Stop Mortgage Foreclosure

Stop Foreclosure do a Short Sale
When facing foreclosure Time is of the Essence. Realtor in virginia (VA) and maryland (MD) short sales, foreclosures or real-estate-owned (REO’s) SELLING A HOME BUYING A HOME Nisha Kaur .Top Agent in Northern Virginia. Aggressive REO/Short Sale agent specializing in excellent service.Northern Virginia,Alexandria ,Arlington County,Culpeper County, Fairfax County,Falls Church, Fredericksburg, Stafford, Great Falls,Herndon,King George , Leesburg,Lovettsville, Manassas,mcLean,Reston,Stafford, Warrenton, Anne Arundel County, Baltimore City,Bel Air, Bethesda ,Bowie ,Centreville, Columbia , Easton ,Elkton,Frederick , Hagerstown , Lexington Park , Prince Frederick ,Rockville ,Waldorf,Westminster.

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I have been looking at preforeclosure investment as a way to make a profit by stopping the foreclosure of a family home. Other than a sale at a discount, if the seller has some equity and its a price appreciating neighborhood; and trying a short sale if the lender can be convinced to discount the loan, the only other strategy I can think of is a "subject to" where I take over the seller’s primary loan. Does any one know if lenders as a principle will act on that clause or are they more flexible this year?

Hmmm, I think what you are proposing is that you get title but the loan stays in the seller’s name.
In practice, here in Missouri at least, it’s rare for the lender to try to enforce this clause. I am not a lawyer, but I understand that this clause -sometimes you will hear refernce to an "acceleration clause"- is a contractual right and not a law so to transfer title secured by a "due on sale" mortgage is not illegal.
If the lender later discovers the transfer he/she may at his/her option call the loan due and payable.

I haven’t noticed any change in the attitude of the banks at all, it seems they would rather have the timely payments than the hassle of foreclosure.
If the payments are missed at any later stage, it’s the seller’s credit rating that is affected!
To protect all involved there is another strategy you can consider and other documents that could form part of your deal (The "Trust assignment" ) but see your attorney first. And check on your State law.

- and other loans I have that I’ve never been late on? The house has been unoccupied for a year and I cannot afford payments and need to get a short sale approved as the current price is too high for the market. She said the 99% of approved short sales need to be pre-foreclosure.
It has never been refinanced (purchase money) and is an 80/20 loan with 2 separate lenders.

You have not provided enough information regarding the property to give a good answer. I can only generalize a few things.

If this is your only home, a short sale can only be done if the lender approves it and agrees to permit you to do a short sale–thus, they certainly will not agree to a short sale if they intend to seek a deficiency from you. This is a complex area, but generally, a lender cannot seek a deficiency judgment against a borrower if the loan was a "purchase money" loan and secured by a residence. Please note, if the loan was originally made at the time of purchase but was later refinanced, it LOSES its purchase money character, and also, if there is any misrepresentation in the loan documents signed by the borrower (i.e., income was inflated, borrower said he was going to occupy home but did not intend to, etc.), then the lender may seek a deficiency.

Thus the reason for your attorney to tell you to stop making the mortgage payments, it’s a quicker way but could cost you more in the end due to the following area of possible threat. Even if the lender cannot get a deficiency judgment because your loan is purchase-money or because it elects the speedier and cheaper route of foreclosing by trustee sale, it may be able to sue you for something unconnected with the loan obligation per se, such as falsifying your income on a credit application or for trashing the property and thus unfairly reducing the collateral value.

As to your other debts, as long as you pay them as agreed, they should not be affected but your score will go down due to the forclosure on the house.

Hope this answers your question
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

http://www.theearlofrealestate.com/short-sale.aspx - Stop Foreclosure - Don’t just let the bank take your home, you have options including a short sale. Northern Virginia Short Sale Specialist at Stopping Foreclosures

If you are “under water” - meaning you have more mortgage amount than home value we have a program to help.
If you are behind on your mortgage payments, have received a notice of default, or are facing a foreclosure sale we have a program to help.

A short sale is the best option for all homeowners who are upside down on their mortgage,
unable to make their mortgage payments, facing foreclosure and looking for a way to stop
the foreclosure process on their home

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I just called my lender and asked about a return of deed in lieu of foreclosure, and they said I have to put house on market with a realtor for at least 60 days. I have had it for sale in papers and signs for 6months, and no luck. Houses dont sell good here at the lake. They mentioned a short sale, where I could take a lower than payoff amount and offer it to the lender. Should I stop makin 1500 a month payments now to show that I can not afford it, it would be just like giving them my money and gettin absoutely nothing out of it. Having goin bankrupt last yr, I do not care about credit at this time, just need out of this. Moving out of state and dont plan on buyin another home for yrs anyway. Anyone with any experience in this kind of thing have any advice???? Thanks.

A foreclosure (which will happen if you stop making payments) can be much more damaging to your credit than a BK…so it’s better if you can avoid that route.
Selling it on your own is not always the best decision. Many homes need the exposure that the local MLS provides and there are creative, industrious agents out there that may be able to help you. For example - what about renting it out? Or finding a tenant on a lease to own situation?
Just because you don’t plan on buying another home for years down the line is no reason to be so blase about your credit. Bad credit can affect your employment, and everyday purchases ranging from cell phone plans to utilities. You’ll be paying more on these things because you have a bad credit history - and why fall deeper into that pit if you have alternatives? Find a couple of agents, interview them and pick one who can help you out of your predicament.

http://www.2ModMyLoan.com Another home saved from foreclosure. I was finally able to get someone to agree to let their voice be heard on video. We do this all day long, every day! Why haven’t you called me? Tish Washington 626-945-5987 Do not lose your home. Loan Modification saves homes and we stop foreclosure sales for free.

LOAN MODIFICATION - We can help you to renegotiate your monthly payments to the bank and modify your payment structure to make it more affordable. call now : 626-945-5987

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and emailed the agent about the property and I got her respond. Tell me what do you think and should ask her?

"Presently, there are no offers pending or in the works on this property. It’s been on the market 9 days so I’m sure at the price there will be investors looking at the property. On foreclosures when there are repairs done, it’s usually only the minimum so the shingles that were replaced would be only to stop a possible leak, etc. The entire roof would not be replaced. Are you possibly looking at this property for a home or an investment? "

Thanks!
…and what should I ask her* (typo)

Well, first ask her if she can give you a comparable market analysis (CMA) this will tell you what other properties like it are selling for in the area, or even better if it has been appraised recently. Of course you’ll have to get it inspected, at your own cost, to really know what has to be fixed, you never really know, maybe the foundation is bad, the whole roof needs to be replaced, and there is extensive termite damage. Whatever needs to be replaced you should be able to tell if the price of the house And all the repairs makes it worth buying. You sound like you wouldn’t know how much each repair would cost so be careful even if you ask a professional they can tell you don’t know much and will try to rip you off so get at least three estimates for each problem you come across. You can make and LOSE a lot of money in real estate so don’t rush into anything, if this one gets away then maybe it is for the best. Plus, most real estate agents are like car salesmen so don’t trust every word they say, don’t let them rush you or make you feel uncomfortable

I have a property in foreclosure with about a 79% LTV ratio, and most hardmoney lenders stop at 75%… Any information on how to propose a short sale, etc is appreciated.

Thanks!

Even if the property is in foreclosure, you should still have the right to sell it.

It shouldn’t cost 20% to sell the property. Maybe 7-10%, depending on agents and area. So you may still get some cash out of the deal.

Since the property hit foreclosure, you’ve probably been bombarded with realtor and investor offers in your mailbox. Ignore the investors, but look at the realtor ones that actually want to market your property. Especially ones that seem like they have experience with foreclosures. Talk to a few agents. You should get a good idea of what your options are and who is best to work with.

Stop Foreclosure in Union City CA - Visit http://www.derickstopsforeclosureinunioncity.com - Union City home owners, learn how you can stop Foreclosure now. Pre-Foreclosure and Short Sale expert Derick Drumm covers questions that you have about Foreclosure and the best options that you have to stop it. This segment covers “What are the tax and credit consequences of a foreclosure?”.

Derick Drumm
Keller Williams Benchmark Properties,
39500 Stevenson Place, Suite #108
Fremont, CA 94539
Derick@Tri-City-Homes.com
(510)432-0617

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Technorati Tags: avoiding foreclosure, foreclosure houses for sale, foreclosure notice, foreclosure services, second mortgage foreclosure, Stop foreclosure, stop foreclosures, stopping foreclosure, tax foreclosures, Union City

Stop Foreclosure in Union City CA - Visit http://www.derickstopsforeclosureinunioncity.com - Union City home owners, learn how you can stop Foreclosure now. Pre-Foreclosure and Short Sale expert Derick Drumm covers questions that you have about Foreclosure and the best options that you have to stop it. This segment covers “What are the tax and credit consequences of a foreclosure?”.

Derick Drumm
Keller Williams Benchmark Properties,
39500 Stevenson Place, Suite #108
Fremont, CA 94539
Derick@Tri-City-Homes.com
(510)432-0617

Duration : 0:1:49

(more…)

Technorati Tags: avoiding foreclosure, foreclosure houses for sale, foreclosure notice, foreclosure services, second mortgage foreclosure, Stop foreclosure, stop foreclosures, stopping foreclosure, tax foreclosures, Union City