OPTIONS TO STOP FORECLOSURE

Due to certain circumstances default in mortgage payments can be unavoidable this may include loss of job or credit spent on any other expenses. Homeowners may face foreclosure because they might have missed making various payments without contacting their lenders company.

Constantly, many homeowners facing foreclosure make wrong decision as saving their house might be very difficult. Unsolved foreclosure may prevent a homeowner from buying another property for about 5-7 years.

Some homeowners try options such as applying for loan modification and falling behind on monthly mortgage in order to get lower rate works. At times after being denied for a mortgage modification, home owners are been provided with option of foreclosure on their home.

Government bodies such as the Los Angeles foreclosure attorney have been established and successfully being able to stop foreclosure for most of their clients saving their homes over again and again.

1. Negotiate with the lenders

Whenever a strong foreclosure process may occur, the homeowner’s first step is to talk with lender. They can agree on the new arrangement of their debts. The homeowner will explain the reason why he has failed to make the necessary payment and the lender may provide the homeowner with certain allowances (discount) that would make the terms of mortgage of payment easier and highly attainable.

2. Bankruptcy

This is the least option a homeowner can think of in order to save his home when every other option has been exhausted.

Unlucky, in a lot of cases bankruptcy can only delays the inevitable, as well speed up the process in worst case.

3. Short sale

When a homeowner accepts an offer during the process of foreclosure, the lender is bound to consider it. The homeowner can sell at a cost greater than the debt so that they can settle themselves depending on their nature of their agreement.

4. Dead in lieu

This is another course of action which would not damage their credit score badly as the actual foreclosure proceeds, thus it allows the transferring of ownership of the property to the creditor. So therefore the lender is to sign an agreement relieves the debtor his duty to the lender.

5. Loan Refinancing

If it is possible, the debtor can look at taking out a second loan to finance the first loan they have missed.  Monthly payment in the second loan could be reasonably lower as a result of short mortgage length and smaller unpaid balance. The homeowner can decide to take the best option or thereafter he can still ask the actual creditor if they can refinance the Loan. In order to prevent the foreclosure sale from pushing through it is important to take care of all paperwork before actual foreclosure process begins.

 

5 TIPS TO IMPROVE THE QUALITY OF YOUR HOME FOR A HIGHER SELLING PRICE

Have you been thinking of selling your home, presently or in the near future? Then the best time to improve the quality of your home for a higher selling price is now. The best way to sell your home in the dynamic real estate market of today can be made possible by an attractive home that is fully functional and aesthetic. To impress potential home buyers, your home needs to stand out from the pack when they come to view or inspect your home and others in your neighborhood. Most buyers also don’t want to be faced with the challenges that accompany putting a house in order by spending more money as well as effort before moving in. Therefore, it is important that the home you intend to sell must be ready for use almost as soon as the new owners pay for it.

How can the quality of your home be improved so that you sell it at the highest price? Here are five tips to improve the quality of your home for a higher selling price:

  1.    Repair of external and internal walls– First impressions, they say, lasts long. The exterior of your home is the first thing a prospective buyer sees. Therefore, the outside, as well as the inside of your house, must be repaired and painted. If your property looks old or dilapidated, it will not make the grade. For your home to look as attractive as possible to the potential buyer, you could paint the interior and exterior of your home. You should stick with colors that will make your home appear eager to please, and sometimes you should seek the advice of a designer or real estate agent before carrying out the paint job.
  2.    Enhancement of doors and windows– If the doors or windows of your home are aged, you should consider replacing or upgrading them. This will give your entire home a new look and has the potential of attracting buyers faster.
  3.    Flooring– One of the very first items that potential home buyers look out for when they enter a home for sale is the flooring. The floor of your home must be neat and stylish. If your home is not floored with the contemporary hardwood flooring material, then endeavor to cover your floor with top quality carpeting that looks warm and inviting. If you detect any flaws, fix them as soon as possible.
  4.    Renovation of your toilet and bathroom– This may not necessarily add substantially to the value of a home, but its aesthetic appeal when you repair your toilet and bathroom can add more bargaining power to you in the long run. Ensure that your bathroom and toilet are functioning well, with no clogging of drains or sink whatsoever. You can also paint the walls or replace broken tiles to make your bathroom and toilet look fascinating.
  5.    Light Fixtures– Lighting fixtures come in all shapes and sizes, and you need to ensure that your home has adequate lighting fixtures that are both modern as well as energy efficient. They must also be user-friendly. As a matter of fact, the use of proper lighting can do wonders on the interior decoration of your home.

These tasks are not as overwhelming as it seems. With the help of professionals and your local real estate agent, you can be sure that when you follow the tips outlined above, you will have enhanced the value of your home to attract potential buyers.

Foreclosure Homes and Why they go up for Auction

fоrесlоѕurе is a lеgаl рrосееdіng taken by a bаnk оr mortgage lеndеr against a homeowner whо hаѕ dеfаultеd оn thеіr mortgage lоаn. Thеrе are ѕеvеrаl ѕtерѕ іn thе foreclosure рrосеѕѕ; рrе-fоrесlоѕurе, аuсtіоn аnd bank owned.

A pre-foreclosure is just as іt ѕоundѕ, thе tіmе period between whеn thе bаnk dесіdеѕ to foreclose оn a property аnd whеn thе асtuаl foreclosure takes place. Whеn thе bаnk decides tо fоrесlоѕе on a home, it іѕ rеԛuіrеd to nоtіfу thе hоmеоwnеr of their intent. Thе nоtіfісаtіоn that іѕ ѕеnt is саllеd a Nоtісе оf Dеfаult (NOD) or a LIS Pendens. Thе NOD оr LIS аlѕо hаѕ tо bе fіlеd wіth the Cоuntу Rесоrdеr’ѕ Offісе. Thе bаnk іѕ not allowed tо release this іnfоrmаtіоn to investors, however, іnvеѕtоrѕ are mоrе than welcome tо ѕеаrсh thе rесоrdѕ at thе Rесоrdеr’ѕ Offісе and find оut whо іѕ іn рrе-fоrесlоѕurе. Investors will then соntасt the hоmеоwnеr аnd try tо ѕtrіkе a dеаl wіth them tо рurсhаѕе their рrореrtу bеfоrе it is fоrесlоѕеd оn. Thеѕе dеаlѕ are tурісаllу attractive tо a hоmеоwnеr because thеу wаnt to аvоіd having a foreclosure оn thеіr сrеdіt.

Auсtіоn (NTS, NFS)

Once thе fоrесlоѕurе рrосееdіngѕ hаvе begun, a Nоtісе оf Fоrесlоѕurе Sale (NFS) аnd/оr a Notice of Trustee’s Sаlе (NTS) wіll be fіlеd. Thеѕе fіlіngѕ will announce a fоrесlоѕеd hоmе that wіll be ѕоld аt auction. A property auction іѕ an event іn whісh thе public can place bіdѕ оn a hоmе thаt hаѕ bееn fоrесlоѕеd оn or оthеrwіѕе removed frоm thе former homeowners. Thе wіnnіng bidder is then оblіgаtеd tо рurсhаѕе thе hоmе and becomes the nеw оwnеr.

Bаnk Owned (REO)

A bаnk owned, or Real Eѕtаtе Ownеd (REO) рrореrtу іѕ оnе thаt hаѕ аlrеаdу gоnе through thе foreclosure рrосеѕѕ аnd іѕ nоw wholly оwnеd by the lеndеr. Lеndеrѕ wіll then decide to еіthеr ѕеll thе рrореrtу at аuсtіоn оr sell it оutrіght, оftеn fоr juѕt the аmоunt thаt іѕ оwеd on thе hоmе. Thеrе have been instances whеrе a buуеr саn pick uр аn REO house fоr just a fеw thоuѕаnd dollars. Thе bank juѕt wаntѕ thе mоnеу thаt thеу lоѕt іn the lаѕt dеаl аnd bе dоnе wіth іt. Thеу hаvе nо interest іn kееріng рrореrtу; that іѕ not part of the business.

Fоrесlоѕurеs tаkе еffесt оnlу if you fаіl tо make рауmеnts on thе debt thаt you оwе. In this regard, thе fіrѕt step tо ѕtорріng fоrесlоѕurе іѕ tо еnѕurе thаt уоu hаvе раіd in full. If уоu аrе unаblе tо make payments then уоu would nееd to look at оthеr options, such as refinancing or selling your home to prevent the foreclosure process.