Foreclosures Help Information

Archive for July, 2009

Foreclosed Business Properties

Question: Business loan in default?

How long does it take in Ohio before they foreclose after you default under business loan? After default, who pays the property tax? If owner then what if owner does not have any personal assets? Please help me. Thank you.

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Answer: The state of foreclosure generally does not matter with regards to a business loan, but the foreclosure process may differ from state to state.

http://www.foreclosurelaw.org/Ohio_Foreclosure_Law.htm. This link will give you general process once judgment has been filed.

If you want to be more specific on your situation, I can also give a better answer.
If you are in payment default of your business loan the process can typically take some time before the lender will actually foreclose on the property. The lender will typically look to the personal guarantors (if available) to make payments on the obligation. If guarantors are unable to pay (as disclosed above), the property will be foreclosed upon and liquidated. This entire process can vary from lender to lender, but from my experience can take as little as 45 days after payment default has been declared.

The owner is still responsible for payment of property taxes. If you are unable to pay the property taxes you run the risk of the property going back to the county and sold at sheriff sale.

This process is a difficult and complicated one, and situations can vary by situation. I would advise that you (or whoever) work with your lender's managed assets / work-out group to figure out a payment plan.

Above all else, talk with your attorney and do it as soon as you can. Having your attorney work with the lender is always a good idea.

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Gmac Mortgage Foreclosure Listings

The Obama federal loan modification program is expected to benefit four to five million homeowners in America. Because foreclosure benefits neither the mortgage lender nor the homeowner, most lenders are eager to participate in this program, but they are not required to do so. Mortgage lenders agreeing to participate in Obama's federal loan modification program must agree to Treasure Department guidelines and are given incentives to work with financially strapped homeowners to handle modifying loan requests.

MHA, or Making Homes Affordable, offers this list of current lenders taking part in the Obama federal loan modification program (in alphabetical order):

1. Bank of America.

2. Carrington Mortgage Services.

3. Chase.

4. CitiMortgage.

5. Countrywide.

6. GMAC.

7. Green Tree Servicing.

8. Home Loan Services, Inc.

9. Ocwen Financial Corp.

10. Saxon Mortgage Services.

11. Select Portfolio Servicing.

12. Wells Fargo Bank.

13. Wilshire Credit Corp.

More lenders are agreeing to participate in the federal loan modification program, so continue to check back for additions to the list. Ask your mortgage lender or bank if they are participating if you don't see them listed above.

Even if you've previously been turned down by your individual lender, you may qualify and be eligible now under this new modify loan program. Completing the paperwork properly and adhering to the guidelines as set out by the government and the participation lender is the key to your modification approval. Don't meet with your lender until you've gathered the appropriate documentation demonstrating your financial situation and filled out the application in detail, carefully checking for mistakes before you submit the information.

Preparing our paperwork in advance will improve your chances for gaining assistance under the new Obama federal loan modification plan.
About the Author:

For more information about Obamas government loan modification program, visit the #1 loans modification resource on the net: http://HomeLoanModifications101.com

Source - Obama's Federal Loan Modification Plan - List of Participating Lenders

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Hud Foreclosure Listings

Question: What's an Foreclosure MLS Listing & Which company provides them?

Hello,
I'm a little confused, I'm searching for foreclosures on noticed there are many websites that offer these foreclosure listings. Sites that I've been to are Realtystore, Yahoo - Real Estate, and HUD.gov. Then I read about how those websites use an MLS listing, what is that? Are MLS listings a service or is that what these websites are offering for a service fee?

Thanks
JC

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Answer: Multiple Listing Service. It is a paid service used by real estate professionals.

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