Foreclosures Help Information

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Mortgage Foreclosure Statistics 2009

According to the Federal Housing Finance Agency, foreclosures have increased an incredible 150% in the last two years. And with statistics showing that the majority of adjustable rate mortgages that were taken out during the height of the housing bubble will reach their next adjustment period in 2009, those foreclosure numbers may be increasing dramatically over the next year. Because of this, the FHFA has announced a new plan to try to halt the current foreclosure crisis by allowing the modification of loan payments for millions of borrowers.

The program will be implemented sometime in December, but not everybody facing foreclosure will be eligible. The be considered for the program, you must meet these requirements:

- A loan on your primary residence that was made before January 1, 2008

- Cooperate fully with loan servicers and provide all needed information

- At least 90 days behind on your payments

- Not have filed for bankruptcy

- You must prove a hardship that has affected your ability to pay, such as unemployment or medical bills

Obviously, this program is meant to help those most in need as soon as possible, but it won't be able to help everybody facing financial trouble. If you can't qualify, that doesn't mean you are out of options. Consider these before foreclosure:

- Before you do anything else, talk to a reputable credit counseling agency. Go to the Department of Housing and Urban Development website and look at their list of reputable, low-cost (or sometimes even free!) counselors. Also visit the website for the non-profit National Foundation for Credit Counseling. They can help you find someone in your area to help.

- Find out who currently owns your loan by asking your loan servicer. Then call them and talk to them. Many lenders will be willing to work out a deal that will help you get your bills paid. Be upfront and direct and ask them what options you have and what help they can provide. 

- If you haven't done so already, the answer may just be to tighten your belt. Cut back on luxuries and unnecessary expenses. Sell the car, borrow from relatives, get a second or third job, or consider renting out a room if your zoning laws allow it. The housing market will turn around and the value of your home will start going up again. Sometimes the best solution is to stick it out for a while until you're above water again.

- Think about a short sale, where you sell your home with the lender and in return they take less than the balance of your loan. Short sales are becoming more and more prevalent, but they can be a long and complicated process.

- If you and your lender can't come to an agreement and you can't possibly come up with the money for the mortgage, consider asking your lender about transferring your title in return for the cancellation of your debt. Known as "deed in lieu of foreclosure", this essentially means that you're giving your house to the lender voluntarily. The upside is that your credit won't take as much of a hit as it would if you went into foreclosure.

- If all else fails, the last resort is still open to you - bankruptcy. Remember that filing for bankruptcy will remain on your record for a decade and will kill your credit for years, but it will erase your debt and open up some other options. In some cases, you may actually be able to negotiate a payment plan that will allow you to keep your home. If you've tried every other avenue, this may be your last option but make sure you talk to a financial adviser before you proceed.

If you are finding yourself facing foreclosure, you are not alone. And most importantly, you are not out of options. There is help out there that you may be able to take advantage of. Talk to a professional, do your research, sit down and discuss things with your family and figure out whatever you need to do to get through this rough market.

About the Author:

Lee Cameron is a professional REALTOR® serving the Orlando real estate market. Lee has consistently proven his talent and knowledge in the real estate business and is known to his flair the business and the care with which he treats his clients. For more info on homes & properties in Orlando contact Lee today.

Source - Facing Foreclosure? You May Have Other Options

May 2009 CA Foreclosure Update by Mike Munzing

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Where To Buy Foreclosure Homes

Question: Buying foreclosure homes?

My husband and I are looking into buying a house. People suggested to buy a foreclosure home because it's cheaper than a "normal" home. Is it true, that it's cheaper or are there any additional costs that I wouldn't have with a non foreclosure home, so I'd end up paying more? How do I find foreclosure listings? I looked online and found a bunch of foreclosure listings but you have to register and pay in order to look at them.
Thanks for your help! )

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Answer: You get what you pay for.

Usually foreclosures have "issues". If you and your husband are willing to put in sweat equity you can build significant equity in a short period of time.

If it is just a few bucks go ahead and pay to get the info, it could net you 10's of thousands in the future.

How to Buy Foreclosed Homes for $26,900

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Bank Foreclosure Boats

Question: real eastate advice needed. active short sale is it a good thing or bad? ?

looking at buying my first home. not being familiar with the process or terminology i am not sure of the things to avoid. 5 years ago when i moved to this town the average home price was 250 two years later it rocketed to 450 now all of a sudden its back to 250 i do not want to wind up in the same boat as thousands of others are in. losing a home to foreclosure. the house i am interested in is an active short sale. i am not sure what that means. is it better or worse than a bank owned property? almost all the houses i look at are bank owned or active short sale. is either one a good opportunity for a first time buyer? and most important what types of loan do i avoid so that i don't lose my home in a few years? i want to know what my payments will be with no changes to them. ever. is there such a loan? is that a fixed loan? also what is equity? thanks so much

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Answer: You need a help from a realtor or broker.Ask how much mortgage present interest rate and compute it if you can afford the monthly payments.Ask if they will pay for the closing cost and see if you can ask them to upgrade some part of the house.Fixed is that you are paying interest and the principal.I am sure that Banks want to get back their invested money from the house and they do not want to own them.You can either go for 30 or 40 years to pay so your monthly payment will go down and you do want to pay the house right away?
Hope this help.Good luck and start hunting houses.

Bank Foreclosure on the Waterway in Myrtle Beach, SC

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