Foreclosures Help Information

Posts Tagged ‘foreclosed’

Hud Foreclosure Sales

Question: What's a HUD case mean for a house listing?

I found a house listed for sale online and it says it's a HUD case, does that mean it's really crappy inside? Or does that mean it's owned by HUD as opposed to a bank like a foreclosure? How does a house become a HUD house?

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Answer: HUD offers an insurance program which covers any losses by a bank when that bank issues a HUD loan. HUD does not loan anyone any money. They are an "insurance" policy. The buyer of the home paid the fee for that policy when she bought the house.
Your house is owned by HUD. HUD paid off the bank and took title. Now they are selling it. It will be sold "as-is". You can look inside the house since it is up for sale. You make your offer assuming that everything does not work. Most of their houses have a minimum bid .... often in the listing.

Colorado Springs Real Estate HUD Foreclosure 759 Memory Ln 80817

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Foreclosed Homes For Sale In Massachusetts

Is your property on the brink of a foreclosure? Well, you're not alone. In fact, the number of properties due to be foreclosed on in the state of Massachusetts is increasing at an extremely high rate. However, this doesn't mean that Massachusetts homeowners are in a hopeless situation. Though in financial hardship, homeowners still have a chance to stop foreclosure. There are options available to avoid foreclosure of your property and all the consequences that the foreclosure process brings.

One option is a 'deed in lieu of foreclosure.' Simply, a deed in lieu of foreclosure is giving back the property to the lender if the borrower is no longer capable of paying for the remaining balance of the loan. Both the lender and the borrower then enter into an agreement that the remaining balance of the defaulted loan is forgiven. The borrower is now free of any obligation to pay the entire loan.

Pretty simple isn't it? Or is it that simple?

First, a deed in lieu of foreclosure could only be possible upon the lender's consent. Convincing a lender to sign a deed in lieu of foreclosure may be extremely difficult. What lenders want is cash. Not another property to be sold. This is especially true if they already have in their possession a number of foreclosed properties or properties with a lien.

This difficult situation becomes impossible if you owe more than the value of the property. A lender doesn’t want to possess a losing piece of real estate. Instead, they’ll advise default homeowners to put the property on the market for a few months just in case it can be disposed of through a short sale. While this is another option of foreclosure prevention, a short sale has its own pitfalls. Either way, you will lose your home. It's just choosing the lesser evil.

To avoid this dilemma, homeowners resort to a much wiser alternative. This alternative is called loan modification. The greatest advantage to executing a loan modification is that you are given a choice to keep your home. This is done through a negotiation with your lender to adjust the terms of your existing mortgage. Through loan modification, the payment for the current month and the succeeding few months there-after could be suspended. The paying period can then be extended thereby reducing the monthly amortization. Depending on the newly agreed terms, the interest rate or even the principal amount could be reduced to a level you may not even expect.

The best way to do this is by seeking expert loan modification assistance. One company that has been assisting Massachusetts homeowners in stopping the foreclosure process is LIG Loan Modification Services.  These experts can help you prepare and negotiate with the lender on your behalf. They can use different tactics, such as appealing for a humanitarian consideration due to your current financial situation. They may also challenge the lender's pricing and interest rates and computations charged against your property. Third party representation is the best option since they cannot be targeted by collecting officers.

Remember that it is always better to keep you from leaving your home. It is always wise to have an option that would dispel any financial worries while enjoying your life in your dream home. With loan modification, you keep your house and your credit record is not affected from the modification.

©2008 Tom Brady
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About the Author:

Tom Brady is a Loss Mitigation Specialist for LIG Loan Modification Services, a loss mitigation company that offers loss mitigation services such as loan modification, short refinance, forbearance, short sale, and deed in lieu of foreclosure. To see how your loan can be modified, visit http://www.LIGloanmods.com or call 1(888)220-9787.

Article Source: ArticlesBase.com - Deed in Lieu of Foreclosure: Will it Do?

Real Estate: Buying, Renting & Selling : How to Sell a House in Massachusetts

Foreclosed Tax Credit

Question: What happens to my 2008 Homeowners tax credit after selling or losing my home? Potential Bankruptcy?

My tax credit was $7,500 which will be paid back at $500 per year at tax time for 15 years. Will it be due immediately should my house sell or foreclose? Please help!

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Answer: yes

2009 $8,000 Tax Credit Explained