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Archive for March, 2009Purchasing Foreclosure propertiesIf you are looking to purchase a foreclosure property, then there are very important things you need to know before buying. First you should understand how foreclosure works, so you know why and where you’re getting your property from. A foreclosure comes from a homeowner that has defaulted on their mortgage and can no longer […] What Happens When Your Rental Property Goes Into ForeclosureGoing into foreclosure for the owner of any kind of property is a stressful experience, but today were going focus on another person it affects; the tenant in a foreclosed property. In some ways it can be a more stressful time, for someone renting a property that goes into foreclosure. One reason is […] Condo Mortgages Through Fannie MaeBecause both government agencies of Fannie Mae and Freddie Mac are dealing with such an unprecedented level of foreclosures, they are tightening their lending practices in hopes of cleaning up balance sheets. Fannie Mae has recently added tougher lending guidelines making it more difficult for developers to sell units at new construction projects. Need to Sell a Foreclosure Property??In today’s current economic environment, 1 in 5 homeowners are behind on their monthly mortgage payments, or facing the risk of default. It is important to understand that although this is a bad situation to be in, it is possible to get out of it. Homeownership, while advantageous to build equity and increase wealth for the future, […] What You’ll Have Taken Away From You by the Stimulus PackageCNNMoney.com is running a piece on how consumers may benefit from President Obama’s new foreclosure and housing relief bill and his recently-passed economic stimulus package. Unfortunately, as we all know from common sense and a basic understanding of economic principles, what the government gives to one person it has to take from another. Find Out If You’re At Risk of Being In ForeclosureThere is a lot of talk about foreclosure in the world today and it can get a person thinking if they could be a potential candidate for it. If you have started missing your mortgage payments, possibly received a notice from your lender, or fallen on financial difficulties, then the answer is yes, you could […] What Happens At A Foreclosure Auction, Part 2In yesterdays article you learned a lot about what happens at foreclosure auction. What kinds of things you need to do before actually attending the auction and what exactly the process is at the auction. Today you will learn about what happens after you obtain the property that you won at the auction and what […] Understanding Adjustable Rate MortgagesAn adjustable rate mortgage is a mortgage loan where the interest rate on the note is adjusted based on market interest rates and indices. The more common indicators are 1 year Treasury-bill securities, the COFI index and the LIBOR (London InterBank Lending Rate). Other forms of mortgage loans include the interest-only mortgage, fixed rate mortgage, […] Why To Sell Your Home In Pre-ForeclosureIf you are facing foreclosure and see that you are not going to be making your mortgage payment on time or have already missed one payment, then you are in the pre-foreclosure stages. Meaning the bank hasn’t foreclosed on you yet, but it could possibly happen in the near future. This is a time you […] How Does Foreclosure Process Work at a Bank?Typically it takes about 3 missed payments for a lender or bank to consider a loan delinquent. If the loan balance is not brought current within a specfied amount of time the loan will be in a pre-foreclosure status, whereby borrower is required to pay existing past due amounts or structure loan modification. These days […] |
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