by Paul Escobedo
When it was implemented a year ago there were such high hopes for the governments mortgage relief plan. Figures released during the middle of February show us that those high hopes clearly haven't been reached.
On February 17, 2010 the Treasury Department stated that figures as of the end of January show that about 116,000 of the homeowners that completed the application process to have their loan payments reduced permanently actually received a permanent loan modification. That figure shows that a mere 12 percent of the more than 1 million homeowners that started the process actually ever went on to receive a permanent modification to their home loan.
So far, about 61,000 homeowners that started the program have dropped out. There are two main reasons why homeowners dropout of the program; failure to make required payments during the trial modification process and failure to return the necessary paperwork to their respective banks. The numbers of these dropouts are expected to rise.
Treasury officials claim that the program is "on track" and currently doing what it was designed to do. However, these larger banks that hold a majority of the loans are struggling to keep up with the large volume of borrowers that need help.
For instance, as of the end of January, Bank of America Corp. Citigroup Inc. and JP Morgan Chase & Co. completed permanent loan modifications for less than 10 percent of the borrowers who started the loan modification process.
Recently, there has been a call for a major overhaul of the loan modification program. Many would like to see the government do more to encourage banks to cut the principal on loans rather than just change interest rates or extend the loan.
This seems to be a necessary step when considering the large numbers of homeowners that are currently underwater on their home loans. According to Moody's Economy.com, around a third of the homeowners in the United States owe more on their mortgage than their home is worth.
The program itself, while it might seem to be going nowhere, is actually helping struggling homeowners with the right amount of pressure on banks we could see respectable numbers of homeowners receiving permanent modifications if given time.
I have several Illinois home builders listed in your area. If you are unable to find what you are looking for please visit our new homes section for a complete list of new homes and new home builders in your area.
Thursday, March 11, 2010
GMAC Loan Modification Through Obama's Stimulus Package
by Heather Herman
Are you behind on your GMAC mortgage? Is foreclosure a real possibility? You are probably in a panic, which is quite normal. However, it could be that you have run into mortgage problems at a fortunate time, if you qualify for a GMAC Loan Modification through Obama's Stimulus Package.
The Home Affordable Mortgage Program (HAMP) offers a great opportunity for qualified homeowners to actually improve the terms of their mortgage, while avoiding foreclosure. Not only do you manage to keep your home, but you have obtained a lower house payment and better terms for the future of your mortgage.
GMAC is a participating lender in this program; they are on the approved lender list. They are required to consider your eligibility for this government program before proceeding with a foreclosure on your property.
The program is in effect through December 31, 2012. The government has applied $75 billion dollars worth of funding to this program. They are hoping to help homeowners like you who qualify, and they are hoping to stimulate the real estate market, too. Foreclosures are at an all-time record high.
Your GMAC loan has to be serviced by Freddie Mac or Fannie Mae, or you are already ineligible! Your loan amount must be $729,500 or less, and the original loan had to be signed on or before Jan 1, 2009. Financial hardship is one of the most basic parts of the program; something happened to you to reduce your income or increase your expenses. The result was your inability to stay current on your mortgage.
You need a lower payment, and you need to get a fresh start on your GMAC mortgage. You want to keep your home, and you might qualify for a GMAC Loan Modification.
For must know facts about how you can take advantage of Obama's Home Affordable Plan, visit our blog at http://HomeBuyerStimulus.info/ to get answers today.
Are you behind on your GMAC mortgage? Is foreclosure a real possibility? You are probably in a panic, which is quite normal. However, it could be that you have run into mortgage problems at a fortunate time, if you qualify for a GMAC Loan Modification through Obama's Stimulus Package.
The Home Affordable Mortgage Program (HAMP) offers a great opportunity for qualified homeowners to actually improve the terms of their mortgage, while avoiding foreclosure. Not only do you manage to keep your home, but you have obtained a lower house payment and better terms for the future of your mortgage.
GMAC is a participating lender in this program; they are on the approved lender list. They are required to consider your eligibility for this government program before proceeding with a foreclosure on your property.
The program is in effect through December 31, 2012. The government has applied $75 billion dollars worth of funding to this program. They are hoping to help homeowners like you who qualify, and they are hoping to stimulate the real estate market, too. Foreclosures are at an all-time record high.
Your GMAC loan has to be serviced by Freddie Mac or Fannie Mae, or you are already ineligible! Your loan amount must be $729,500 or less, and the original loan had to be signed on or before Jan 1, 2009. Financial hardship is one of the most basic parts of the program; something happened to you to reduce your income or increase your expenses. The result was your inability to stay current on your mortgage.
You need a lower payment, and you need to get a fresh start on your GMAC mortgage. You want to keep your home, and you might qualify for a GMAC Loan Modification.
For must know facts about how you can take advantage of Obama's Home Affordable Plan, visit our blog at http://HomeBuyerStimulus.info/ to get answers today.
FAQs on Buying Bank Foreclosed Homes For Sale
by Joseph A Smith
Buying bank foreclosed homes for sale is the smartest investment you can make today. However, just like with other major investments, the process has its own pitfalls but the potential of earning huge profits at very minimal costs has encouraged many people to put their hard earned money on foreclosure properties.
There is no doubt that the benefits of buying foreclosures far outweigh its risks. And besides, you can avoid committing costly mistakes if you do some research first before jumping into the bandwagon.
Understanding Foreclosures:
Take time to identify the reasons why people lost their homes to foreclosures. This would give you some idea on the things to avoid in order not to lose your home to foreclosure. Keep in mind also that the legal process for foreclosure varies from one state to another.
Take down some notes on the many advantages of buying bank foreclosed homes for sale. Banks want to recover their investments immediately and avoid incurring more losses which are bound to happen the longer a foreclosed property is on the market. That is why many lenders prefer to unload the foreclosed properties on their inventories by offering big discounts to attract potential buyers.
Where to Find Foreclosures:
Spare yourself the inconvenience and trouble of going from one place to another or talking to one agent to another in your effort to find the best foreclosure property. The easiest and convenient way is to subscribe to online listings. You can do the search and the elimination right there at the comfort of your own home or office. You can check on many foreclosed properties in half the time that it would take you if you use other tools in your search for the best repossessed property.
Once you have narrowed the number of bank foreclosed homes for sale that interest you, you are now ready to tour and inspect the properties and make your final choice.
Joseph B. Smith has been educating buyers on the finer points of Bank Foreclosed Homes at BankForeclosuresSale.com for over five years. Contact Joseph B. Smith through BankForeclosuresSale.com if you need help finding information about Bank Foreclosed Homes for Sale.
Buying bank foreclosed homes for sale is the smartest investment you can make today. However, just like with other major investments, the process has its own pitfalls but the potential of earning huge profits at very minimal costs has encouraged many people to put their hard earned money on foreclosure properties.
There is no doubt that the benefits of buying foreclosures far outweigh its risks. And besides, you can avoid committing costly mistakes if you do some research first before jumping into the bandwagon.
Understanding Foreclosures:
Take time to identify the reasons why people lost their homes to foreclosures. This would give you some idea on the things to avoid in order not to lose your home to foreclosure. Keep in mind also that the legal process for foreclosure varies from one state to another.
Take down some notes on the many advantages of buying bank foreclosed homes for sale. Banks want to recover their investments immediately and avoid incurring more losses which are bound to happen the longer a foreclosed property is on the market. That is why many lenders prefer to unload the foreclosed properties on their inventories by offering big discounts to attract potential buyers.
Where to Find Foreclosures:
Spare yourself the inconvenience and trouble of going from one place to another or talking to one agent to another in your effort to find the best foreclosure property. The easiest and convenient way is to subscribe to online listings. You can do the search and the elimination right there at the comfort of your own home or office. You can check on many foreclosed properties in half the time that it would take you if you use other tools in your search for the best repossessed property.
Once you have narrowed the number of bank foreclosed homes for sale that interest you, you are now ready to tour and inspect the properties and make your final choice.
Joseph B. Smith has been educating buyers on the finer points of Bank Foreclosed Homes at BankForeclosuresSale.com for over five years. Contact Joseph B. Smith through BankForeclosuresSale.com if you need help finding information about Bank Foreclosed Homes for Sale.
Information on How to Secure Bad Credit Home Loan Refinancing to Prevent Foreclosure
by Alan Lim
Because of the current economical situation, many people are not able to pay their debts promptly. A lot of people suffer from bad credit rating and those who default the payment of their loans even face the possibility of foreclosure. Now, there is bad credit home loan refinancing option which can help to solve your problem.
So can a bad credit home loan refinancing scheme really help you to prevent foreclosure? Most people having a bad credit will ask this question. The short answer is yes. Now, you can definitely get a refinancing loan from loan providers to prevent the foreclosure. Due to of the ongoing bad economical situation, there are now a number of corporations who specialized in such poor credit loan. Unfortunately, such loans normally come at higher interest rates. However, you could at least acquire a loan to tide over your foreclosure issue.
Before you start to search for the bad credit home loan refinancing option, you have to make a careful decision so as not to regret in the future.
Due to high competition, many loan providers these days offer such loans with attractive interest rates. At the same time, there are scrupulous lenders out there in the market too. They present you options that look good on the surface but in fact, there are huge hidden costs and fees which they may not mention to you.
Therefore, before you sign up for any of these refinancing loans, it is imperative that you do some research first. Get a list of companies that you may likely use their service. Compare the quotations and note down their interest rates, hidden fees and costs, etc.
Next, you should short list only 2-3 lenders. Go through carefully their terms and conditions. Call them up and clear up any queries you may have about the options they offer. Select the one that offers you the best terms and meet your requirements. Make proper calculations and ensure that the final monthly refinancing loan that you need to pay is lower than your current home loan.
Going through the above procedures may be simple but very important. Acquiring a bad credit home loan refinancing option is very important. To get an option that really helps you to tide over your financial burden is even more difficult. You have to ensure that the loan that you get does not have you end up paying more because you do not carry out your calculation and research properly. Take it slow and sign up only for the loan only after you have made the proper calculations.
In order to get the right Bad Credit Home Loan Refinancing option, it is important to get help from a genuine source. One such genuine source is located at http://www.bad-credit-home-mortgage-loan-refinance.com.
Because of the current economical situation, many people are not able to pay their debts promptly. A lot of people suffer from bad credit rating and those who default the payment of their loans even face the possibility of foreclosure. Now, there is bad credit home loan refinancing option which can help to solve your problem.
So can a bad credit home loan refinancing scheme really help you to prevent foreclosure? Most people having a bad credit will ask this question. The short answer is yes. Now, you can definitely get a refinancing loan from loan providers to prevent the foreclosure. Due to of the ongoing bad economical situation, there are now a number of corporations who specialized in such poor credit loan. Unfortunately, such loans normally come at higher interest rates. However, you could at least acquire a loan to tide over your foreclosure issue.
Before you start to search for the bad credit home loan refinancing option, you have to make a careful decision so as not to regret in the future.
Due to high competition, many loan providers these days offer such loans with attractive interest rates. At the same time, there are scrupulous lenders out there in the market too. They present you options that look good on the surface but in fact, there are huge hidden costs and fees which they may not mention to you.
Therefore, before you sign up for any of these refinancing loans, it is imperative that you do some research first. Get a list of companies that you may likely use their service. Compare the quotations and note down their interest rates, hidden fees and costs, etc.
Next, you should short list only 2-3 lenders. Go through carefully their terms and conditions. Call them up and clear up any queries you may have about the options they offer. Select the one that offers you the best terms and meet your requirements. Make proper calculations and ensure that the final monthly refinancing loan that you need to pay is lower than your current home loan.
Going through the above procedures may be simple but very important. Acquiring a bad credit home loan refinancing option is very important. To get an option that really helps you to tide over your financial burden is even more difficult. You have to ensure that the loan that you get does not have you end up paying more because you do not carry out your calculation and research properly. Take it slow and sign up only for the loan only after you have made the proper calculations.
In order to get the right Bad Credit Home Loan Refinancing option, it is important to get help from a genuine source. One such genuine source is located at http://www.bad-credit-home-mortgage-loan-refinance.com.
Find Foreclosed Homes Online With Free Foreclosure Listings
by Zach Ford
The ongoing economic crunch has made purchasing foreclosure properties sell like hot cakes. it is now a fact well known that foreclosed properties are the best when it comes to purchasing homes, properties and estates, and that too at a price way below the current market value. One easy way to begin checking with the foreclosure properties is through the numerous websites across the internet.
Getting Started with Foreclosures
Foreclosed properties are sold at rates far lesser than the current ongoing market rates as the lending banks or the lender's themselves need to recover the losses incurred. Hence this is like a huge opportunity for all those who wish to purchase their own home at rates much lesser than the ongoing market prices. It is like a huge bargain or a discount at which one can lay their hands on their dream home. The array of properties on the foreclosure listings range from family homes to townhouses and from condos to executive homes.
Search Listings 100% Free!
There are quite many websites which ask you to pay a small fee to access the information on their databases, however this is not necessary. There are some websites which offer a trial membership. These memberships are normally free and during the free trial period one has access to all the information just like any other pain member. Care should be taken when selecting a website, always choose a website that is updated on a daily basis. You wouldn't want to waste your time on websites that are not regularly updated and also on short listing those properties that have already been sold. It is essential to know that the website one is checking is also well managed and offers quality services. Time is an important factor for investors and therefore using time judiciously to choose the best and strike the best deal is also equally essential.
Top 3 Free Foreclosure Listings Websites
Looking for Foreclosure Listings? Visit http://www.FreeOnlineForeclosureListings.com, where you can find in depth reviews of the top 3 free foreclosure search websites.
FREE FORECLOSURE LISTINGS
All three of the reviewed websites offer a free 7-day trail, so head over and see what is available in your area right now.
The ongoing economic crunch has made purchasing foreclosure properties sell like hot cakes. it is now a fact well known that foreclosed properties are the best when it comes to purchasing homes, properties and estates, and that too at a price way below the current market value. One easy way to begin checking with the foreclosure properties is through the numerous websites across the internet.
Getting Started with Foreclosures
Foreclosed properties are sold at rates far lesser than the current ongoing market rates as the lending banks or the lender's themselves need to recover the losses incurred. Hence this is like a huge opportunity for all those who wish to purchase their own home at rates much lesser than the ongoing market prices. It is like a huge bargain or a discount at which one can lay their hands on their dream home. The array of properties on the foreclosure listings range from family homes to townhouses and from condos to executive homes.
Search Listings 100% Free!
There are quite many websites which ask you to pay a small fee to access the information on their databases, however this is not necessary. There are some websites which offer a trial membership. These memberships are normally free and during the free trial period one has access to all the information just like any other pain member. Care should be taken when selecting a website, always choose a website that is updated on a daily basis. You wouldn't want to waste your time on websites that are not regularly updated and also on short listing those properties that have already been sold. It is essential to know that the website one is checking is also well managed and offers quality services. Time is an important factor for investors and therefore using time judiciously to choose the best and strike the best deal is also equally essential.
Top 3 Free Foreclosure Listings Websites
Looking for Foreclosure Listings? Visit http://www.FreeOnlineForeclosureListings.com, where you can find in depth reviews of the top 3 free foreclosure search websites.
FREE FORECLOSURE LISTINGS
All three of the reviewed websites offer a free 7-day trail, so head over and see what is available in your area right now.
Government Foreclosure Homes - How to Get Them For Almost Nothing, and a Secret Way to Cash In
by Maggie Dawson
If you invest in property, you've got to start investing in government foreclosure homes. In the current economy, they're plentiful, cheap, and often free and clear. However, bidding at tax auction is no longer an option. There are no good deals to be had due to competition. Luckily, it's not necessary to attend auction, and you can almost always get a better deal on government foreclosure homes outside of the auction.
The auction will actually work in your favor. By waiting until after the tax sale, you can weed out bad properties by seeing which didn't get any bids. Then, a few months before the end of the redemption period, check and see which of the properties that did get bids still isn't redeemed. These will be your target properties.
What comes next is easier than you can imagine: simply contact the owners, and see what they are planning to do. Most will tell you they've decided to let the property go - either they can't pay the taxes or just don't care (more common than you might think). The timing here is extremely important. If you catch these owners at the right point in the process, you'll find they're willing to sign their deeds over to you for pennies on the dollar. Some will even offer to give their deeds away.
If owning government foreclosure homes doesn't sound like your cup of tea, but you still want real-estate-sized paydays, you make find tax and mortgage foreclosure sale overages interest you. When more is bid for these properties than was owed, the overage is generally held for the owner. But the owners rarely collect. Why? They've moved on and can't be found at the old address, they don't know about the overage, or usually, both.
Overages' existence is not common knowledge amongst money finders. So why not get into the "found money" business? You can charge 30-50% on these funds, and there are tons of them out there. Find records of overages, find their owners, and connect the two for huge finder fees.
So, how to find records of these funds, and find their owners? Read the *free* Hooked On Overages "Insider's Guide." Click here now: http://Hooked-On-Overages.com.
Interested in buying property directly from owners? Read the "Tax Sale Property Insider's Guide." Click here now: http://Deed-Grabber.com - free.
If you invest in property, you've got to start investing in government foreclosure homes. In the current economy, they're plentiful, cheap, and often free and clear. However, bidding at tax auction is no longer an option. There are no good deals to be had due to competition. Luckily, it's not necessary to attend auction, and you can almost always get a better deal on government foreclosure homes outside of the auction.
The auction will actually work in your favor. By waiting until after the tax sale, you can weed out bad properties by seeing which didn't get any bids. Then, a few months before the end of the redemption period, check and see which of the properties that did get bids still isn't redeemed. These will be your target properties.
What comes next is easier than you can imagine: simply contact the owners, and see what they are planning to do. Most will tell you they've decided to let the property go - either they can't pay the taxes or just don't care (more common than you might think). The timing here is extremely important. If you catch these owners at the right point in the process, you'll find they're willing to sign their deeds over to you for pennies on the dollar. Some will even offer to give their deeds away.
If owning government foreclosure homes doesn't sound like your cup of tea, but you still want real-estate-sized paydays, you make find tax and mortgage foreclosure sale overages interest you. When more is bid for these properties than was owed, the overage is generally held for the owner. But the owners rarely collect. Why? They've moved on and can't be found at the old address, they don't know about the overage, or usually, both.
Overages' existence is not common knowledge amongst money finders. So why not get into the "found money" business? You can charge 30-50% on these funds, and there are tons of them out there. Find records of overages, find their owners, and connect the two for huge finder fees.
So, how to find records of these funds, and find their owners? Read the *free* Hooked On Overages "Insider's Guide." Click here now: http://Hooked-On-Overages.com.
Interested in buying property directly from owners? Read the "Tax Sale Property Insider's Guide." Click here now: http://Deed-Grabber.com - free.
Buying Foreclosures - How Foreclosures Work
by Elizabeth Weintraub
Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
Why Do Sellers Go Into Foreclosure?
Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:
* Laid-off, fired or quit job
* Inability to continue working due to medical conditions
* Excessive debt and mounting bill obligations
* Squabbles with co-owner, divorce
* Job transfer to another state
Negotiating Directly with Sellers in Foreclosure
Investors who specialize in buying foreclosures often prefer to purchase these homes before the foreclosure proceedings are final. Before approaching a seller in distress, consider:
1. Foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas, in states where trust deeds are used, a seller has less than four months before the trustee's sale.
2. Almost every state provides for some period of redemption. This means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. For more information, consult a real estate lawyer.
3. Many states also require that buyers give to sellers certain disclosures regarding equity purchases. Failure to provide those notices and to prepare offers on the required paperwork can result in fines, lawsuits or even revocation of sale.
4. Determine whether you're the type of person who can easily take advantage of a seller's misfortune under these circumstances and / or put a family out on the street. Oh, critics will argue it's just business and sellers deserve what they get, even if it's five cents on the dollar. Others will feign compassion and trick themselves into believing they are "helping" the home owners avoid further embarrassment, but deep inside yourself, you know that's not true.
Buying a Home at the Trustee's Sale
Check with your local county office to find out how sales in your area are handled, but common threads among those I see in Sacramento are:
* No loan contingency
* Sealed bids
* Proof of financial qualifications
* Sizeable earnest money deposits
* Purchase property "as is"
Sometimes buyers are not allowed to inspect the house before making an offer. The problem with buying a house sight unseen is you can't calculate how much it will cost to improve the structure or bring it up to habitable standards. Nor do you know if the occupant will retaliate and destroy the interior. On top of that, you may need to evict the tenant or owner from the premises after you receive title, and eviction processes can be costly.
Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
Why Do Sellers Go Into Foreclosure?
Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:
* Laid-off, fired or quit job
* Inability to continue working due to medical conditions
* Excessive debt and mounting bill obligations
* Squabbles with co-owner, divorce
* Job transfer to another state
Negotiating Directly with Sellers in Foreclosure
Investors who specialize in buying foreclosures often prefer to purchase these homes before the foreclosure proceedings are final. Before approaching a seller in distress, consider:
1. Foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas, in states where trust deeds are used, a seller has less than four months before the trustee's sale.
2. Almost every state provides for some period of redemption. This means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. For more information, consult a real estate lawyer.
3. Many states also require that buyers give to sellers certain disclosures regarding equity purchases. Failure to provide those notices and to prepare offers on the required paperwork can result in fines, lawsuits or even revocation of sale.
4. Determine whether you're the type of person who can easily take advantage of a seller's misfortune under these circumstances and / or put a family out on the street. Oh, critics will argue it's just business and sellers deserve what they get, even if it's five cents on the dollar. Others will feign compassion and trick themselves into believing they are "helping" the home owners avoid further embarrassment, but deep inside yourself, you know that's not true.
Buying a Home at the Trustee's Sale
Check with your local county office to find out how sales in your area are handled, but common threads among those I see in Sacramento are:
* No loan contingency
* Sealed bids
* Proof of financial qualifications
* Sizeable earnest money deposits
* Purchase property "as is"
Sometimes buyers are not allowed to inspect the house before making an offer. The problem with buying a house sight unseen is you can't calculate how much it will cost to improve the structure or bring it up to habitable standards. Nor do you know if the occupant will retaliate and destroy the interior. On top of that, you may need to evict the tenant or owner from the premises after you receive title, and eviction processes can be costly.
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