The Best Outcome to a Foreclosure Situation… Many homeowners facing foreclosure would probably agree that the best outcome for their situations would be that they can work something out with their lender to Avoid Foreclosure …and stay in their homes. While a loan modification or forbearance agreement is a possibility, a distressed homeowner is wise… Continue reading Mortgage Assignment: A Distressed Homeowner’s “Least Worst Option”
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“Assignment of Mortgage” Defined…
In straightforward terms, an “assignment of mortgage” is a written document serving as evidence of the transfer of a loan obligation from the original borrower to a third party. A mortgage lending institution can transfer a mortgage to another mortgage holder using an assignment document. The assignment of mortgage document transfers the mortgage account (along… Continue reading “Assignment of Mortgage” Defined…
What if I just want out of my house?
Is time running out to prevent foreclosure? Have you come to a point where nothing you’ve tried so far has worked…and now you just want to get out of your home to avoid a pending foreclosure…and the burden it entails? After receiving a Notice of Default (NoD), most homeowners, at some point, contact their lender… Continue reading What if I just want out of my house?
Can These Help Save Your American Dream?
Attempting to avoid foreclosure? The Neighborhood Assistance Corporation of America (NACA) has been assisting at-risk homeowners do just that via their “Home Save Program” and their touring “Save The Dream Program” events. Home Save Program The “Home Save Program” is touted as “…the most effective solution for homeowners with an unaffordable mortgage”. HSP restructures the… Continue reading Can These Help Save Your American Dream?
“Deed-In-Lieu of Foreclosure” Defined…
Sometimes simply referred to as “Deed-In-Lieu”, “Deed-in-Lieu of Foreclosure” is an agreement between the lender and the borrower that allows for the transfer of the legal title of the borrower’s property to the lender…in consideration for the forgiveness of the mortgage debt. Although it’s a way to avoid foreclosure, it’s not a given that the… Continue reading “Deed-In-Lieu of Foreclosure” Defined…
“Short Sale” Defined…
While “selling short” has been a common practice in stock investing for years, just about no one was talking about a “short sale” in relation to homes or commercial properties until recent years. But, now, it’s regular content in newspapers and magazines. There are countless real estate investing classes and seminars teaching how to capitalize… Continue reading “Short Sale” Defined…
“Forbearance” Defined…
The Merriam-Webster dictionary defines “forbearance” as “refraining from the enforcement of something (as a debt, right, or obligation) that is due”. It’s a special agreement between the borrower and the lender to delay a pending foreclosure. When a borrower has problems making payments, the lender may start the foreclosure process. Even though lenders do indeed… Continue reading “Forbearance” Defined…
“Strategic Default” Defined…
A “strategic default” occurs when a borrower decides to stop making mortgage payments (i.e., thus defaulting) on his/her debt…even though they have the financial ability to continue making payments. These borrowers are called “Walkaways”. But, why on earth would they do this…and take such a major hit to their credit report that lasts for 10… Continue reading “Strategic Default” Defined…
6 Ways to Protect Yourself from Loan Modification & Foreclosure Avoidance Scams
You’re in a tough situation…one that may challenge clear thought in even the clearest of thinkers. But, this is a time when you really must be alert when dealing with someone offering to help you modify your mortgage loan…or avoid foreclosure. Although there are legitimate third party companies who have been able to help homeowners effectively… Continue reading 6 Ways to Protect Yourself from Loan Modification & Foreclosure Avoidance Scams
Fake “US Government” Loan Modification Programs
If you’re like me, you tend to trust that our government, at least mostly, looks out for us. Yes, we’re jaded by the Wall Street bailouts, uncontrolled spending, and how they respond to certain events, such as the BP oil spill & Hurricane Katrina. But, by and large, we tend to believe they are there… Continue reading Fake “US Government” Loan Modification Programs