If you have missed more than three mortgage payments, or your lender has filed a Notice of Default (NOD), you might think the loss of your home is inevitable. Even at this stage, there are five strategies you can use to stop the foreclosure process. Foreclosure Workout. Up until the time your home is scheduled …
Read more »There are many flavors of compromise you can strike with your lender if you are facing foreclosure. One of the toughest to execute is the short sale. What Is a “Short Sale”? The title “short sale” is somewhat misleading; many assume that “short” means quick, implying a transaction that has a short escrow period. Au …
Read more »Why would an impersonal institution — a mortgage bank — want to compromise with a homeowner who is behind on his payments? Well, some banks have more of a “compassionate personality” than others, but the bottom line is that it costs a bank up to $80,000 to foreclose on a home! What Is a Workout? …
Read more »How to Get Your Lender to Agree to a Short Sale . With all that said, short sale transactions are completed every day! Because the lender is likely to take so much time processing your short sale request — and because time is of the essence — you must ensure that your short sale request …
Read more »Foreclosure is far from the worst thing that could ever happen to you. If your home ends up in foreclosure, chances are there are lots of things you should thank your lucky stars for: your family, your health and your good looks. Foreclosure doesn’t mean you are irresponsible or not deserving of prosperity. It can …
Read more »Many buyers associate buying a foreclosure with getting a steal of a deal. This can be true, but there are also potential pitfalls. The pros and cons of buying a home involved in foreclosure vary with the phase of foreclosure the property is in when purchased. Use this handy guide to figure out what sort …
Read more »Ask homeowners who have lost their homes to foreclosure and a surprisingly large number complain that they were unaware of important mortgage features when they signed on the dotted line. Whether you are buying, refinancing or already own your home, a clear understanding of your mortgage is key to avoiding the foreclosure process. Smart owners …
Read more »The Market for selling your house in America is a lot like riding a roller coaster. There is the long slow buildup to the construction of new homes, both houses and condominiums. There is the exhilarating rush of quick sales, even of homes, which are just blueprints. There is the slow build up out of …
Read more »Recent news I wanted to share…. Top lenders react to drop in house values WASHINGTON — In one brief phone call, Nancy Corazzi’s lender yanked away what was left of the $95,000 home equity line of credit that she and her husband took out five months ago. The lender informed her that her Howard County, …
Read more »Six of the big mortgage companies involved the Hope NOW Alliance announced that the Alliance is expanding its efforts to help homeowners facing foreclosure. The rate freeze program announced by President Bush in December applied only to borrowers who were facing resets on subprime adjustable rate mortgages but who were current, in fact had never …
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