Foreclosure Strategy Unleashed

I set up an LLC when purchasing some rental properties (3 fourplexes) and might need to go into foreclosure. Will this impact my personal credit? My wife and I are the sole members of the LLC.

Chances are your title report will list you as the homeowner, even though the loan is in your LLC name. Your lender will have your SS#.

You can bet the lender will exhaust every avenue to go after their money.

Thought about getting the payments lower, so you can afford to keep the property’s?

You could have an attorney negotiate a lower payment, or you can do a modification yourself legally. See web site http://homeloanrepairkit.com/index.html

i can become current, with mortgage and late fees in month three. will that end the foreclosure and prevent me from losing the house?

The solution to your problem depends on what your goals are. How much are your mortgage payments? Can you easily afford them, even if you do get caught up? If your goal is to own your own home, consider looking for another house that is being sold as a bank owned property (a foreclosure sale). I just bought a nice house on a big lot and a 2 car garage for $7000 cash. Look on Realtor.com to find a house (you might have to go to another state or city to find it). There are houses out there for under $2000..lots of them now. Just stop paying your mortgage..you can live in your house for up to one year in many cases..just save your money for a few months, buy a foreclosure and live rent and mortgage free for the rest of your life.

My friend recently loss his job and is facing foreclosure. Is there a way I can takeover payments and obtain the title?

YES - YOU CAN DO A "SALE OVER"WHICH WOULD ALLOW YOU TO "PURCHASE" THE HOME FROM THE CURRENT OWNER AND TAKE TITLE IN YOUR NAME AS YOUR PRIMARY RESIDENCE. HOWEVER, YOU MUST BE ABLE TO QUALIFY FOR A MORTGAGE, JUST AS IF IT WERE A REGULAR PURCHASE.

http://www.rescuemymortgagenow.com - Need to stop a foreclosure? Unable to refinance because of the “housing mess”? We specialize in working with lenders to lower homeowners mortgage payments. It doesn’t matter if you’re delinquent or have little or no equity. We also have a “Do it Yourself” kit.

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Attention home foreclosure buyers - check out the seven most common mistakes buyers make when buying foreclosure homes. Knowledge of these seven mistakes and the strategies to overcome them will help you make informed choices when you buy forclosures

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Loan modifications help homeowners stay in their home and they can many times stop a foreclosure action in it’s tracks. Loan mods are predicted to be more than 10 Million this year. Loan modifications allow for modifying the existing mortgage so that the home owner can afford it.

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Are you currently dealing a financial crisis? If not, do you know someone who is? Are you trying to stop foreclosure? Or maybe you just need help working with a lender? Facing Foreclosure - The Cure offers insight into the loss mitigation options that Prevent Foreclosure and allow you to keep your home. These reinstatement options include a refinance, reverse mortgage, repayment plan, loan modification, forbearance, and partial or advance claim. Tag along with the Johnson family as they discover which option can help them avoid a foreclosure.

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The Vallejo City Council has adopted a call for desperate measures to be taken to help residents facing desperate times during the foreclosure crisis. At its last meeting Tuesday, the council voted in favor of a foreclosure moratorium by all financial institutions, said Francis Neri of the Mabuhay Alliance, Inc., the Filipino-American group with strong Vallejo ties that sponsored the resolution on behalf of all Americans. The Oct. 7 vote made Vallejo’s “the first legislative action on the housing foreclosure crisis done by any city in California or the United States,” though it unlikely will be the last, Neri said. “I voted for this resolution because in these hard economic times, we all have to do whatever we can to help each other,” said Vallejo City Councilmember Joanne Schivley. Mayor Osby Davis said he realizes the Vallejo City Council alone can’t save people’s homes from foreclosure, but it recognizes the crisis, and wants to send a signal. “It’s important we acknowledge the fact that the foreclosure crisis is impacting our citizens and it’s time for the federal government to do something about it,” Davis said. “And it’s past time for the banks to work out a reasonable solution.” The Solano County Board of Supervisors will consider a similar resolution later this month, and the cities of American Canyon and Hercules are drafting similar documents, Neri said. Notification of Vallejo’s resolution and what alliance members say is a “growing public revolt,”

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What about credit?

There are two issues with a foreclosure. First, your credit is ruined. It’s pretty much setting off a bomb in your credit report. Expect to lose 100-200 points instantly. So it’s pretty bad if you want to borrow money again within the near future.

There is also a potential monetary hit. You forfeit all of your equity immediately. Plus ,you are also responsible for paying the difference in the value that the bank recovered. So let’s suppose the bank forecloses on a house with an outstanding loan balance of 100,000. The bank sends the house to auction and gets 75,000 for it. They will then come after you for the 25,000 difference. If you don’t have the money they will likely sue you and win. They’ll file a judgment and begin the garnish wages and seize assets.

So basically avoid it at all costs. Try to get in front of this. Either get current on payments, go to loan modification or try to arranne a short sale with the bank.

It depends on how far along you are in the foreclosure process. First off you need income. Second, communication with your lender is extremely important in the early stages. If you are in the latter stages, you can get a loan reinstatement. And lastly you can file chapter 13 bankruptcy even just to delay the foreclosure sale if time is needed to either get the loan reinstated or to find a new place to live. If you do have to move, make sure to negotiate a good cash for keys deal with the lender. They will give you thousands of dollars to move out and leave the property in decent condition within a 30-60 day period.

You can find resources for these methods here:

http://how2avoidforeclosure.blogspot.com