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Gotcha! 7 Myths About Foreclosure That Will Cost You Big
7 Things Never To Tell Your Lender When Facing Foreclosure
The Top Ways To Save Your Home From Foreclosure
The Top Reasons Why People Lose Their Homes To Foreclosure
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Everything You Must Know About Stop Foreclosure Refinance, Help Stop Foreclosure, Help To Stop Foreclosure, How To Stop Foreclosure, And Prevent Foreclosure.
Buying a home after a foreclosure is not an impossible task. With some careful planning and some savvy shopping, you can secure a mortgage loan even with a foreclosure in your credit history. Wait At Least Two Years Mortgage lenders focus on the last three years of your credit history when they consider your mortgage application. It is best to wait at least two years after a foreclosure. However, if you have a large down payment or a fairly good credit score, lenders sometimes make exceptions. Save A Down Payment One way to improve the terms of a mortgage loan is to have a down payment. A credit score of 600 or lower usually means you will need a down payment between 5% and 20%....
Before attempting to buy a home after foreclosure, it is important to educate yourself on the necessary steps, and improve your odds of getting approved. Certain situations are extremely damaging to your credit report. These include bankruptcy, foreclosure, repossession, etc. Fortunately, you can rise from a bad credit situation. Here are a few tips to help you get approved for a mortgage after a foreclosure. Negative Effects of a Home Foreclosure Aside from embarrassment and shame, having a home foreclosure will significantly decrease your credit score. Immediately following a foreclosure, it is difficult to obtain any type of credit, especially a home loan. Because many factors...
When a person falls upon financial hard times often through no fault of their own and they are behind on mortgage payments, they may need some financial help to stop foreclosure on their property. Nobody wants the sheriff to deliver a foreclosure notice so there are some things you can do that will help stop the foreclosure. Often, you can avoid foreclosure through hard work and not by sitting back and giving up. Here are some steps that could help you get financial help to stop foreclosure. Never ignore letters or phone calls regarding your delinquent mortgage payments. Contact the lender and explain your situation, as they may be able to work with you and know that you are really...
How Homeowner Can Save Their Home From Foreclosure
Author: Bobby Johnson
Drive around and see how many signs you see that says House for Sale. How many lease purchases do you see? How many abandon houses are on your street? Our country is up against the wall with delinquence mortgages. FHA mortgage lenders are filing claims in the millions from HUD. How do I know? I counsel homeowners every month concerning their mortgage and what they need to do to protect their property and communicate with their mortgage lender.
What is the cause of all these delinquence? There could be several reasons: Lost of a job, health issues, divorce, business failure & income reducing. Before the homeowner even tries to save his/her home, they move out or better yet file bankruptcy. If they only knew what options were available to them, they stood a better chance of saving their homes.
Some homeowners try to make an attempt to talk to their mortgage lender for a possible workout but here is the problem. They are taking to the wrong people and they do not have a plan. I know some mortgage lenders can make it very difficult to be reach and consider you for a workout. Some will tell you that all communication will be handle by their attorney. The only thing their attorney wants to know is whether or not you can reinstate the mortgage and if not, it goes to foreclosure.
Some homeowners even got to the right department to discuss a workout only to find out the lender denied their case. I am here to tell you that your home can be save from foreclosure.
There are some facts you need to know before you abandon your home or file bankruptcy.
Fact number one: Stay away from so-called investors. Why are you going to give your equity away when you can save your home yourself? Yes you can do it. Do not quit - claim your home, sale or sign any papers until you talk to your attorney.
Fact number two: If your home is FHA or VA insured, your mortgage lender must consider a workout before they can file a claim. If FHA or VA discovers you were not given the opportunity for a workout, then FHA or VA may deny the mortgage lender claim, they don’t want that.
Fact number three: To be considered for a workout, you must have some money. At a minimum you must have the attorney & foreclosure fees payable to the mortgage company before the sale date. Reason: Your mortgage lender cannot put the attorney & foreclosure fees back into the loan. Their insurer will not permit it.
Note: If you don’t have any money to pay attorney & foreclosure fees, get the money, have a yard sale, borrow from your 401K, life insurance cash values, mutual funds or stock holding; church and family, try getting an advance from your employer, refinance if you have enough equity.
Start getting busy!
Fact number four: The rules change if your loan is a conventional, because these loans are not FHA or VA insured and they normally do not have a loss mitigation department, you will need haft of the amount of your reinstatement to be considered for a workout.
These are investors type loans and it will take me more time to explain what it all means than I have room for in this article.
Early I mention you are probably talking to the wrong person when you contact your mortgage lender, you need to request the name & number of the representative in the loss mitigation or foreclosure department who is assign to your case. Do not talk to the collection department or you will surely lose your home.
When making the call, be aggressive until you get the right person, if you sound like a whimp and don’t know what you are taking about, they will only react slow and put your case at the bottom of the pile. Note: Be tactful.
Request a loan workout package, complete and return the forms as instructed.
Secret: When completing the financial statement after all expenses are subtracted from the net, you must show at lease haft of your mortgage payment as a residual to qualify for a workout.
Secret: When giving your hardship statement, do not tell your mortgage lender that you mismanage your money, that is a sure case you will be deny.
Do not contact your lender’s attorney, they work for your lender not you, they can’t help you.
Tip: Give your lender all require documents. If any information is missing, it will only delay your case and their response is, why bother, if you don’t care, why should I.
You have been given some value information here that will help your save your home from foreclosure. Before you move or file bankruptcy, use these strategies first and you will be surprised that you can save your home. Until your workout is approved, start saving your money.
Bobby Johnson is a comprehensive financial planner who speaks on the topic”How to Eliminate Debt and Build Wealth” and the author of “How to Save Your Home From Foreclosure and Not Lose Your Mind” http://foreclosurmanual.ieasysite.com/. For information on hiring Bobby to speak for your company, corporation, church or event, call 770-210-8797 or e-mailing bjohn54928@aol.com
Homeowners facing foreclosure should be aware of unscrupulous lenders and scammers. Don’t get me wrong, most lenders and agencies are reputable and legit. However some lenders, commonly second mortgage issuers will use unethical practices that increase the risk of nonpayment by the borrower. These tactics may include lending a large amount in hopes that the borrower will not be able to keep up with the payments, charging outrageous interest, points or fees. They may also repeatedly refinance the loan without any real beneficial reason to the borrower. Homeowners facing foreclosure are often targets of these scammers because they are seeking any solution possible at the time. One of the most common tricks is an “equity skim”. What is equity skimming? This is when a buyer approaches you and offers to get you out of foreclosure buy paying off the mortgage or offering money when the property is sold. They will often suggest you move out quickly and sign the deed over to them. They will then collect rent from the property and fail to make payments on the mortgage. The lender will continue the foreclosure process and foreclose. Signing over the deed does not mean you are no longer obligated to make mortgage payments. Another trick scammer’s use is to set up a “counseling” agency. They may contact you offering to do certain services for a given fee. Often times these are thing you can do yourself for free. It is important to note that most services are legitimate and will provide lots of great help. So what do you do if you suspect you are being duped? The most important things is don’t sign any documents unless you fully understand what you are signing. If the party you are dealing with makes any sort of promises make sure they are in writing. If you arrange a contract of...
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MarketWatch.com - Top Stories – Sponsored by: CyberTrader - Found Nov. 18, 2008 Sheila Bair, chairman of the Federal Deposit Insurance Corp., proposed modifying 1.5 million mortgages to prevent foreclosure, but the problems often ...
Montana's News Station - Found Nov. 17, 2008 TAMPA, Fla., Nov. 17 /PRNewswire-USNewswire/ -- In an effort to prevent homeowners from losing their residences to foreclosure, Yesner & Boss, P.L.
Huliq.com - Found Nov. 15, 2008 ... and formed a multi-department coalition to begin reaching out to lenders and homeowners so that they could take action to prevent foreclosure.
US News - Found Nov. 11, 2008 Tuesday that the housing finance giants will implement a sweeping plan to prevent distressed borrowers from losing their homes to foreclosure.
U.S. Senate Banking Committee - Found Nov. 9, 2008 ... problems the foreclosure crisis. The Emergency Economic Stabilization Act gives the Administration considerable new authority to prevent...
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