Archive for March, 2009

How to Stop Foreclosure - Trust Your Instincts and Learn How the Process Works

Whether homeowners work on stopping foreclosure on their own, with a trusted attorney, or by hiring a specialized loss mitigation or foreclosure assistance company, there are a few issues that every borrower should be aware of to prevent against scams and have the best chance of success. These include trusting their own intuitions and learning […]

OWNING VS. RENTING

There are many good aspects of homeownership. First and foremost is concept of generating equity. When you are renting, your cash is not going towards anything, it is basically going out the window. When you make payments on a home, you are paying for an asset that has a market value. When you sell your […]

Saving vs. Spending — Which One is the Real Problem for the Economy?

There is no question that the economy is collapsing. From a Dow at nearly 14,000, we now have a Dow edging closer to the 5,000s. Hundreds of small lenders have gone out of business, a number of banks have failed, and numerous companies and industries have lined up for federal government bailout money. Both overspending […]

Understanding A Non-Performing Mortgage

A nonperforming loan is one that is in default or just about to be.  People who are facing foreclosure that have missed their mortgage payment for three months would now be considered in default.  When you have a nonperforming loan the payments will be past due by 90 days, or 90 days of interest payments […]

Property Taxes - Tax Liens

Tax bills are typically the largest annual cost to a property owner aside from mortgage obligations.  Unlike personal debts, tax liens on real estate “run with the land” meaning the current owner is responsible for payment even if the “debt” was from a previous owner. 
There are several methods of payment for any existing or outstanding tax liens/judgments on a property.  […]

Tips For Avoiding Foreclosure-Save Money On Entertainment

When the thought of facing foreclosure and possibility of losing your house runs through you mind, you probably are trying to come up with ways to avoid foreclosure, which means one thing: having the money to pay the mortgage bill.  Every little penny matters and can help make the payments.  If the possibility of foreclosure […]

Avoiding Foreclosure Tips-Saving Money On Home Maintenance

When facing foreclosure, it comes down to one main thing; you need money in the bank, to pay your bills.  Sometimes saving your home from foreclosure comes down to having an extra thousand dollars at the end of the year.  By learning to cut expenses down, you can have that extra money and more.
This is […]

Foreclosure Workout and Mortgage Modification under Obama

The new Obama administration has taken drastic measures to help struggling homeowners modify existing loans that may be in or going into default.  Those suffering hardships, experiencing declines in household incomes or rising expenses, rising interest rates, high mortgage debt to income ratios, owing more to the lender than the home is worth or going […]

Average Cost of a Foreclosure Close to $60,000 for Mortgage Lenders

For mortgage companies pursuing a foreclosure, the costs can run exorbitantly high. Mortgage giant Freddie Mac has estimated that the average cost to a lender of foreclosing on a property is close to $60,000, with other estimates placing the total cost to the homeowner, lender, surrounding community, and local government close to $80,000.
Homeowners can use […]

Identifying Foreclosure/REO’s as Investor

Although foreclosure and mortgage default is an unfortunate occurrence for a homeowner, it does provide an opportunity to identify bargain prices for prime real estate.  The best investors are capable of finding potential deals before they go through the foreclosure process, but are also prepared to act during or after borrower default.  There are numerous […]

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