Foreclosure basically refers to a situation in which a borrower fails to repay the loan or debt amount to the lender because of any financial crisis. When a lender offers a loan amount to a particular person, he/she takes a security interest before granting the loan. The borrower has to mortgage an asset like his/her property to successfully get the loan. At any time, if the borrower does not pay the monthly payment, the lender has...more
Tim Mackey is a managing partner at Mackey Law Firm PC and a Scottsdale-based short sale lawyer. According to Mackey, choosing whether to try and sell a home as a short sale or to enter into foreclosure is a personal decision that each homeowner has to make for himself. However, from a credit perspective, a short sale is almost always going to be the better option between the two. The real benefit of a short sale is that the...more
If you are buying foreclosure for the first time and are considering Fannie Mae foreclosures, there are important things that you should know in order to make the right decisions. The right knowledge coupled with the right skills can easily translate to successful foreclosure investing.Prepare Your FinancesBuying a house means having to secure financing unless you can easily pay in cash for the entire purchase value of the property. Understand that the lender would be interested in finding out your overall financial capability as well as the credibility of your credit before it will approve your application. In general, be prepared to provide them the necessary documents that will show your financial integrity, sources of income, sound credit score as well as your history of employment. All these information are useful information that the bank will utilize in assessing your mortgage application.Also, be prepared to make a down payment. Your lender will definitely want to know how much you could put up for down payment. More often, this could signify to the lender your level of commitment in purchasing the property.Buying Fannie Mae foreclosures will also require you to come up...more
What is foreclosure?Banks can take possession of or even a sell off a mortgaged property if the borrower fails to meet his or her payments. This legal procedure known as foreclosure is very serious in that it can stay on your credit report for seven years and could affect your chances of obtaining credit in the form of credit...more
Facing ForeclosureRecession is very much part of our lives now and a result of this, many Americans are facing or have already lost their jobs. This has led not only to an increase in unemployment but has sadly resulted in many people facing foreclosure, as they are unable to make mortgage payments to their mortgage lender. ...more
The most important checkpoints in the homebuying process using case studies from my experience in dealing with Malibu foreclosures:The most expensive purchase you will likely make and the most stressful - is that of a house. Well, I've compiled the process into an easy to read list for you:before we get started however, if you desire a home in Cali, look for Malibu foreclosures on the search engines.Step 1 - Your loan institution qualifies you for a loan amountGetting pre-qualified for a mortgage is the most important step to take care of. The amount that your chosen institution agrees to loan you will inform you of your budget. From your loan amount, will be able to work out how much you will be looking at in terms of monthly repayments.Step 2 - Homebuyer Makes Purchase Offer On House With Assistance From Real Estate AgentEmploying the help of a real estate agent will likely be free of charge. Normally, the seller pays the Homebuyer's Realtor a commission. A realtor will also help the buyer with the home buying process and liase with the seller for a better price. The Real Estate Agent will also help the client is negotiating the terms of the sales contract. Realtors...more
Anyone can face foreclosure problem due to divorce, loss of a job or illness, there are various reasons. If you have received a notice of default, you may feel powerless. But you dont have to worry as you still have 90 to 120 days. Refinancing is...more
In the recent surveys it has been unveiled that foreclosures in Hampden County,Massachusetts were up close to 50% for the first four months of 2010 compared to the same period last year.This clearly indicates that in Massachusetts...more
Many people looking for great deals have found them in Sarasota Florida Foreclosures. They feel that the prices that they are seeing now in late 2010, will never be seen again.To give you a little history, Sarasota Real Estate was one of the best...more
A foreclosure occurs when a lender pursues his lien on a property. It can happen after 90 days of non-repayment of the loan. The lender can either repossess the property or open it to bidding. The title is thereby transferred to the...more
If you want to ensure that the properties you are getting are of high quality, use only reliable Suntrust foreclosure listings. To protect your money and investment, you should only get the best foreclosure list and use it to your advantage. The best...more
Now is time to address and resolve your IRS Tax Debt. The IRS has implemented unprecedented Leniency Programs and there has never been a better time to solve your IRS Tax problems than now. Here is a sample of a few IRS workout options available,...more