Foreclosure Strategy Unleashed

Will filing bankruptcy (7 or 13) stop foreclosure? Do they take the house?

Either way, filing bankruptcy and including your mortgage loan in the petition will temporarily stop any foreclosure proceedings. The automatic stay will be in effect, which will prohibit any creditors from pursing collection activities for as long as the stay is in place. This means that the bank can not move ahead with its lawsuit against you, nor have the house sold at a county sheriff sale.

But where the house goes from there depends on whether you file Chapter 7 or Chapter 13 bankruptcy. There are big differences between the two, and state exemptions and rules may determine which one you best qualify for and what property you get to keep. The best idea is probably to consult with a personal bankruptcy lawyer before moving ahead with either filing, although it is quite possible to file bankruptcy on your own.

A Chapter 7 will allow you to discharge your unsecured debts and secured debts, as long as the creditors have access to the collateral for which the loan was guaranteed. That means that you can discharge your mortgage under this type of filing, but the bank will get to keep the house. You will also not have to worry about a deficiency judgment, as the house will be considered the best the bank can expect and any remaining balance on the mortgage will be discharged.

With a Chapter 13, you will enter into a payment plan in order to get caught up on the debts that you have fallen behind. Currently, bankruptcy judges do not have the authority to lower mortgage balances, so you would have to pay back the total amount you are behind as well as keep up on your regular monthly mortgage payment. For many homeowners, this can be expensive; although, if you make it through the 3-5 year plan, you will get to keep your home. If you fall behind, the bank will most likely have the automatic stay lifted and put the house back into foreclosure.

Hope that helps.
ForeclosureFish

Many people want to buy a house, but not all can afford one. They usually resort to borrowing money from government agencies. Since they can borrow higher amounts of money, the interest rates are comparatively lower than banks.

However, if there is some calamity in business and for some reason the borrower cannot repay the money within the given duration, the government confiscates it and forecloses the property. The basic is to ensure that all outgoings are taken care of in time and a proper level of communication is maintained with the authorities at all times.

These properties are usually sold at real estate auctions and the foreclosed-property goes to the highest bidder. These properties can be traded again with homeowners or government agencies. Government foreclosure homes have been available for many years and the popularity and value, as a property is much higher now. It has always been an excellent way to invest in property. Many foreclosed properties are sold at lower market values. However, the important thing is to look for or get great deals without compensating on the quality of the property.

U.S. Department of Housing and Urban Development

HUD or the U.S. Department of Housing and urban Development is the property owner on FHA homes, which have gone into foreclosures. Basically, anyone can buy a government foreclosure home and there are good deals out there.

Do You Qualify?

You can buy government foreclosure HUD Homes if you have the cash and qualify for a loan, Initially, HUD Homes are given to people who want to buy the home for residing. After a certain time period, unsold real estate properties are given to all buyers. This includes many government foreclosure investors. Following a certain period of time for owner occupants, unsold properties are then offered to all buyers, including many government foreclosure investors.

Where Do You Buy Government Foreclosure Properties?

Many government foreclosure homes are available over the net and then purchased with the help of real-estate offices. There are many real estate agents basically deal with only foreclosure homes. One can check the local yellow pages and check with the different real estate offices.

Make Sure Of What You Are Purchasing

In the case of government foreclosure properties, you may want to ensure that the home is worth your investment. This applies to government-foreclosed houses. To determine the value, you can check with a realtor. Check homes, which have been sold in similar areas and with very similar features.

Get A Good Realtor

If it is a government foreclosure you are dealing with, you may want to look for a good real estate agent. You can check out online sites to know more about government foreclosure homes and then check the yellow pages or visit the same. It may not be a waste, if you sit down and discuss with realtors before you decide to work with them or on a house. If you are on the lookout for great homes or even want to invest in them, government foreclosure homes are the right way to go.

Kris Koonar
http://www.articlesbase.com/non-fiction-articles/finding-good-bargains-in-government-foreclosure-homes-135230.html

First off, you should watch some late night infomercials on TV, and possibly order some real estate tapes from Carlton Sheets. This will provide you with a positive upbeat attitude and a sense of false confidence that is essential in order to go bankrupt. You should believe that after listening to some tapes, you can compete with people that have done this 7 days a week for years.

For your first investment, buy in a city you know little to nothing about and avoid using a buyer’s agent who does know the city. Go directly to the seller’s agent. The best way to make a truly horrible decision is to avoid any outside advice. The best part of this is that avoiding a buyers agent usually doesn’t save you any money since the selling agent simply makes more when you deal with them directly.

Look for a discount or a distressed property over a good long term investment. Late night infomercials and Carlton Sheets talk a lot about this. One thing about distressed properties with desperate sellers is that they frequently are in crappy areas with low appreciation rates. Buying a property at under market rate in an area with low appreciation potential versus a property in a good area is the kind of short sighted thinking that will really help you reach the goal of bankruptcy and foreclosure.

When you talk to people including your realtor, try to spend time talking about all the crap you learned from your book or light night infomercial. The more you listen to other people, the more you might get different perspectives and the higher chance you might learn new things. This could really hurt your chances of going bankrupt so avoid listening to anyone. Remember you know everything even if you only got interested in real estate last week.

Be positive to the point of stupidity. Alot of investors I know always think about how their situation would be affected by a 10 or 20 percent drop in the market before making a purchase. You should avoid this kind of thinking. You need to be blinded by greed. You should only fantasize about how you are going to double your money.

When calculating your monthly cashflow, assume that you will have 100% occupancy all the time and no maintenance cost. While you are at assume that its going to rain money tomorrow.

Also, be stubborn when renting your properties. Decide upon a number say $900 a month and refuse to budge. Come up with some bizarre logic about how the property deserves $900 a month. Lose months of rent having the property sit vacant instead of going down $50 on the rent. Instead of responding to the market make statements like “Well the markets wrong then”.

As you move closer to foreclosure, don’t alter your spending habits. Don’t move into a smaller house or cut spending. Act like nothing is wrong.

Rember to overextend, overextend, overextend. Are you approved to buy one house. Why not buy 5, heck why not 20. Instead of building up a portfolio of properties over time, gaining experience along the way, just buy alot of properties next Tuesday.

Alot of people are getting into the foreclosure game. Their is no reason you should be left behind. Throwing caution to the wind and filling your eyes with greed and you should find yourself walking down the golden path to foreclosure.

This is not a definitive guide to foreclosure. Alot of people end up in foreclosure due to many things. For instance unforeseen events like unpreventable family illness, divorce or job loss. This is simply a guide to what I call elective foreclosure.

Ki Gray
http://www.articlesbase.com/real-estate-articles/a-guide-to-going-bankrupt-in-real-estate-441527.html

My ex-husband was supposed to pay my mortgage in lieu of child support per our divorce agreement. He has stopped making payments and my home will soon be in foreclosure. I am on disability (SSI) and was wondering if there were any programs to protect disabled people from losing their homes to foreclosure. I doubt there is, but I am desperate as my son is also disabled with autism and moving out of the only home he’s ever known will be terribly detrimental to his progress.

Go to the courthouse that issued your judgment & go to the court clerk’s desk/counter & ask them what forms you need to fill out to notify the judge that your ex has not honored the court order. They might have a free attorney service to assist you. The forms should be free or a nominal fee per page (tell them you are indigent with no income other than your SSI). The judge will attach his wages & you will get your money.

In the mean time…try to work with your bank or mortgage company by telling them your current situation. Tell them you have a case pending for your ex husband’s "failure to pay his judgment to you." Also ask a real estate agent about selling your house on a "short sale" & get some money out of it before your lose it all.

This is why you never allow an ex to do things different than the paperwork says. Good luck, I hope things work out for you & your child.

Wasn’t the bail out money suppose to stop or at least slow this trend down? What happened? Where did YOUR money go?

Down the drain I guess.

Foreclosure is the lawful process of the mortgage holder taking the collateral for a promissory note in default. The procedure is somewhat different from state to state, but there are essentially two types of foreclosure, judicial and also non-judicial. In mortgage states, judicial foreclosure is used, whereas in deed of trust states, non-judicial foreclosure is used. Most states allow both types of proceedings, but it is ordinary practice in most states to use wholly one method or the other.

Judicial Foreclosure

Judicial foreclosure is a court case that the lender (”mortgagee”) brings against the borrower (”mortgagor”) to obtain the property. About half of the states use judicial foreclosure. Like all lawsuits, it starts with a directive and complaint served upon the borrower and any other party with inferior rights in the property

If the borrower does not file a reply to the lawsuit, the lender obtains a judgment by default. A referee is then selected by the court to compute the total amount (including interest and the attorney’s fees) that is due. The lender then should promote a notice of sale in the newspaper for four to six weeks. If the total amount owing is not paid, a public sale is conducted by the arbitrator on the courthouse steps. The entire process could take as little as three months and to the extent those twelve months depending on the volume of court cases in your county.

Non-Judicial Foreclosure

Most states allow a lender to foreclose without a court case, using what is usually called a “power of sale.” pretty than a mortgage; the borrower (”grantor”) provides a “deed of trust” to a trustee to hold for the lender (”beneficiary”). Upon evasion, the lender just files a notice of default and a notice of sale that is published in the newspaper. The entire procedure regularly takes about 90 days. The borrower typically has a right of redemption after the sale.

Strict Foreclosure

A few states permit “strict” foreclosure, which does not require a sale. When the proceeding is started, the borrower has a certain amount of time to pay what is owed. Once the date has passed, title reverts to the lender. Many California and Oregon cases, in which the seller has sought forfeiture under a land contract, the court has ordered strict foreclosure.

Salvation Rights

Some states provide a borrower the right to “redeem” the amount payable and get title to the property back after the sale. The length of the salvation period changes from state to state. The uppermost right of redemption is from the proprietor, borrower or guarantor on note. Behind him come the junior lien holders who are in danger of being wiped out by the foreclosing senior lien holder.

In states where there is long salvation period, investor frequently purchase the junior liens on the property to have the right to redeem the property from foreclosure. The holder of the mainly junior lien has the last right to redeem the property by paying off all fundamental liens. The owner, of course, has the highest right. Obtaining a quitclaim action from the proprietor gives you the right to redeem the property yourself.

Maximus Mejo
http://www.articlesbase.com/real-estate-articles/the-basics-of-foreclosure-125226.html

Everyone is looking for a foreclosure “deal” these days - and there’s lots to choose from these days, but be careful… just because a property is in foreclosure, doesn’t necessarily mean it’s a “deal”. In fact, nowadays, it takes more time to sift through the leads to find the really good opportunities within the foreclosure market.

The more potential foreclosure properties you have to sift through, the higher your chances are for finding a deal.

The top 5 ways to finding foreclosures are:

1. Bandit Signs
Bandit signs are plain white or yellow corrugated signs with metal stands that stick into the ground. You can find preprinted signs or you can buy plain signs and handwrite your message on the signs. Place them on corners of busy intersections or in neighborhoods in which you want to purchase a foreclosure home.

2. Foreclosure Listing Services
There is no shortage of foreclosure listing services available on the Internet. Make sure to do some homework before subscribing, however as the quality of each service can vary greatly. Find out where they get their information, how frequently the data is added, and when/if they clean out or update existing data so that you’re not wasting time or money on old leads or false information.

3. Realtors
Realtors often have access to foreclosure deals well before the homeowner has even started the formal foreclosure process with the bank. When selecting an agent to work with, make sure that he/she knows the foreclosure process, how to negotiate with the banks, and how to handle often stressful situations that arise when a homeowner is faced with foreclosure.

4. Courthouse
If you’re feeling ambitious, consider going down to the courthouse and looking up the foreclosure records. You will be able to access all of the lien information, assessed value, etc. The attorney handling the case on behalf of the bank will be listed as well. You will be looking for “Notices of Default” or the “Lis Pendens” records. If it’s your first time going to the courthouse, ask the clerks or the employees that are working there to point you in the right direction and use their knowledge to learn more about the foreclosure process.

5. Loss Mitigation Specialists
You may or may not have hear of a loss mitigation specialist. A loss mitigation specialist’s goal is to help the homeowner stay in the home and work out their situation with the bank. Many times, they are able to work with the bank on behalf of the homeowner. However, there are also many instances where the seller’s situation doesn’t allow him/her to work anything out with the bank (i.e. divorce, job loss, illness, etc.). Often, these same sellers find themselves facing foreclosure several months later or are simply unable to work something out with the lender, thus need someone to come in and buy the home outright or negotiate a short sale with the bank.

These are the 5 easiest ways that you can find foreclosure deals. If you are truly looking to get your hands on a great deal for yourself, or if you are an investor looking to make a business out of foreclosures and short sales, it’s important to use as many of these techniques - and more - to find motivated foreclosure sellers.

Heather Seitz
http://www.articlesbase.com/non-fiction-articles/foreclosure-listings-5-tips-to-finding-them-before-your-competition-does-138232.html

If you have bad credit record against your name, you can get your loan approved by a bad credit mortgage lender much faster than you would if you approached a bank or a credit union. For this, you have to pay the price. Also, you will end up with high rates of interests and high closing fees.

While this is inevitable, it can be worth your while to look for a lender who has the most suitable terms for you to give you a good deal. Spend time to contact a few sources to compare rates. A pre-payment penalty can accompany some bad credit loans on mortgages and it would be wise to ensure that you are not landed one. If you cannot avoid the prepayment penalty, look for a loan that has the shortest period. This will enable you clear your loan and avoid the penalty.

Points and Bad Credit Loan on Mortgage

Points can be defined as the fee for one percent of the loan amount. Points are sometimes called origination fees, discount fees and broker fees. We generally encounter two kinds of points: upfront points and back end points. Upfront points are paid by the borrower to the lender or loan broker as a fee for handling the loan transaction. With upfront points, the borrower has to be careful since there are brokers who charge hefty points just to earn themselves a better income.

Back end points are paid by the lender to the broker, often as an extra incentive for bringing about a loan, sometimes at a higher rate of interest. There are instances where brokers offer a higher interest just so they can earn extra back end points. Sometimes, back end points turn out to be advantageous in instances like preventing a foreclosure on a house.

The Best Time For a Mortgage

The timing for applying for a bad credit loan on mortgage varies from person to person. The sooner you buy, the better your options for refinancing at low rates. If you’re personal cash management is the cause of your credit problems it is better to wait until your credit rating improves. If your mortgage payments are not affordable, your credit history might take a second beating and this is not viewed at very kindly. While a one off problem is okay with credit rating, creditors are wary about giving loans to people who constantly suffer bad credit, simply because they are a bad investment. Some borrowers apply for a loan without any intention of repaying it.

The bad credit lender’s market is huge out there. So much so, even for someone who has filed for bankruptcy, it is not difficult to find a lender who can give him or her a bad credit loan on mortgage. Terms of credit obviously differ and can be strict, since bad credit loans involve extra effort and involve a bigger risk for the lender. If your credit history is very poor, it is better to talk to mortgage experts who can study your situation and advise you about an effective solution, even finding you a full mortgage.

anonymous
http://www.articlesbase.com/non-fiction-articles/bad-credit-loan-on-mortgage-95800.html

If you have bad credit record against your name, you can get your loan approved by a bad credit mortgage lender much faster than you would if you approached a bank or a credit union. For this, you have to pay the price. Also, you will end up with high rates of interests and high closing fees.

While this is inevitable, it can be worth your while to look for a lender who has the most suitable terms for you to give you a good deal. Spend time to contact a few sources to compare rates. A pre-payment penalty can accompany some bad credit loans on mortgages and it would be wise to ensure that you are not landed one. If you cannot avoid the prepayment penalty, look for a loan that has the shortest period. This will enable you clear your loan and avoid the penalty.

Points and Bad Credit Loan on Mortgage

Points can be defined as the fee for one percent of the loan amount. Points are sometimes called origination fees, discount fees and broker fees. We generally encounter two kinds of points: upfront points and back end points. Upfront points are paid by the borrower to the lender or loan broker as a fee for handling the loan transaction. With upfront points, the borrower has to be careful since there are brokers who charge hefty points just to earn themselves a better income.

Back end points are paid by the lender to the broker, often as an extra incentive for bringing about a loan, sometimes at a higher rate of interest. There are instances where brokers offer a higher interest just so they can earn extra back end points. Sometimes, back end points turn out to be advantageous in instances like preventing a foreclosure on a house.

The Best Time For a Mortgage

The timing for applying for a bad credit loan on mortgage varies from person to person. The sooner you buy, the better your options for refinancing at low rates. If you’re personal cash management is the cause of your credit problems it is better to wait until your credit rating improves. If your mortgage payments are not affordable, your credit history might take a second beating and this is not viewed at very kindly. While a one off problem is okay with credit rating, creditors are wary about giving loans to people who constantly suffer bad credit, simply because they are a bad investment. Some borrowers apply for a loan without any intention of repaying it.

The bad credit lender’s market is huge out there. So much so, even for someone who has filed for bankruptcy, it is not difficult to find a lender who can give him or her a bad credit loan on mortgage. Terms of credit obviously differ and can be strict, since bad credit loans involve extra effort and involve a bigger risk for the lender. If your credit history is very poor, it is better to talk to mortgage experts who can study your situation and advise you about an effective solution, even finding you a full mortgage.

anonymous
http://www.articlesbase.com/non-fiction-articles/bad-credit-loan-on-mortgage-95800.html

i bought property in texas 2007, signed warranty deed at title company, i live in kansas and have not seen property but twice since then, i payed taxes to date and decided this year to put on market. Broker called and said a lieu of foreclosure was filled and property was no longer mine, I called the title company and had formes sent to me. the signature page is the originall from my deed. what can i do about this and on the recorded date there is a notary that says i signed infront of her and i can prove i was not in texas but at work in another state. help me please, i would really like to sell my property, legally

First off, if you buy property, you do not "sign a warranty deed", the seller "signs" the warranty deed, ie to guarantee that property is his to sign over to you.

Typically a title insurance policy should guarantee a sale to the buyer so that under the circumstances you are describing, it is the title companies problem to defend your owner ship of the property.

If they are saying you sold the property when you say you did not, bring local police into the action, it sounds like fraud if they forged your signature with a notary.