Foreclosures Help Information

Archive for the ‘HUD foreclosures’ Category

Hud Foreclosure Counseling

Approximately 2.2 million Americans have an adjustable-rate mortgage (ARM) that is due to adjust this year. For many homeowners these newly adjusted rates will significantly increase their mortgage payments and lead them into foreclosure. If you are facing foreclosure or believe you will have difficulty paying your mortgage because of an ARM reset then the Federal Housing Administration (FHA) has a new program designed just for you.

The program is called "FHASecure" and it gives homeowners with ARMs and "interest-only" loans the ability to refinance up to 97.75% of their home's appraised value into a FHA-insured mortgage. By refinancing into a FHA-insured mortgage, you can expect to pay lower monthly mortgage payments. Under the FHASecure program the lender will not automatically disqualify you for any late or non-payments on your existing loan. Moreover, the lender can offer you a second mortgage to make up the difference between the value of your property and what you owe.

As long as you are current on your mortgage, you are eligible for an FHASecure refinance. If you are delinquent, the default must have been due to the payment shock of an interest rate reset or, if you have an Option ARM, the "recasting" of the mortgage to fully amortizing. If you are delinquent because of job loss, divorce, medical issues, or any other hardships you should explore your other options. There isn't a limit on how far behind you can be on your mortgage or how many payments you've missed. Whether you're current, one month or multiple payments behind the amount you can refinance will depend on the value of your property and how much you owe and if the lender, or another eligible source, is willing to take back a second mortgage to help bridge the gap between what is owed and your home's value.

If you do not have enough equity in your home to refinance you should speak to your lender about a second mortgage or a "short payoff" to make up the difference. However, these options are at the discretion of the lender. To find out what the value of your home is you should check http://www.Zillow.com or speak with a local real estate broker about appraising your home.

The FHASecure program may also help those already in foreclosure but each situation is different and is dependent three factors: the value of the home, the amount owed, and if the lender is willing to offer a second mortgage. Homeowners facing foreclosure should first educate themselves and then speak with their lenders or seek counseling from HUD-approved counseling agencies.

Both first and second mortgages can be included in FHASecure so long as the combined amount is within the FHA loan limit. If the combined amount exceeds the FHA loan limit or the loan-to value limit, you should ask the lender for a second mortgage to make up the shortfall.

People will still have to qualify for a FHA insured mortgage, based on their capacity to make the monthly mortgage payments. Unfortunately, those who shouldn't have gotten a home loan in the first place will not be able to qualify for FHASecure or other FHA refinancing options. Fortunately there are other options that will allow them to avoid foreclosure and/or save their credit.

If you believe the FHASecure loan can help you avoid foreclosure, then dial 1-800-CALL-FHA or visit http://locator.fha.gov to locate the nearest FHA-approved lender in your area.

About the Author:


http://www.foreclosure-help-book.com

Source - How You Can Get The Government To Help You Pay Your Mortgage And Avoid Foreclosure

HomeFree-USA Announces Metro DC Foreclosure Intervention

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Hud Foreclosure Cleanup

The city of Riverside in California has decided to purchase from listings of bank owned homes in an effort to prevent these properties from becoming blights to neighborhoods and to boost home ownership.

Under its program, the city buys abandoned, vacant and foreclosed properties that are in worst shape, renovate and sell them at a cost to first time homebuyers. Riverside Development Director Deanna Lorson said that the city is focusing on listings of bank owned homes that often do not interest private market because of their deteriorating condition.

Some of these foreclosed houses may have dirt crawl space that was visible from bathroom floor holes, structurally unsound carport, graffiti on interior walls, holes in drywall and melted carpeting.

The city’s cleanup crew have also dealt with drug paraphernalia, human waste and sometimes used contraceptives. All these were left behind by unscrupulous people who trespassed and forcibly enter boarded-up foreclosed houses that have been languishing on the market for a long period of time.

Currently, Riverside was able to purchase about 16 abandoned and vacant foreclosure houses, escrowed seven and made offers for 15 more. All these properties purchased from listings of bank owned homes will be rehabilitated and sold to first-time homebuyers on the condition that they live in them, take a home ownership course and meet income requirements.

The city’s house renovation program is made possible by the $6.6 million funding from the U.S. Department of Housing and Urban Development (HUD), a $5 million city redevelopment fund and a line of credit amounting to almost $20 million approved by the city council.

Under the program, Riverside is required to purchase distressed properties in less affluent areas that meet income set by the HUD and foreclosure rate standards.

The city is also required to purchase repossessed homes at below appraised values. Some properties were in such poor conditions that the city was able to purchase them for $60,000 or below.

According to data, nearly 12 percent of homeowners in Riverside were behind in their mortgage payments during the first three months of this year. And city officials are concerned that more foreclosed properties will flood the housing market.

Riverside staff was able to identify nearly 400 distressed properties on listings of bank owned homes. However, about 300 of these repossessed homes failed to meet eligibility standards or were just not available.

About the Author:

Joseph Smith has been educating buyers on the finer points of Listings of Bank Owned Homes at ForeclosureListingsNationWide.com for over five years.

Source - City Buys From Listings of Bank Owned Homes

Diverse Communities Team UP to Clean UP in San Francisco

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Free Hud Foreclosure Listings

Question: Good Foreclosure and HUD home web pages listings that are free with pictures?

I am looking for a good web site to look up foreclosures and HUD homes that I dont have to pay a subscription for and also that have pictures. I am looking in the West Georgia area. Does anyone know of any good ones?

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Answer: Here is a link to a web site with tons of REO, Government, and commercial foreclosure listings. There are 2 Hud pages listed I don't know why. Just click the links off the bank or agency and you will go right to there page where all the properties can be searched. All free no need to register or pay.
But there is a link to RealtyTrac on the site. If you were to pay for a service that had everything that would be the one.

http://foreclosurelists4free.blogspot.com/

Free Bank Foreclosures Listings

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