Foreclosures are a loser for the bank and everyone around here has been aware of this for over a year. Short sales net the bank approximately 20% more than a foreclosure which is mostly derived from the fact that the costs of foreclosure are high and the cost of a short sale is much lower.

Houses sell for what they sell for and Read the rest of this entry »

This article is from my apprenticeship/training course for   short sale negotiators and real estate agents.

In less than 1500 words it gives complete step by step instructions on how to get free Stop Foreclosure Help by doing it yourself.

It is a bit technical but this subject is very complex and I have tried to reduce it to its simplest terms so anyone with an 8th grade education can understand and use it.

It is being made public here for the first time. I hope you find it useful.

As with all these posts please feel free to comment or ask questions at any time.

Do It Yourself Stop Foreclosure Help

Read the rest of this entry »

You may have made a plan to stop home foreclosure with a loan modification or short sale.
But if you have recently lost your home to foreclosure, you may wonder how best to become a homeowner again.
Deed in lieu of foreclosure, short sale and foreclosure will have different implications for your savings account and credit score–foreclosure affecting your score the worst.

Your credit score and ability to save for a down payment are two factors which will affect how soon you will be able to purchase property.

A mid-score of 620 is the minimum score required to qualify for a government loan.
Your credit report will give you your credit score as well as display the items which are negatively affecting your score.
You should check the report for accuracy and dispute any outdated or inaccurate items with your credit agency.
Often you can settle debts with your credit agency for less than you owe.

In addition to fixing your credit score, you should begin saving for a down payment as soon as possible.
With government insured loans, it has been the standard to require 3% of the purchase price as the down payment.
However, FHA loans now require that a buyer puts down 5% of the purchase price, so buyers will need to save even more.

If you have recently lost your house, it is important that you raise your credit score and save for a down payment simultaneously.
One way to do so is to open a secured positive trade line to show lenders you are responsible with your money and debts.

Knowing what you need to do now will help you qualify for a loan faster.
With attention to your credit score and savings for a down payment, you can be a homeowner sooner.