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Avoid Foreclosure Orlando
When facing a foreclosure, all is not lost. There is still hope in protecting yourself. Oftentimes, people procrastinate when the lender has expressed their plans to foreclose. When this happens, your time is extremely limited and you must act fast to be successful. Here are some steps you need to follow to stop a foreclosure and protect yourself.
1 – Do Not Ignore Your Lender or the Problem. Your success rate to stop or protect yourself from foreclosure drastically decreases as time passes. Your lender is more willing to work with you in the beginning stages of the process than if you wait only weeks prior to the foreclosure sale.
2 – Contact Your Lender Immediately. In fact, at the very first sign of trouble–before you are late–you should contact your lender and begin discussing your options. Remember, foreclosure doesn’t happen overnight. Every homeowner knows well in advance if keeping up with future mortgage payments will be a problem. In reality, lenders do not want your home no more than you want to give it up. They would rather you pay the mortgage on time, allowing them to recoup their investment. Consequently, they provide several options for defaulting homeowners.
3 – Stay in Touch with Your Lender throughout the Entire Process. In addition to not ignoring your lender or the problem, stay in step with every correspondence you receive. In other words, open and respond to any and all mail from your lender. Because foreclosure law requires actual notice, the lender’s initial communication will have very important information such as contact information, amounts to reinstate your loan, and timeframes. Oftentimes, homeowners will discard correspondences from the lender because it is mixed in with private companies selling their foreclosure help services. Take the time to review what is and what isn’t from your lender.
4 – Know Your Foreclosure Rights and Options. Do not rely solely on your lender to inform you of your rights or options. Although you must work with your lender, their interest is not to protect you. It’s to protect them. Contact an attorney if necessary.
5 – Use Your Assets to Your Advantage. If the problem causing you to be in foreclosure was temporary, then use your assets to the best of your ability. For example, you lost your job but are now employed and can resume making mortgage payments. Think of assets you can liquidate or sell for cash to help reinstate your loan. Perhaps, some examples are jewelry, a second vehicle, a life insurance policy, a retirement account, furniture, antiques or other collectibles etc.
6 – Avoid Companies that Charge Money to Stop Foreclosure. Stopping a foreclosure is something you can do yourself. Because actual notice is given to the public during the foreclosure process, you will receive many mailings from companies and private investors claiming to have the magic pill for your situation. Although they may be legitimate companies, do not fall for the tricks. Perhaps, those options will work for you. However, you will give up something–usually cash or equity–in order to do what you can do yourself.
In summary, these are the minimum steps required to avoiding foreclosure. In some cases, you may need to contact an attorney. If so, make sure you provide accurate up-to-date information and all correspondences from your lender.
Avoid Foreclosure Hell eBook is for immediate download at http://www.HelpStopTheForeclosure.com. It is an excellent resource for solutions to stopping foreclosures.
CP Howard is the co-founder of MaxCap Realty, which is a real estate company assisting buyers and sellers with brokerage, consulting, and investment services. He is a licensed real estate broker, consultant, mentor, and teacher in real estate and finance, as well as an REO Broker in the St. Louis metro area.
Blog site: http://blog.MaxCapLLC.com
Website: http://www.MaxCapLLC.com
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Avoid Foreclosure Orlando
The majority of people would like to find ways to keep their homes safe from the foreclosure sale. Additionally, they may not desire to retain ownership of the property. If this fits you, here are some ways to dispose of the property in order to prevent a foreclosure sale. These options will affect your credit rating a lot less than the actual foreclosure.
- Selling the Property – This strategy to avoiding foreclosure involves simply selling the home for a profit. Typically, this is a viable option when you have equity, the property is marketable, and you are in a desirable area. You may work with a real estate agent whom you trust or sell the property yourself.
- Sell the Property via an Assumption – This strategy to avoiding foreclosure involves finding a buyer who will assume your loan, move into your property, and continue making mortgage payments to your lender. FHA and VA loans are assumable. However, you want to make sure your lender will absolve you from any and all responsibility once the buyer has assumed your loan.
- Pre-Foreclosure Sale or Short Selling – This option allows the homeowner to sell the property for less than the loan amount. Be aware of the following: 1) this may trigger a taxable event for the homeowner on the difference between the amount of the sale and the loan, and 2) this is a courtesy of your lender, not a right of the homeowner or an obligation of the lender.
- Deed in Lieu of Foreclosure – This strategy consists of giving the property back, sometimes called deeding the property, to your lender prior to the foreclosure sale. Like a short sale, the lender is not obligated to do this. And, if they do, you should have enough equity to where the sale covers the loan. If not, your lender may not approve or you could trigger another taxable event on the difference.
The key to disposing your property is to act fast. In this case, do not expect to fetch top dollar because the buyer, if they know the reasons for the sale, will want a discount. In many cases, if your objective is to avoid the foreclosure sale, you may have to accept what you are offered. Your most probable buyer will be an investor who has the funds to close and do it quickly. You will release more equity than you would like. However, you will avoid a foreclosure on your record.
In summary, it’s never a good idea to give up your home. In some situations, this is your only option to protect yourself from a foreclosure by unloading the property to an investor; thus, paying the entire mortgage loan off quickly. Unfortunately, if you wait and the lender takes your home, you will get far less for it than you deserve and may still end up owing money to the lender.
Avoid Foreclosure Hell eBook is for immediate download at http://www.HelpStopTheForeclosure.com. It is an excellent resource for solutions to stopping foreclosures.
CP Howard is the co-founder of MaxCap Realty, which is a real estate company assisting buyers and sellers with brokerage, consulting, and investment services. He is a licensed real estate broker, consultant, mentor, and teacher in real estate and finance, as well as an REO Broker in the St. Louis metro area.
Blog site: http://blog.MaxCapLLC.com
Website: http://www.MaxCapLLC.com
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Avoid Foreclosure Orlando
The Federal Trade Commission (FTC), which is the United States of America’s consumer protection agency, has pointed out ways to recognize scams. Even if a homeowner facing foreclosure has started working with someone or a company. Or even the homeowner who is threatened by other bodies that can foreclose on your home like the IRS, Homeowners’ Associations, to name a few. There are legal options for people in these situations to save their homes.
THE SCAMS
Mortgage companies use different tactics to find homeowners in distress. Some of them go through public notices in newspapers and on the Internet or public files at local government offices. They send out letters to the homeowners. Some others take a broader approach by placing ads online, television, newspaper, posters on telephone poles, median strips, bus stops, or flyers or business cards at the door.
These scan artists use very simple and straight forward messages like these:
“Stop foreclosure now!” “We guarantee to stop your foreclosure.” “Keep your home. We know your home is scheduled to be sold. No problem!” “We can save your home. Guaranteed. Free consultation.” “We stop foreclosures every day. Our team of professionals can stop yours this week!”
The moment the homeowner’s attention is gotten, various tactics are used to get their money. Here are some of the ways:
Phony Counseling or Phantom Help
These scam artists tell homeowners that they can negotiate deals with the lenders to save their homes if a fee is paid first. Some will tell their clients not to contact their lenders, lawyers, credit counselors. They ask them to let them, the scam artists handle everything. Once the fee is paid, the scammer takes off with the money.
Other times, the scammer convinces the homeowner to make all mortgage payments to them while they negotiate with the lenders. The scam artists will collect some months’ payments and disappear.
Bait and Switch
There are times when homeowners think they are signing documents for a new loan to keep the existing mortgage current, not knowing they are being tricked. What they do not know is that they have signed documents that surrender the title of the house to the scammers in exchange for a ‘rescue’ loan.
Rent-to-Buy Scheme
Homeowners are asked to surrender the title of their homes as part of a deal that allows them to stay in their homes as renters, and buy back in a few years. They may also be told that surrendering the title will let borrowers with better credit rating to receive new financing, which will prevent the loss of their homes. Usually, the terms of these deals are too much that buying back these homes are impossible. The home is lost, and the scammer walks off with all or most of the equity. The worst of all, when the new borrower fails on the loan, the actual homeowner is evicted.
In some other ways, the scammer raises the rent over time to a point that the original homeowner is unable to make payments. After many payments are missed, the renter, who is the former homeowner, is evicted, leaving the ‘rescuer’ free to sell the house.
In other equity-skimming situations, the scammer offers to find a buyer for the house, only if the homeowner signs over the deed and moves out. The scammer may also promise to pay the homeowner a portion of the profit when the home is sold. The moment the deed is transferred, the scammer rents out the house and keeps the proceeds while the lender continues with the foreclosure. Eventually, the home is lost, and the homeowner is still responsible for the unpaid mortgage. Transferring the deed does not transfer the mortgage obligation.
Bankruptcy Foreclosure
The scammer may promise to negotiate with a homeowner’s lender or get refinancing on their behalf if a fee is paid immediately. Instead of contacting the lender or refinancing the loan, the scammer keeps the fee and files for bankruptcy in the homeowner’s name. Sometimes, this is done without their knowledge.
Very often, bankruptcy stops a foreclosure, but only temporarily. The bankruptcy step is complicated, not to talk of expensive and unforgiving. If one fails to attend the first meeting with creditors, the bankruptcy judge will dismiss the case and the foreclosure proceedings will continue.
When this happens, the person could lose the money paid to the scammer as well as the house. Worse of all, a bankruptcy stays on the person’s credit report for 10 years and can make it hard to obtain credit, buy a home, get life insurance, sometimes get a job.
Where Help Can Be Found
If you are finding it difficult to make your mortgage payment or if you have received a foreclosure notice, contact your lender immediately. You may be able to negotiate a new repayment schedule. Bear in mind that lenders normally do not want to foreclose; it costs them lots of money.
There are other foreclosure options that include reinstatement and forbearance.
You can also contact a credit counselor through the Homeownership Preservation Foundation (HPF). It is a non-profit organization that operates the national 24/7 toll-free hotline (1-888-995-HOPE) with free, bilingual, personalized assistance to help at-risk homeowners avoid foreclosure.
Here Are Some RED FLAGS
If you are looking for home loss prevention help, avoid businesses or people that:
1. Guarantee to stop foreclosure process, no matter what the circumstances are 2. Instruct you not to contact your lender, lawyer, or credit counselor 3. Collect fees before providing you with services 4. Accept payment only by cashier’s check or wire transfer 5. Encourage you to lease your home so you can buy it back over time 6. Tell you to make your mortgage payments directly to them, instead of to your lender 7. Tell you to transfer your house deed or title to them 8. Offer to buy your house for cash at a fixed price that is not set by the housing market at the time of sale 9. Offer to fill out paperwork for you 10. Pressures you to sign paperwork you have not had a chance to read thoroughly or that you do not understand.
Where to REPORT FRAUD If you have been a victim of foreclosure fraud, contact: – Federal Trade Commission – Your state Attorney General – Your local Better Business Bureau
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Ada is a living paradox: many of her friends describe her as intensely private, patient and a good listener and loyal. But she is actually fairly exposed – the product of an education system that spans 3 continents, ie Africa, Russia, and the USA. Her many friends from University of Calabar (Nigeria) agree with those from Donetsk State University (Ukraine), Rostov State University (Russia) and Western Kentucky University (USA). Perhaps, Ada’s preeminent character is her loyalty to friends.
Ada herself ranks her training as an Information Specialist as one of the high points of her married life. So are her church activities: her memberships of the choir, Women’s Guild, Evangelism, Discipleship, and Worship committees. Like all full-blooded women everywhere, Ada likes to shop. She has travelled to over 8 countries including East and West Europe, Africa, Asia and North America. Ideas gathered from these trips help her stock up her several online shops and blogs.
