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First time home buyers want to move up, but feel like there being choking because of the economy. With home foreclosures at a lower and less than steady market, budding home purchasers are shaky, to say the least. The question remains are there fears legitimate. Believe it or not the answer is perhaps not.
Kirt Eure - Your Mortgage Coach
Real estate mortgage foreclosures are center stage, and the government is ready to take action. Mortgage expert Chip Cummings is interviewed live on national FOX news “Fox & Friends” show discussing current foreclosure issues and remedies.
This is a great Book to own!
Kirt Eure - Your Mortgage Coach
This is a great video for those of you who are looking to purchase a new home. Even if your already in foreclosure and your late on your mortgage payments you watch this video from CNN
Kirt Eure
It appears that we may have turned the corner on both pre-foreclosures and people actually losing their homes. Each month the numbers are dropping in the 8-12% range which signals that the worst may be over.
In my personal experience, I have known good friends who lost their home. They tell me that the stress and mental anxiety of possibly losing a home can be overwhelming.
People get depressed, lose sleep and appetite and have a hard time making clear decisions in trying times such as this. For what it’s worth I can tell you that foreclosure laws are different state by state. But the idea that you can get kicked out of your home in 15 days is simply not true.
Faced with the possibility of foreclosure, there are things you can do to delay or even stop the process. The best thing to do is get legal help immediately so that you don’t make a mistake you will regret later on.
Be wary of the many programs out there that want to help you ease the pain buying you out of your situation. I am not saying they are all bad and in some cases may be necessary but know going in they may want you to believe they are doing you a favor when in reality they really want is your home to do a short sell and make a quick profit. As I said, it may be the best of your bad options but before you give up and bale out, make sure you have exhausted all your legal rights.
Keep your eye on the news as well. There is talk about the government freezing sub-prime interest rates and other talk that may provide some relief in the near future. Check back to this website as well as we will keep on top of current events as it relates to the foreclosure crisis.
We know that at some point the bleeding will stop and most likely things will once again start looking more positive in the housing sector. Honestly, I don’t think anyone can really predict when and to what degree that is going to happen. My guess is that a year from now, we will be in a much better position. That is based on my conversations with real estate experts and others who have been through down times before.
Some call this particular situation the perfect storm. But even a perfect storm must come to an end. Let’s hope it’s sooner rather than later.
Kirt Eure
Oh That hurts, The ding of a foreclosure will damage your credit significantly for three years or more. Having lived through that I can tell you it is not a place you want to get hit in (if you know what I mean), unless you absolutely have no other choice.
You can probably go six months before they actually take your home. A lot can be done in six months. The banks and mortgage companies do not want you home. They already have far too many homes to sell.
If there is anything that can be done they will help you as long as you are doing all you can do.
Should foreclosure become a reality, you need an real estate attorney. You have rights in this process so you need to
have a legal expert calling the shots.
I went through this once in my life. My business failed after Sept. 11th 2001. I could have saved my home but I was so mentally depressed, I could not think straight. So, don’t be affraid to see your doctor to help you through this process.
You can not afford to loose sleep, get down on yourself and emotionally give up. You can get through this but fight the urge to give up and quit. Get all the help you need.
If you have faith, pray for strength, wisdom and guidance. You will survive this even if you end up loosing your home. This experience will make you bitter or better. Which road do you choose to travel?
Kirt Eure
The problem in the sub prime mortgage industry has actually resulted to the foreclosure of millions of properties. Considering that foreclosed homes have always been the best choice for buyers who are looking for properties to fix up and flip, it is not surprising that many of them are bargain hunting.
Kirt Eure
Has this every happened to you. One thing you want to avoid is your property going
into foreclosure.
Most people who purchase their first home don’t think of the consequences before for buying a home. Most people what the dream of owning a new home, but not the responsible. Don’t kid yourself, because this is where you can end up.
Kirt Eure
I thought I would throw this one out there, for people who do own a home. You may have typed in the search engine is short sell an option. Answer is Yes Here’s what to do, to help you with your Short Sell.
Pick up the phone and call your Mortgage Lender’s Loss Mitigation department. They will try and work out something with you, make sure you talk to the loss mitigation department because the customer service people can accept short sells.
Kirt Eure
Believe it or not foreclosed homes are the talk of the town for real estate investor. Think about it there is someone always profiting from the market, it does not matter if its an up market or a down market.
Ways to buy foreclosed property
1. Search for foreclosed properties in your area..
2. Learn the state laws.
Kirt Eure
Lawmakers are considering a housing Tax Credit….
http://futurerealestate.blogspot.com/2008/06/cities-fight-foreclosures-with-unusual.html
