http://www.how-to-stopforeclosure.com , how to stop foreclosure, loan modifications, foreclosure options, alternative options to foreclosure, forbearance, free foreclosure counseling, stop trustee sale
Duration : 0:1:16
At least four local homeowners are suing big banks claiming they haven’t done what they promised to help those struggling with mortgage payments.
Duration : 0:1:55
In response to the foreclosure crisis affecting our community, the Central Coast Foreclosure Collaborative (CCFC), Community Television of Santa Cruz and the Watsonville Community Connections Collaborative have created an informational DVD to help homeowners facing foreclosure or at risk of foreclosure to better understand the foreclosure process and their options. These video clips are segments of that DVD.
This is a presentation by the Central Coast Foreclosure Collaborative on the topic of Foreclosure
The CCFC is a local working group of non-profits, government agencies, and community groups whose purpose is to identify and implement a community wide approach to the foreclosure crisis on the Central Coast.
Duration : 0:9:54
Facing Foreclosure on Your Real Estate Mortgage, Short Sale & Loan Modification are Alternatives. Hire an Expert Short Sale Negotiator, Experienced Real Estate Agent. Go To http://RealEstateMarketingThisWeek.com
Part 7 (Excerpt)
Prices are back to 2003 levels: A Short Sale is significantly cheaper for a bank than a foreclosure
Were in the studio today with Kalyn Roberts and Jeri League of the Dreamvesting Group, these two young ladies are experts in the short sale area, they are NOT going to tell you what you want to hear, they are going to tell you what you need to hear. There is a big difference between what you want and what you need in the case of getting out of a situation. We talked during the break about the different types of people; who qualifies, who doesnt qualify, who this is good for, and who its not good for. I want you to talk about people who are upside down and how youre here to help.
What we want to get across today if you just need to call someone if youre upside down in your mortgage, if you have a listing next door and its a bank owned or short sale, there is a good chance youre probably upside down in you mortgage if you bought anytime in the last, in the last 5 years were almost back to 2003 pricing now.
Just to jump in real quick, Jeri and Kalyn its not just the people who purchased, its the people who used their homes as ATMs which is a crude way for me to say it but lets be honest. You watch the television, and I am not going to name any names, but a company that rhymes with lietech though, they have a commercial where they are showing pictures of using your home to buy a big boat and everybody got sucked into that and now here were.
Yes, if you used your second mortgage to build that big beautiful pool in your backyard, maybe you need to call us. Yes, its unfortunate, we always tell everyone like you just said, everybody got sucked into it, it doesnt mean youre stupid, it doesnt mean you necessarily made a really bad decision. Most people got caught up in the real estate market and good marketing ploys like that, and the bottom line is as we said earlier you dont have to be late on your mortgage payment, you dont have to be facing a foreclosure, if youre simply upside down because you refinanced your home or purchased too recently and the house next door is selling for $100,000 less than yours and you just need to get out of a bad financial situation, youre a candidate for a short sale or even a loan modification.
One of the things about loan modifications that I hear all the time is, and I research other loan modification companies, and what I hear is they are telling people things that just arent real. For instance if your owe $400,000 and your house is worth $300,000 and you want your lender to forgive $100,000 on a loan modification, chances are that isnt going to happen, whereas with a short sale, when youre exiting the property because it just isnt going to work, they would in most cases consider doing that.
Absolutely if that is the market value of your home they are going to consider the bottom line, the banks dont want these properties back, it costs them so much money to go through a foreclosure process and as our prices are falling, monthly, weekly, daily, the likelihood of the value of the property being extremely lower by the time they get the property back is 100%.
In addition to the $60,000 in foreclosure cost, paying real estate commissions and a few other fees is significantly better, because the loss is going to be significantly less with a short sale. Heres a question and I hope that I am not putting either of you on the spot, but suppose the guy owes $400,000 on his house, lets just say its worth $300,000 and you get the listing and this guy is out at a cocktail party and his cousin shows up and says, Ill buy the house from you. Ill buy the house from you, we will make the bank pay the difference and Ill just let you stay in the house. Is that a realistic situation, is someone going to find out about it? Is it good to do that or not?
In real estate, real estate purchases and transactions have to be non-arms length. Now arms length is described as your parents and your children, other than that we pretty much stay out of it because theoretically, yes that could happen, however the banks want to see that the homeowner is not benefiting, so the homeowner would have to become a tenant and be paying rent to new owner at that point. So there are many legitimate situations where you could meet someone who would buy the home and allow you to stay in the home…
Duration : 0:5:53
I own three houses. How many times can i let house go into foreclosue? Would the bank just stop letting me come up with payments late,and call in the loan?
You can let your house go into foreclosure as many times as you run out of money to pay the mortgage for a period of months. The bank will wait until you are usually 3-6 months behind, and then start to file the foreclosure paperwork in court. If you pay them back before the property is auctioned off, then the foreclosure process has to stop.
It is unlikely that the bank would just stop taking any payments from you at all and call in the loan. After all, your original mortgage contract states that you have to pay a set amount of every month or incur penalties and other charges if the house is foreclosed on. There’s nothing in the loan documents that would allow them not to take your payments any longer.
It would also be difficult for them to prove to a court that they are entitled to anything besides your monthly payments if you can make them and pay back any amount you are behind. just because you fell behind in the past does not mean that the bank can just give up on the loan completely — as long as you made up the payments later on, they got everything they were due, plus a lot of interest charges and late fees.
In fact, if your houses are going into foreclosure or falling behind quite often, but you are able to pay back the arrears eventually, then you may be a good client from the bank’s perspective. With all of the extra fees they are charging you when you miss a payment, your effective interest rate may be much higher than you think, which translates into higher profits on your loan for the lender.
Of course, that might also be a good reason to try and keep up on the payments at all times, or just let one house go if it is not affordable. Selling or giving the bank a deed in lieu of foreclosure on one property might let you off the hook on it, while allowing you to keep the other properties and make the payments a lot more consistently.
Hope that helps.
ForeclosureFish
I spent 3 1/2 months going through the short sale process with my condo. The bank the mortgage was through APPROVED the short sale, yet ultimately the deal fell through because the mortgage insurance company refused to sign off on the deal. Now my house is in pre-foreclosure proceedings. Why would they do this?
Also, wouldn’t they be better off agreeing and getting some money back rather than having the house foreclosed on? The condo will not sell at the price they want because new condos in the same building are being sold for just $3,000 more. Just frustrating :/
Just another reason why the majority of short sales fail, you need multiple players to agree to take less on the dollar, in this case the insurance company who would have to make a payout ran the numbers and business wise they decided not to sign off on the deal,
I am trying to find free foreclosure listing in the state of Texas (San Antonio) where I can have access to all the information, including photos. Can anyone help me???
if you are looking for national foreclosures listings website, check out this site
http://foreclosure-listings-national.com/
Here you can get access to all foreclosures in usa.
as Timothy geythner declared they going to force banks to do short sales to get rid of houses instead of going to foreclosure what kind of situation is there to purchase single house in florida how long it takes now for the procedure and whom do you go to buy those houses.Thanks.
Don’t get too excited about short sales. You will be paying current market price. It’s called a short sale because the price the bank can sell for is less than the amount owed on the mortgage.
You’ll get a good deal, but not as good as you might think from listening to the informercials.
my sister has missed her house payment for a few months now because my brother in-law lost his job but she wants to save her house what should she do? or is there a company that can help? she needs to come up on $5,0000 with in 30 days
5k is not very much, a garage sale, maybe sell the boat and she will be all set.
She needs to call the bank, but I doubt she is in foreclosure yet.
We filed for bancrupcy approx. 4 years ago and have been paying outrageous rent ever since. We would love to have a house and stop paying rent but the only way we could ever afford to get into a house would be something priced low enough such as a foreclosure home. Real estate agents we have spoken with are no help at all on the subject. Of course, I
understand that this is their business and why they would not want to help with this type of sale. But surely we are not the only people who have ever had this problem, how does one go about getting into one of these foreclosure homes?
You can buy a house two days after bankruptcy, if you have enough cash for a huge down payment.
Normally it takes 7 years to clear your credit record.
Without knowing your situation, I cannot tell you more, but I work with clients with credit problems and I specialize in foreclosures. Maybe something can be done, if you have a good job, at least some money in the bank, etc. You just need to find the right agent. Agents are paid by sellers, not buyers, as you know, so you have nothing to loose by working with an agent.
Take a look at my web site (below) and if you are in the area, contact me. Or you can contact me anyway for advice, if you wish.
One more thing. Foreclosures are a good idea, and, yes, you can get a good deal (you cannot buy a foreclosed property for a hundred bucks, as you might see on those stupid TV infomercials, but you can buy below market.) BUT there’s a problem for a person in your situation. You see, a foreclosed property is sold by a lender. It was foreclosed because the previous owner didn’t pay, right? And here come you and I and I say: "I have a client, who had a bankruptcy not long ago." What does the lender say? Even if you have a loan from another lender, you must be approved by the bank, which owns the property. Do you see the problem?
But, as I said, maybe something can be done. I need more info to tell you more.