how to stop my foreclosure

A few months ago, all I could think about was "how to stop my foreclosure". Our mortgage adjusted, payments doubled and I was a stressed out lunatic.

 

I had to calm down, because I didn’t want to end up with a foreclosure on my credit record and a divorce to boot. My wife sensed I was very stressed out and cut me some slack.

We called our lender time and time again, but nothing worked. I was a contractor and work was slowing down to a crawl. Finally, it became quite apparent to me that I was going to lose my house and I started to look for rentals to move to.

One day, a friend told me to look up a company online. He said they helped out his neighbor. I really had nothing to lose, so I checked it out. It was a stop foreclosure service, but it was different.

An attorney challenges your loan in many ways and this immediately freezes your mortgage until the case is settled. This meant I would not have to pay my mortgage for 4 months to even years if it was tied up long enough.

There are no credit ramifications to this and no interest or late fees can build up either. It sounded pretty good, but what does this accomplish?

Well, after speaking with them, I learned that for a small fee they could perform this service for me. The major benefit is that you get to save up your money for months or years and then decide the best course of action. You also get to stay in your home much longer. When they challenge your loan, they also look for inconsistencies and misrepresentations made by your lender or its employees. If these are found, you may be due financial relief. Also, it could make your lender much more likely to renegotiate your mortgage payments to something more affordable when the case is settled.

There is a money back guarantee and they have a 100% success rate so far, so Im going for it. No longer will I wonder how to stop my foreclosure.

For more information on this service to stop foreclosure and freeze your mortgage payments, please visit the following links: stop my home foreclosure or how to stop my foreclosure

Article Source:http://www.articlesbase.com/real-estate-articles/how-to-stop-my-foreclosure-919911.html


Foreclosure Property Within Everybody’s Budget

One of the biggest myths prevailing in the mind of customers is that if you do not have very deep pockets, buying a house for yourself can turn out to be a distant dream. This can be true for expansive pieces of real estate but when one can purchase foreclosure homes at fraction of their actual market price, the myth stands shattered. Everybody can aspire and achieve their dream homes by purchasing foreclosure properties provided they spend some quality time researching and preparing themselves for the task.

Advantages of purchasing foreclosure properties

People purchase foreclosure properties for variety of reasons. But the underlying theme is same. They are getting a wonderful property at a price which is way below its actual market worth and therefore is within their budgets and reach. Therefore, to purchase foreclosure home turns out to be a lucrative proposition for them.
Many first-time buyers purchase foreclosure home to turn it into their abodes. They can easily spend the money saved in the purchase in renovation of the house and making it conducive to their needs and requirements. Such buyers should not purchase the property just because it was cheap but should thoroughly consider whether they will be able to live comfortably in these houses for years to come or not.
Many investors purchase foreclosure home as an investment. They fix it up and later sell these houses, making huge margins in the bargain. Such investors should, however, carefully scrutinize all the legal documents related to the house and should also check for legalities like lien on the house which may hinder their title in the future. They should also consider the location and the history of the house as it will play a crucial role in the future sales.

When to purchase foreclosure property?

You can always find attractive deals in the pre-foreclosure stage, when the property has not still been foreclosed by the bank but is on the way to become foreclosed. At this stage the current owner himself is looking to sell the house to ward off the financial crisis threatening him and can easily agree to your proposal. Later, you can always purchase through auctions or by directly approaching the bank, etc.

Myself webmaster of http://www.lendermustsell.com – A source of bank foreclosed property where you can purchase foreclosure properties ,bank owned foreclosed properties, purchase foreclosure homes Bank foreclosed homes.

Article Source:http://www.articlesbase.com/real-estate-articles/foreclosure-property-within-everybodys-budget-918833.html


Want to buy foreclosures property? Look up for Foreclosed Homes Listing!

Sometimes, an individual/proprietor is not able pay the amount overdue against his name on account of home, for no matter whatever reason – whether it is loss of job, health, or death or if the home is taken over by a finance or mortgage company. Under such circumstances, once the legal formalities are over, the propriety or the house is termed as foreclosure. When finance company or mortgage firm or the bank has the possession, they more than often tend to place the home in foreclosure homes listing.

The intention of the foreclosure homes listing is to sell the home/ propriety as promptly as possible. A foreclosed home is more than often obtainable at a great deal lesser cost than its actual market value. The banks or mortgage firms, who are in possession of these distressed properties, wish to dispose of them as soon as possible. With the intention of drawing more and more customers, they cut down the prices of these properties to a great extent.

These kinds of home make available an exceptional opportunity to bidders for houses and real estate investors by presenting to them a prospect to acquire properties for sale for far less than its standard market value.

Fundamental Elements of Foreclosed Homes Listing

If you want to buy foreclosures property, you must understand the listings. A foreclosed homes listing compiles research gathered on real estate markets in every state and then create a comprehensive, searchable database of foreclosures for sale. A number of the essential basics listed out in an online foreclosure listing include:

  • Addresses of such available properties

  • Detailed description about their physical condition

  • Comprehensive account of the neighborhood area

  • Estimated price

  • Date of auction

  • Contact person or real estate agent

  • Status of foreclosure

  • A virtual view of the property so that the potential bidders can see a video of the available properties.

While buying foreclosed property, you are required to be cautious, because a lot of of the laws that guard or defend your rights in an otherwise conventional real estate deal may not be relevant to a foreclosed property. So once must be extra careful.

Myself webmaster of http://www.lendermustsell.com – A source of bank foreclosed property where you can find Foreclosed Homes Listing ,bank owned foreclosed properties, buy foreclosures property and bank foreclosed homes.

Article Source:http://www.articlesbase.com/real-estate-articles/want-to-buy-foreclosures-property-look-up-for-foreclosed-homes-listing-918931.html


How to Defer Capital Gains Tax Liability on a Commercial Foreclosure

MAKING THE BEST OF A BAD SITUATION:

How to Defer Capital Gains Tax Liability on a Commercial Foreclosure

Unsuspecting commercial investors are driving to the bank to turn in their keys on projects that did not workout as planned and waking up the following year with an unexpected tax headache. The discharge of the loan can result in a capital gains tax liability. Not only did the clients lose whatever equity they had in the property, but they also face capital gains tax liability for simply how they transferred the property to the bank!

 

Individuals confuse the property’s tax impacts with the property’s economics. However, these two calculations are different. For tax purposes gain or loss equals the difference between the transfer price to the bank and the adjusted basis. Thus, if you bought a property in 1987 for 700k (your cost basis) and it has been depreciated and now has an adjusted basis of $400K, and it is foreclosed with a 950k loan, this transfer without a 1031 exchange results in a taxable gain of $550K, i.e. $950k transfer price minus the $400K adjusted basis.  ES Group is a Qualified Intermediary pursuant to Internal Revenue Code §1031.                                                                                                              ES Group corresponds with each client’s attorney and/or tax advisor and forwards legal documentation, as requested, so that the Internal Revenue Code §1031 rules and regulations are thoroughly understood. ES Group prepares the necessary documentation- Exchange Agreements, Assignment Agreements, Notice of Assignments, and oversees each closing to assist in proper §1031 procedures. ES Group provides guidance, information and critical timelines throughout the entire exchange.

www.1031esgroup.com

Article Source:http://www.articlesbase.com/real-estate-articles/how-to-defer-capital-gains-tax-liability-on-a-commercial-foreclosure-917178.html


DFW Foreclosure Opportunities

You have probably seen the infomercials that portray investing in foreclosed houses as a sure money making thing. Talking to people actually buying foreclosures they are saying that buying a foreclosed home to flip or rent out isn’t an easy undertaking. As foreclosure inventory continues to rise it seem the purchase of a foreclosed home is timely but the typical deal comes with more problems than the average do it yourselfer can handle. With that said investing in a foreclosure can be rewarding if you’re willing to do your homework.

Range of Discounts

How much of a discount you need to make a deal work depends on your goals for that property. The shorter the time you intend to hold a property the greater discount you will need.  You should buy homes for 30% off market value if you plan to flip the property, and 10% if you intend to rent it out long term, it must cash flow though.

Buying Opportunities

Foreclosure Auctions: At a foreclosure auction, you buy the house “as is” and you might not be able to do more than look through the windows prior to the auction.  There are no inspection periods for these types of properties.  You could be bidding on a home that has been vandalized or that has severe deterred maintenance. Vacant homes may have water or mold damage. And the property may have legal challenges: liens, difficult-to-evict tenants or, in some states, a mandatory “redemption period” that gives the former owner time to try to get the home back.

REO: REO’s (Real Estate Owned) that lenders have bought back at auction, generally offer the easiest route for foreclosure purchases. With an REO, you won’t become involved with a stressed homeowner facing foreclosure. Although an REO is likely to be sold “as is,” you will have the right to an inspection, a title search and contingencies. Another advantage: You can finance the purchase with a conventional loan, assuming the home is habitable. However, the buyer of an REO is generally not likely to get as deep a discount as an investor in other kinds of foreclosures.

Due Diligence

 It is a great time to by DFW real estate.  It is a good idea to get a professional DFW Realtor on your side to represent your interest.  Although they represent you the seller, in most cases, pays their commission, giving you more money to work with.  Your DFW Realtor can help make sure you do not pay too much for your foreclosed property.  They have access to the DFW MLS and can give you the sales prices of compare sales of similar properties.  Some careful thought and a little faith and you will be on your way to owning a foreclosed home

Harry Ridge, the Broker of VIP Realty Platinum, has more than 23 years in the industry and has the knowledge and experience to lead his Real Estate Team in any market environment. Serving the DFW Real Estate Market & Plano Real Estate Market.

Article Source:http://www.articlesbase.com/real-estate-articles/dfw-foreclosure-opportunities-914902.html


Saving property from foreclosure

Legal foreclosure is the process in which a bank or other creditor takes over the borrower’s property in lieu of the debt they have to pay, using legal means. A foreclosure step is normally taken by the creditor only when the borrower has not paid the loan dues for a very long period. There are two types of foreclosures – strict foreclosure and foreclosure by sale.

When a debtor defaults on his loan due, that is fails to pay the debt, a default foreclosure case arises. In this case, the plaintiff is the bank or creditor while the defendant could be the borrower or borrowers. The plaintiff issues a summons on the debtor applying for foreclosure. The defendant can file an appearance within two days of the Return Date of the summons and file and send an answer to all the concerned parties in the case, before fifteen days of the return date. If the defendant is eligible for protection under unemployment or underemployment head, then protection from foreclosure can be sought.

It is possible to save home from foreclosure by following a few important steps. The first step is to ask for more time from lenders. Creditors are usually willing to wait for the loans to be paid off before plunging into foreclosure – this is known as forbearance. It is also rarely possible to get forgiveness on the debt, in special cases. Banks and other creditors usually are ready to work out a repayment schedule with the debtor (which the debtor can satisfy given his or her current financial position). It then becomes the responsibility of the borrower to stick to the modified repayment plan.

Creditors are also agreeable to modifying the loan terms like decreasing interest rates, waiving some fines for late payment or other types of defaulting etc. Rearranging the loan terms may help the debtor substantially enough to get back in track. Selling the home or property is another option to prevent foreclosure. By getting an idea about the market value for the home from real estate agents, it is possible to sell the property for a good price. By resorting to this step, the loan can be paid off and the home owner is likely to have a considerable amount left over from the sale. During foreclosure, the property may not always fetch the best price as the creditor is only interested in getting their debts paid off.

Another possible way is called pre-foreclosure redeemed. This happens when the home’s worth is less than the pending debt – the lender might be willing to agree to a short sale of the property to pay off at least part of the debt. From the borrower’s point of view, this is better because a short sale has a lesser impact on credit compared to a foreclosure. Deed-in-lieu of foreclosure is another method to avoid actual foreclosure. This is also known as deeding the property back to the lender where the debtor gives the creditor a notarized deed and the creditor forgives the mortgage dues and cancels the foreclosure.

Mike Greaves is a self-made entrepreneur, a well known travel consultant and internet marketer. Over the years he has traveled across the world and has numerous writings credited to his name in many renowned publications. His areas of writing include travel experiences including reviews of luxury hotels Paris and he has also gained expertise in the area of how avoid foreclosure, protection foreclosure and subprime foreclosure.

Article Source:http://www.articlesbase.com/real-estate-articles/saving-property-from-foreclosure-910410.html