Hey, Mister, Can You Spare A Dime? » Real Estate

The How to Prevent Foreclosure Guide - Free Report

admin — Mon, 02 Mar 2009 19:19:42 +0000

I have obtained a free report that you may find of interest. It’s called The How to Prevent Foreclosure Guide by Leroy Chan, and it’s available without charge from YourCreditRepairStrategies.com.

Chan covers the options available to you when dealing with your lender as well as those relating to the sale of your home. He includes a state by state guide to foreclosure laws, and he recommends some useful resources for home owners facing foreclosure.

Download The How to Prevent Foreclosure Guide

Technorati Tags: avoid foreclosure, foreclosure law, Prevent Foreclosure Guide

Inside the US subprime crisis 01 April 2008

admin — Sun, 08 Feb 2009 14:48:15 +0000

The subprime mortgage crisis in the US is being felt deeply by those in the business of selling homes.
With property sales dipping across the country, property agents are feeling the pinch.
Adam B. Salem is a property agent in the state of Virginia who has a lot of clients, many of them immigrants, who took out subprime loans they can’t re-pay.

He tells his story in his own words.

Duration : 0:2:22

Technorati Tags: "Al, agent, economy, estate, Jazeera, realtor, subprime, subprime mortgage crisis, US

Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?

admin — Sat, 07 Feb 2009 20:56:13 +0000

I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I’ve been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.
The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address.
I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don’t need to borrow to pay debts.

i do not see any problem with you getting the refinance and i would not worry about the business end affected it!!!

Technorati Tags: home business, mortgage payments, refinance, refinance my mortgage, vendor license

How Bankruptcy Can Help Avoid Foreclosure By LJ Adama

admin — Fri, 06 Feb 2009 18:34:03 +0000

If you are in real financial trouble, you may be looking into bankruptcy and foreclosure. If you have exhausted all your options of trying to avoid foreclosure with your lender, filing for bankruptcy may be the right solution for you. When you start missing your mortgage payments, you are in a period know as pre-foreclosure, this is the time you need to consider all your options and make some smart decisions quickly.

Usually if you are in Pre-Foreclosure you will have about 4 months until the bank completely forecloses on you. Use this time wisely and start looking into alternative options. If you have tried negotiating with your lender, a short sale or deed in lieu of foreclosure and none of these options have worked, it is time to look into bankruptcy.

Filing for bankruptcy can possibly avoid or delay foreclosure on your home. For instance when you file for chapter 7 or chapter 13 bankruptcies, the court will issue you an “Automatic Stay.” This is an order for relief, where you creditors must cease collections on you right away. If your home is scheduled for foreclosure sale, it must be postponed, while you await the bankruptcy proceedings.

Of course it would be great if it all works out this way, but of course there are exceptions to the automatic stay. A lender can obtain the courts permission to lift the stay, if this happens you may only have a couple months before the house will be sold.

The other exception is if the foreclosure notice has already been filed. The Automatic stay can’t do much if you are past the pre-foreclosure stages and have already been foreclosed on. For instance if you have received a three month notice of default and then file for bankruptcy after two months have already passed, the three month would elapse after you’d been in bankruptcy for only one month. Therefore you will loose any time that you thought bankruptcy would buy you.

Chapter 13

Filing for chapter 13 bankruptcy can help you eliminate the payment on your second or third mortgage. If your first mortgage is secured by the entire value of your home, you may no longer have any equity to secure the later mortgages. This will allow chapter 13 to discharge the second and third mortgages and recognize them as unsecured debt. Which under Chapter 13 usually does not have to be paid back. You will want to hire a local bankruptcy attorney to make sure this gets done correctly.

Chapter 7

Filing for chapter 7 bankruptcy won’t make your foreclosure go away, but it can buy you time. It can give you an extra two or three months, before your house can be sold on you. This time can be vital, for securing a new living situation and saving up money. Filing chapter 7, you can live in your home free while you waiting for your bankruptcy discharge. Chapter 7 can cancel your debt that is secured by your home; including the mortgage, as well second mortgage and home equity loans.

In conclusion, if you’re running into some financial hardship, don’t ignore your problems and wait for the last minute to do anything. If your facing foreclosure, bankruptcy is something that can help buy you time, but don’t just file with out a back up plan. You have to have some sort of idea on what your going do after filing for bankruptcy and what steps you can take to have more secure future.

LJ Adama writes articles on financial advice and bankruptcy help. To get a better understanding for filing bankruptcy and to learn about chapter 7 as well as chapter 13 please visit http://www.bankruptcychapter7and13.com/

Technorati Tags: bankruptcy, filing for bankruptcy, foreclosure

Facing the Mortgage Crisis | KETC | Pagedale

admin — Fri, 06 Feb 2009 13:56:05 +0000

From KETC, LIVING ST. LOUIS as part of the “Facing the Mortgage Project” Initiative, Producer Jim Kirchherr visits Pagedale, a community in North St. Louis County. Pagedale is representative of many of St. Louis’ post-war, blue collar suburbs where the recent economic situation has lead to rising foreclosures. Kirchherr also attends a free foreclosure clinic in Jefferson County, where residents learn about resources available for istance in facing their mortgage problems.

Duration : 0:4:15

Technorati Tags: crisis:, Financial, Financial Crisis, foreclosure, Housing, KETC, McCaskill, mortgage, mortgage crisis, Post-war, pride, refinancing, setbacks, St., St.Louis, sub-prime mortgage crisis, suburbs

Mortgage Workouts - There Is A Solution! By Joel Steinberg

admin — Fri, 30 Jan 2009 04:01:18 +0000

If you are a victim of the mortgage crisis, now is the time to take action and fix the situation. I have helped many people get better loans, many times with their present, mortgage company, by taking advantage of this mortgage crisis, and forcing your mortgage company to negotiate a better deal. There is a solution.

You may have one or more of the following issues: a) an adjustable rate mortgage that has escalated or is about to escalate, b) a crisis that has caused you to fall behind on your payments, c) house value going down or d) facing foreclosure.

Through experience, time taken to develop the right contacts at several mortgage companies who who can act to help you, and presenting the right facts and arguments on your behalf, we have developed techniques which very often can give you a fresh start with your existing mortgage company.

Many times, people have the ability to pay a a mortgage but simply can not catch up the arrearage, or figure out how to get out of the mess. With the onslaught of foreclosures, and congressional pressure to make deals, having the right workout professional on your team can often change your life so you can keep your home and afford it.

If you think you may be able to benefit for our services feel free to call for an immediate assessment.

Above all, do not hire anyone who attempts to take tile to your home and then negotiate. A
mortgage workout specialist should be someone who negotiates with your existing mortgage company for better terms.

Joel Steinberg, of Alexandria, Virginia, is President od Midatlantic Mortgage Solutions, Inc, in Alexandria Virginia.
He is also is a mortgage loan consultant affiliated with MortgagePrime in Vienna Virginia. He has over 20 years experience dealing with obtaining mortgages for his clients.
Through his diverse experince, he has developed programs to workout mortgage solutions for people who are victims of the current mortgage crisis.
He is current with all the new programs, including FHA, and Jumbo loans. He also assists people in getting placed with better loans as soon as possible after a Chapter 13 is discharged, or one year after the Chapter 13 started. He also aids his clients in getting there application “credit ready”. He can be reached at 703 637-3746, or on his cell at 703 298-6198

Article Source: http://EzineArticles.com/?expert=Joel_Steinberg

Technorati Tags: mortgage crisis

What Did You Do During The Depression, Daddy, by Ken McVay

admin — Mon, 15 Dec 2008 05:15:31 +0000

What Did You Do During The Depression, Daddy?

According to financial experts interviewed on a recent “60 Minutes”
(12/14/2008), the Sub-Prime Mortgage Crisis in the United
States was only the tip of the iceberg.

That, they said, is because two other types of highly speculative mortgages
which were widely sold during the past 5 years are beginning to reset.

That is, the initial rates, some as low as 1%, are about to reset to much
higher rates, and another equally disastrous wave of defaults and foreclosures,
which has already begun, will probably result in another 8 million Americans
losing their homes in the next few years.

Whitney Tilson is an investment fund manager who has attracted the
attention of fund managers themselves handling about $10 Billion dollars.
Tilson is the founder and Managing Partner of T2 Partners LLC and
the Tilson Mutual Funds. (http://www.T2PartnersLLC.com)

A year ago, Tilson predicted that sub-prime mortgages were just the tip of
the iceberg. As 60 Minutes revealed, “In 2007, Tilson teamed up with Amherst
Securities, an investment firm that specializes in mortgages. Amherst had done
some financial detective work, analyzing the millions of mortgages that were
bundled into those mortgage-backed securities that Wall Street was peddling.
It found that the sub-primes, loans to the least credit-worthy borrowers, were
defaulting. But Amherst also ran the numbers on what were supposed to be higher
quality mortgages.

“It was data we’d never seen before and that’s what made us realize, ‘Holy cow,
things are gonna be much worse than anyone anticipates,’” Tilson says.

The trouble now is that the insanity didn’t end with sub-primes. There were two
other kinds of exotic mortgages that became popular, called “Alt-A” and “option ARM.”
The option ARMs, in particular, lured borrowers in with low initial interest rates -
so-called teaser rates - sometimes as low as one percent. But after two, three or
five years those rates “reset.” They went up. And so did the monthly payment.
A mortgage of $800 dollars a month could easily jump to $1,500.

Now the Alt-A and option ARM loans made back in the heyday are starting to reset,
causing the mortgage payments to go up and homeowners to default.”
(http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml)

Whether you are a Real Estate professional or a long-haul trucker, this information
cannot come as good news. A massive financial disaster is already upon us, but,
if Tilson is correct, things are going to get much, MUCH worse in the next 2-4 years.

When asked just how big the coming disaster might get, Tilson said, “”Well, the
sub-prime is, was approaching $1 trillion, the Alt-A is about $1 trillion. And then
you have option ARMs on top of that. That’s probably another $500 billion to $600
billion on top of that.”

In short, friends, things are going to get immeasurably worse before they get better,
and the only question that matters is this: “What are you prepared to do about it?”

A world-wide financial meltdown, one greater in magnitude than the Great Depression of
1929, lies just around the corner.

Tens of Millions of jobs will be lost - yours perhaps among them. Will you take your
place in the soup lines, or will you seize the opportunity presenting itself and
take control of your future instead?

Technorati Tags: depression, Financial Crisis, recession, speculative mortgages, sub-prime mortgage crisis, Whitney Tilson