Foreclosures Help Information

Archive for August, 2008

Mortgage Foreclosure Checklist

Do you need an expensive credit counseling service to get out of debt? Maybe not. Find out here and explore other ways to rid yourself of debt without spending a lot of money. If you decide you need counseling - you'll find reliable referral resources to match you up with a reputable service.

If you're like most people, you may not realize credit counseling is big business. Some of those "nice folks" trying to help you get out of debt make good money for their efforts. And guess who pays for their services? You, the poor debt-ridden client! The fees end up bundled into the "consolidation solution".

The fact is you may not even need their help. This article is meant to help you determine if you do need counseling. If you decide you do, I'll provide links to reputable sources for counseling. You may still pay a fee, but at least but you can breath a sigh of relief knowing you're not being taken for a ride. But first, do you really need counseling? Let's find out...

Are you bombarded with calls from creditors?

If so it may be time to get help - many agencies can work with creditors on your behalf to establish payment schedules.

Are you making regular payments on all your debts?

Good for you. Making regular payments is a sign you may not need counseling yet. However if you've stopped making payments or have missed more than just a couple in the past few months, you may wish to consider contacting a counselor.

Have creditors started legal action against you?

If you're facing foreclosure on your home, your car being repossessed, or other legal actions, you should really consider getting outside help.

But what if you are "just a little behind"? Or even if you're simply a tad uncomfortable, wondering where all your money goes. If so you may be in better shape than you think.

One way to get out of debt is to do it yourself. These days there are many self-help books and courses designed to help you get back on track and even win back your financial freedom from debt.

Leo Quinn offers one such book "How to Own Your Paycheck Again". Leo's no-nonsense style has helped hundreds of people shed their debt like an old rag as he shatters some of the myths spouted by many so-called "experts" like:

"Buying a home is the best investment you can make" - oh really? Leo shows you in dollars and cents how this is not always true.

Leo also challenges the "pay off your high interest debts first" idea and shows exactly why you should challenge it too!

The bottom line is Leo Quinn not only shows you how you pay off all your debts (yes including your mortgage) in less than 10 years and the tools you need come right with the book. If you believe you're not quite ready for counseling, check out Leo Quinn's "How to Own Your Paycheck Again"

If you would like to find a credit counselor, the Association of Independent Consumer Credit Counseling Agencies (http://www.aiccca.org/) or the National Foundation for Credit Counseling (http://www.debtadvice.org/) both offer referral services for accredited counseling agencies. Be sure to compare any agency by the checklists provided by these organizations.

Here's to living debt free!

About the Author:

Andy Havens is a Christian author and marketer. One site he maintains to help others is www.ChristianDebt101.com . You can find Leo Quinn's "How to Own Your Paycheck Again" here.

Article Source: ArticlesBase.com - How To Really Get Out Of Debt - Without Spending A Fortune On "Credit Counseling"!

Mortgage Broker Checklist

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Mortgage Foreclosure Summons

Question: Who do you send your rent to if your house is going to be in foreclosure?

Our lanlord has defaulted on their mortgage and was served a summons. It has not yet gone into foreclosure but is in the process. Who do we send our rent to?? We have not gotten a straight answer from anyone. We have a lease agreement until Aug 2008. We are 4 young adults who have never been in this situation before. Any advise. We don't really have money to get an attorney. Do we start a third party bank account at the bank that the morgage is thru? When do we stop paying the Lanlord? Please Help!

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Answer: You need to keep paying your current landlord until you get written notification from the lender that they have taken over ownership of the property.

Do not pay by cash .... check or money order only.

You really have nothing to be concerned with unless you get notification from the lender and, if the owner has just now been served a summons to initiate the foreclosure, you probably have 4-6 months before you'll hear anything.

IF it goes into an actual foreclosure SALE, you may well be getting notifcation that you need to vacate the premises within a certain period of time. Really, though, you are months away from that happening.

At this point, there is NOTHING you need or can do but there is also nothing to be concerned about right now.

Hope this helps!!

The NY Foreclosure Process: Timeline and Steps to NY Foreclosure

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Hud Foreclosures In Texas

The Home Equity Conversion Mortgage is the only reverse mortgage insured by the central government. HECM loans are insured by the federal Housing Administration ( FHA ), which is part of the U.S. Dept of Housing and Urban Development ( HUD ). To qualify and continue to qualify for an HECM the loan must be maintained over time.

As a state insured loan, HECMs must follow particular servicing guidelines established for the protection of the house owner who is taking out a reverse mortgage. Since different types of loans and banks are abounding, HUD maintains and updates a collection of guidelines to streamline the standards for HECM reverse mortgages.

formerly, when a mortgagor fails to pay taxes or insurance, the servicer adjusts the current repayment plan to allow them to be reimbursed for any advances made. After March of 2006, servicers in Texas can't make unauthorized changes to a credit line without the borrower's approval. The Texas Constitution restricts banks from unilaterally amending the conditions of the document administering the extension of credit.

Normally, HUD will approve a 3rd extension to permit more time for an estate to sell the property only when a sale is outstanding on the property. However [*COMMA] thanks to the current market and economic conditions, HUD will temporarily consider third extensions on HECM loans where there is not a sale pending. These requests will be reviewed on a case-by-case basis to figure out if it is in the best interest of HUD to grant further time for the property to be sold. Due to the nature of the third extensions, extra paperwork will be necessary to excuse the approval of extra time.

Another current change thanks to the poor economic environment is that, though HUD won't often consider allowing the mortgagee to sell a purchased property for an amount less than the valued value, for the moment they can review requests to accept an amount that is less than the valued value on a case-by-case basis as well as establish if the sale is in the best interest of all parties involved.

Mortgagees are required to obtain appraisals of a property no later than 30 days after the mortgagor is notified the mortgage is due and payable, or not later than 30 days after the mortgagee becomes privy to the mortgagor's death, or on the mortgagor's request in association with an outstanding sale. The property must be valued at least fifteen days before a foreclosure sale.

A servicer may not be reimbursed more than 100 percent of the maximum claim amount for any basis.

The servicer should permit the estate time to sell the property if an HECM is called due for reasons aside from death and then the mortgagor passes away. if the estate doesn't demonstrate interest in selling the property or paying off the loan within a fair time after death of the last surviving mortgagor, the foreclosure should continue. Servicers are needed to tell HUD of the demise of the last surviving mortgagor not later than 60 days from the date of the mortgagor's death.

Get a quote from an online reverse mortgage calculator before you choose to move forward
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About the Author:

Over 5 years in the mortgage business and hundreds of loans closed. Speaker at over 500 seminars on mortgages.

Source - Servicing a Reverse Mortgage

Creative Commissions by Tiny Texas Houses

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