Question: ok,were gonna buy a foreclosure in taylor,agent says back taxes are not buyers responsibility. is this true?

if true then who pays? the bank?i am buying from the bank...

>

Answer: If you buy the house on the courthouse steps , you owe the back taxes.

If the bank took title to the house at the foreclosure auction, they will pay the taxes when you close. This is a general rule. It would be legal for the bank to put in a counter-offer that the buyer will pay all closing costs except the listing agent's commission. If so, you need to alter your offer accordingly.

Economic Crisis, Bailouts, Foreclosures & Banks Pt 2 of 2

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If you find yourself in a financial bind, a well written hardship letter directed to the bank or mortgage company is essential.  Although the hardship letter is most often associated with borrowers facing foreclosure, it can be used and is beneficial in other borrower-lender situations.  If you are unable to make payments on credit cards, car loans or other major loans, the hardship letter is vital.  This letter is the first proactive step a borrower must take in the quest for cooperation and assistance from the lender.  In the current economy, the most common situation is the borrower attempting to avoid foreclosure.  Most of these borrowers are seeking a loan modification or a “short sale”.  Most lenders require a hardship letter from the borrower.

In a nutshell, the hardship letter explains why you are unable to make payments and offers a solution.  The explanation should include exactly what happened to create the situation.  Lenders will view some situations more favorable and worthy of assistance.  For example, worthwhile situations include a job loss, major decrease in salary, serious medical condition that prevents employment, or a single parent struggling without child support.  Lenders may frown on reasons that include: divorce, legal issues, you are overextended, you are now a student, or you are threatening to file bankruptcy.  If the financial problems are simply the result of mismanagement and/or poor decisions, the lender may not view your request in a favorable light.  As you compose the letter, remember that you are not in the driver’s seat, and the lender is not obligated to assist you.

The importance of a well written hardship letter cannot be over-emphasized.  Although it may seem basic, be sure to include your full name, address, lender’s name and your loan number.  The letter should be concise. Your letter is not a top priority on the busy lender’s agenda.  Be sure you provide a specific explanation for the arrearage, but do not whine and complain.  As you describe the circumstances of your hardship, be sure to include the date the situation developed.  You need to let the lender know if the hardship circumstance is temporary or permanent.  Do everything you can to make the review of your request easy for the lender.  Attach copies of documents that evidence your situation.  For example, copies of bank statements that reflect a decrease in income or letters that support your inability to work because of a major medical condition.  Anything that documents and supports your situation should be copied and included with the hardship letter. Provide the lender with your suggestion for a solution which, of course, is the outcome you are seeking.  For example, “We feel that a loan modification (or short sale) would be beneficial to both of us.”

As you write the hardship letter, be sure you are honest and sincere; express your desire to keep your home if you are seeking a loan modification.

As you close the letter, be sure you thank the lender for their time and anticipated cooperation.  This may seem silly to mention, but be sure you spell check the letter and read it aloud to be sure it makes sense.  Remember the importance of the hardship letter as you strive to save your home from foreclosure.  This letter is worthy of your time and attention. 

If you feel that you need some extra guidance in crafting the hardship letter, you can do a search on the Internet and you will find many samples, both free and for a fee.

About the Author:

Mel Otero has worked in management in the mortgage banking and title insurance industries for over 25 years. She has created web sites and written articles to provide information, resources and inspiration during these difficult economic times.
HARDSHIP LETTERS AND RELATED INFORMATION

Article Source: ArticlesBase.com - DO YOU NEED A HARDSHIP LETTER?

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Foreclosure occurs when the homeowner falls behind in monthly mortgage payments and defaults on the loan. The lender repossesses or sells the home in order to satisfy the debt.

The best and most sensible way to avoid falling into default and having the lender foreclose on you is to make timely mortgage payments. Several steps can be taken to ensure your capability to pay your mortgage on time each month.

Strategies to employ to safeguard against default

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Question: where can you find a listings of foreclosure homes?

people keep telling me to buy a house from and i can get them cheaper. but where do you find a list of them or anything about the process

>

Answer: Go to your county "records department" or it may be called "clerk of circuit court" in your area.

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Question: What is the best website to find pre-foreclosure/foreclosure properties?

Ive been seeing sites offering pre-foreclosure information for many houses in my area. Most of them charge $50/month. I don't mind paying the 50 but I want to make sure I only have to do it with one site. The 2 sites im thinking about are foreclosure.com and realtytrac.com
Anyone have any experience with them?
I work very long hours and don't have enough free time as it is. A site like this would benefit me.

>

Answer: All of that data is free if you know here to look. I created a page that lists all the recorders, auditors, and so forth for a Real Estate Club that I run, just do google searches for these offices, for an example, check it out: http://www.ratraceclub.com/real_estate_in_cincinnati.htm

-Angela

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Over the last two years, tens of millions of people have learned far more about loan modifications than they ever thought they would.  The economic crisis and real estate crash forced people caught in difficult situations and overwhelming mortgages to look for their best options to keep their home.  Foreclosure signs littered entire neighborhoods, and the state of California was thrown into a tale spin from which is has not yet recovered.

The question then becomes “how can I keep my home in spite of everything that’s happening?”  The answer might be different for everyone, but one thing is for sure, a California loan modification attorney might just be your new best friend.  It has become clear that Wall Street’s interference with the real estate industry has caused more chaos than every before.  Entire neighborhoods used subprime mortgages to buy their homes, and as a result those neighborhoods are at risk of total collapse.

Contrary to popular belief, loan modifications have been around for a long time, helping people throughout California, and the rest of America, stay in their homes.  Yet, since our current economic crisis has led to so many foreclosures and bankruptcies, homeowners, politicians and even lenders are trying to find the best way to get a loan modification.

In order to qualify for a loan modification in 2009, here is some information you might want to know:

Every creditor and lender has their own loan modification guidelines.  For example, the loan modification process at Wells Fargo might be completely different than the one at Washington Mutual.  It’s vital that you spend time learning your lender’s criteria, and how their loan modification application works.

Learn about your debt ratio. A debt ratio lets you know how much you owe versus your monthly income.  Your lender will use this information to determine the new target amount of your monthly mortgage payment.

Your disposable income is important.  You are going to have to take stock of how much you spend each month, if you haven’t already.  Loan modification applications include a financial statement which represents a complete breakdown of how much money you bring in every month and what your expenses are.  The person applying for the loan modification has to show all of his or her monthly bills against the monthly income in order to prove it’s possible to continue to make monthly mortgage payments at a lower rate.

Hardship letters are an important part of the process. Possibly the most important part of the loan modification process is the hardship letter which details your explanation of the financial situation you find yourself in.  It also explains why you want to keep your house and your future plans.  All of this will give the lender a clear picture of your situation.

As you can see, the loan modification process is not simple, and in fact it requires a great deal of preparation, research and knowledge to execute properly.  Contact a loan modification attorney today to help you carry out your loan modification application in the best way possible.

Visit us at http://www.feldmanlawcenter.com or call 800-588-0425

Legal Disclaimer

The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Author: Greg Feldman

About the Author:

We are the #1 website for FREE loan modification help and mortgage assistance programs to stop foreclosure. Loan Modification Help Center has information about loan modifications and resources to help you with your home loan modification Learn what agreement and government help is available!

Article Source: ArticlesBase.com - Feldman Law Center - California Loan Modification Information for 2009

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Question: Can we stop foreclosure with bankruptcy in florida?

We received documents yesterday.Can bankruptcy still help us keep our house?We're In Florida. TYIA Jan

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Answer: No, it just slows it down for a few weeks. The house will not become a gift with the bankruptcy though.

If you can manage to screw enough of your other creditors that you can afford to pay off your mortgage this will work, but you need to be able to do it right away.

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Question: Where can I find free information about the foreclosure process in California?

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Answer: Go to court house and ask for deparment that handles foreclosures, they can help you.

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Question: Security clearance with a foreclosure?

Can one still get a security clearance in the military even if they are in foreclosure of a property? I hear different things about this. First I heard absolutely not then I heard that because of the whole mortgage crises this should be looked at differently and as long as you disclose it and not lie on any applications then it should be ok. What's the deal? Any advice?

>

Answer: yeah, its suppose to be no go, but who knows with the economy crap... anything can float in this mess...

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Question: Who pays for overdue HOA fees in California foreclosure?

My primary residence was foreclosed on in California. I have not payed for HOA dues. Now the HOA is attempting to collect fees. Who is responsible for paying those overdue fees?

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Answer: You are responsible for paying the dues you owed up until the time the bank took over. Once the foreclosure happened and the bank became the owner, they are responsible for paying the dues from that point on.

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Question: Where can I find a listing of houses that are being auctioned (by a bank) in Australia due to foreclosure?

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Answer: In Australia the system works differently to the US. You often won't even know that a property for sale or auction is a "mortgagee in possession" (ie foreclosure) unless the real estate agent decides to use it as an advertising strategy. In Australia, you very rarely get your house foreclosed by anybody other than the lender, so you don't tend to get the city or local authority auctioning off homes for back-taxes like happens in the States. And the lenders here aren't quite as ruthless; consumer protections are much higher here and the lender is obligated to get the best price possible for the property, not just get enough to cover their mortgage in the minimum amount of time. So properties that are sold due to foreclosure tend to sell at or near market value, not at a significant discount like can happen elsewhere.

The best way to buy under market value in Australia is actually to find a property that has been badly marketed, isn't advertised because the vendor is too cheap to pay for advertising, is being sold because of a divorce or death, or has disadvantages (ie ugliness or repairs required) that could be remedied for less than it the price has been discounted to take that factor into account. eg An ugly property may have little street appeal and it's very difficult to get anybody interested enough to go inside, but when you get inside it's actually quite a nice house, and the exterior could be fixed for $5,000, but because of the limited appeal it is selling for $50,000 less than it would with an attractive facade.

But generally, it's true that buying under market value is not as common in Australia than in the US.

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Question: I'm planning to relocate but my house is worth less than what I owe. What should I do?

I have received a job offer and I will be relocating from California to New Mexico. The problem is my house if worth about $240,000 and I owe $200,000 to one lender and $75,000 to a second lender. If I leave and rent in New Mexico I won't be able to keep up with the mortgage payments. What should I do? Do you think both lenders will OK a short sale or should I let the house go in to foreclosure? I have been with the house for 4 years now and have always made my payments on time.

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Answer: First of all, you never want a foreclosure on your record, so don't even think about that route. Try for a short sale, you never know until you ask.

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The Feldman Law Center

At the Feldman Law Center, we have seen many homeowners wrestle with the hard finance challenges facing everyone today. However, it's not just homeowners who are wrestling with hard monetary circumstances. Fortune five hundred corporations are declaring bankruptcy, banks are failing and even statesmen are having a hard time selling their houses. One extraordinary occurrence that the entire fiscal industry is listening to is how many commercial repossessions and bankruptcies there are.

For example, in the 1st half of 2009, the bankruptcy and debt restructuring activity among major corporations increased 329 percent! For major corporations, loan modifications are not a choice, and they must handle their debt much differently. The industries facing the highest number of bankruptcies include fiscal services, manufacturing and industrials, property and client retail.

Other signs of financial trauma include united states Secretary of the Treasury Timothy Geithner having a hard time selling his home. It was also reported that 1,200 companies in Rhode Island were threatened with foreclosure for not paying their taxes. That is not one hundred companies, but over one thousand companies could face foreclosure for purportedly not paying taxes. It seems like there is merely a smaller amount of money than previously, and most are making an attempt to get what they can. State governments are fighting city regimes, enormous firms are fighting little companies and the average homeowner is attempting to keep their home out of the foreclosure process.

As mentioned earlier, General Motors can't just call a loan modification attorney and try to get a loan modification for all of their manufacturing plants. However, a homeowner can do just that, and save himself or herself the agony and humiliation of a foreclosure. A mortgage loan modification is a deal between the borrower and the bank to renegotiate the terms of a home mortgage loan. A home loan modification could change the rate of interest, eliminate late charges and penalties, adjust the length of the loan and much more.

Another major asset in the loan modification process is a loan modification attorney. A loan modification solicitor can provide a specialized skill which is incredibly valuable to anyone searching for a great loan modification. A loan modification can supply excellent advice and counsel, as well as a particular ability in negotiating a home loan modification. Dealing with banks can be trick, and even in a difficult financial time like we are in now, banks and mortgages firms do not want to give up too much. Banks will milk every situation they can, but with a California loan modification lawyer on your side, you can have a very trained pro representing you.

If you are in a difficult financial circumstance, you can comfort yourself with the certainty that you do not have the debt issues that a large concern has and you have many more options as well . A loan modification lawyer can help you get the best mortgage loan modification possible and help you stay in your house for the long term.

Visit Feldman Law Center at http://www.feldmanlawcenter.com or call 800-588-0425.

About Feldman Law Center

The Feldman Law Center was founded for the purpose of negotiating loan modifications on behalf of their customers. These talks have 2 major goals ; to reduce monthly mortgage payments to a level of affordability for the householder and to either stop or prevent foreclosure proceedings. The mission at The Feldman Law Center is to supply the highest level of pro service while delivering the very best result on each loan modification we negotiate on the behalf of the families we represent.

Having negotiated over five hundred lawyer driven loan modifications, we realize that each householder's situation is unique and that each alteration may need another approach than the one before it. To that end, we will be able to always call on our twenty-five years of negotiating, information, and property experience to provide the most optimal solutions for each family's situation. While we are negotiating your loan modification with your lenders our friendly and merciful team will keep you updated all of the way on the way the process is advancing.

The people at the Feldman Law Center fully understand the strain of being behind in your standard payments and the sleepless nights that can be brought on by an imminent foreclosure. Be assured that we will stand with you all of the way thru the loan modification process and we are driven to get the best end result possible for you and your family. If you are struggling with your monthly payments and worried about the specter of foreclosure, we can help . Call the Feldman Law Center today at 800-588-0425.

About the Author:

Feldman Law Center, headquatered in Mission Viejo, CA specializes in loan modification and debt settlement, helping people keep their homes!

http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/

Source - Feldman Law Center - Why Does It Seem Like Everyone is in Foreclosure?

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Question: I am a 1st time home buyer w bad credit, how do I find a foreclosure to buy cheap & will anyone give me credit?

I want to buy a home in Adams County, PA my budget is under $100,000, I am married and we both have bad credit but have never bought a home before, is this going to be possible? I also only have $5k down payment. How can we look at foreclosures without PAYING someone a fee on a website to do so? Thanks!

>

Answer: With like at least a 620 mid score you MIGHT get and FHA loan and you will need 3.5% down.

Get yourselves a Buyer's Agent to help you. The seller pays for them at closing. Sign no contract that would obligate you for any fees. They can show you the ropaes.

Go to a local concern that handles FHA loans and let them tell you if you would qualify and voila you would also have your preapproval.

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Even credit challenged applicants can be approved for mortgages with the California Bad Credit Mortgage. In case you didn't know, California is a highly preferred place to own a home, even if it is one of the most expensive places in America.

If you don't have a ton of cash to spend, you'll have to apply for a large loan and if you have a bad credit, you might really have a difficult time.

However, a California Bad Credit Mortgage might be your answer. So, if you have a bad credit rating but desperately want to live in California and need to be approved for a large loan then you should consider a Californian bad credit mortgage loan.

Although the process isn't easy, it is not impossible!

In fact, Californian Bad Credit Mortgages are especially for people who have faced bankruptcies, collections, and even past foreclosures. In this article, we'll tell you what a Californian Bad Credit Mortgage entails and how you can obtain one.

California Bad Credit Mortgage - What You Should Do
As previously indicated Californian Bad Credit Mortgages are for those with blemished credit records. They are for those wishing to own a home but don't have good credit. Here are some ways that you can get qualified for a California bad credit mortgage loan:

Review Your Credit - Look over your credit reports carefully and make sure that all accounts are being reported accurately. Make sure that all previous accounts that were supposed to be included in a previous bankruptcy are not being reported as currently late. After all, this can cost you significant points in your credit score.

Ensure that all closed accounts are appropriately labeled as closed. This step alone can work wonders to improve your credit score and make you eligible for a Californian bad credit mortgage loan at better interest rates.

Start improving your credit rating by paying off small collection accounts. Fax confirmation of all accounts paid to the three credit bureaus to have your credit report adjusted at the earliest. Today, it has become easier to get the inaccuracies in your credit reports adjusted with the three credit bureaus.

Find a Motivated Seller - It would be easier for you to get your California bad credit mortgage approved by the mortgage lender if you have a seller who is motivated to help you.

If you could motivate the seller to pay your closing costs, you would have that much extra money for a small down payment.

If on the other hand, you could manage to motivate the seller to carry back a percentage of your loan, your LTV (loan-to-value) ratio could be low enough for the lender to consider no down payment. You could work through the down payment assistance programs like Neighborhood Gold and the Nehemiah program.

Borrowing Down Payment - It is illegal for the sellers to give you a down payment for a California bad credit morlgage, for their house. You can always borrow from your friends and relatives for a down payment.

Before closing on the deal, you need to inform the lender where the money for the down payment is coming from. If you are not honest about where the money for the down payment is coming from, it could be considered as defrauding the lender.

Once you have received your California bad credit mortgage loan for your house, you can take out a second mortgage for the full amount of the house and payback your friends or relatives.

By utilizing these methods, you can get approval for your California bad credit mortgage and buy your dream home in California.

About the Author:

Jonathan Sapling writes extensively on California mortgage and related Home Equity subjects.
To read more about California Mortgage go to: California Mortgage Expert Site
Or visit his blog about: Home Equity News

Source - California Bad Credit Mortgage - Possible to Get Approval

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Question: How do I clean Brazilian Cherry Hardwood Floors? ?

My husband and I just bought a new home. The floors of the kitchen and dining room are Brazilian Cherry Wood. Since the home was a foreclosure, we have no information on the manufacturer of the wood, or the coating on the wood... whether it is polyurethane, oil, or wax.

Does anyone have any suggestions about finding out the coating of the wood, and any tips on how to clean and maintain this type of wood? I've done some googling, but thought the minds in this forum may have some great advice! Thanks in advance!

>

Answer: Allison is right..I also strongly suggest a light mist of Bruces Dura Luster spray and a teri cloth swivel headed dust mop. One that you can wash when dirty. Dura Luster( or equal) I d put a spray mist type nozzle on it and use very little GL

Foreclosure

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Question: will a lender modify my home loan even if im not in default?

I have 2 properties in florida. one is investment and the other is second home. I have not defaulted on any of my loans and both me and my wife have credit scores of 760 and above. I am spending more than i earn right now to maintain these mortgages and fear that if the one with a payoption arm recasts i will go into foreclosure. can i modify even though i am not in default as of right now? there is no equity in the home the mortgage is now more than the home is worth. what are my options? what are the repercussions for homowners who just stop paying their mortgages? can they foreclose on my primary if i stop paying my investment home? please advise.

>

Answer: Usually lenders will not consider modifications to loans that are not in default. This is because they have no motivation to do so. If you are making payments as agreed they see no problems. They don't care if you are killing yourself to make those payments (nor should they).

Your biggest problem is one you made when you signed the mortgage papers agreeing to take out a payment option arm. If you have ever paid an amount less than the interest, all you were ever doing is deferring the date at which you were going to have a significant problem.

Since there is negative equity and since you can't afford even the option ARM payment you are hosed at some point. You will either have to keep making minimum payments that you can't afford until the loan resets and you really can't afford it or you will have to let it fall to a short sale or foreclosure now. You might be better off doing it now to avoid accumulating other debt before you lose this house because that might put the others into jeopardy. Even if a lender agreed to a modification of the payment amount or the interest rate would it help enough long term? Be honest with yourself. Find out exactly what you'd have to ask for to make it a viable loan for you. If a huge interest rate discount or a huge hit to the loan balance is what is required, they aren't going to be very interested.

The banks will have even less sympathy for you because these are second and investment properties. Most modifications are made on primary residences.

Consider your credit scores history - they won't survive what you have to do.

Your options are primarily short sale and foreclosure. Modification most likely won't work (although you can ask). The repercussions of not paying are mostly foreclosure. They take the home, auction it off and put the proceeds of the auction against the balance that you owe (which will be higher than your current loan balance because of penalties, legal fees, etc.). This is a large loss for the lender. They would probably prefer a short sale which generally costs them less and is less damaging to your credit (although your credit will be shot for several years anyway).

good luck!

TheRealDeal - Second wave of mortgage crisis to come

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Question: Why hasn't the government jumped in to help people in foreclosure because of predatory lenders?

I am in foreclosure in Maine because a lender set me up for a payment I could not legitimately afford, and am losing my family home that I have owned for 20 years, and my grandfather owned for 20 years before that. My mortgage is $2,012 per month ($2,600 offered in a "work-out") and my monthly take-home pay is $2300. Go figure. AND they charged me $19,000 in closing costs!!! I have just been told that 7 out of 10 homes in Maine are in foreclosure because of this same scenario. This is a MAJOR crisis and the only people out there to get help from are other predatory lenders willing to do the same thing to me to help "save my house" - it continues to go on. I have worked full-time all my life, always paid my taxes, am a law-abiding citizen, and yet, I can find no state or federal programs that I am "eligible" for because I "make too much money ($38,000 per year faily of three), and I am not an immigrant. Someone please explain this to me.

>

Answer: Yikes, here is the best I can do to alliviate the concern
Foreclosure requirement by HUD guaranteed loans: http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=90-$%5Bno%5D&op1=AND&SECT1=TXTHLB&SECT5=MLET&p=1&r=39&f=G
HUD consumer complaints: http://www.hud.gov/offices/hsg/sfh/res/resrefer.cfm
HUD Sample of Good Faith Estimate: http://www.hud.gov/offices/hsg/sfh/res/resappc.cfm
HUD Real Estate Settlement Procedures Act: RESPA the entire statute

http://www.hud.gov/offices/hsg/sfh/res/respa_st.cfm

HUD Initiations of foreclosures, an explanation

http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=HBKS&s1=Foreclosure+procedures&op1=AND&l=100&SECT1=TXT_HITS&SECT5=HBKS&u=./hudclips.cgi&p=1&r=83&f=G

Fixing your debt problems information from the US Government

http://www.ftc.gov/bcp/conline/pubs/credit/kneedeep.htm

National Home Recovery Program for foreclosures http://www.nhrp.com/
FTC: High Rate – High Fee Loans (know your rights): http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm
Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/seniors_initiative/advforcl.shtml
Dreams Foreclosed – Scams about foreclosures – A pamphlet: http://www.consumerlaw.org/news/ForeclosureReportFinal.pdf
Predatory Lending information from ABA: http://www.aba.com/Consumer+Connection/CNC_pred1.htm
Mortgage Loan Fraud a report http://www.fincen.gov/MortgageLoanFraud.pdf
Racketeer Influenced and Corrupt Organizations Act – RICO

http://usinfo.state.gov/usa/infousa/laws/majorlaw/rico/rico.htm

That should give you plenty of information to do your research in.
Best of luck and sorry about your situation

Portland Maine Home Foreclosures

Foreclosure Help Maine is a post from: Foreclosures Help Information

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