deed in lieu of foreclosure
Behind on Your Mortgage Payment? Foreclosure? HOPE NOW May Help!
December 21, 2009 by seanmorrissey · Leave a Comment
Hope Now is an alliance between housing counselors, mortgage lenders, investors, and other mortgage market participants maximizing outreach efforts to homeowners in distress by helping them staying in their homes. By doing so, the homeowners in conjunction with Hope Now, create a coordinated plan.
Options for homeowners in financial distress include :
- Repayment Plan
- Loan Modification
- Partial Claim (for FHA Loans)
- Fannie Mae Homesaver Advance
- Home Affordable Modification Program
- Short Sale (consult www.theshortsalefix.com)
- Deed in Lieu of Foreclosure
Regardless, any homeowner in financial distress should consult Hope Now for initial assistance. By doing so, the homeowner will receive options which can assist in making an appropriate decision. For more information, consult:
or call: 866-995-HOPE
deed in lieu of foreclosure
Florida mortgage You Can Stop Foreclosure Fast If You Act Now Posted By: James Sopher
November 22, 2009 by floridamortgag · Leave a Comment
Has your lender been hounding you over mortgage payments that are in arrears? Perhaps you are 2 or 3 payments behind, and your lender is threatening you with foreclosure on your home. You are by no means alone in this situation. In today’s difficult economy, many homeowners are in the same boat.
It may have been a job loss or some other unexpected setback that placed you in this position. In any event, if you take prompt action, it is possible for you to stop foreclosure fast.
You will need to communicate promptly once you have been told by your lender that your payments are late. The sooner that you undertake to work with the lender, the more likely it is that they will work with you.
There are a variety of ways in which you can stop foreclosure fast. In the case of a short period of unemployment, or some other misfortune of a temporary nature, the best solution might be a forbearance agreement. If your lender agrees to a forbearance agreement, you would probably have to pay a portion of the overdue payments up front, and the rest over a period of the next several months. This type of arrangement does not work well for most borrowers, because the make-up payments are in addition to their regular monthly payments. You may have to make a few sacrifices elsewhere in your budget, but if you have a steady income this is probably the quickest way to clear up the problem and avoid foreclosure.
Other available options to stop foreclosure fast include signing a deed in lieu of foreclosure, obtaining a short refinance loan, selling your home on a short sale, or qualifying for a loan modification agreement, or modification of mortgage
A loan modification agreement seems to be the best option for most homeowners who want to hold on to their home, because it typically results in lower monthly payments. This requires a permanent change in your mortgage terms whereby your mortgage lender either agrees to reduce the rate of interest on the loan, or they extend the total repayment period so that your monthly payments are brought down to a level that you can afford.
Thousands of homeowners all across the country have obtained a loan modification agreement. The good news is that thousands of homeowners have taken advantage of a loan modification agreement to save their home from foreclosure. The bad news is that, most lenders now have a ponderous backlog of non-performing home loans, and can be slow to respond to your calls and letters.
Understandably, many distressed homeowners are frustrated in their efforts to negotiate a loan modification agreement. It is not uncommon for them to be passed along from one lender’s representative to another. They may be speaking to a different employee each time they call. The problem is that most of the people you talk to are reading from a script, telling you to send X dollars. They might tell you to send a payment, and lead you to believe that everything is OK, but they don’t actually have the authority to make an agreement with you. You may find that, after sending in the payment you were told to, the banker continues with foreclosure proceedings anyway.
Best-case scenario is that you actually speak to someone in authority and succeed in negotiating a loan modification agreement. You then enter the next phase which can be a rather lengthy one . You will need to submit documentation, review, notarize and execute new loan documents, and oversee the entire transaction through escrow.
With all of these things in mind, you might want to consider enlisting the assistance of a loan modification expert. These professionals have experience in dealing with most of the mortgage lenders. They know who to contact with the authority to negotiate an agreement. They have the necessary negotiating skills to represent your interests, and often can save you thousands of dollars over the life of the loan. There is the added benefit of the peace of mind you will enjoy, knowing that all the important details of the transaction are being handled by a knowledgeable professional. The end result is that they stop foreclosure fast.
James Sopher is a retired real estate professional and free-lance writer.
For more help getting a loan modification, visit Loan Modification Agreement
Reference: Stop Foreclosure Quick
Florida Mortgage: Florida Mortgage Loans
Article Source: www.articlesnatch.com
deed in lieu of foreclosure
Florida mortgage Preventing Foreclosure: Stopping The Lender From Taking Your Home Posted By: James
November 22, 2009 by floridamortgag · Leave a Comment
Finding out that your home may be foreclosed on can be extremely upsetting. A person might easily become convinced that there is nothing that can be done towards preventing foreclosure.
Preventing foreclosure is, however, attainable by applying just a few foreclosure stopping techniques. There are a few critical steps that anyone in a difficult financial predicament needs to carry out in order to save their home from the disaster of foreclosure.
One foreclosure stopping method to think about is to look for an investor who is able to buy your home for the amount you owe or more. This way, you satisfy the balance of the loan with no additional impact on your credit. Depending on how much you owe, this may be difficult to do because the large number of distressed properties means that there is much competition for the investors’ dollars.
That is where the ‘Short Sale’ shows itself as a feasible foreclosure stopping tactic. A short sale is where the bank reduces the amount of the loan payoff down to the price the investor is willing to pay and you walk away from the home. When the homeowner is not accepted for a modification of mortgage and is sure to lose their home, a short sale is a good way of preventing foreclosure. You’ll still have to move, but at least your debt will be cleared. The homeowner’s credit score is dropped by about 100 points, compared to a typical drop of 250 points in the case of a foreclosure and subsequent sheriff’s sale. If the house is foreclosed, the home owner may still owe the difference between the sale price and the amount owed to the lender.
If no short sale investor is forthcoming, something similar can be done involving just you and the mortgage lender. In this case, a Deed in Lieu of Foreclosure is executed and the bank will take over your home in exchange for you moving out of the home and leaving it in good condition.
Short sales and Deeds in Lieu of Foreclosure will both have a negative impact on your credit. Generally, this will last for about two years instead of five or more years for a foreclosure.
Another foreclosure stopping method is to negotiate either a forebearance agreement or a loan modification agreement with your lender. Depending on the specifics of your situation, it may be possible for you to work out an agreement with the bank that will make it possible for you to stay in your home. The lenders currently have a lot at stake in preventing foreclosure. Hundreds of thousands of bank owned homes are sitting vacant. They represent liabilities, not assets, to the lenders.
Also, both federal and state government agencies are providing the lenders incentives, and pressuring them to approve loan modifications. If you are falling behind on your ability to pay your mortgage, contact your banker and learn what can be worked out. You may be surprised to find that banks are more reasonable now than they once were.
As a homeowner interested in preventing foreclosure, be assured that you are not alone. 1 out of every 100 borrowers are having trouble with their mortgage payments. Millions of people have already lost their homes. And, while some of them have been fortunate enough to have found suitable rental homes or shared accomodations with friends, many have become homeless. So clearly, preventing foreclosure should be a priority for everyone.
The high rate of foreclosures is also an important issue for our entire country. Americans with a sense of social justice are interested in seeing that their fellow citizens are adequately housed. Beyond that, the economics of the situation demand the these problems are addressed before they become even more widespread. At last, Washington is taking serious measures to help homeowners in their attempts at preventing foreclosure.
Before it is too late, you should learn all you can about the various foreclosure stopping methods.
James Sopher is a retired real estate professional and free-lance writer.
For more information on saving your home, visit http://WePreventForeclosure.org
You can stop home foreclosure with a Loan Modification agreement
Florida Mortgage: Orlando Real Estate
Article Source: www.articlesnatch.com
deed in lieu of foreclosure
Florida mortgage I Can Prevent Foreclosure On My Home- But Do I Want To? Posted By: James Sopher
November 22, 2009 by floridamortgag · Leave a Comment
Has this happened to you or a friend or relative?
Your banker is putting on the pressure. The calls keep coming and you try to avoid having to answer your phone. You have a sick feeling that you are destined to lose your home. Well, relax; it is not the end of the world. You CAN prevent foreclosure and regain your peace of mind. In just a minute, we’ll explore some different ways that you can prevent foreclosure. We’ll even explore the idea that you may be able to stop foreclosure after the process has begun. But first:
Have you made the decision that you really want to keep your home?
All across this nation, real estate prices have plunged. In many cases, homes are now worth only half of what they once were. If you now find that you are “upside down” on your home loan, (you owe more on the home than it is worth) perhaps you should ask yourself,
“Do I really want to stay in this property?”
If the answer is “No”, you may wish to reflect upon doing either a short sale or a deed in lieu of foreclosure.
On the other hand, if you have even a small equity in the property and you would rather not uproot your family, it may very well be worth the effort to try to prevent foreclosure.
Break down Your Finances
The first task you should do is analyze your overall financial situation. Jot down a list of all expenditures. Which items on this list could you eliminate right now? Fewer restaurant meals, rent a movie instead of going to the theatre, or perhaps skip that morning Starbuck’s? A willingness on your part to make some sacrifices will go a long way in convincing your mortgage lender to work with you.
Next, jot down every source of income for your family. Now list any personal property that you might quickly liquidate. If you are only coming up a few hundred dollars short on your budget each month then it is quite probable you can prevent foreclosure on your home. If, however, you find that you’re hopelessly in debt then trying to stop foreclosure may not be the best answer.
You might be able to prevent foreclosure by earning a few extra dollars each week. There are many good work from home programs that could enable you to make a few hundred dollars each month. Be sure to do your homework, though, as there are also many “get-rich-quick” scams around. Look for part-time job openings near your home. This can save you a lot of time and commuting expense. If your home is important to you it would be well worth the extra effort to stop foreclosure by earning a little extra.
Dealing With Bankers
If your financial crisis is due to a set of temporary circumstances, you might be able to negotiate directly with your lender for a short-term repayment plan to bring your payments up to date. This involves making an additional catch-up payment each month for several months. While expensive in the short term, it is probably the fastest way to resolve the problem.
If your mortgage payments are now so high that you truly cannot afford your home any longer, you will need to bring the mortgage payments back to an affordable level by seeking a loan modification to resolve the problem, or qualify for a refinance loan with lower monthly payments. The other option is to downsize/downgrade to more affordable accomodations.
If you’re still not entirely clear on what the best option is in your specific situation, for you to prevent foreclosure, you probably should speak to a loan modification specialist. Not only will they help you to brainstorm ideas, but typically their initial consultation is free.
There are also good resources available on our website, including “do it yourself” stop foreclosure handbooks that will provide you with the information you need to make these decisions.
Remember, it’s important to take action quickly if you wish to prevent foreclosure. This includes communicating with your banker early on. The lender has a specific window of time during which they might work out a deal with you, before starting a foreclosure. You must act quickly in order to prevent foreclosure.
James Sopher is a retired real estate professional and free-lance writer.
For more detailed advice on how you can prevent foreclosure on your home, visit Prevent Foreclosure
Florida Mortgage: Florida Mortgage Broker
Article Source: www.articlesnatch.com
deed in lieu of foreclosure
A Life Preserver For Underwater Homeowners
October 6, 2009 by Harrison K. Long · Leave a Comment
Alex Perriello, president and chief executive officer for the Realogy Franchise Group, submitted this article during the week of September 30, 2009, published by Inman and other news sites. This is about equity sharing, a way for homeowners in financial distress to remain in their homes while giving lenders an ownership interest.
______________________
By ALEX PERRIELLO
Depending on the source you choose to believe, there are estimated to be more than 15 million homeowners in this country who owe more than their home is currently worth.
Rather than debate what the exact number of “underwater” properties may be, the reality is there were a lot of homebuyers back in 2004-06 who bet that home prices would continue to climb and a host of misguided lenders and investors that were ready and willing to take that wager.
The daunting problem facing the housing industry and the general economy today is how to unwind the aftermath of the boom years in a fair and equitable manner.
When you consider the dilemma, an underwater homeowner has five choices: 1) bite the bullet and pay the mortgage (not likely if the loan-to-value ratio is greater than 125 percent); 2) default on the mortgage and hope to qualify for a loan modification; 3) mail the keys back to the lender in a “deed in lieu of foreclosure” arrangement; 4) sell the property in a short-sale transaction; 5) or finally, default on the loan and wait for the sheriff to arrive with an eviction notice.
With the exception of the first choice, in all other cases families are displaced, credit scores are destroyed, lenders suffer significant losses, average home prices continue to decline, and neighborhoods are blighted. The magnitude of the problem is daunting, but there is a solution.
The reality is both homeowners and lenders made bad financial decisions. Rather than be at odds now, when the investment has soured, they should partner with each other in a long-term equity-sharing arrangement.
Here is an example: Let’s say the homeowner purchased a home in 2004 for $300,000 with no money down and the property is now worth $150,000. That represents a 50 percent reduction in value. In an equity-share arrangement the lender would rewrite a new loan for $150,000 (assuming the homeowner qualifies) and the lender would take a 50 percent ownership interest in the property.
The homeowner would agree to hold the property for at least five years and after that time would agree to split 50 percent of the net proceeds of the sale with the lender. Should the homeowner wish at any time to buy out the lender’s interest, a predetermined lump-sum cash payment would be negotiated when the new loan was written.
In this scenario, a number of positive outcomes are achieved:
Homeowners would stay in their homes.Their credit would be preserved, assuming they stay current on the new loan.A distressed sale is avoided, as is its chilling effect on property values in the neighborhood.The lender keeps a performing asset on its books, turning a potentially much larger loss via foreclosure or short sale into future upside potential when the house eventually sells.
We got into this mess one house at a time. The way out is one house at a time. Equity-sharing offers a private-sector solution that won’t cost U.S. taxpayers a dime.
_________________
Alex Perriello is president and chief executive officer of the Realogy Franchise Group, which has franchise and company-owned brands including Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, ERA and Sotheby’s International Realty, among others.
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