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Heather Seitz asked:


 

There are many reasons a Home Buyer or Investor may consider buying a pre foreclosure home. The number one reason is savings. As a first time home buyer you want to save as much money as possible. As an Investor you want to find amazing deals in order to resale the pre foreclosure home and make a substantial profit or rent the home out and receive monthly income from the home. When purchasing a pre foreclosure home there are several steps to consider to aide in your success.

 

The first step is developing a tracking system that works for you.

You want to create a well planned tracking system to keep track of the pre foreclosure home properties that are interesting to you. As a pre foreclosure home buyer or investor you may be looking at several homes over a small period of time and a pre foreclosure home may not stay on the market for very long. Most home owners that are facing the crisis of losing their home and credit failure are considering many options to avoid foreclosure. In most cases, the home owner is facing a troubled financial dilemma and is moving fast in order to get the home sold or reinstate the loan. You have to move faster in order to beat out the competition. A well organized tracking system can help you keep up with the pre foreclosure homes you are pursuing.

 

The second step is to view the pre foreclosure homes.

This idea is great for many reasons; such as, gathering information regarding the home and its current condition. Pre foreclosure homes are sold as is in most cases and you definitely want to know what you are getting yourself into. You also want to know the type of neighborhood the pre foreclosure home is located. This will also give you an opportunity to speak with the home owner and learn how you may be of service to the home owners needs. This brings us to the third step.

 

Verifying the pre foreclosure home status.

While the home is in pre foreclosure status the home owner has an opportunity to settle any conflict and reinstate the home loan by paying the amount he or she defaulted. The home owner is usually given a few months to do so. Of course, if the home owner pays the defaulted amount, this process stops any foreclosure action and the pre foreclosure home is off the market. To verify the status of a pre foreclosure home you may contact the attorney assigned to the foreclosure of the home or the Trustee.

 

The fourth step is making contact with the home owner.

This is an opportunity for you to explain to the home owner that you are seeking a pre foreclosure home and you’re interested in the home. Be prepared and ready to answer any question including how much you are offering and how you will make the purchase.

 

Now that you are organized, know which pre foreclosure homes are available and which ones are not. If you take the final step to contact the home owner you are ahead of the game and ready to take to final steps to a great investment.

 

 



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Clint Jhonson asked:


Las Vegas and the adjacent areas are some of the most developing areas in the whole of the U.S. as innumerable people, mostly retired, are pouring in to enjoy their years of leisure in a land of sand, sun and fun. The fast-growing population in Las Vegas can be attributed to attractions held by casinos, golf courses, shows and sunny weather. Each year you find that more and more land is covered with new homes and offices. If you are considering calling Las Vegas your home in the near future, then you would do well by finding out about Las Vegas foreclosures.  And if you go on a foreclosure tour, your foreclosure search will see much more success.

Foreclosure search with realtors: You can look for the ideal Las Vegas foreclosure by going through the listings of big realtors like Sotheby’s, Century 21 or REO Asset Services. They are capable of giving you the contacts of Las Vegas realtors and let you have all the details accessible with them. They will give you the contacts of money lenders. Since these companies have offices throughout the nation, you can get in touch with their agent in your locality and receive assistance in finding the most appropriate of Las Vegas foreclosures. You can talk in person to the agent about you apprehensions regarding the foreclosure properties. However, if there is no office close to you, you can check their website to get a fair idea of the services they offer. With the backing of a great realtor, you are certain to find the perfect foreclosure you have been dreaming about!

Foreclosure search on the Net: There are a lot of companies that provide foreclosure listings along with Las Vegas foreclosures. They collect all the data from the Las Vegas region and update their listings regularly, often more than once a day so you can be sure that you will be viewing details of properties that are not already sold out. These companies already have an arrangement with money lenders, movers, estate agents and other specialists whom you might require to help you find, purchase and get established in your Las Vegas foreclosure property. You can check out these websites and very soon you will find them helping you in your hunt for the ideal Las Vegas foreclosure that fits into your budget.

Foreclosure search online is very simple. You have to first find the websites by searching using your favorite search engine like Google. The majority of the websites give you a paid membership where you are charged a small fee to get a right to use their database. If you are alert and scrutinize the foreclosures often, you could lay your hands on some great deals. However, if you don’t wish to pay any fees at the website, but still want to go through the listings, it is usually possible as a good number of websites give you a trial period of one week which you can use to the maximum. Also, it will give you enough time to check out the service for foreclosure search on the website if you are considering becoming a paid member. After the trial period you can decide for yourself whether you would rather go in for a paid membership or not.

With the increasing numbers of foreclosure properties, real estate agents required to be more competent when presenting homes so as to reap the benefits that these good deal homes have to offer. And so the foreclosure tours came into existence. Buyers who are looking to buy foreclosed homes get a chance to do this, making their foreclosure search easy. In Las Vegas, the foreclosure tour buses have become quite popular.



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Deana Owens asked:


You have many options when fighting foreclosure, but which one will work best for you? The best defense you have in saving your home is educating yourself in order to make the right choice when making that life changing decision. Whether you want to save your home or feel it would be best to walk away, it will be the hardest choice you will ever have to make. There is an option for those fighting foreclosure which is to seek professional help but when you are unable to make mortgage payments, it may be difficult to find the money to pay for legal proceedings. You can do it yourself through education and knowing your fighting foreclosure options.

Option 1: Forbearance – If you are just in the beginning stages of fighting foreclosure or it has proceeded to an intermediate point, Forbearance may be an option for you. This term is used for an agreement that gives you a temporary break from making the mortgage payments. This works well if you are suffering from temporary financial crisis such as a job layoff. This option can give you the time you need in order to get your life back on track.

Option 2: Loan Modification - A loan modification is an adjustment of an existing mortgage that can include a lower interest rate, longer term or reduction in principle balance. When you are accepted for a loan modification, the new note is considered current at the time it is created which means your efforts of fighting foreclosure is stopped immediately.

Option 3: Pre-Foreclosure Sale/Short Sale/Friendly Foreclosure – This option will allow you to avoid foreclosure by selling your home for less than what is owed on your mortgage. To qualify, your loan must be at least 2 months delinquent, appraisal of your home meets their criteria and your debts outweigh your assets.

Option 4: Partial Claim/For FHA Loans Only – You may be able to work out with your lender a one-time payment from the FHA Insurance Fund to bring your mortgage current. To qualify you must be at least 4 months behind on your mortgage but no more than 12 months and you are able to start making full mortgage payments. This claim filed by your lender to the U.S. Department of Housing and Urban Development will result in an interest free Promissory Note which will be due when you pay off the first mortgage or when you sell the property.

Option 5: Deed-In-Lieu of Foreclosure – This involves voluntarily giving your home back to the lender. Although this won’t save your home or forgive the debt, it will not damage your credit as much as a foreclosure will. If you have done all you can in fighting foreclosure and do not qualify for any of the other options, this may be a choice that cannot be ignored.

These are just your options but do you know about the laws that are out there to protect you as your fighting foreclosure? Knowing these laws is a vital step in protecting your home. Do not contact your lender until you are fully aware of your rights. Find out what the latest new legislation in Congress is going to do for homeowners fighting foreclosure. Did you know there are Foreclosure Assistance Programs? Are they really legitimate or something to avoid? Find out whether selling your home right now is a real option for you. Fighting foreclosure may be one of the most intimidating experiences you will go through. Don’t do it alone. Learn what you can do to stop foreclosure now.

 

 

 

 



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Igor Mosyak asked:


Receiving notice that your house is about to be foreclosed upon is one of the most traumatic things you can go through. However, when you sign your mortgage or deed of trust at the real estate closing and it is recorded in your County’s Land Records office, you give your lender the right to foreclose on the property if you default on the loan or fail to repay the loan according to the terms of the loan.  A new foreclosure law went into effect in Maryland on April 4, 2008 and any foreclosure action filed after that date must comply with the new law.  The foreclosure process and your rights in that process under the new law are outlined below.

What Will Happen if my Property is Going Into Foreclosure?

Before the foreclosure is filed

Before a foreclosure action is filed, you as the borrower and property owner should have received notice from the lender that there is a problem with your loan account and from the lender’s attorney that there is a default under the terms of the loan. Many mortgages require the lender to give notice of the default and of your right to remedy the default before filing foreclosure. Do not ignore or delay in responding to any written communication from your mortgage lender. The sooner you contact your lender, the greater the chance you can work out a solution to your situation.

In Maryland, before the lender can file a foreclosure case against your property, the lender must:

-Wait 90 days from the date that your loan is in default; and -Send you a Notice of Intent to Foreclose 45 days before the foreclosure case is filed.

-The Notice of Intent to Foreclose will provide you with important information about why your loan is in default, the amount you owe to bring your loan current, the last payment received, contact information for the lender or secured party, for the mortgage servicer that collects your mortgage payments and for the department that can help you work out your default (the loss mitigation department).

Filing the foreclosure case

To begin a foreclosure case, the lender must file the foreclosure with the Circuit Court in the county in which the property is located.  The lender must file the following documents with the court:

-Statement of debt, under oath, which itemizes the entire amount the lender claims is due under the loan. This will usually include principal, interest, late charges, attorneys’ fees and all other charges that the borrower is responsible for under the mortgage;

-Certification that the property owner is not a member of the military service. Under a federal law, commonly known as the Soldiers’ and Sailors’ Civil Relief Act, members of the military service have specific rights when lawsuits are brought against them (including foreclosure proceedings) since they may not be in the U.S. due to a military assignment and unable to adequately defend their interests;



If you are a member of the military service and find a property owned by you is the subject of a foreclosure action, you should ask an attorney what additional rights you may have as a result of this federal statute.

-Statement, under oath, that indicates the date of default, the nature of the default and the date the Notice of Intent to Foreclose was sent;

-A copy of the Notice of Intent to Foreclose;

-Original or certified copy of the mortgage or deed of trust;

-Copy of the debt instrument and an affidavit of ownership;

-Original or certified copy of the assignment of the mortgage if applicable;

-The mortgage lender and originator’s license number if applicable; and

-A uniform Notice regarding the filing of the foreclosure action

Serving the Property Owner

The lender must personally serve you with all the papers filed when the case was docketed with the court.  If the lender is unable to serve you after two good faith attempts on two separate days, the lender may file an affidavit with the court describing the attempts made to serve you and the lender may then serve you by sending you a copy of the court papers, by both certified and first class mail AND by posting the court papers on the property.

Before a Foreclosure Sale can be held

Before a foreclosure sale can be held, the lender must:

-Wait 45 days from the time the defendant was served.

-Publish a Notice of Sale for three successive weeks in a newspaper of general circulation in the county where the action is pending. The first advertisement should be published not less than 15 days prior to the date of sale and the last advertisement should be published not more than 7 days prior to the date of sale.

-Send a notice of the date of sale to the homeowner by certified and first class mail of the time, place, and terms of the pending foreclosure sale. This notice must be sent no later than 10 days prior to the scheduled sale date. Failure to receive the notice or to sign for it will not stop the foreclosure.

-Accept from the homeowner payment of the funds due to cure the default up to one business day before the sale.  Payment of this amount which includes missed payments, late fees and costs will stop the foreclosure sale if it is made one business day before the sale.

-Note: The secured party or the agent must provide, upon request, the amount necessary to cure the default and reinstate the loan and instructions for delivering the payment

IS IT TOO LATE TO PREVENT THE SALE OF MY PROPERTY?

When you are facing foreclosure, it does not mean that all hope of saving your property is lost.  If you have not spoken with your lender, contact your lender immediately and ask for the loss mitigation department of your lender to determine if your default can be cured under a plan.

Before the sale occurs, you have the right to go before the court to prove that you did not default on your loan and stop the sale. You may also go before the court to ask that the sale be stopped if you can prove that the lender committed fraud in obtaining the mortgage or they have violated certain laws when your mortgage was made.  You may also have rights and defenses if the lender fails to follow the requirements of the foreclosure law.  You should consult an attorney for advice and assistance if you believe you have a defense to the foreclosure.

If your lender is unwilling to work with you, filing a Chapter 7 or 13 petition in bankruptcy may be beneficial. A bankruptcy filing before the sale will stay or stop the sale.  Filing bankruptcy after the hammer comes down at the auction will lose the house unless the sale was improperly conducted and you timely object to ratification. Generally, a Chapter 7 filing will provide you with a three-month opportunity to cure your default and, if you can afford your mortgage and a plan payment, a Chapter 13 filing will give you up to five years to bring your mortgage current and pay other debts once the plan is confirmed. Filing a bankruptcy petition is complex; credit counseling is required and most attorneys need three or four days to do so. 

If someone approaches you to help stop your foreclosure, have any documents given to you reviewed carefully before you sign them or before you give any money to anyone.  If you need help, contact the State’s HOPE hotline at 877-462-7555 to get help from its foreclosure prevention assistance network and nonprofit housing counselors throughout the state.

SALE OF THE PROPERTY

If a sale does take place, the property will be sold through a public auction open to anyone who desires to make a bid. Public auctions are usually held on the property or at the courthouse in the county where the property is located.  The trustee must make a report regarding the sale to the court including an accounting of the sale.  After the sale has taken place, but before the court has ratified the sale, you may file objections if the sale was improperly conducted.  Only after the court ratifies the sale can the new owner petition the court to have you evicted from the property if you are still living there. 



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