Foreclosure

The prescribed interest rate is set every quarter based on the federal interest rate. A prescribed loan would be the one that would carry the prescribed federal interest rate. The person applying for the loan could have the attribution rules waived.

You will need to do everything that is involved with starting a normal business. (ie. business license, insurance) There is a good website I found that teaches how to start a foreclosure cleaning business, they have training guides, marketing guides, and bank contacts. It will teach you how to get the foreclosure cleaning contracts from the banks and reo agents plus they give you the direct bank contacts. Here's there website: http://www.listbankrepos.com Banks call your type of business, a Property Preservation Business, I would highly recommend joining the #1 Property Preservation Directory, you will also get alot of business from there, we do, http://www.propertypreservationdirectory.com Good luck with you new business!

Depending on what state you are in they will work with you for a series of months to get things on track for you. Ultimately, foreclosure is the bank realizing that they will no longer be able to get funds from you. If you are still in the early days of not being able to pay you should see if the bank will take a short sale. This allows the bank to take a price of the house that will close the gap of what you owe. For instance, if you owe $200,000 and can only sell it for $180,000; you only owe the $20,000 difference which is light years ahead of $200,000. If you have any more questions about the process please contact girlstripe3@hotmail.com.

It is not the homeowners themselves who file foreclosure on a house, nor do they decide when to file the paperwork, nor do they decide how it will be pursued in the local court system. All of these aspects are determined by the lenders and creditors who have liens on the house to begin with. To begin foreclosure, all the homeowner has to do is stop paying the mortgage, whether this is the first mortgage, second mortgage, home equity line of credit, or other lien on the house.

So, if homeowners stop sending in the monthly payment to the first mortgage, after a period of time (typically 3-6 months in a row of missed payments), the lender will automatically begin the foreclosure process. It will hire local attorneys to initiate the lawsuit and have the paperwork served on the homeowners. The actual owners themselves do not have to do anything besides miss their mortgage payments -- the mortgage company will begin the foreclosure process with or without any further input from the borrowers.

The same works if the homeowners stop paying their second mortgage or any other junior liens. Even if they keep up on the first mortgage payments, the second lien holder will eventually sue the owners for foreclosure and attempt to have the house auctioned off. There may be little chance that the second mortgage company will receive much from the sheriff sale of a house, since properties typically sell for not even enough to pay off the first lien, but the lender will not wait forever for the owners to get back on track. Eventually, it will be better to take the loss, write off the loan, and take any write-offs that are available.

In the case of homeowners who stop paying on both or all mortgages at once, it is usually the first mortgage that will file for foreclosure first. If the homeowners do not find a solution to stop foreclosure, then it is likely that the junior lien holders will simply let the house go and write off their loans. In most instances, the sheriff sale will not generate enough proceeds to pay off the first mortgage in full, and other liens will not be paid off at all. There may be a small chance of being sued afterwards for a deficiency judgment, but this is a somewhat remote possibility.

I'm pretty sure you have to hold the title or hold the mortgage on a property to be the owner, which would be individual for each home. The only entities who can take your home or property (as far as I know) are the gov't (rights-of-way, easements, fed loans)and mortgage holders, who would be paid according to their place in the mortgage hierarcy (1st, 2nd etc) and then there are mechanic's liens (monetary holds placed on properties by contractors who didn't get paid). As long as you keep current on the other property, I don't see a problem. But I am not a realtor: I have just been run over the coals a few times.

Stan Schultz runs a business in Poquoson, Virginia. He is the brother of Dan Schultz. They are twins.

Time is not the real solution to improving credit, although it does make some of the issues go away. To do this, obtain a full copy of your credit report. From there, look at your accounts and your payment history. Make sure that from now on you make payments on time, with no lates. Pay down all accounts so that you are not using all the money available to you to borrow. If you have good, paid accounts, do not close them: you need at least four of these. Make sure that you also pay housing and utilities on time.

97 percent of American homes have a bathtub. This means about 97 percent of people have bathrooms. Most American's have at least one bathroom.

Hate to tell you, but in my state (WA), if a senior deed of trust or mortgage is foreclosed, then the inferior/junior mortgages and/or deeds of trust are foreclosed as well. That means that you have no recourse subsequent to a foreclosure. I suggest seeing an attorney immediately (see the phone book for one who gives "free consultations").

In almost every state, the answer is "NO".

The answer to this question can be complicated and I recommend that you check out your State laws.

I am also making the assumption that when you say "co signer" you mean cosigned on the mortgage and not some other obligation.

It is important to understand how your title is currently recorded. Are you both on title?

As far as a lender is concerned, the answer is NO. If the person is a cosigner on your mortgage they would have to remove you from having any obligation on the loan. This can be done by the current co borrower refinancing the home. This of course requires your cooperation and willingness.

You can both agree to sell the home. That would be an acceptable way to free the co signer from the obligation.

The co signer "could" file suit in court and have a court compel you cooperate. If this is your primary residence, then most courts would require some significant justification for forcing you out.

I have seen this happen in cases of divorce, failure to make the monthly payments, and once when a borrower was destroying the home.

If the co signer has just "changed their mind about co signing or they are mad at you and want to use this as revenge, then they most likely have an uphill battle ahead of them.

Please feel free to contact me any time. I look forward to answering your mortgage questions and helping you with all of your mortgage needs. I am always available for you, your family and friends.

Simply click on "TheMortgageExpert" link below.

Thank you.

Jeff Fullmer

Senior Mortgage Planner

Correct me if I'm wrong, but I think that you are being asked to prepare a Hardship Letter to get your Loan Modified or Restructured.

To make you understand better, Loan Modification, which can also be termed Restructuring of loans is designed to make a permanent change to your Note on one or more of your loans, which will result in a payment that you can afford.

Get a lawyer-assisted loan modification company to handle your loan modification. They will charge you an upfront fee, but the end result will be a maximum benefit to you. A good company will get you into a 30 Yr, Fixed Rate loan...not another ARM and if someone tells you that you need to stop paying your mortgage in order to qualify...that is not right. We can get your loans lodified even if you are not late as long as you have a valid hardship...that is why the hardship letter is required.

Banks can not garnish a homeowner's wages during the foreclosure process. This is because the real estate is collateral for the loan.

Thus, the bank will have to take the property all the way through the foreclosure and have it sold at a county sheriff sale. This is the legal mechanism by which the bank is allowed to attempt to recover the amount it is owed on the loan. If the sheriff sale pays off the mortgage in full, there is nothing further to collect.

If the property does not sell for enough to pay the loan off completely, some states allow mortgage companies to sue for a deficiency judgment after the foreclosure. Again, not all states allow this under the foreclosure laws, but it would give banks the right to garnish wages after the foreclosure, if they decide to sue for the judgment.

Banks rarely, if ever, sue former clients for deficiency judgments, though, because they know foreclosure victims do not have a lot of extra cash to pay down another judgment after losing their homes. It would take the bank too much time and money to sue again, when they didn't collect very much on their original foreclosure lawsuit.

If you are being foreclosed on you likely have a lot of things on your mind. One of those things is to know how much time you have from the time you are foreclosed on until you need to be out. In Missouri that time is 80 days.

Massachusetts is a non recourse debt state. Other non recourse debt states are Kentucky, Louisiana, Maine, Maryland, Michigan, Montana, and Mississippi.

Hope your not in that situation, but you can hold out until they come with a writ and a few heavies.

According to most state laws the only person who gets a copy of the home inspection report is the person who pays for it. If your home inspector gave a copy of the report to the realtor without your WRITTEN permission to do so you should report him to your state licensing board. A home inspector hired by you should represent you and only you. If your home inspector is more concerned about your realtor or the home owner than you it should be a red flag you hired the wrong inspector.

The second you start to wonder who your home inspector is working for is the same second you should yell out stop. That is correct stop the inspection and hire a home inspector who will work for you. Why should you be paying for a home inspector who is working for the seller or the realtor AND get stuck paying for all the items the home inspector missed, did not report on or under reported.

Home inspectors are supposed to tell you what is wrong, why it is wrong and what to do about it. They should also be telling you the implications of what is wrong.

Example:

You have aluminum wiring. FACT

Aluminum wiring is a known fire hazard. IMPLICATION

Corrective action can be very expensive and difficult THE REST OF THE IMPLICATION

When you interview home inspectors ask them flat out if they:

Allow agents to influence how inspection findings are conveyed to clients.

Reward or compensate anyone for referring clients.

Produce any marketing material designed for or aimed at agents.

Solicit real estate agents with the intent of obtaining inspection referrals.

Give "sales" presentations to real estate agents about our inspection services.

If they answer any of the above questions YES it is time to hang up and call another home inspector. If you make ten phone calls odds are you will be hanging up on at least eight home inspectors. The time it takes to make those calls will be the best time you ever invest in your home buying experence.

Refinancing a house is possible when facing foreclosure, but it is certainly not a very easy option. Homeowners who have recovered from a financial hardship and can prove enough income and job stability may want to try applying for a foreclosure loan, but it is important to have backup plans in case the loan does not go through.

There are very few traditional lenders who will do foreclosure refinancing loans, though, so homeowners need to search for alternative sources of funds. These usually include banks that specialize in equity-based lending and hard money lenders.

Banks that specialize in this type of situation often require there to be high levels of equity in a property. They may not loan more than 65% of the value of the property, which puts many homeowners out of the running for a loan. With declining property values, it is becoming even more difficult to qualify for a foreclosure bailout loan from a traditional lender.

Hard money lenders are almost no different in terms of their requirements. They may go up to 70-75% of the value of the house, but this still makes foreclosure loans somewhat uncommon. These lenders often charge a much higher amount on the front end of the loan, as well, taking 4-5 points right when the loan closes. This makes it a more expensive loans over the long term, as homeowners need to pay back the interest on these extra charges.

Declining property values and the trend in the housing market to leverage a house to near 100% of its appraised value have made foreclosure loans more difficult to qualify for. Although lenders may be willing to do short sales to help a client sell a house, it seems they are less likely to go for a short payoff, which would allow homeowners to refinance for a lower amount. However, short payoffs may become more acceptable as more properties fall into foreclosure and property values decline further.

You go to the local court where the property is located and file foreclosure papers or call an attorney and have then do it for you just like a bank would. A better option may be to try to work something out with the payer like offering to pay moving expenses in return for having them sign a deed in liue of foreclosure.

Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts

Seven years! There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

10 days

The time it takes for a foreclosure always depends on the lender. The timing of the required notices as well as arrangements to get the house empty and ready for sale depends on the bank's recovery team. If you are not making the house payment, you should be taking steps to move out sooner than later. These days, if you have one of the "bad" subprime loans, it may make a difference if you can hang on a few months in order to take advantage of the new laws that are surely going to be passed.

The lender will most likely tell you that you need to contact the attorneys for an updated payoff statement. Once the loan is in foreclosure, the attorneys handle most of the little tasks like payoff statements, reinstatement figures, etc. This is because they will have to add their fees to the numbers they quote you.

Of course, it will take them at least a week, in most cases, to generate payoff figures. This is because the bank will have to calculate interest, late fees, and other charges, and then the lawyers will add their fees and court costs on top. So, after the foreclosure lawsuit has been filed, it's the attorneys that will have the most information.

It means that a person isn't putting all of his revenue down. He is claiming less than he has.