Archive for 2010

4 Different Stages of Foreclosure

When people buy properties by taking outĀ mortgage loans, the lender gets an ownership interest in the property. That is, the property serves as collateral. This means that if you borrow money on a house and are not able to make the mortgage payments, the lender has the legal right to take possession of your property and evict you. This process is called foreclosure.

Foreclosure is a legal process and it does not allow your lender to take possession of your property very quickly. There are four stages in the foreclosure process. All the stages or the steps are set according… Read more »

Stop Foreclosure with a Short Sale or Deed in Lieu of Foreclosure

If you’re falling behind with your home loan, the best thing you can do is contact your bank right away to attempt and work out some kind of payment arrangement. If you wait till a notice of default has been filed, the loan company will probably be less likely to work out any arrangement with you. Should you speak to the lender in time, there is an excellent chance they will offer you a specific amount of time to have things up to date and stop foreclosure…. Read more »

$200K to Stop Foreclosure in Las Vegas

The city of Las Vegas has announced that they will be receiving $200,000 from HUD to help stop foreclosure in the city. Obviously, this is not enough to money to help homeowners directly with their past-due mortgages, so what is this money to be used for? The city plans to develop an educational program the will help residents facing foreclosure learn about their options.

It makes sense that Las Vegas would be targeted for a program like this because foreclosures in Nevada, especially in the Las Vegas area, are higher than in any other area of the country right now. Las… Read more »

Stop Foreclosure by Selling Your House

One way to stop foreclosure on your home is to sell it and use the proceeds from the sale to pay off the mortgage. Unfortunately, most of the time this is much harder than it sounds. There are two reasons for this: First of all, it often takes a long time for a house to sell and if you are facing foreclosure, time is something you don’t have a lot of. The other reason is that with real estate prices falling, the amount owed on the home is often more than the house is likely to sell for.

The amount… Read more »

Stop Foreclosure by Refinancing

Many people think you can stop foreclosure by refinancing your home. Although this is a possibility, it is not easy to get a bank to agree to refinance your mortgage once you are behind on the payments. However, if you have not yet fallen behind, refinancing could be an option for you.

Lower Your Payment by Refinancing

If you know that your income will be falling, you can start looking for a refinance loan that will give you a lower monthly payment than your current mortgage. By obtaining a new mortgage with a lower interest rate or a longer term,… Read more »