Foreclosures Help Information

Posts Tagged ‘Commercial Property’

Foreclosed Commercial Property Texas

Question: My commercial property has a contract witht the title company and my mortgage company is threateing to foreclo

I am based in Texas.Its a commercial property that has been with the title company for almost a month.I went to to my mortgge company to see if they are willing to give me a break for the money I owe them and now they are sending me letter to foreclose on it.Please advice.

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Answer: give us a call http://www.anycreditmortgage.biz

People Doing Business Danny McKinney founder of McKinney Real Estate & Investment Co. Spotlight

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Foreclosed Commercial Property Michigan

The funds can be used to purchase, manage, maintain, demolish or repair and resell foreclosed and abandoned properties.  States and localities can use these funds to establish financing methods for the purchase and redevelopment of foreclosed houses.

Funds can also be used to offer financial assistance to low and middle income home buyers.  After purchase with these funds the homes must be used to assist qualifying families who are considered to be low-income and 25% of the funds must be used to help households with income at or below 50% of the area median.

Funding will be focused on areas that need it the most with need-calculations being determined by HUD based on the capacity of the lead applicant to execute projects, leverage potential and concentration of investment to achieve neighborhood stabilization.

Realtors who are knowledgeable of the different provisions in the Stimulus Package can make important contributions to their local community neighborhood stabilization program.  They can provide advice to home buyers about utilizing helpful programs that they may not be aware of.

Realtors can use their knowledge of the neighborhoods to stimulate sales in neighborhoods where there are a lot of foreclosures and vacant houses.  Unoccupied homes destroy property values; neighborhoods are much more desirable when there are no rundown properties suffering from lack of maintenance.

Other provisions of the Stimulus Plan include:

First Time Homebuyer Tax Credit

FHA, Fannie Mae and Freddie Mac Loan Limits

Commercial Real Estate

Rural Housing Services

Low Income Housing Grants

Tax Exempt Housing Bonds

Energy Efficient Housing Tax Credits and Grants

Transportation Investments

Broadband Deployment

Mark Goedert of Goedert Real Estate is the creator of http://www.under100000realestate.com/ a site designed to provide information, products and resources for real estate investors, REO agents, first-time home buyers and individuals who are selling their home.

About the Author:

Mark Goedert of Goedert Real Estate is the creator of http://www.under100000realestate.com/ a site designed to provide information, products and resources for real estate investors, REO agents, first-time home buyers and individuals who are selling their home.

Source – Neighborhood Stabilization Plans for Wayne County, Michigan

Part 4: Herb Strather Commercial Real Estate Bus Tour

Foreclosed Commercial Property

Question: Help with a commercial lease?

My landlord’s property is in foreclosure. I was advised by the party foreclosing to move out asap… Now the landlord says he will sue me for rent. Does foreclosure and fire marshall violations stop my lease?

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Answer: Don't know what state or country you're in. I would say probably so. But laws vary from one jurisdiction to the next. Ask at your magistrate court if it seems proper.

Don't Panic! Unemployment and Commercial Real Estate...

Stop Foreclosure On Commercial Property

For homeowners who have more than 15% equity and whose mortgages are less than 90 days past due, refinancing is often an excellent way to stop foreclosure and regain financial control. Among other possible benefits, refinancing will:

- Stop foreclosure
- Roll in past-due mortgage payments and fees
- Lower mortgage interest rate
- Lower monthly mortgage payments
- Pay off higher-interest bills like credit cards
- Lower overall monthly payments by consolidating debts
- Improve credit by paying off delinquent accounts

For some homeowners hoping to stop foreclosure, mortgage refinancing may be the most attractive option.

Disadvantages of a Refinance:

1. Borrowers that do not have sufficient equity will not be able to refinance. Many homeowners who find themselves facing foreclosure have little or no equity in their homes. With home values dropping considerably, some homeowners find them selves “upside down”, or no equity (owing on the mortgage more than the house is worth), affecting a persons ability to refinance.

2. Interest-only payments or lower initial mortgage payments in an adjustable rate plan.

3. Generally speaking, it can be difficult for the borrower to refinance if the equity in the home is less than 15% of the value with a FICO score under 620. Lenders may require borrowers with credit problems and lower FICO scores have 25% equity.

Refinancing Example: Pete’s home is currently valued at $200,000. He will have difficulty arranging to refinance to stop foreclosure if there “mortgage payout” is more $170,000 on the home. Pete’s refinancing will become particularly problematic if their mortgage is more than 90 days past due, and then even greater equity may be required.

K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: “6 Simple Steps to Avoid Foreclosure”. http://www.avoidforeclosuremanual.com

About the Author:

K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM\\\\\\\\\\\\\\\’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: \\\\\\\\\\\\\\\”6 Simple Steps to Avoid Foreclosure\\\\\\\\\\\\\\\”.
http://www.avoidforeclosuremanual.com

Source – Refinancing to Avoid Foreclosure

Daniel L. Berns – Commercial Real Estate – The Other Shoe About to Fall (Recorded: Oct 7, ‘09)