Foreclosures

Foreclosure Secrets-Watch-Listen-Learn Webinar On Buying Foreclosures The Right Way

As a Twin Cities Realtor, I work and market homes within the area of distressed homes as well as the non distressed home marketplace. I work with a group of banks, investors and Realltors that market, sell and invest in foreclosed homes. Many people approach me to buy a foreclosure propery as either a primary residence or as an investment. I would like to make one thing perfectly clear-BUYING DISTRESSED PROPERTIES IS NOT LIKE BUYING A REGULAR HOME FROM A REGULAR SELLER IN A NATURAL MARKET. Now that we are clear on that point, I’d like to strongly recommend you watch this webinar. This webinar will explain what to expect and the entire process. When you become a client, I will walk you through this information as well. Having this knowledge upfront is INVALUABLE. My advanced training and experience in this area of the market will help you navigate the process.

PLEASE take an hour of your time and view this webinar:
http://www.xiosoftpresenter.com/Default_xpv2.asp?eventid=7231737

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National Foreclosure & Homeowner Resources

The Home Affordable Refinance Program
http://www.MakingHomeAffordable.gov

HOPE Now

http://www.HopeNow.com

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The Foreclosure Process and Alternative Options

Unfortunately there is a huge amount of foreclosure that are going on across the United States, and Minnesota is no exception. There have been many people who have ended up bailing out on a Minnesota mortgage, only to end up having their home foreclosed on. It is both difficult for mortgage companies as well as homeowners and so many foreclosures are occurring. Even though there is a redemption period in Minnesota that is 6 months if you have a primary residence, you’ll find that there are still far too many foreclosures occurring. Let’s take a look at the stages of the foreclosure process, the reasons so many lenders are not interested in distressed real estate in MN, and some alternative options to foreclosure that you have as a homeowner.

The Stages of the Foreclosure Process

First of all, it’s important that you understand all the stages of the foreclosure process. Basically a foreclosure happens when owners can’t make their payments, which leads to the piece of real estate being taken and sold by the lender in order for them to try to recover the money that they lose from the mortgage. Here are three stages in the foreclosure process.

• Stage #1 – You Miss 3-6 Payments – The first stage of the foreclosure process is that you start missing payments. While usually you’ll find that the lender can’t do something right away, once you miss 3-6 payments, you’ll find that this can begin the first stage of the foreclosure process. If you begin missing payments, it is important that you work to find a resolution before it even gets this far in the process. You’ll have more options the sooner you try to solve the problem.

• Stage #2 – Notice of Default – The next stage is when you get a Notice of Default. After you have missed too many payments, then a trustee is going to be ordered to record one of these notices by the lender. This is done at the County recorder’s Office. This means that you will be notified that you are going to face a foreclosure in the future. Then you have a reinstatement period that will go until about 5 days before the auction of the home. You want to leave enough time before the actual sherrif’s sale.

• Stage #3 – Notice of Sale – The next stage in the process is the Notice of Sale. If the loan is not brought current, then the sale date will be made. The notice of the sale will also be put up on the property as well.

Reasons Lenders Don’t Want Distressed Homes

Many times when people are going through a foreclosure, they cease to care about their home. Often they are not able to keep up with repairs that need to be done, which can lead to the homes becoming distressed. Most lenders out there are not going to want to own distressed real estate in MN for a variety of reasons. Here are a few of the reasons that they don’t really want these homes that have become distressed.

• Reason #1 – Too Much Work – First of all, dealing with distressed real estate in MN is just too much work for lenders. Usually they come with problems that would have to be fixed before a sale could occur. Lenders just want to get their money and they don’t want to spend time working on the property. So, this is one reason that they don’t want these homes.

• Reason #2 – Costs Money to Fix Problems – Another reasons that they don’t want to deal with distressed homes is that it takes quite a bit of money to fix up these homes much of the time. They are already facing a loss, so the last thing they want to do is actually spend money trying to fix up homes that have been distressed due to problems with foreclosure.

• Reason #3 – They Lose Money – If lenders end up having to deal with distress real estate in MN, usually they end up losing money. They are working to find options where they don’t lose a huge amount of money. Distressed homes will just make them lose more money, so they don’t want to have to deal with them and will look for other options

Alternative Options to Foreclosure

Of course there are some alternate options to foreclosure that can help out homeowners and lenders alike. Finding an option to foreclosure is definitely a great idea. Here are just a few of the best options to foreclosure that can save the day if you are facing a foreclosure in the near future.

• Option #1 – Refinancing – One option that you have is refinancing when you are trying to avoid foreclosure. In some cases you may be able to get a mortgage refinance that will bring your mortgage current and help you to avoid going through the foreclosure.

• Option #2 – Forbearance – Forbearance on the part of the lender is another option. However, you’ll have to prove that you are having financial difficulties if you use this option.

• Option #3 – Short Sale – A short sale is an excellent option that is available if you are trying to avoid a foreclosure as well. Often this helps to lenders to get most of their money, although they probably won’t get all of it. However, they are often ready to go with this option if they need to.

• Option #4 – Mortgage Modification – Mortgage modification can be a help as well. If the lender will modify the terms, give you a lower interest rate, or tack on missed payments to the end of the loan, you may be able to avoid the foreclosure, which benefits the lender and the homeowner.

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Foreclosure Sales – A Real Estate Agent Can Help

Today you’ll find that there is a lot of money that you can make by going to foreclosure sales and purchasing them to sell again and make money. This is one great way that many investors make their money today. Although some of these properties are considered to be distressed properties, you’ll find that they are worth investing in. In fact, many investors make their money just from investing in bank foreclosures. So let’s take a look at how you can find foreclosure listings and how to find a great foreclosure real estate agent that can help you to find the listings that you want and need.

Finding Foreclosure Listings

Sometimes you’ll find that finding foreclosure listings is the tough part when you want to invest in foreclosures. Although there are many foreclosed homes out there today, just finding good ones to invest in can often be a problem. So, how can you find bank foreclosures and bank owned properties? Well, here are a few ways that you can find some great foreclosure sales and listings to invest in.

• Searching Online - One great way that you can find foreclosure listings is to take a look at the foreclosure websites that are available on the web today. Just looking online is a great way that you can find out about foreclosure homes in your area and REO properties as well. Although it will take a bit of time on your part, you’ll definitely find that this can be a great way to find the foreclosure properties that you are looking for.

• Looking Through Public Records – Looking for public records can help you to find out about foreclosure sales that are available in your area as well. Foreclosures have to be listed on the public records and you can easily find them through this venue.

• Local Newspapers – Another way to find great foreclosure listings it to take a look at your local newspapers. Most of the time bank sales and foreclosure sales are listed in local newspapers and you’ll be able to find out about them before they happen quite easily this way.

• Using a Real Estate Agent – Using a real estate agent is probably one of the best ways that you can find foreclosure lists to help you find great foreclosures to invest in. Going with an agent that is in your local area is an excellent idea and they can provide you with various services, such as an MLS foreclosure search, first hand knowledge of foreclosure sales, and even information about pre foreclosures where you may be able to purchase a property through a short sale.

Tips for Finding the Best Foreclosure Real Estate Agent

Of course if you are going to go with a real estate agent to help you find good foreclosure listings, you’ll want to find the best foreclosure real estate agent possible. This is very important if you want to succeed at investing in foreclosure properties. So, here are a few tips that will help you to find a top quality agent that is skilled in handling foreclosures.

• Tip #1 – Look for Agents in Your Area – First of all, you’ll want to make sure that you look for agents in your area. This is important because you’ll want to go with an agent that is familiar with the local market and any local foreclosure sales that will be going on. An agent in a town 100 miles away may not be able to provide you with the help that you need.

• Tip #2 – Make Sure They Have Experience with Foreclosures – You’ll also want to make sure that you go with a real estate agent that has experience with foreclosures. Investing in foreclosures is not easy and it takes experience. The last thing you need is a real estate agent that doesn’t even know how to do a MLM foreclosure search for you. So, if you want a great agent that will help you out in this area of investing, make sure that the agent has experience with dealing with foreclosure properties.

• Tip #3 – Ask for Referrals – Asking for referrals is a great idea as well when you’re trying to find the best foreclosure real estate agent. Take the time to ask other foreclosure investors about the agent that they work with. If you have an agent in mind, ask that agent for some referrals that will give you an opinion of how they work with foreclosures. A good track record will speak for itself.

• Tip #4 – Look at Foreclosure Signs – If you’re out looking for properties that are being foreclosure on, then take a look at the foreclosure signs that you see. Take note of names and numbers of the real estate agents that are handling these foreclosure sales. This will give you some ideas of real estate agents in your area that work with real estate foreclosures already.

• Tip #5 – Get Recommendations from Other Professionals – Getting recommendations from other professionals is a great idea as well. Talk to other investors and find out who they use when they are dealing with foreclosure listings. Usually other real estate investors will be able to help you find the best foreclosure agents around that can help you to find great foreclosure listings so you can make money investing in foreclosures.

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Foreclosure Options: What Happens When You Can’t Make the Payment?

If you are facing a foreclosure, you will often feel as if there is just one option and it is by no means pleasant for you!  With that in mind, there is a good chance that you are feeling stressed, panicked and upset.  While foreclosure on a home that you are living is very much cause for alarm, take a moment to breathe and to really consider your options.  There are many different choices that you may have in front of you, so make sure that you aware of them.  No matter what is going on, or what stage of foreclosure you are in, you’ll find that understanding your choices and what the consequences are can help you a great deal.

Although it will end up costing you money, and although there will still be a drop in your credit rating, you may be interested in seeing if a short sale is available. In a short sale, you  are essentially selling someone the house based on the amount that still needs to be paid.  With a short sale, you’ll find that you are in a place where the lender will agree to discount a loan balance.  There are several circumstances that need to be met before you qualify for a short sale, so take some time and really consider whether this is the right option.  With this option, you will need to enter into communication with a bank’s loss mitigation department.  You will sell the property for the outstanding balance of the loan and then turn the money over to the lender.   There are lots of standards that need to be met if you are in a place where you want a short sale, so make your consultation as soon as you know that this is an option that interests you.  In many cases, banks will only allow this if you are looking at a case of financial hardship and if the market will allow it.

Another option that you have in front of you when you are thinking about what your choices are going to be in the event of facing a foreclosure is the prospect of renting the property out.  If you have family members or friends that you can live with, you may find that setting yourself up as a landlord and renting the property out for the cost of the mortgage can go a long way towards getting you back on track.  This is something that many people are interested in, and if you have any sort of experience working with renters, you’ll find that you are in a terrific place to start looking around. Make sure that you have a place to stay, and always interview your renters before you give them the key, but in many places, this can be something that will get you right back to where you need to be. Renting out the property to reliable people is a good way to make sure that foreclosure is something that you are not going to need to worry about.

Also keep in mind the fact that you can always go to a deed-in-lieu in order to avoid foreclosure.  Although the result is the same, you will find that the process is one that can be quite a bit easier on you.  Essentially, you will find that when you have decided to go with a deed-in-lieu that you will essentially be turning over the property to the lender so that it can be sold and the lender can recoup their loss.  One of the major advantages that this method of sale has for you is that it can immediately from most or all of the debt associated with the defaulted loans.  You will be able to avoid the publicity of a foreclosure and in many ways, you will find that are lot of different ways that this can work in your favor.  While the downside of this arrangement is still that you are going to lose your home, you’ll find that it can get you into another home much more quickly.

As soon as you are afraid that you might be in a situation where a foreclosure is likely, call up your lending institution and start talking with them.  There are many different things that you can do when you are in a place where are facing financial hardship, and you never know when they are going to be able to give you an option that will allow you to avoid foreclosure.  Remember that the more time you give them before you miss a payment, the more options you will have towards saving your home.  This can make all the difference in the world, so get things taken care of as early as you can.

Remember that when you are facing a foreclosure that you still have options in front of you. Contact third party counselors and make sure that you are getting all the choices you have in front of you.  When it comes to a foreclosure, remember that you are never as lost when it comes to options as you might be afraid that you are.  Look into organizations like HOPE NOW and the Homeowners Preservation Foundation.  You may be surprised at the resources that they can provide you with.  The more information that you have when you are looking to go into such a scary time, the more likely it is that you will come out of it unscathed.

If you are in a place where you are looking at getting the right kind of work taken care of, the better your options are going to be.  Consider what is going on and what events in your life are shaping it, and always make sure that your situation is such that you have all the information that you need as soon as you need it.

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Save Your Home From Foreclosure-WORK It Out

When you are in a place where you are facing foreclosure, you may very feel as though the world is very frightening place.  Having your home threatened and feeling as though there is nothing that you can do about is terrifying, but the truth of the matter is that there are many things that you can do.  Don’t let panic and increasingly angry calls from your lender get you down.  Once you have a plan in place and know what is going on, you will find that you are going to feel much better.  Foreclosure is something that should be avoided at all costs, and the truth is that there are methods that can help you get back on track.

First, consider the reinstatement of the existing loan by making up back payments and fees.  This is perhaps the most basic and straightforward way to get out of foreclosure.  Remember that the bank wants to avoid foreclosure nearly as much as you do, given the loss that they take.  When you are able to get back to square one by making up back payments and fees, you’ll find that this is certainly what you want to do.  This is perhaps the ideal solution, but it can be a difficult one to accomplish.  Typically, people can get to this place by making cashing in on assets or even by selling other property.

Another thing that you want to consider is the possibility of modifying the existing loan.  Consult with your bank, or even consider refinancing.  You may find that it is possible to lower the balance, the payment and the interest rate right across the board.  Take some time to do your research, especially if you have a feeling that there might be hard economic and financial times coming.  Take some time and really consider what your options are going to be in this regard.  The sooner you act, the more likely that you and your lender can make this this action come to pass.

When the foreclosure process is looming large and seems inevitable, you’ll find that it is time for you to consider finding out if a forbearance is possible.  A forbearance is typically only possible if you are in a place where financial hardship has been an issue, and if you are going to be able to pay off the debt at a latter time.  A forbearance can be extremely helpful, as it can have you staying in your home without needing to make payments for up to a year.  Within a year’s time, you may have been able to recover from any medical bills that were an issue, or even find a new job if you have been let go.  With a foreclosure, you’ll find that you are in a place where you need to think about reinstated-back payments/fees are added to the back of the loan or even forgiven.

The issue of what do when you are facing a foreclosure is a difficult one to deal with, but the first and most important thing that you need to keep in mind is that the earlier you deal with it, the better.  When things are falling apart, when medical bills are piling up or even when you have lost your job, it can be difficult to know what fire to put out first, but remember that you are dealing with a situation where you need to take care of your housing.  When you see the economic equivalent of an avalanche heading your way, make sure that figuring out what to do with your mortgage is your first priority.

Remember that the lending institution is not a force that simply wants to take your home from you.  In all likelihood, they would rather that you stay right there and pay out on the investment that they have made on you.  Consider what your options are going to be and make sure that you consult them early and often when it comes to possible financial difficulty.  The earlier a problem is caught, the more likely that it can be solved in your favor.  The situation that you have is one that many, many people find themselves in.  Consider what your options are and what you can do when you are looking at getting the results that you need.

Another thing that you should consider is that there are third parties out there who are willing to give you advice and support, and in many cases, they are willing to give it free of charge.  HOPE NOW and the Homeowners Preservation Foundation are just two of the organizations that can do you a great deal of good.   They have toll free numbers and in many cases they can help you put together a plan that will enable you to avoid foreclosure all together.  The Homeowners Preservation Foundation is can even provide HUD approved counselors to get you back on track.  Remember that you have many different options available, and that these are just two of the larger ones.  Also look for help from more local sources.

Keep in mind the fact that foreclosure is not something to be ashamed of.  It is something that happens to thousands of people, and there are solutions out there.  Do not let this problem go until is something overwhelming and difficult to cope with.  Consider what your issues are and what you can do to solve them.  Taking action right now is something that can do you a great deal of good, so ease back and really consider your options.

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Third Party Advocates You Need To Know If You Are Foreclosure

If you are facing foreclosure, it can often feel as though your life is falling apart around you.  The truth is that with more and more households looking at the specter of foreclosure and with the current economic climate making this a frightening reality, this may well be something that you need to consider.  The problem that many people run into when they are facing foreclosure is that they feel that they are facing it alone.  If you are the prime breadwinner in your home and if you are the one who is making all the financial decisions, you’ll find that there actually is help out there.

Stress can be something that is very loud, and one of the most harmful things that getting overwhelmed with an imminent foreclosure can do is that it can convince you that there is no one out there that can help you.  No matter what stage you are at when it comes to your foreclosure and no matter what situation pushed you to this point, there is help available, and there are many people who are willing to give you the resources that can help make foreclosure much less painful or even stop it from happening at all.

When you are in a place where you need to think hard about foreclosure, make sure that you think about some of the following resources.  Take some time to really consider what your options are and see what these third party advocates can do to help you recover and get back to a more financial and secure place.  There are definitely actions that they can take that can help you a great deal, and you will also find that you are going to be in a place where they can show you what the next step can be.

The HOPE NOW Alliance

With the HOPE NOW Alliance, you’ll find you can have access to counselors, mortgage companies, investors  and other mortgage market participants.  These professionals are all dedicated towards helpin you keep your home, and essentially, this group was designed with that idea in mind.  They take a great deal of time in order to reach out to homeowners who are in distress.  Essentially, they can help you stay in your home and they will work with you so that you have a good plan that allows you to do so.  The HOPE NOW Alliance is specifically designed to give people options and choices and when you are facing a foreclosure, you may feel that you are in place where you have none.  The Department of the Treasury and the U.S. Department of Housing and Urban Development  both encouraged the forming of this alliance and its efforts.

The Homeownership Preservation Foundation

Another resource that you have to look at when you fear foreclosure is the Homeownership Preservation Foundation.  The Homeownership Preservation Foundation is essentially a counseling service that is designed to help you work towards finding a solution.  The entire mantra of this foundation is that the sooner you call, the better off you are going to be when it comes to keeping your home.  The site reminds you that you are not alone, and that there are millions of people who have problems with their mortgage every year.  The Homeownership Preservation Federation has been helping people find ways to keep their homes since 2002, and they have provided more than 300,000 people with help and education in this regard.  Their goal is to help you avoid foreclosure, and they are listed as an independent provider of HUD approved counselors.

Local Religious Groups

One part of dealing with foreclosure is going to be dealing with the stresses and the fears, and because of this, you may wish to take a look at the resources that are available to you at your local religious organization.  Not only will you be making sure that you are connecting with your community, they may be able to put you in touch with local resources or advocates that advertise only within your area.  Don’t underestimate the simple effect of being able spend your time speaking with someone who will not judge you.  Consider what your life is like, and consult with the local religious figure in your area. Even a small measure of peace can go a long way towards helping you deal with the problems that you are facing.

For Profit Companies

When you are in a place where you need to think about foreclosure, you will also find that there are a number for profit organizations that will negotiate on your behalf.  Take some time and do some research; you’ll find that there are many organizations which are dedicated towards helping you figure out your situation and even negotiating with the banks on your behalf.  While these companies do require payment and they have fees, you will find that it can be helpful to get in touch with a service that will go to bat on your behalf when it comes to how you are going to be able to talk with your bank.  Consider what your options are going to be for payment, and you may find that looking into for profit companies can go a long way towards getting you out of your foreclosure needs.

Do not let your fear of foreclosure keep you from seeking help.  There are many resources that are available to you when you are looking at getting your needs taken care of, and at the end of the day, the faster you consult with them, the better off you are going to be  Consider the resources above, and make sure that you understand what is available.

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