Government Aid To Stop Foreclosure

Homeowners across the United States are desperately looking for ways to stop mortgage foreclosure. From trying to refinance to considering bankruptcy, many homeowners are feeling overwhelmed by their finical hardships and often give up before seeking out all their options.

In 2009 President Obama’s distraction passed the “Making Home Affordable.” bill, giving desperate homeowners a chance to easily refinance their mortgages. Not only saving money but saving their home.

Making Home Affordable is a $75 billion stimulus program that is used to keep mortgage interest rates near all time lows, in an attempt to create new mortgage refinancing options for nearly all homeowners. Meaning that having bad credit, upside down home loans, or any other financial hardships, will not disqualify any homeowners from having the opportunity to refinance.

As we know most mortgage lenders do not help people out of the kindness of their hearts. With a monetary incentive lingering with every possible refinance, banks are now welcoming refinancing with open arms. If a mortgage lender or bank helps a homeowner refinance though the rules of Obama’s stimulus plan, they will receive small cash incentives. What this means is they will overlook a homeowners bad credit, in attempts to refinance, sometimes giving homeowners a 2% interest rate with no closing cost, easily saving struggling homeowners thousands of dollars.

If you are struggling with your finances and are wanting to stop mortgage foreclosure talk with your finical advisor or look for the Obama plan online to see if your home is eligible for either refinancing or a loan modification. Remember actively working against foreclosure, is the best way to keep your home and protect your family from any further hardships.

Many people avoid seeking a solution if they are in debt in other areas or if they have bad credit. The truth is your situation will not get any better until you face the problem head on and start to make some changes. There are programs that can help you out, and if nothing else maybe a family member will take out a loan and pay off your bills to help you get caught up while you make payments to them.

Check with your local state offices to see what types of housing aid they may have available. If you have young children then your chances are greater of obtaining some assistance. It may hurt your pride, but it might be time to seek some help form the state.

Buying Pre-foreclosure – The Flexible Foreclosure Buying

I’m sure you know what pre-foreclosure is. But do you know buying a pre-foreclosure can actually save you up to 40% of the market value of the pre-foreclosure house? Or you are actually already thinking to buy a pre-foreclosure? Either way, you will need info to know more about pre-foreclosure and further decide your strategy to buy pre-foreclosure.

For your info, pre-foreclosure happens when home owner has missed at least one payment of the loan. The lender will then issue a Notice of Default which is a public record asking the home owner to respond to the un-paid payment/loan. This is the first legal stage of a home being foreclosed. Home owners have to respond fast to show their motivation to solve the problem. Foreclosure home owners will be very motivated to look for home buyers to buy their house during this very period.

There are always advantages and disadvantages of buying pre-foreclosure. One has to get the balance point within the advantages and disadvantages. Buying pre-foreclosure could be very prosperous in return but in another hand, it might be a nightmare.

Talking on its advantages, the sale agreements of buying pre-foreclosure could be flexible and adjustable. For the agreement only involves 2 parties – buyers (us) and the home owner. Thus, as long as the pre-foreclosure homeowner agrees, the agreement is always negotiable. Secondly, buying pre-foreclosure could save you up to 40% of market value of the foreclosure home. It means if a foreclosure home’s market value is 250,000USD, you could save up to 100,000USD. Sure your neighbors will envy you for you owning the same house with them but with the different price they are paying.

Thirdly, buying pre-foreclosure straight from homeowner as compared to buying foreclosure home through auction or REO (Real Estate Owned) allows you to have adequate time to research on the conditions of the foreclosure real estate As stated above, the agreement involves only you and the homeowner, you can always have a look on the title and other details of the foreclosure home as long as the homeowner gives a green light, can’t you? For most of the cases, buying pre-foreclosure needs lesser down payment and this make the fourth advantage of buying pre-foreclosure. As long you got your lender, everything should be going smooth.

Of cause, buying pre-foreclosure have not only these 4 advantages, but they are the major one. Having so many advantages in buying pre-foreclosure, does it mean buying pre-foreclosure is easy? I doubt it. Great bargains always need efforts and good things don’t easily have you unless, you planned your strategy properly.

How to Price Foreclosure Cleanup Jobs For Profit Using HUD’s Guidelines

A foreclosure cleanup business does everything from lawn maintenance, to trashouts, to cleaning, pressure washing, gutter cleaning, repairs and more.

The foreclosure trashout industry is proving to be a lucrative business option for hardworking entrepreneurs. With one in every 25 homes in foreclosure, per Michael Williams, Fannie Mae CEO, and with millions of adjustable-rate mortgages poised to reset in the coming years (creating the prospect of a new round of foreclosures), foreclosure cleaning startups are perfectly situated to have evergreen enterprises for years to come.

Though foreclosure cleaning is a burgeoning industry, due to the sheer number of jobs available, foreclosure cleanup can be a business with thin profit margins if entrepreneurs aren’t pricing their services for profit.

Pricing for profit can be tricky for new property preservation business owner who don’t know the ins and outs of how contracts are won, who gets paid first, where they are on the totem pole in getting paid, etc.

A good tool to use in pricing foreclosure and trashout type jobs is HUD’s pricing guidelines for property preservation type companies — BUT, to use this tool alone can be a grave mistake.

When using HUD’s guidelines to price jobs, business owners should be aware that the tables list the maximum amount HUD will generally pay the PRIMARY contractor of a foreclosure cleaning job.

As a smaller company, business owners should know where they are on the totem pole in actually getting paid to know how to charge using the tables. They should also learn how to figure out whether they are the primary subcontractor, number two in line, number three, etc. This will not only help them figure out how to price, but will also guide them in figuring out the best strategy to use in winning jobs.

Foreclosure cleanup business owners cannot simply look at the HUD pricing charts and use those figures for bidding, or they’ll certainly overbid a job and lose out. The tables have to be dissected effectively

Remember, the HUD pricing guidelines for foreclosure cleaning are what HUD will pay, maximum, for a service (though certain scenarios will permit them to go higher with substantiating information). The amounts listed in the charts are really for that primary contractor.

Anybody can price, but pricing “for profit” in the burgeoning foreclosure cleaning industry is an art. New foreclosure cleanup businesses should plan to do their research so they can learn how to dissect the HUD charts and price effectively for profit to win more cleanup business.

What Does Default Mean in the Foreclosure Process?

When banks foreclose on a home, the owners are often confused by the language used in the various legal documents. One of the terms that causes the most confusion is “default.” There are at least two different ways that this word is used during the foreclosure process, neither of which have good implications for the borrowers most of the time. However, homeowners should know how the word will be used by the bank.

The first way that banks use the word “default” is when they allege that the homeowners are in default of the mortgage contract. The borrowers sign the mortgage or deed of trust to establish the terms under which they will make payments to the lender or servicing company to keep the contract in place. Once payments are missed, the payment terms of the contract have been breached and the homeowners are in default.

So a default of a mortgage contract means that the homeowners have failed to meet one of the conditions for holding up their end of the agreement. While there are other ways to fall into default of a loan, the most common breach of the contract is when borrowers fail to make payments on time and the lender begins the foreclosure process. In the lawsuit paperwork, the lender claims the owners are in default.

The second way that banks use the word “default” is when they file a motion with the court during the foreclosure. This motion may be called an order of default, motion for default judgment, or some other similar term. For the purposes of this article, the motion will be referred to as an “order of default.” However, homeowners should be aware that the same type of legal document may have a different name in their state.

An order of default means that the bank is attempting to get a judgment against the homeowners for foreclosure without having to go through a trial or other court procedures. Of course, this can not be done just under any circumstances, but it is often done in foreclosure cases due to the uninformed nature of most borrowers. The bank can begin a few steps of the process and then get a judgment without having to prove its case.

This is usually done when homeowners do not show up at an initial foreclosure hearing or file an answer to the lender’s complaint. The borrowers’ silence is taken by the courts to mean that they have no objection or argument with the bank’s allegations of breaching the mortgage contract, nor do they dispute the lender’s ability to bring a foreclosure into court in the first place.

Thus, if the homeowners did not file an answer to the lawsuit or show up or request a hearing on the matter, then the bank will request that an order of default judgment be entered by the court. Most courts will have little problem entering this order, as they figure the homeowners were given enough time in which to hire a lawyer, obtain a law degree, or learn the court procedures competently enough to file an answer.

An order of default is not the end of the line, however, as homeowners can try to have the default judgment vacated or dismissed. This requires that they file the appropriate motions in court in time. If the order to vacate the default judgment is granted, the bank will have to pursue the lawsuit more carefully. It will not be able to rely on homeowner ignorance of the process in order to have the home sold at a sheriff sale.

it is a small tragedy that most foreclosure cases are decided by default judgment. This is due to so many borrowers not filing an answer or showing up to foreclosure hearings. Thus, it is important for more borrowers to educate themselves on at least a few basic steps they can take to make it much more difficult for the bank to declare them in default of the contact and then get a default judgment against them.

100% Free Foreclosure Listings – Available in Minutes

Free foreclosure listings are a fast and efficient means of accessing information pertaining to available homes for sale in a matter of minutes. Interested individuals can access the internet sources with a free trial period of membership. Usually a free 7 day access is offered which gives ample time to research enough foreclosures to satisfy most home buyers’ needs.

At the end of the free trial period, users may join or end the service without any type of monetary commitment. If more access time is needed, individuals may purchase the service which can be easily suspended at anytime. The process begins within minutes to reach the listings of foreclosed homes in areas across the nations. Homebuyers and investors are able to confirm a list of potential properties in a short period of time, and start the process of buying foreclosed homes for a fraction of their value.

In today’s economy the housing market is flooded with foreclosure listings, and a free listing service, helps quickly eliminate many homes that are not suitable for the buyer or investor. Relying on real estate agents is using information from another person’s perspective. Getting a first hand look at properties in the comfort of your home or office is the most efficient manner to evaluate a potential home for purchase. The foreclosure listing service is continually updating their site to include the latest foreclosures.

A foreclosure listing service is an excellent resource for making the best investment with the least amount of money invested. Thousands of foreclosures are on the market, and a free foreclosure service is the perfect match for busy consumers. Making the right choice takes time, and eliminating homes through online pictures and information is a time saver for conscientious home buyers.