Foreclosures Help Information

Posts Tagged ‘foreclosed property’

Foreclosed Ocean Front Property

Active duty military personnel who are having financial problems with their mortgage payments have some avenue of help under the Soldiers and Sailors Relief Act which can be very beneficial to them and to their families.

Who is eligible for this program?

The provisions of the SSRA apply to active duty military personnel who had a mortgage obligation prior to enlistment or prior to being ordered to active duty (for Reservists). This includes members of the Army, Navy, Marine Corps, Air Force, Coast Guard, as well as commissioned officers belonging to the Public Health Service and those in the National Oceanic and Atmospheric Administration (NOAA) who are engaged in active service. Military reservists ordered to report for military service and those persons ordered to report for induction under the Military Selective Service Act as well as guardsmen called to active service for more than 30 consecutive days are also covered under the act.

In the area of home mortgage protections, the act limits the amount of mortgage interest that may be charged on home loans incurred by a service member (including debts incurred jointly with a spouse) before he or she entered into active military service.

Once requested by the home owner, mortgage lenders must reduce the interest rate to no more than six percent per year during the period of active military service. They must also recalculate future payments to reflect the lower rate. This provision applies to both conventional and government-insured mortgages.

It is important for those covered by the act to understand that this is not an automatic system. In order to request temporary interest rate reduction, you must send in a written request to the lender. This submission must include a copy of your military orders. The request may be submitted as soon as the orders are issued but must be provided to the lender no later than 180 days after discharge from active duty military service.

Some of those who are covered by the act may find that they cannot make the payments even at the lower rate. If this happens, the lender may let the member stop paying on the principal while the member is on active duty. They are not mandated to do this, but many of them will. The amount that is adjusted will still have to be paid but at a later time, once active duty service is completed or financial status of the member improves.

It is also important to know that many home mortgage lenders have other programs available to help those in need. If you or your spouse should fall into this category, contact your lender immediately and ask about loss mitigation options.

For those with FHA insured loans who are finding it difficult or impossible to make the required payments, FHA has special forbearance and other loss mitigation options that you may be eligible for.

Lastly, those covered under the act should know that mortgage lenders may not foreclose, or seize property for failure to pay, while a service member is on active duty. They may not do foreclose, as well, within 90 days after discharge without court approval. In order to get court approval, the lender would need to prove that the service member’s ability to repay the debt was not affected by his or her military service.

You can learn more the Soldiers and Sailors Relief Act online or at your military base.

About the Author:

Peter Kenny is a writer for The Thrifty Scot, please visit us at Mortgages and Refinance
Visit Scrooge Banks Delay SVR Rate Cut

Source – How To Use A Military Mortgage

Pre-Foreclosure Oceanfront Condo Jacksonville Beach

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Phoenix Foreclosed Property

Question: Is Zip code 85009 a good area or bad area to buy a foreclosed property?

Is that area considered south phoenix and is it good or bad area to purchase a house and if bad, how bad is it?? Any advice would be helpful. I have seen many properties being foreclosed there but are also newly built houses… Just wonder if they are worth buying in that area… and what is it like in that area?
Isn’t the area considered south phoenix and not a good area??

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Answer: Right now it is GREAT!! Buy if you can.

Phoenix Foreclosed Property Tour

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Foreclosed Beachfront Property

If you are house hunting in South Carolina, you can save big with Myrtle Beach foreclosures. If you know where to look and more importantly, who can help you, you can find property treasures for less.

The truth is, most individuals have never given foreclosures a second thought. The general consensus that foreclosed properties are old, dilapidated homes in crime-ridden areas, couldn?t be further from the truth! Foreclosures come in all sizes and conditions, from one bedroom condos, to beachfront spreads. You might even get lucky and find a brand new home in pre-construction phase.

So Many Homes in Foreclosure Always Poses a Question?

It’s obvious to everyone that our nation is in a deep recession; the number of individuals losing their homes proves this fact. However, it?s not solely due to reckless spending or irresponsible homeowners. In many cases, the owner has suffered a drastic decrease in income, an illness, or perhaps one member of the household has lost their entire income due to a layoff. All of these situations hit close to home; so close in fact, that they can no longer afford to live there.

This is an unfortunate dilemma, but for an individual searching for a home in the South Carolina area, the opportunities are big and the savings even bigger. From Surfside Beach to Pawley?s Island ? empty lots to luxury beachfront property, you can find a property to fit your needs and your wallet, by buying foreclosures in Myrtle Beach.

Do You Have Options When Buying Foreclosures?

When considering buying foreclosure property, you do have options. If this is your first time purchasing a foreclosure, you might want to consider enlisting the help of a real estate agent with experience in foreclosed properties.

In some situations, you may be able to work with the homeowner and help them prevent a foreclosure going on their credit report, while getting a great home at the right price for your budget.

In the pre-foreclosure process, you may be dealing with the lender directly. The bank doesn?t want the home and they may be willing to give you a break if you purchase the property in the pre-foreclosure state. This is typically referred to as a short-sale.

If you are attending a bank owned auction, you want to have someone with experience with you. This is typically a fast-paced process that is over before you know it, and those who know the ins and outs will walk away with the best deals.

Finding a Real Estate Agent

Myrtle Beach has thousands of foreclosures available with a price range to match, but not all real estate agents have the experience in foreclosures to help you find the best deals.

There are many ways to take advantage of Myrtle Beach foreclosures, learn the facts and find someone experienced in foreclosures to help you. The foreclosure process can be tricky, but having an expert in real estate business with expertise in buying foreclosures, will help make buying your foreclosure property a worry-free process.

About the Author:

The Myrtle Beach Real Estate Shop is the TOP real estate agency that works with foreclosures in Myrtle Beach, South Carolina. Contact (843) 458-9788 for more information today.

Source – Myrtle Beach Foreclosures Are Within Your Financial Budget

Florida Beachfront Foreclosures: FL Beach Property Sales

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Foreclosed Beach Property

Question: Can the bank place a lien on my second property because of foreclosure on my first property?

I want to foreclose my rental property in Palm Beach Florida but is afraid that the bank might palce a lien on my primary resident in Jacksonville Florida. What type of lien or judgement if any can be placed on my wages or property?

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Answer: Avoid Foreclosure. Contact a local short sale specialist (realtor familiar with short sales.) The specialist can negotiate with your lender to accept as low at 80% market value. That's one heck of a deal to the buyer and on your credit report it will say "loan settled." The bank will send you a 1099 next year for any lose and you need to report the loss as income earned. I do short sales in Atlanta for clients. It's painless and easy and you can sell the home in less than two weeks at the right price. If your home is foreclosing this month or next call your loss mitigation department and ask for an extention and that you are listing with a short sale specialist. The bank will send you a short sale package for you to complete and the same time may remove the home off the foreclosure list.

Your Property Search Engine - Sean McCracken, Laguna Beach Realtor

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Philippines Foreclosed Property

Question: How do I save my property from being foreclosed?

My property is on the verge of foreclosure after my husband left it unpaid. The bank wanted me to pay the arrears but I can’t afford it. I tried selling it but to no avail. Any other means? Is there any bank around that can take it out and give lighter repayment terms? I have read much about it abroad but can’t find any here in the Philippines.

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Answer: Will tell you right now if the house is in the USA you can't do anything from the PHilippines. I have been there because of family many times. and know the situation all over the country..

You will need to come home to take care of this or give someone power of attorney ,, and I can tell you right now that nobody will bother with it if you not interested enough to come home and take care of it.. Plus they want you living in your house..

Now if your house is in the PI, The banks there would be happy to take your place for most any reason they can if it is worth more than you owe on it.

PROTEST! 10/19/08, Mortgage Bankers National Conference

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