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2007-10-08T23:02:00.000-07:00

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Is A Reverse Mortgage Right For You

2007-10-03T23:24:00.000-07:00

As a lender in the mortgage business, E-Loan reverse mortgage loan terms and rates are among some of best in the financial industry. Here's a brief look at what you can expect from E-Loan.

When it comes to a reverse mortgage program, there are 3 different types of loans. One is called the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. The second type of reverse mortgage program is the Fannie Mae Home Keeper. The third type of reverse mortgage program is the Cash Account Advantage Plan.

All three of these types of reverse mortgage programs are secured through a mortgage lender, such as E-Loan. Although not all mortgage lenders offer the same reverse mortgage programs, E-Loan offers both of these main types of loans.

Each of these reverse mortgage plans have their own advantages and benefits, and the main structure of these reverse mortgage programs is the same regardless of the lender that you use. However, the lender that you choose could affect your interest rate, as well as the level of customer service that you receive during the term of the loan.

E-LOan reverse mortgage programs are insured by the FDIC, just as all of the transactions at E-Loan. This gives you peace of mind in knowing that nothing is going to happen with your money. Additionally, they will assist you in completing the entire loan application process. This includes assistance in finding an acceptable credit counseling service to help you meet federal requirements and guidelines.

E-Loan reverse mortgage programs also offer you security and safety. E-Loan has allways been an insured financial institution in high standing .Their security and privacy policies are well established, and their lending specialists work hard to make sure that they do everything they can to support you in your financial decisions and ventures. While E-LOan wants to fund your reverse mortgage, they will not push you into applying for a loan that does not best suit your needs. This is an important consideration when choosing a reverse mortgage lender, especially as a senior.

So, if you are considering a reverse mortgage and are looking for a good reputable lender, you may want to take a closer look at E-Loan.

How Can I Get HUD To Make My House Payments

2007-10-03T22:55:00.000-07:00

Questions About Forclosure and Mortgage Terms
What Is Reinstatement: Your lender is always willing to discuss accepting the total amount owed in a lump sum by a specific date. Forbearance may accompany this option.

What Is Forbearance: Your lender may allow you to reduce or suspend payments for a short period of time and then agree to another option to bring your loan current. A forbearance option is often combined with a reinstatement when you know you will have enough money to bring the account current at a specific time. The money might come from a hiring bonus, investment, insurance settlement, or tax refund.

Can I Get A Mortgage Repayment plan: You may be able to get an agreement to resume making your regular monthly payments, plus a portion of the past due payments each month until you are caught up.

If it appears that your situation is long-term or will permanently affect your ability to bring your account current - call your lender to discuss options:

What Is Mortgage modification: If you can make payments on your loan, but don't have enough money to bring your account current or you can't afford your current payment, your lender may be able to change the terms of your original loan to make the payments more affordable. Your loan could be permanently changed in one or more of the following ways:

Adding the missed payments to the existing loan balance.
Changing the interest rate, including making an adjustable rate into a fixed rate. Extending the number of years you have to repay.

What Is A Partial Claim: If your mortgage is insured, your lender might help you get a one-time interest-free loan from your mortgage guarantor to bring your account current. You may be allowed to wait several years before repaying this loan.

You qualify for an FHA partial claim if:

Your loan is between 4 and 12 months delinquent,You are able to begin making full mortgage payments again.When your lender files a partial claim, HUD will pay your lender the amount necessary to bring your mortgage current.

How Do I Get HUD To Pay My Mortgage? You must sign a promissory note, and a lien will be placed on your property until the promissory note is paid in full.

The promissory note is interest-free and is due when you pay off the first mortgage or when you sell the property.

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Move Over Nigeria Lotto Bank Scams Here Comes Forclosure Scamming

2007-10-03T22:44:00.000-07:00

Beware of scams

Equity skimming: In this type of scam a "buyer" approaches you offering to repay the mortgage or sell the property if you sign over the deed and move out - usually leaving you with the debt and no house. Signing over your deed does not necessarily relieve you of the responsibility of paying the loan.

Phony counseling agencies: charging for counseling that is often free of charge. If you have any doubt about paying for such services, call a HUD-approved foreclosure housing counseling agency toll free at (800) 569-4287 or TDD (800) 877-8339 before you pay anyone or sign anything.

Do not sign anything you do not understand. It is your right and duty to ask questions, Information is your best defense against becoming a victim of predatory lending, especially for a desperate homeowner!!

Where to report suspected predatory lending

Homeowners can either visit the Stop Mortgage Fraud website or call toll free (800) 348-3931 to get information on what steps to take to file a complaint. Homeowners who call will also receive a booklet containing information found on the website.

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I Missed Some Mortgage Payments What Happens Now

2007-10-03T22:32:00.000-07:00

What happens when I miss my mortgage payments?

Foreclosure may occur. This means your lender can legally repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued, meaning you would not only lose your home, you also would owe HUD money. You can get a free credit report to see if the missed payments are being reported.

Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if at all possible.

What should I do? - Do not ignore letters from your lender. If you are having problems making your payments, call or write to your lender's loss mitigation department immediately. Explain your situation. Be prepared to provide financial information, such as you-r monthly income and expenses. Without this information, they may not be able to help.

Stay in your home for now. You may not qualify for assistance if you abandon your property.

Contact a HUD-approved foreclosure housing counseling agency. Call toll free 1-800-569-4287 or TDD (800) 877-8339 for the housing counseling agency nearest you. These agencies are valuable resources. They have information on services and programs offered by government agencies and private and community organizations that might be able to help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge. Allow us to help, our consultation is free and we'll let you know what to do next.

Free Forclosure Help Nonprofit Forclosure Sites

2007-10-03T21:49:00.000-07:00

Free foreclosure help - We Want To Help
Nonprofit sites that can help you save your home before it's too late.

Tracy Morgan is a spokeswoman for the Home Ownership Preservation Foundation, which operates a foreclosure hotline (1-800-995-HOPE) for Neighborworks. Last year, she said, the hotline handled about 75 calls a day nationwide. By June, 2007, the number ballooned to 750. For this September, the average day has brought about 1,300 calls.

Foreclosure assistance counseling with Neighborworks used to start almost immediately. Now, weeks may go by before clients are served. "There's a big resource gap," said Doug Robinson, spokesman for Neighborworks, adding that Neighborworks has added 1,800 staffers.

Things you should know "the easiest cases to help are the ones whose mortgages are held in portfolio," he said. Those are the ones that lenders have not sold into secondary markets but kept on their own books. That gives lenders more flexibility in dealing with delinquent borrowers and more incentive to help them keep their debts current, rather than taking the big expenses that come with foreclosures.

But often, the counselors have to tell home owners something they don't want to hear - that their income, credit scores or lack of home equity make it impossible to help.

Even outcomes defined as "successful" may be less than ideal. These include advice to do a "short-sale" or accept a deed-in-lieu-of-foreclosure deal from their lenders, which should be better for them than outright foreclosure.

"Foreclosure really damages your potential to be a homeowner again, or even a renter," We have partners that can help,the consultation is free and the sucess rate through the roof.

"Loan modification is very frequent," he said. In those cases, lenders add the missed payments and back interest back into the principal, often stretching out the length of the loan and the monthly payments should be about the same as before the borrowers fell behind.

Neighborworks and other non-profits act strictly as mediators; they have no power to force agreements on lenders or borrowers. The value they provide is to get the parties talking early.

By working with our foreclosure partners, rather than approaching lenders directly, borrowers can improve their work-out prospects.

"We work at a high level "you have an advocate that really knows the ins and outs, has the contacts and can facilitate the work-out process."

Counselors bypass the collections departments of lenders in favor of mitigation departments, where they can get things done. Sometimes the advice is to hold off before contacting a lender.

"We can look at a borrower and say, 'You're not a good candidate for a work-out right now,'" said Morgan. "'Take three months to repair your credit score, find some extra income.Then, you can go back to the lender in a much stronger bargaining position.'" You can also get a loan regardless of your credit.Or even a quick $1500 loan will help get you on track, with no credit check you can have the money in 30 min.

There are lists of HUD-approved, non-profit counseling services available on the HUD Web site. The services are free of charge

2007-10-03T17:12:00.000-07:00

Should I consider an Interest-Only loan?
Interest-Only loans are a good means of either increasing your home purchasing power or maximizing your flexibility to control cash flow.

You can save significant amounts of cash for investment, savings, or other expenditures during the first ten years of your loan. This is also a solid strategy to maximize tax deductibility, with more funds available for paying down higher cost, nondeductible consumer debt.

With these loans, the minimum payment required covers interest only — you decide how much or how little of the principal to repay each month. These loans should not be confused with negative amortization loans. With Interest-Only, the principal balance NEVER increases.

What Can I Do To Not Pay The Points

2007-10-03T17:06:00.000-07:00

Home Finance FAQ
When does it make sense to pay points?
Points are a one-time fee that a borrower pays to lower the interest rate. Points are defined as a percentage of your loan amount, with one point being equal to one percent of your loan. For example, if you borrow $200,000, one point would be equal to $2,000. Paying one point will generally reduce your interest rate by approximately .25%.

An alternative to paying points is to receive a "credit" from the lender in exchange for a higher interest rate. Whereas points are added to your closing costs, a credit is used to reduce your closing costs. Once again, you can receive a credit of approximately one point by raising your interest rate .25%.

Whether you choose to pay points or receive a credit, this amount will be applied to your closing costs when your loan funds.Get All Your Finance Questions Answered Here

Free Real Estate Education Learn How To Profit From Forclosures

2007-10-02T11:23:00.000-07:00

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Our new online course, Real Profits™ in Real Estate, will teach you the techniques you need to become successful! Updated in real time, this step-by-step online program will show you how to generate an extra monthly income, increase your net worth, and achieve lasting wealth. And best of all, you get access to the full online course for FREE! Buy Your First Property This Week!! If You Wanted To Prosper Off Of The Recent Crash Of The Housing Market We'll Show Yopu How...And We'll Do It For FREE!!

How You Can Avoid Being A Victim Of Loan Fraud

2007-09-30T16:20:00.000-07:00

Don't Be A Victim Of Loan Fraud

Protect Yourself from Predatory Lenders Buying or refinancing your home may be one of the most important and complex financial decisions you'll ever make. Many lenders, appraisers, and real estate professionals stand ready to help you get a nice home and a great loan. However, you need to understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud.
Don't let this happen to you!

11 Tips On Being A Smart Consumer

Before you buy a home, attend a homeownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit counseling agencies. Interview several real estate professionals (agents), and ask for and check references before you select one to help you buy or sell a home.

Get information about the prices of other homes in the neighborhood. Don't be fooled into paying too much.

Hire a properly qualified and licensed home inspector to carefully inspect the property before you are obligated to buy.

Determine whether you or the seller is going to be responsible for paying for the repairs.

If you have to pay for the repairs, determine whether or not you can afford to make them.

Shop for a lender and compare costs. Be suspicious if anyone tries to steer you to just one lender.

Do NOT let anyone persuade you to make a false statement on your loan application, such as overstating your income, the source of your downpayment, failing to disclose the nature and amount of your debts, or even how long you have been employed. When you apply for a mortgage loan, every piece of information that you submit must be accurate and complete. Lying on a mortgage application is fraud and may result in criminal penalties.

Do NOT let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.

Never sign a blank document or a document containing blanks. If information is inserted by someone else after you have signed, you may still be bound to the terms of the contract. Insert "N/A" (i.e., not applicable) or cross through any blanks.

Read everything carefully and ask questions. Do not sign anything that you don't understand. Before signing, have your contract and loan agreement reviewed by an attorney skilled in real estate law, consult with a trusted real estate professional or ask for help from a housing counselor with a HUD-approved agency. If you cannot afford an attorney, take your documents to the HUD-approved housing counseling agency near you to find out if they will review the documents or can refer you to an attorney who will help you for free or at low cost.

Be suspicious when the cost of a home improvement goes up if you don't accept the contractor's financing.

Be honest about your intention to occupy the house. Stating that you plan to live there when, in fact, you are not (because you intend to rent the house to someone else or fix it up and resell it) violates federal law and is a crime.

What is Predatory Lending?

In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who:

Sell properties for much more than they are worth using false appraisals.

Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan.

Knowingly lend more money than a borrower can afford to repay.

Charge high interest rates to borrowers based on their race or national origin and not on their credit history.

Charge fees for unnecessary or nonexistent products and services.

Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.

Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems.

"Strip" homeowners' equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower.

Use high pressure sales tactics to sell home improvements and then finance them at high interest rates.

What Tactics Do Predators Use?

A lender or investor tells you that they are your only chance of getting a loan or owning a home.

You should be able to take your time to shop around and compare prices and houses.
The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better.

You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.

You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.

The cost or loan terms at closing are not what you agreed to. You are told that refinancing can solve your credit or money problems.
You are told that you can only get a good deal on a home improvement if you finance it with a particular lender.

Remember:
If a deal to buy, repair or refinance a house sounds too good to be true, it usually is!lnhf

Housing counselors working at HUD-approved agencies can help you be a smart consumer. To find a counselor near you, call (800) 569-4287 or go to HUD's housing counselors list online

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203 FHA MORTGAGE EXPLAINED

2007-09-30T16:09:00.000-07:00

203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount.

203(k): this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.

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How To Use The IRS To Your Benifit When It Comes To Buying Forclosures

2007-09-30T15:55:00.000-07:00

Real Estate Investing

LET THE IRS MAKE A BETTER DEAL FOR YOU!

Some of the best foreclosure deals are the properties with a Federal or IRS Tax Lien against the owner/Trustor. Most foreclosure buyers shy away from properties with tax liens against either the property or the owner/Trustor. However, these are often the best deals!

When the IRS places a tax lien against an individual (owner or Trustor of a property), that lien attaches to any "real property" that the individual owns anywhere in the United States. While the lien may not appear against any particular property itself, it still attaches to any property that the individual owns.

You not only need to verify the liens against a foreclosure property, but you also must verify if there are any liens against the Owner/Trustor. Otherwise, you might inherit his tax lien(s). Many buyers fail to do this, and some find out the hard way that they should have.

Try this example: A property is worth $200,000 and it only has a $100,000 mortgage balance; but it also has a "junior" tax lien against the owner/Trustor for $150,000 (more than the value of the property when combined with the mortgage). Now, let's say the owner/Trustor is in default on his mortgage and can't bring it current. He cannot sell the property and pull out his equity, since any surplus over the amount of the mortgage balance would go to the IRS, and with the net proceeds the owner/Trustor won't even have enough to pay a realtor a commission to sell the home. The owner is stuck, and in many cases, he is so depressed, he doesn't even want to try to save his equity. Although he will still owe the IRS, with or without his house, most debtors figure, "Heck, why bother, when they aren't going to see a penny out of it?"

The house sells at auction, and the IRS has by law, a 120 day "Right of Redemption" (that is an automatic right to buy the house back from whoever purchased it at auction for what they paid for it, plus reasonable interest). But, the IRS rarely redeems their position or Right of Redemption. There are simply too many properties and too many debtors to track. In fact, the entire nationwide budget for redemption's is only $10,000,000. That doesn't go very far when you're buying houses. It's used for the special cases. The ones they really want to get!

So how can you take advantage of this information? In many cases, the properties with the big "tax liens" are the best deals. Why else would someone let a property with 50% equity go to foreclosure? Find the properties with IRS tax liens against the owner/Trustor. Be sure it has significant equity, and make sure the lien is "Junior" to the lien you are buying (e.g. that it was recorded after the date of the loan/lien that is in foreclosure at the County Recorder's office). Then, buy the property at auction. NOTE: EVEN A JUNIOR LIEN (TAX OR ANY OTHER) DOESN'T GET WIPED OUT UNLESS YOU GO THROUGH THE TRUSTEE'S OR SHERIFF'S SALE! If you buy the property under the Notice of Default stage from the owner/Trustor, you will need to satisfy all of the liens against the property, including the IRS, if a lien was recorded against the owner (senior or junior).

Then, wait out the 120 days (don't make any improvements during this period, because the IRS won't reimburse you for that) and on the 121st day, if they haven't redeemed, the property is all yours! You pick up the owner's/Trustors original surplus equity, which in this example was 50% of the property's value! The worst case is, they do redeem and you get all of your money back, plus interest. It's worth the risk for the potential increased reward.

Beneath that tax lien can be the biggest profits of all. But, be certain the Federal Tax Lien is "junior" to the mortgage or loan being foreclosed on. IF IT IS SENIOR, THEN THE FEDERAL LIEN MUST ALSO BE PAID OFF. Don't worry, it's rare that a Federal Tax Lien will be senior to a conventional or "institutional bank" mortgage. Institutional lenders won't loan on a property where the owner/Trustor has a tax lien. Those people are not considered good credit risks. By the way, in most states a local state tax lien is wiped out at auction, if it's junior of course.

Research the County Recorders office, you need to quickly determine all of these liens, variables, and check out every item before you buy. Look for the IRS liens. They may just be the best deals out there. We hope this tip was helpful in your foreclosure buying efforts.

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What Do I Need To Know About Pre Forclosure? How About (DTV)

2007-09-30T15:47:00.000-07:00

Real Estate Investing

DEBT-TO-VALUE RATIO IS THE NAME OF THE GAME!
Buying foreclosure property is purely and simply boiled down to "buy low, sell high". The question is, what are you buying? Most properties go to foreclosure because the owner either became unable to make his monthly payments, or the property had no equity in it, worth saving it from the foreclosure process. The answer is, finding those properties with significant equity still in them!

The key is the Debt-to-Value ratio (DTV). To determine this, you divide the amount of the current debt (all debts including any tax, mechanic liens, and judgments), by the current market value of the property. The resulting number is the DTV ratio. The best deals are those with a DTV ratio of less than 70%. This means the property has 30% equity still in it. If you can purchase that property for its current debts amount, you will pick up that 30% equity for yourself.

Some investors say, they don't care what the DTV ratio is, so long as they can make $10,000 to $15,000 on each deal. That's fine if the investment is under $100,000. But what if the total investment is over $250,000 or even $400,000, then, your return on investment is very low, and your risk is very high. You must look to the DTV ratio for each property, and each potential deal.

If you pay, 70% of the market value, (e.g. the property is worth $100,000 in its current condition and you only pay $70,000) then you have some room to profit. On top of your $70,000 investment, you can expect to pay $5,000 to $10,000 to fix it up, or make necessary repairs and cosmetic improvements. You can also expect miscellaneous expenses, holding costs, costs of funds, etc. to run about $3,000 to $5,000 over a 3 to 6 month holding (flip) period. And, you will need to pay broker's and either an escrow officer or attorney fees and commissions to help you sell the property. Those fees usually run about 7% (combined), for a total amount on our hypothetical deal above, of $7,000. In total, your cost will add up to $92,000 on the higher end. You'll make a net profit of $8,000 on your $70,000 investment. And on the lower end of these assumptions, your cost would be $85,000, for a profit of $15,000. If you paid more than 70%, there may not be much profit left, if any!

Obviously, not all properties will work out as nicely. Some will need more repairs, and some will have significant added market value from your improvements, that will go directly to your bottom line profit.

The problem is from the start, how do you determine what the debt, and what the value is for each foreclosure property, or opportunity? In most major cities, there are hundreds to thousands of foreclosures each month. You will burn a lot of tire rubber and shoe leather running around evaluating each potential property.

you need to determine quickly what the DTV ratio is, and which properties are worth your time (often more valuable than money) and your investment. Buy low, sell much higher!

We hope this tip was helpful in your foreclosure buying efforts Now Heres The Help Youll Need To Detarmon Your Next Move

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Forclosure Tips Facts And Secrets Exposed

2007-09-30T15:41:00.000-07:00

Real Estate Investing

DON'T ALLWAYS BUY THE BIGGEST HOUSE
When reviewing new foreclosure properties notices or records, compare the square footage of each subject property with the average of all other properties within the same neighborhood. Look for the properties that have a total square footage equal to, or less than the "average for the neighborhood" that the subject property is located in.

It is always best to buy the smaller or smallest home within a neighborhood, rather than the largest. Larger homes may be indicative of the "Taj Mahal" syndrome, wherein the structure has been overbuilt for the neighborhood, e.g. a larger than normal addition or second level. The smaller properties within a neighborhood will tend to hold down the value of the "largest". This can often cause a property to end up in foreclosure, wherein the owner obtained a loan from a unwitting bank/lender to build or expand his structure, and then when it came time to sell, or when he faced tougher economic conditions, he was not able to sell the property for what he put into it. He is upside down!

Those properties will usually go back to the bank/lender since they are not worth the value of the loan(s).

Buying the smaller or smallest home in the neighborhood, will provide you with a higher "ceiling" market value, established by the larger homes. With a little cosmetic fix-up or needed repairs, you can typically enhance the value of the property and yield a greater return on your investment, by selling the home near the top of the market value.

We hope this tip was helpful in your foreclosure buying efforts

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How To Stop A Mobile Home Foreclosure

2007-09-30T15:35:00.000-07:00

Mobile Homes

In a mobile home foreclosure, if the borrower has taken out a personal property loan, which usually does not have foreclosure protection, then the bank can repossess the mobile home without notice to the borrower. See about getting legal representation, and about having the case go into judicial foreclosure, in which the lender has to go to court and obtain an action, which allows them to go into the mobile home foreclosure. If this happens, then the borrower has the ability and opportunity to defend themselves and their property.

Unfortunately, most mobiles homes can be repossessed, like a car or other moving property. In order to avoid mobile home foreclosure, it would be best to work with your lender, family or friends, or gain representation to avoid having your home taken away.
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How To Buy a House with Bad Credit

2007-09-29T22:02:00.000-07:00

Buy a House with Bad Credit”
“Buy a House with a Bankruptcy”

My credit was terrible due to a bad divorce. Previously, I had tax liens, charge-offs and collections. I'd been turned down several times for
a loan... I was able to buy a large,
two-story house with a sweeping
view of the water. After I update
the house, it should be worth over a
million dollars. So thanks a million!
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HOW FORECLOSURE WORKS AND HOW CAN I PROFIT FROM IT

2007-09-29T15:32:00.000-07:00

HOW FORECLOSURE WORKS
Foreclosure is the extinguishment of ownership and rights over a property in order to sell it for the purpose of paying a debt. For this to happen, the following must be true:

1. The debt must be collateralized by the property to be sold.
2. The debt must be in default. This means payments are not up to date. 3. The creditor must fulfill the legal requirements of the state were the property is located.

Contrary to common homeowner belief, the bank does not own the home. Unlike an auto or boat loan (where the bank's name is on the title), real estate is owned by the borrower. The property is collateral to the loan. "Foreclosure" is not "repossession". Foreclosure does not happen immediately after an owner is late on the mortgage payment. The foreclosing creditor must take specific legal steps. Each state has different laws governing the foreclosure process.

Foreclosure is the culminating event of a legal process. This is the foreclosure process. A property is not foreclosed until it is sold at auction and as per the state's foreclosure process. That "the lender is foreclosing" or that a "property is in foreclosure" really means that the lender has initiated and is proceeding through the legal process to foreclose a property.

Typically, as soon as there is a default, the lender initiates a collection process. This is known as the collections period. This is the best moment for a homeowner in default to reinstate and bring the payments up to date. The length of this collections period varies with each lender. However, generally speaking, if after three months the homeowner has not resolved the situation, the lender takes more drastic steps.

The foreclosure process starts if the creditor fails to collect. The foreclosure process always starts with a legal notice to the owner stating that if the loan is not paid or reinstated within a period of time, the property will be sold at auction in order to pay the debt. This period is known as pre-foreclosure. The length of the pre-foreclosure stage depends on the state's law. The owner has until the foreclosure date to resolve the default. Solutions for resolving the default range from reinstatement (bringing the loan current by catching up on past due payments), refinancing, paying off the debt in full, or the selling the property to another party in order to satisfy the debt. If none of the above happens by the auction date, the property will be sold to the highest bidder. Foreclosure is this short and specific event. The proceeds from the debt are used to pay the creditors. Anything left belongs to the owner of the foreclosed property.

Troublesome foreclosures happen when properties are over-mortgaged. In other words, the amount of money owed exceeds the value of the property. In these situations, the only way for the property owner to get out of debt (other than paying the debt) is for a short sale to happen prior to foreclosure.

Over-mortgaged properties are common. This usually occurs when second, third and sometimes fourth mortgages are taken out on a property. Liens are another reason. 100% financing is another source of this problem. 100% financed properties rapidly become over-mortgaged if there is a default, because if the owner stops paying, the debt on the property will usually increase faster than the property's appreciation. In addition, once the owner is in default, usually taxes, homeowner association fees and even utilities get neglected. Furthermore, and very commonly, maintenance is deferred and the property quickly starts becoming less valuable.

Sometimes accumulated debt can exceed 130% of the property value. In a pre-foreclosure situation, these secondary mortgages are at the mercy of the lender who is in first position. They worry about the chances of recovering their money if the first mortgage holder forecloses and the property sells at the auction for a low amount. The subordinate lenders are often willing to negotiate discount prior to foreclosure in order to mitigate their losses.

Knowing the foreclosure process is a critical component in pre-foreclosure investing. Our Short Sales A-Z seminar provides detailed knowledge on every aspect leading up to foreclosure. This knowledge is invaluable for investors, real estate brokers and mortgage brokers engaged in short sales.

WHAT IS A SHORT SALE?

A short sale is the sale of a property, with the authorization of the creditors, for less than what is owed on it. Short sales are done all the time. Whether it is the forgiveness of debt owed by a nation or an individual, it simply means that someone is willing to settle for less than what they originally anticipated. It's part of business. All lenders know that they will not win all the time. Risk and loss of capital is an anticipated cost in the lending industry. Changing economic conditions, conflicts, and Mother Nature are among some of the many causes of unforeseen situations that turn good lending contracts into bad. In the context of foreclosure on secured assets, a short sale occurs when debtors agree to settle their liens for a known amount of money as opposed to taking a chance at auction. Auction prices are often unpredictable and usually greatly discounted. Many lenders are willing to mitigate further risk of loss by making deals before auction. Bad debt is sold by lenders all the time. For instance, there is a huge market for unsecured credit card debt that is sold for pennies on the dollar to collection agencies. That's self-effectuated short sales. Lenders are more than happy to discuss resolution of aged debt. Their business is to lend capital, not dispose of foreclosed assets.

HOW CAN EVERYONE WIN?

Bad feelings are often associated with respect to people making money over the misfortune of others. There are countless scams in the finance industry that prey on vulnerable people. These scammers rush in and get out quickly. They don't build long term viable businesses that are good for a community. Contrary to what many think, there does not have to be a big loser in order to make money in the foreclosure business. It is a matter of choice. A valuable service can be provided that benefits both the property owner and lenders. People with predator mentality do not last long in this business. Oscar's teaching is about being rewarded for helping others, not about taking advantage of people in distress.

Undoubtedly, the issues leading up to foreclosure are stressful and potentially volatile for all parties. Unforeseen underlying problems often exist. A professional in the foreclosure business mediates a settlement that all parties can move on. In a short sale, the lender has agreed to settle the matter without further claims, and the property owner clears their obligations without the lingering negative effects of a foreclosure and subsequent garnishment of additional monies that auction did not bring. The professional will be thanked by all of the parties involved. Most importantly, the professional will earn a good financial reward.

WHAT'S IN IT FOR real estate brokerS?

Knowledge of pre-foreclosure investing can greatly expand a real estate broker's earning potential. In today's markets, it is critical to understand properties in foreclosure.

The benefit of becoming well versed in foreclosure is being one of the few who are able to understand such transactions. Most real estate brokers do not want to work with or do not understand such listings. Because of this, it is easier to directly obtain listings or obtain listings referred by other real estate brokers. Many successful careers have been made out of this misunderstood market segment

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Foreclosure “Rescue” Scams Becoming More Common Trust The Sites That Work FOR YOU

2007-09-29T14:50:00.000-07:00

Foreclosure “Rescue” Scams Becoming More Common
More and more Americans are losing their homes to equity-stripping foreclosure “rescue” scams, a form of fraud that targets already vulnerable homeowners who are behind on their payments.

Many of these rescue companies keep lists of impending foreclosures that they find through public records. Then they advertise services such as “fast cash” or “equity funding.” Some of these companies contact the homeowner directly—sometimes even showing up on the homeowner’s doorstep—to lure the homeowner into signing over their home with promises of a simple solution.

Many homeowners today are strapped for cash due to increased costs of health care, education, and housing. When you combine this with the daunting task of saving your home from foreclosure, many homeowners are left open to the unfound promises of foreclosure rescue scams.

According to data from RealtyTrac, more than one million homeowners have faced foreclosure this year, 27 percent more than this time last year. With defaults and foreclosures increasing, experts say the number of fraud cases will likely go up, too.

In preparation, many states are working on laws to offer homeowners more protection from these types of scams. In fact, 10 states have already passed such laws, including California, Georgia, Missouri, Minnesota, Maryland, Colorado, Rhode Island, New York, Ohio, and Illinois.

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Heres A Simple Formula So You Know How Much House To Look At

2007-09-28T20:38:00.000-07:00

How Much Home Do I Qualify For? Determining how much home you can afford will greatly affect your home buying decision. Even if you have been pre-qualified for your home purchase, you may want to have your information reviewed by your mortgage lender to determine if there are ways you can be qualified for a higher amount or a lower interest rate.

The major factors that determine your home mortgage qualifying amount are:

Your Income
Your Monthly Expenses
Your Credit Score

In order to give yourself a snapshot of what you qualify for, multiply your annual household income by a factor of three and add $10,000.00. For example, if your annual household income is $50,000.00 multiply that by three giving you $150,000.00. Add $10,000.00. You qualify for a $160,000.00 mortgage.

This home mortgage amount is not representative of any debt that you may have such as car payments and credit card debt. Remember, only recurring debt counts against your qualifying amount.

By pre-qualifying online, your mortgage lender will review your credit reports free of charge and ask you a few questions about your monthly expenses and income. In some cases you may need to provide information about a co-signer or clean up your credit to increase the amount of home for which you qualify.
You will be required to gather past tax information, pay stubs, receipts, or other documentation. Talk with your mortgage lender about what information he will need to get the ball rolling on the purchase of your home.

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Some Things Youll Need To Know About Adjustable Rate Mortgages (ARM) and Your Foreclosure Home Purchase

2007-09-28T20:26:00.000-07:00

Adjustable Rate Mortgages (ARM) and Your Foreclosure Home Purchase
If you qualify for the particular home you wish to purchase with a fixed interest rate, then you should choose the fixed rate mortgage 99% of the time. In this article you will learn why the ARM can be such a bad idea and how you can overcome the anxiety of your decision based upon the facts. Because the current interest rate is so low—and has been that way for sometime now—making a choice with regard to an adjustable rate mortgage versus a fixed rate mortgage is not difficult.

You may be apprehensive of mortgage payments now, but within a very short period of time you will become comfortable. Generally, the first monthly mortgage payment is the most intimidating. After the first payment, the mortgage payment becomes just another monthly payment.

The bank would not have qualified you for the foreclosure home you are interested in if they had not already determined you were capable of sustaining the payment. Don't forget that banks are pretty clever about what they do and don't often lose money. Because the bank is safe, you are safe.

Only use an ARM for qualifying reasons. The current rate rotates between seven to eight percent. If you absolutely must go with an adjustable rate mortgage then there is no better time than when buying a government foreclosure home, as you may be able to include all points and closing costs into the loan.
Do not be misled by the erroneous loan programs that abound in the market today. CDA loans and Farmers home loans are among the many other loan programs that simply will not work when purchasing a foreclosure home. In general terms, these loans are not good for much and in with specific regard to foreclosure homes they are actually bad. The single reason that these loans are such a bad idea is that they are not compatible with the type of properties, specifically foreclosure homes, that you are interested in buying.

It is true that CDA promises a lower interest rate, as does the Farmers home loan program. However, because the wait for the funds can be 90 to 120 days, no government agency is willing to wait that long to remove the foreclosure home from their foreclosure home inventory. Additionally, the money is not guaranteed to be there when you are finally ready to purchase your foreclosure home.

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FICO Scores, What Affects Them And How Mortgage Lenders Look At Them And How Do I Get Mine

2007-09-28T20:14:00.000-07:00

FICO Scores, What Affects Them And How Mortgage Lenders Look At Them
Imagine a busy lending office where a loan officer has just ordered a credit report. He hears the whir of the laser printer and he knows the pages of the credit report are going to start spitting out any second. There is a moment of tension in the air. He watches the pages stack up in the collection tray, but he waits to pick them up until all of the pages have finished printing. He waits because FICO scores are located at the end of the credit report. A FICO score above 700 will evoke a smile and perhaps a shout of victory. A score below 600 will definitely result in a frown, a furrowed brow, and concern.

FICO stands for Fair Isaac & Company. Credit scores are reported by each of the three major credit bureaus: TRW (Experian), Equifax, and Trans-Union. The credit score does not come up exactly the same with each credit bureau because the bureaus each place a slightly different emphasis on different items. The credit score itself can range from 300 to 900. The formula for exactly how the credit score is calculated is proprietary information and owned by Fair Isaac. Here, however, is an approximate breakdown of how it is determined:

35% of the credit score is based on your payment history. This makes sense since one of the primary reasons a mortgage lender wants to see the score is to find out if (and how timely) you pay your bills. The credit score is affected by how many bills have been paid late, how many were sent out for collection, any bankruptcies, etc. When these things happened also comes into play. The more recent, the worse it will be for your overall credit score.

30% of the credit score is based on outstanding debt. How much do you owe on car or home loans? How many credit cards do you have that are at their credit limits? The more credit cards you have at their limits, the lower your score will be. The rule of thumb is to keep your card balances at 30% or less of their limits.

15% of the credit score is based on the length of time you've had credit. The longer you've had established credit, the better it is for your overall credit score. Why? Because more information about your past payment history gives a more accurate prediction of your future actions.

10% of the credit score is based on the number of inquiries on your report. If you've applied for a lot of credit cards or loans, you will have a lot of inquiries on your credit report. These are bad for your credit score because they indicate that you may be in some kind of financial trouble or may be taking on a lot of debt (even if you haven't used the cards or gotten the loans). The more recent these inquiries are, the worse for your credit score. FICO scores only count inquiries from the past year.

10% of the credit score is based on the types of credit you currently have. The number of loans and available credit from credit cards you have make a difference. There is no magic number or combination of types of accounts that you shouldn't have. These actually come into play more if there isn't as much other information on your credit report on which to base the score.

The credit score is actually calculated using a "scorecard" where you receive points for certain things. Creditors and lenders who view your credit report do not get to see the scorecard, so they do not know exactly how your score was calculated. All that the creditors and lenders see are the final scores.
Basic guidelines on how to view the FICO scores vary a little from lender to lender. Usually, a score above 680 will require a very basic review of the entire loan package. Scores between 640 and 680 require more thorough underwriting. Once a score gets below 640, an underwriter will look at a loan application with a more cautious approach. Many lenders will not even consider a loan with a FICO score below 600, some as high as 620.

FICO Scores and Interest Rates
Credit scores can affect more than whether your loan gets approved or not. They can also affect how much you pay for your loan, too. Some lenders establish a "base price" and will reduce the points on a loan if the credit score is above a certain level. For example, one major national lender reduces the cost of a loan by a quarter point if the FICO score is greater than 725. If it is between 700 and 724, they will reduce the cost by one-eighth of a point. A point is equal to one percent of the loan amount.

There are other lenders who do it in reverse. They establish their base price, but instead of reducing the cost for good FICO scores, they "add on" costs for lower FICO scores. The results from either method would work out to be approximately the same interest rate. It is just that the second way "looks" better when you are quoting interest rates on a rate sheet or in an advertisement

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Creative HUD Home Financing Tricks To Making Money From Others Losses

2007-09-28T20:09:00.000-07:00

Creative HUD Home Financing
What’s the easiest way to make money on a foreclosure home? Purchase a foreclosure home that needs some repairs (over $5,000.00) and apply for a 203k loan. The FHA (Federal Housing Administration) insures 203k loans and allows you to borrow a predetermined amount of money to finance repairs to your foreclosure home.

The Pros of 203k Loans
203k loans are the most flexible way for you to customize your foreclosure home to meet your specific needs. Floor plans can be changed or updated, kitchens can be modernized and almost any other feature of your new foreclosure home can be improved using a 203k loan.

By taking advantage of a 203k loan, you can skip up to eight months of mortgage payments on your foreclosure home.

A 203k loan allows you to bill yourself for hours worked on your own home and MAKE MONEY!

The Cons of 203k Loans
203k loans are slightly more expensive than the usual FHA loan.
203k loans are slightly more complicated than the usual FHA loan.

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How Do I Buy A Home With Bad Credit?

2007-09-28T20:04:00.000-07:00

Buying A Home With Bad Credit: How To Clean Up Your Credit Score

Repos, bankruptcies and even late payments on your phone bill can be the difference between being qualified to buy a home or not.

Negative items on your credit can be removed quickly and easily if you know how. The only reason credit problems ever become an issue is when they are ignored. By hiding from the issue you allow the credit problems to gain momentum and the cycle of ignorance continues to grow.

It is not difficult to understand that when a credit reporting agency annotates that you have paid late on your car payment that they do not actually gain financially by doing so. These credit agencies merely post information that was given to them by the creditor. This is important to understand in order to appreciate how and why the system discussed here has been so successful.

By disputing the accuracy of the negative credit item through a series of challenges to the credit reporting agency you are challenging the reporting agency to defend their information. If the credit agency elects to meet the challenge and go to court they may be found to be accurate, but what have they gained?

The credit reporting agency will have lost because the process of defending the credit report in question is costlier to them than any financial reward they could possibly receive. Remember that the credit reporting agency is not a creditor itself, therefore win or lose they lose because of the cost involved. This is why so few challenges are taken up by the credit reporting agencies. Fewer than one in one hundred challenges to a credit report are fought when the challenger has done the appropriate paperwork and done it correctly.

In order to properly challenge each credit agency a professional service is recommended. You can challenge a credit agency on your own with some prepackaged programs, but the likelihood of success is magnified 100 times by using a credible firm that is well versed with this segment of the credit industry.

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How To Buy A House For $278.00 Must Read Secrets To Wealth

2007-09-28T19:37:00.000-07:00

If you're looking for a fast, easy and effortless way to make a killing in Real Estate... this letter will change your life. Let me explain:

I’ve discovered (through tragedy) a "secret way" to purchase homes for pennies-on-the-dollar... and in many cases... less-than-pennies-on-the-dollar!

Can this really be true? The answer is, “YES”... and here’s secret: What Most People Don't Know Is When A Homeowner Fails To Pay Property Taxes, The County Will Place A Lien On The Property For The Back Taxes Due.

All homeowners in America are required by law to pay property taxes. If a homeowner is unable to satisfy the County’s tax bill... the County is forced to lien the property for whatever the homeowner owes in back taxes.

If The Homeowner Doesn’t Satisfy The Tax Bill, The County Will Sell The Property...At Auction To Recover The Past Due Taxes Plus Interest.

The County relies on property taxes to keep the Police Department... the Fire Department... the public school system and other municipal offices up and running. Since the County needs tax dollars to survive, they actually sell the liened Real Estate for just the back taxes and plus interest! Why homeowners don’t just pay the back taxes instead of allowing the County to sell their homes, I’ll never know. They could have died... could have just moved... or maybe they went crazy!

But Savvy Entrepreneurs Purchase These Homes At Little-Known County Auctions... Many Times For Pennies-On-The-Dollar!

These “under-wraps” auctions are virtually unadvertised. Not too many people know about them... but astute investors are literally STEALING Real Estate, buying homes for pennies-on-the-dollar.

All the County cares about is recouping their back taxes. They’ll sell $30,000... $40,000... $50,000 homes for $500!

Do You Want Some SOLID PROOF?

I didn’t expect you to just believe this is true. That’s why you'll see periodically through the site actual real-life deals that people have picked up up for pennies on the dollar.

Sure... some people may even consider these homes DUMPS! But what you have to focus on is that they are worth $30,000... $40,000... $50,000 and more and you can buy them for just a few hundred dollars. These homes are easy to resell and the profit margins are unreal! Where else can you turn $500 into $45,000 virtually without risk?

If You Have More Money To Invest... You Can Buy $275,000, 3,200 Square-Foot Homes For As Little As $8,000!

If you’re looking to purchase a home for yourself, or if you want to invest in bigger, better, cleaner homes- you can! People in all different types of neighborhoods fail to pay property taxes. !A 3,200 square-foot luxury home just sold for $8,000- that’s an immediate $267,000 profit

Here’s What You Can Do With Your Properties:

OPTION A: You can rent your houses and re-coup the home’s entire cost in the first month’s rent payment! Maybe add a fresh coat of paint and maybe steam clean the carpets. Renting is great for building a HUGE monthly Positive Cash Flow!

OPTION B: You can resell your homes for insane profits! Want to build up a HUGE CASH FORTUNE? Here’s how to do it: resell your acquired properties for 100’s (if not 1000’s) of times more than you paid for them!

OPTION C: You can buy yourself an incredible vacation home in a far away state- OR ISLAND! There’s Tax Auctions in Canada... Hawaii... Puerto Rico... and even the US Virgin Islands! Too exotic for you? How about Phoenix... or Las Vegas... or Miami? For what you’d pay on a hotel... you can OWN the property FOREVER!

OPTION D: If you have children, you can buy their first home. Allow your children to put their hard-earned dollars towards better things than rent or mortgage payments. New families have it rough. Financial stresses can kill a marriage. You can ease all that tension by gifting your children with a free and clear home.

OPTION E: You can buy a retirement home for your parents so they can spend their Golden Years free of mortgage worries.

OPTION F: You can simply buy yourself a home and live in it free and clear and live “stress-free” knowing YOU OWN IT!

Here Are The Eight Most Common MYTHS
About Getting Rich With My Information:

Myth One:

You must have a lot of money to do this: FALSE!Smart Entrepreneurs are buying properties for as little as $140! Seriously, if you can set-aside a day or two’s pay... you can literally buy your first property. Take a look at the Deeds I’ve enclosed, most of the properties have been purchased for $1,000 or less.

Myth Two:

There’s too many people buying-up all the good properties: FALSE!
Let me put it to you this way: There’s over 3,000 counties in this Country and Canada that have Tax Deed Sales. At just ONE recent Tax Deed Sale... in just ONE County... in just ONE state, there were over 26,000 properties for sale! There’s plenty of properties to go around.

Myth Three:

I have a full-time job, there’s no time to invest in Real Estate: FALSE!
Tax Deed Sales take just a day. You can easily do any research you need to do on the weekends or on your off-hours. But let me ask you this: When you purchase and sell 4 or 5 homes and make 6-figures... are you going to keep your job anyway?

Myth Four:

You can’t really buy homes for a few hundred dollars: FALSE!This is probably the BIGGEST hurdle I have. For some people, it’s real hard for them to believe homes can be purchased for this low... but I’ve included a few Tax Deeds to prove it’s true.

Myth Five:

I’m too young/old to do this: FALSE!People of all ages are getting rich buying Tax Deeds. There’s nothing high-pressure about this process.

Myth Six:

I can’t buy homes because I have poor or little credit: FALSE!What do you need credit for? There’s no Mortgages to apply and qualify for. CASH IS KING... and we’re only talking about a few hundred dollars!

Myth Seven:

All the homes are run-down shacks: FALSE!Like I said before, I probably wouldn’t want to live in any of the homes I’ve shown you in this letter. But these smaller, cheaper homes are easier to come by... they’re easier for the beginner to buy... they’re easier to resell... and the profit margins on them are insane! If you want bigger, newer, nicer properties- all you have to do is invest more money.

Myth Eight:

With my luck, I’d probably end up with a crack house: TRUE!
Yes- this Myth is TRUE! If you don’t know what you’re doing... you can end up with a worthless property. One that is going through a bankruptcy or has IRS liens or things even worse! You can’t expect the County Officials to assist you. Officials are usually overworked... and usually underpaid. They are not putting on Tax Deed Sales to educate you. That’s where I come in.

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New Steps to Help Homeowners Avoid Foreclosure

2007-09-28T19:24:00.000-07:00

Fact Sheet: New Steps to Help Homeowners Avoid Foreclosure
On Friday August 31, 2007, President Bush Announced Steps At The Federal Level To Help Homeowners In Need Of Assistance Avoid Foreclosure. These steps will help homeowners having difficulty paying their mortgages and ensure that the problems now disrupting the housing industry do not happen again. The fundamentals of America's economy are strong – economic growth is healthy, wages are rising, and unemployment is low. The markets are in a period of transition as participants are re-assessing and re-pricing risk. One area that has shown particular strain is the mortgage market, particularly the subprime sector.

The President Announced The Following Steps To Help American Families Keep Their Homes

1. The President Calls On Congress To Pass Federal Housing Administration (FHA) Modernization Legislation. The President's FHA modernization proposal would lower downpayment requirements, allow FHA to insure bigger loans, and give FHA more pricing flexibility. These reforms would empower FHA to reach more families that need help – first-time homebuyers, minorities, and those with low-to-moderate incomes – and offer more options to homeowners looking to refinance their existing mortgage.

The Administration Will Also Launch A New FHA Initiative Called "FHA-Secure." The President has asked Secretary Jackson to pursue important administrative changes to give FHA the flexibility to help more families stay in their homes during this time of transition in the mortgage market. The FHA-Secure program will help people who have good credit but who have not made all of their payments on time because of rising mortgage payments. For the first time, FHA will be able to offer many of these homeowners an option to refinance their existing mortgage so they can make their payments and keep their homes. FHA will also charge mortgage insurance premiums based on the individual risk of each loan, using traditional underwriting standards, so it can expand access and help even more families.

Since 1934, FHA Has Helped Close To 35 Million People Buy A Home And Stay In Their Home. FHA is a government agency that provides mortgage insurance to borrowers through a network of private sector lenders. It also offers options to homeowners looking to refinance their existing loan. The President's FHA modernization bill was first sent to the Hill in April 2006, and it passed the House last Congress with over 400 votes. The President has once again asked Congress to send him a clean FHA modernization bill as soon as possible so he can sign it into law.

2. The President Calls On Congress To Change A Key Housing Provision Of The Federal Tax Code So It Does Not Punish Families Who Are Forced To Sell Their Homes For Less Than Their Mortgage Is Worth. Current tax law counts cancelled mortgage debt on primary residences as taxable income. For example, if the value of a home declines and $20,000 of the homeowner's loan is forgiven, the tax code treats that $20,000 as taxable income. The President proposes temporary relief to ensure that cancelled mortgage debt on a primary residence is not counted as income.

The President Is Working With Congress In A Bipartisan Fashion To Make This Important Change. Senator Debbie Stabenow (D-MI), along with Senator George Voinovich (R-OH) and others, has introduced a bipartisan bill that would protect homeowners from having to pay taxes on cancelled mortgage debt. In the House, Representatives Rob Andrews (D-NJ) and Ron Lewis (R-KY), along with several of their colleagues, have introduced similar legislation. The President looks forward to working with Congress to reach agreement on a bill, so we can deliver this vital tax relief to American homeowners.

3. The President Announced That The Administration Will Launch A New Foreclosure Avoidance Initiative To Help Struggling Homeowners Find A Way To Refinance. Housing and Urban Development Secretary Alphonso Jackson and Treasury Secretary Henry Paulson will reach out to a wide variety of groups that offer foreclosure counseling and refinancing for American homeowners. These groups include community organizations like NeighborWorks, mortgage lenders and loan servicers, FHA, and Government-Sponsored Enterprises like Fannie Mae and Freddie Mac. The goal of this initiative is to expand mortgage financing options, identify homeowners before they face hardships, help them understand their financing options, and allow them to find a mortgage product that works for them.

The President Supports Actions To Protect Homeowners And Prevent These Problems From Happening Again

Federal Banking Regulators Are Improving Disclosure Requirements To Ensure That Lenders Provide Homeowners With Complete, Accurate, And Understandable Information About Their Mortgages. Many borrowers did not receive clear and complete disclosure regarding the terms and conditions of their mortgages. To help protect homeowners in the future, Federal banking regulators recently issued new disclosure guidelines for lenders, and they continue to consider new rules. Homeowners must have complete, accurate, and understandable information – including on the potential increases in their monthly payments.

Federal Banking Regulators Are Working To Strengthen Mortgage Lending Standards. Questionable underwriting standards enabled mortgage lenders to place some borrowers in sophisticated products they could not afford. The Federal banking regulators recently set forth new guidelines to address lending standards, and they will continue to examine new rules. Lenders have an obligation to ensure that their standards accurately measure whether borrowers can afford their mortgage.

The Administration Is Working On New Rules To Help Consumers Shop For The Best Loan Terms. This fall, HUD will propose reforms to the Real Estate Settlement Procedures Act (RESPA) that would promote comparative shopping by consumers for the best loan terms, provide clearer disclosures, limit settlement cost increases, and require fee disclosure.

The Administration Supports State-Based Efforts To Create A Comprehensive Mortgage Broker Registration System. The President has also asked Secretary Paulson to examine the broad issues surrounding mortgage brokers and originators.

The Administration Is Committed To Pursuing Fraud And Wrongdoing In The Mortgage Industry. Some lenders deceived their customers – and pushed them into taking out loans they knew these home buyers could not afford. Federal agencies, such as HUD, the Department of Justice, the Federal Trade Commission, and others, are aggressively pursuing wrongdoers and predatory lenders to ensure they are punished. This will send the message that these practices will not be tolerated.

The President Will Create A Presidential Council On Financial Literacy Composed Of Leading Private Sector Individuals Who Can Help Promote Financial Literacy. This Council will work closely with the Treasury Department, HUD, and the Department of Education to make sure that we are raising awareness of these complicated issues.

The President Supports The Efforts Of Public and Private Sector Groups That Are Promoting Financial Literacy And Providing Foreclosure Counseling. For example, the President's Budget proposes $120 million for NeighborWorks, which provides foreclosure workshops and counseling to borrowers. The President's FY 2008 Budget request includes $50 million for HUD's housing counseling program.

The President Has Asked Secretary Paulson To Lead The President's Working Group On Financial Markets In Examining Some Of The Broader Market Issues Underlying The Recent Mortgage Problems. The President's Working Group on Financial Markets is led by Treasury Secretary Paulson and is composed of Federal Reserve Chairman Bernanke, Securities and Exchange Commission Chairman Cox, and Commodity Futures Trading Commission Acting Chairman Lukken. The group will examine:

The role of credit rating agencies and how their ratings are used in lending procedures, and How securitization, the repackaging and selling of assets, has changed the mortgage industry and related business practices.

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Im Losing My House Can I Stop A Forclosure?

2007-09-28T19:12:00.000-07:00

Avoiding Foreclosure
Since most families live paycheck to paycheck, financial experts suggest maintaining an "emergency" savings account equal to three to six months of your family's income. These emergency funds can tide you over in the event of an injury or job loss. An emergency fund also allows for unexpected home maintenance without having to go further into debt.

Few of us have the discipline to add to our savings immediately after buying a new home—we're more focused on curtains, furniture and new paint. So having an emergency fund in place before buying a home is crucial.

Mortgage lenders use a simple ratio of debt-to-income to determine if you qualify for a home loan. To find out how much of a loan you can afford according to this ratio, add together the following monthly payments:

• All debt reported on your credit report such as auto loans and credit cards.
• Other loans not appearing on your credit report.
• Your estimated mortgage payment including principal and interest, real estate taxes, home owner's insurance and mortgage insurance. (You may have to get some of these numbers from a realtor.)

Take the total of your monthly debts and divide that number by your gross (before deductions) monthly income. The result should be 45 percent or less. If your ratio is above this number, you should come up with a plan to reduce your debt to a more reasonable level or decide to choose a less expensive house.

Remember, it's a family that makes a house a home, not the size of the living space
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Alternatives To Foreclosure

2007-09-28T14:06:00.002-07:00

Alternatives To ForeclosureMortgage foreclosure is a tragic and traumatic event for any homeowner. It is the legal process whereby property rights to one's home are stripped away due to inability to maintain the obligations of a mortgage loan. The actual process varies by State of residence, and can take anywhere from 6 weeks to 18 months, depending on the jurisdiction.

In almost every State, foreclosure involves the auction of a property by a representative of the county court or the lender in order to satisfy the debt on the house. The investor usually gives instructions to the loan servicer to bid at or near the value of the debt. The servicer usually wins the bid because foreclosure generally occurs only when the debt is greater than the value of the property. The servicer or investor must then manage the house, provide repairs, and sell it through normal real estate channels, hoping to lower the final loss from what would otherwise have been realized if a third-party bidder had purchased the property at the foreclosure auction. Full Article

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If Foreclosure Is Going To Happen Heres What To Do Next

2007-09-28T14:00:00.000-07:00

If Keeping Your Home Is Not An Option -- Call Your Lender

Sale: If you can no longer afford your home, your lender will usually agree to give you a specific amount of time to find a purchaser and pay off the total amount owed. You will be expected to obtain the services of a real estate professional who can aggressively market the property.

Pre-Foreclosure Sale or Short Payoff: If the property's sales value is not enough to pay the loan in full, your lender may be able to accept less than the full amount owed. This option can also include a period of time to allow your real estate agent to market the property and find a qualified buyer. Monetary help may also be available to pay other lien holders and/or help toward paying a few moving costs.

Assumption: A qualified buyer may be allowed to assume your mortgage, even if your original loan documents state that it is non-assumable.

Deed-in-lieu: Your lender may agree to allow you to voluntarily "give back" your property and forgive the debt. Although this option sounds like the easiest way out for you, generally, you must attempt to sell the home for its fair market value for at least 90 days before the lender will consider this option. Also, this option may not be available if you have other liens such as judgments of other creditors, second mortgages, and IRS or State Tax liens.

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Tips To Keeping Your Home And Avoiding Foreclosure

2007-09-28T13:52:00.000-07:00

Tips for Avoiding Foreclosure

Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?

Don't ignore the letters from your lender
Contact your lender immediately
Contact a HUD-approved Housing Counseling Agency
Toll FREE (800) 569-4287

TTY (800) 877-8339 If you are unable to make your mortgage payment:

1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets.

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies.

You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

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High prices and hard financing lead buyers and builders to think small.

2007-09-28T13:45:00.000-07:00

New homes no longer supersizedHigh prices and hard financing lead buyers and builders to think small.

With the nation's housing market in a slump and the mortgage market in disarray, many home builders are putting up fewer supersize homes and offering smaller floor plans. That seems to be what buyers suddenly want in an era of high prices and tougher financing.

"Financing has tightened down so much that many people aren't able to qualify for the larger houses," said Kathryn Boyce, an account executive for Boston real-estate research firm Hanley Wood Market Intelligence. "Throughout the U.S., people can't afford what they previously did. Floor plans are going to get smaller."

Home sales have plunged over the past year, leaving builders saddled with excess inventory, especially of larger, more-expensive homes. In July, new-home sales were running at a seasonally adjusted annual rate of 870,000 units, down sharply from 1.3 million in 2005.

More recently, turmoil in the mortgage market has made it harder for buyers to qualify for bigger loans. As lending standards stiffen, lenders have cut back on mortgages exceeding $417,000. That's the maximum-size loan that lenders can sell to Fannie Mae and Freddie Mac, the government-sponsored financiers that buy mortgages from lenders and repackage them into mortgage bonds for sale to investors.

All this is causing builders to redraw their blueprints. After reducing prices on current inventories of unsold homes, the next step is to "start building to a new market," said Kermit Baker, chief economist at the American Institute of Architects. "That new market is a lower price point at a smaller size. To the extent they can do it, they will."

During the past three decades, prosperity and a demand for space to accommodate home theaters, offices, gyms and palatial kitchens have pushed up the average size of newly constructed single-family homes by nearly 45%, even as the size of the average family has declined. Last year, according to the Census Bureau, the median size of a newly completed single-family home reached 2,248 square feet, up from 1,560 square feet in 1974.

The expansion continued into the first quarter of this year, with the median home size inching up to a near-record 2,302 square feet. But it slipped to 2,241 square feet in the second quarter, and many analysts think a broader decline is in the offing.

Jeffrey Mezger, chief executive of KB Home of Los Angeles, said the change has been "driven by data on what our home buyers want and what they can afford in a new home." Mezger estimates that the average size of a newly built KB Home today is 2,200 square feet, 200 square feet less than before the shift in sentiment took hold.

A spokesman for Centex Corp., based in Dallas, said the company is scaling down the size of some of its homes or their amenities to put them within reach of more buyers.

Even Toll Brothers Inc., known for its sprawling suburban "McMansions," recognizes that buyers may want smaller homes. Kira McCarron, the company's chief marketing officer, said Toll doesn't track home size, but she concedes that there "probably is more demand for 3,000- versus 6,000-square-foot" homes.

McCarron added, however, that for Toll's high-end buyers, the issue isn't so much cost. "It's not that people don't want or can't afford [big houses]. It's that they're afraid of them now -- it's a confidence issue more than an affordability issue."

In some cases, home builders are making the shift to smaller, less-costly homes in existing subdivisions, angering homeowners who bought large homes during an earlier stage of a project's development

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How Is My Credit Score Figured Out And What Does It Say About Me

2007-09-27T23:31:00.000-07:00

Credit Scoring - How it Works

Credit scoring is a statistical method that lenders use to quickly and objectively assess the credit risk of a loan applicant. The score is a number that rates the likelihood you will pay back a loan. Scores range from 350 (high risk) to 950 (low risk). There are a few types of credit scores; the most widely used are FICO scores, which were developed by Fair Isaac & Company, Inc. for each of the credit reporting agencies.

Credit scores only consider the information contained in your credit profile. They do not consider your income, savings, down payment amount or demographic factors like gender, race, nationality or marital status. Past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit and number of inquiries are all considered in credit scores. Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or reestablishing a good track record of making payments on time will raise your score. Different portions of your credit file are given different weights. They are:

35% - Previous credit performance (specific to your payment history)
30% - Current level of indebtedness (current balance compared to high credit)
15% - Time credit has been in use (opening date)
15% - Types of credit available (installment loans, revolving and debit accounts)
5% - Pursuit of new credit (number of inquiries)

The most important factor for a good credit score is paying your bills on time. Even if the debt you owe is a small amount, it is crucial that you make payments on time. In addition, you may want to keep balances low on credit cards and other "revolving credit;" apply for and open new credit accounts only as needed; and pay off debt rather than moving it around. Also don't close unused cards as a short term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.

Recent changes minimize the negative effects that rate shopping can have on a mortgage applicant. If there is a consumer originated inquiry within the past 365 days from mortgage or auto related industries, these inquiries are ignored for scoring purposes for the first 30 calendar days; then, multiple inquiries within the next 14 days are counted as one. Each inquiry will still appear on the credit report.

Every score is accompanied by a maximum of four reason codes. Reason codes identify the most significant reason that you did not score higher. The reason codes can help a lender describe the reasons for higher than expected rates or loan denial. Scores are not part of the credit profile and are not covered by the Fair Credit Reporting Act.

Your credit report must contain at least one account which has been open for six months or greater, and at least one account that has been updated in the past six months for you to get a credit score. This ensures that there is enough information in your report to generate an accurate score. If you do not meet the minimum criteria for getting a score, you may need to establish a credit history prior to applying for a mortgage.
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How Can I Make My Credit Better? Start Here!

2007-09-27T23:15:00.000-07:00

How to Improve Your Credit

If you have had credit problems, be prepared to discuss them honestly with a mortgage professional. Responsible mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties. If you had a problem that's been corrected and your payments have been on time for a year or more, your credit may be considered satisfactory.

If you are currently in excess debt, there are four ways to control it: If your credit is not in terrible shape, you can reduce your other expenses, even if it means making hard choices or changing your lifestyle to fit your income. Consider selling a second car, taking equity out of your home, applying for a non secured signature loan, obtaining a loan from a relative, selling your home and paying off your debts with the proceeds and then renting, cashing out your 401K/retirement benefits or selling family heirlooms, jewelry, etc.

If your credit is already damaged or one of the above isn't an option, go through Consumer Credit Counseling Services (CCCS). Check your yellow pages for the local number. CCCS may be able to help you pay off your debts as if you were in a Chapter 13 bankruptcy, but you don't actually file for bankruptcy.

If CCCS won't take you, you may want to consider bankruptcy. Claiming Chapter 13 bankruptcy takes longer than a Chapter 7, but your credit will end up in a little better standing. Chapter 13 bankruptcy gives you up to 5 years to pay off your debts. The disadvantage is that you're in bankruptcy for up to 5 years plus your credit report shows your bankruptcy for 7 more years after you have finished paying off your debts.

If you are so far in debt that you can never repay it, then the best solution may be a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is the least desirable from a credit standpoint, but you are typically out of bankruptcy in 6 months and you don't have to repay any debt. The disadvantage is that this shows on your credit report for 10 years from the date of filing your bankruptcy. Creditors are starting to tighten their credit requirements, and you may have a tough time getting future financing.

If your debts are under control now, but want to improve your bad credit history, the most important factor is to make your monthly payments on time. Use pre-addressed envelopes enclosed with your statements to mail your payments and call the company if you don't receive your usual statement. Also send your payment as early as possible if you carry a balance. Most companies calculate interest on a daily basis, so the sooner they receive your payment, the less interest you'll pay.

Don't procrastinate. It's the day your payment is received that counts, not the postmark date. Give the post office sufficient time (five business days is a good guideline) to deliver your mail. Late payments may mean late fees, higher interest, and/or a negative mark on your credit report.

Never send cash. Open a checking account if you don't have one, or spring for a money order and keep your receipt. Finally do not forget to tell your creditors your new address when you move.

If you are worried about making payments, make a list of your debts and when the payments are due. Contact your lenders immediately if you think you will have trouble meeting the monthly payments to arrange a payment schedule.

Taking money from your retirement account or tapping the cash value of your life insurance policy to pay bills or living expenses may have serious implications you haven't considered, so try to get advice from an expert before you take any major financial actions.

Credit cards can be invaluable in a crisis, since they allow you to charge items and pay them off over time. But they can also be dangerous if you aren't careful and charge more than you can afford. If you do use credit cards, choose those with the lowest interest rates and pay them back as soon as you can to cut your costs.

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Get A PayDay Loan Here $1000 No Faxing Required

2007-09-27T22:31:00.000-07:00

What is a Payday Advance?

How Do I Make A Payment?

Find the Answers You Need...

Frequently Asked Questions

How does a payday advance work?
When will I get my money?
When will I know if I am approved or denied for a loan?
How much is the finance charge?
What are my payment options?
When do I have to pay my loan back?
Do I have to pay the loan back in full?
What if I change my mind and no longer want the money?
How many times can I renew my loan?
Do I have to pay down?
How do I make payment arrangements?

I only get paid once a month, can I still get a loan?
I receive social security payments as my income, can I still get a loan?
Can I get another loan after paying off my current one?
My residence, employment or other information has changed. what should I do?
How do I login to my account?
Is this 100% faxless?
I'm self-employed, am I eligible for a loan?
How does a payday advance work?
Even if you have bad credit, you can still get quick cash for emergencies. Payday advances, also called "payday loans", "cash advances","instant cash loans", "payroll advances" or "paycheck loans" are short-term loans that can be taken against a future paycheck. Cash Advance Network loans require no faxing. Just fill out the online application for instant pre-approval. You can have your no fax cash advance deposited into your account overnight. If approved, your loan proceeds will be deposited directly into your personal bank account. When your loan payment is due, the finance charge will be automatically debited from your checking account unless other payment arrangements have been made.

When will I get my money?
As soon as we have ALL the information from you that we need, the approval process takes about one hour. If approved, your cash advance loan amount will be deposited into your personal checking account the next business day (if approved by 5PM Eastern time). If you are denied, you will receive an email. You can also call two business hours after applying to check the status of your application.

When will I know if I am approved or denied for a loan?
As soon as we have ALL the information from you that we need, the process takes minutes. If you are denied, you will receive an email from us.

What are my payment options?1) Pay the finance charge only: You will automatically be set up for this option. On your first due date, and the following 3 consecutive pay dates, we will debit the finance charge ONLY. On the fifth pay date and each pay date thereafter, we will debit a minimum payment of $50 towards your principal loan balance PLUS your finance charge until the loan is paid in full. Once your loan is paid off, you will have to wait three (3) business days to be eligible for another loan.

2) Pay the finance charge AND a payment towards your loan amount: We will debit the finance charge due plus a payment towards the loan amount on your loan due date. TO CHOOSE THIS OPTION, YOU MUST NOTIFY US AT OR BY FAX AT 1-800-671-0131 NO LATER THAN THREE FULL BUSINESS DAYS PRIOR TO YOUR LOAN DUE DATE to inform us of the amount you want to pay. The loan payments must be in increments of $50.00 (for example: $50.00, $100.00, $150.00, etc.). Remember you will still owe your new loan amount along with another finance charge on your following payday.

3) Pay your loan in full: We will debit the full remaining loan balance PLUS the finance charge on your due date. TO CHOOSE THIS OPTION, YOU MUST NOTIFY US AT OR BY FAX AT 1-800-671-0131 NO LATER THAN THREE FULL BUSINESS DAYS PRIOR TO YOUR LOAN DUE DATE. Once we receive all monies from your bank account, your loan will be considered paid in full. To receive your next loan, wait three business days after your account has been debited and login into your account

Once we receive all monies from your bank account, your loan will be considered paid in full. To receive your next loan, wait three business days after your account has been debited and login into your account at www.paychecktoday.com.

When do I have to pay my loan back?
We will begin debiting finance charges from your account starting on your next payday, if your next payday is within 7 days of receiving your loan, we will begin debiting on the following payday.

Do I have to pay the loan back in full?
No. You have the option of renewing your loan. You do not have to do anything to select this option. You only need to notify us if you want to pay down or pay your loan in full.

What if I change my mind and no longer want the money?
In that case you need to sign and fax the Application Supplement 1-800-671-0131 within 24 hours of the approval of your loan. If the money has already been sent to your account, we will debit your checking account for the principle amount.

How many times can I renew my loan?
You can renew the full amount up to 4 times. On the 5th, in addition to the finance fee, you must start paying down your loan in $50.00 increments. Your new finance fee will be decreased. Every time there after you must pay your finance fee plus a minimum $50.00 pay down until your loan is paid in full.

Do I have to pay down?
You do not have to pay down right away, after renewing the full amount 4 times you must start paying down. You may also choose to start paying down at any time.

How do I make payment arrangements?If you want to renew your loan and pay only the finance charge, you do not need to do anything. If you want to pay down or payout, you must contact us at least THREE (3) Full Business Days prior to the Loan due date to inform us of the amount you want to pay. To do so, click here to login to your account. Use your Social Security number as the User ID and your ten-digit home phone number as your Password.

I only get paid once a month, can I still get a loan?Yes, your loan payment (in most cases) will be due on your next payday.

I receive social security payments as my income, can I still get a loan?Yes, you must make at least $1500.00 monthly gross to qualify with most kinds of benefit income.

Can I get another loan after paying off my current one?Yes. You can apply for another loan 3 business days after paying off your current loan in full. To apply for another loan, click here to login to your account by using your Social Security number as the User ID and your ten digit home phone number as your Password.

My residence, employment or other information has changed. what should I do?Please print out a CHANGE FORM and fill in the new information. FAX it promptly to 1-800-671-0131. You can get the PDF CHANGE FORM.

How do I login to my account?
Login to your account on our Home Page by using your Social Security number as the User ID and your ten digit home phone number as your Password (no dashes or spaces). Here you can check the status of your loan, make payment arrangements, see your current balance and find out when your next payment will be deducted from your account.

Is this 100% faxless?
Yes, as long as we can verify all the information on your application. Thyere are instances where we may request a copy of a recent paystub, benefit award letter, bank statement, or voided check.

I'm self-employed, am I eligible for a loan?
NO. We DO NOT give loans to self-employed individuals.

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You Can Lower Your Taxes Learn How

2007-09-27T22:11:00.000-07:00

How Can I Fight back against property taxes
Home owners all over have have taken on tax collectors to lower their bill.

You don't have to wait for all the campaign promises. You can lower your property tax bill yourself. While it's not always an easy road, there may be a great payoff.

If you're ready and willing to take on the powers that be, here at top tops we'll tell you what you need to know.

1: Use your powerAt least 15 states have passed property tax reform because citizens took matters into their own hands, says Pete Sepp of the National Taxpayers Union.

Team up with your neighbors. You may be able to circulate petitions that put tax-limit laws to a public vote. Go to the initiative and referendum institute to see what the laws are in your state. That Web site is IandRinstitute.org.

Most states also allow you to organize political action committees where you can endorse candidates who support property tax relief. You'll also be able to hold community forums to discuss these issues. To get the nitty-gritty on how to organize a local political group go to the National Taxpayers Union at NTU.org.

We're not saying it's easy, but consider this - in Tennessee, voters may get to decide on how much property taxes increase. In South Carolina, some residents will get to decide how much property taxes can increase over a 5-year period. And in Maine, citizen initiatives have made it much harder to even increase taxes at all in the first place.

2: Find the warts
To get a lower tax bill you have to prove your home is worth less than City Hall thinks it is. If you want to cut your taxes, you have to showcase your home's warts.

And the first place to start is your home's assessment. Get your records at the local assessor's office and comb the report for any errors. Maybe the assessment listed more bedrooms than you have or maybe you've knocked down the garage or removed the pool. Make sure all the room measurements are house are accurate.

If you find a mistake on your assessment, document it with photographs and inspection reports. You may only have to meet with the assessor or send a letter outlining the errors.

3: Keep up with the Jones'
The other way you can fight your taxes is to prove your house was assessed at a higher rate than comparable homes in your area. Go to your town's assessor's office to get the figures on at least 5-10 homes that are the same size, age and in the same area as your own home. Remember, these numbers are a matter of public record. You can also go to domania.com to check out recent sale prices.

Even if your tax bill is $100 higher than your neighbors, you may have a case, says Sepp. And your efforts are likely to pay off - 70% of homeowners who fight back, walk away with a lower tax bill.

istopforeclosure.com

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100% Guarantee Loans For All Credit Types

2007-09-27T21:55:00.000-07:00

Pre-Qualify For Your Loan

Home Ownership is not required!

Pre-Qualify For Your Loan Click Here

If the loan you need is between $2500 and $150,000 you can most likely be helped with our program, and in addition to many great lenders in our complete package, we offer several other special products.

Loan companies that specialize in lending unsecured loans to people who have bad credit history or no proven track record.

You have the best chance of getting the loan you are looking for and not spinning your wheels and not lowering your credit score any more.

Over the years we have searched and searched for lenders that fall into this category and although it does not have "hundreds or thousands" of lenders, it does have the small list of places that do offer these type of loans and brokers who specialize in finding and matching lenders and borrowers. And we have "weeded out" the worst.

Constantly updated and you have access for one year! We update about every two months.

You might be able to find all these places yourself by searching through all of the search engines, newspaper advertisements, and spending hours and hours reading through the "hundreds of web sites" claiming they can get you a personal loan with bad credit. But save your time and frustration, get it here without the "fake" listings often included elsewhere.

Sorting out the "good guys" from the "bad guys" is no easy task. We care about our clients and we regularly update our Package which includes the list of places where you can actually get an unsecured personal loan.

We remove any company that we get complaints about so you know we will not steer you in the wrong direction.

We must point out that if you have a bad experience with any company we refer you to, you must let us know.

Our clients have been our eyes and ears and over the years we have listened!

The question often comes up. Can you guarantee me a personal loan? And if not, why charge a fee.

Our guarantee is that if you do not get the loan you pay nothing.

Try at least two places and if you get turned down for the loan in the amount you require, we will gladly refund your fee. Please remember to avoid the pitfall of too many credit inquiries.
(see: a way to avoid this pitfall below.)

But if you are here because you have bad credit and or high debt, and you don't make some effort to get out of the hole..... The chances are, you never will get out of the hole.

It might hurt a little to get started but the payoff is worth it.

Although we specialize in locating the lenders who offer personal loans, we give you so much more in our special "VipCredit Package".

You get it all. Some items in this comprehensive package may not help you now but you may have need of them in the future. A package worth over $500.00.
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Bankruptcy Is It Right For Me And How Has It Changed

2007-09-27T21:48:00.000-07:00

The New Bankruptcy Law
Here are some of the major changes you should know about.

Now that the new bankruptcy law is in effect, the landscape has changed for those who are considering bankruptcy. Some filers with higher incomes won't be allowed to use Chapter 7, but will instead have to repay at least some of their debt under Chapter 13. All debtors will have to get credit counseling before they can file a bankruptcy case -- and additional counseling on budgeting and debt management before their debts can be wiped out. And, because the law imposes new requirements on lawyers, it may be tougher to find an attorney to represent you in a bankruptcy case.

Here are some of the most important changes.

Restricted Eligibility for Chapter 7
Under the old rules, most filers could choose the type of bankruptcy that seemed best for them -- and most chose Chapter 7 (liquidation) over Chapter 13 (repayment). The new law will prohibit some filers with higher incomes from using Chapter 7.

How High is Your Income?
Under the new rules, the first step in figuring out whether you can file for Chapter 7 is to measure your "current monthly income" against the median income for a household of your size in your state. If your income is less than or equal to the median, you can file for Chapter 7. If it is more than the median, however, you must pass "the means test" -- another requirement of the new law -- in order to file for Chapter 7.

The Means Test
The purpose of the means test is to figure out whether you have enough disposable income, after subtracting certain allowed expenses and required debt payments, to make payments on a Chapter 13 plan. To find out whether you pass the means test, you subtract certain allowed expenses and debt payments from your current monthly income. If the income that's left over after these calculations is below a certain amount, you can file for Chapter 7.

For more detailed information on these calculations and an online calculator that will do the math for you, see www.legalconsumer.com,
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How Does Bankruptcy Work What Type Of Bankruptcy Do I File

2007-09-27T21:40:00.000-07:00

There are two basic types of Bankruptcy proceedings. A filing under Chapter 7 is called liquidation. It is the most common type of bankruptcy proceeding. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors.

Bankruptcy proceedings under Chapters 11, 12, and 13 involve the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors. Under Chapter 7, 12, 13, and some 11 proceedings, a trustee is appointed to supervise the assets of the debtor. A bankruptcy proceeding can either be entered into voluntarily by a debtor or initiated by creditors.

After a bankruptcy proceeding is filed, creditors, for the most part, may not seek to collect their debts outside of the proceeding. The debtor is not allowed to transfer property that has been declared part of the estate subject to proceedings. Furthermore, certain pre-proceeding transfers of property, secured interests, and liens may be delayed or invalidated. Various provisions of the Bankruptcy Code also establish the priority of creditors' interests.

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How Do I Find The Lowest Rates And The Best Lender For My New Home

2007-09-27T21:16:00.000-07:00

How to find the best lender, lowest rate and right kind of loan for you.

Once you've found the perfect home, you need the perfect loan to pay for it.

You already know what you want: the lowest interest rate and smallest monthly payment possible. And you want to get it from a lender who is easy to work with and who will not hit you with any last-minute surprises or hidden fees.

Here's a simple, step-by-step plan to find and get the best possible mortgage.

Step 1. Decide what type of loan is right for you

Before you even start looking for a lender, you have to know what type of loan you are looking for. There are two basic types: fixed-rate and adjustable-rate mortgages, known as ARMs.

With a fixed-rate loan, the basic monthly payment -- interest and principal, not counting taxes, insurance or any assessments -- stays the same for as long as you have the loan.

With an ARM, the interest rate can change. When and how it changes will depend upon the type and length of the ARM you have. There are one-year ARMs, where the interest rate stays the same for the first year, and then changes based on what the index rate is on the date it changes. There are three-year ARMs, five-year ARMs and so on.

The charm of an ARM is that the initial interest rate is usually lower than a 30-year loan.

In general terms, one of the main factors you should think about when looking at a mortgage is how long you can reasonably expect to stay in a house. If you know you will be transferred in two years, then a two-or three-year ARM makes sense, since you'll be buying a new home at whatever the interest rate will be at that point, no matter what interest rate you pay now. If you plan on being there for the long haul, a fixed-rate loan is your best deal.

There are a couple of mortgages that deserve special attention because they can be very dangerous... which, in mortgage terms, means expensive. You should learn more, and think hard, before taking out an:

Option ARM. Buying a loan with four different payment options seems like a great idea. But if you make the "minimum payment" every month -- which many borrowers do -- you'll actually be adding to your debt, not paying it down.

Forty- or 50-year loan. By spreading the loan over four or five decades you'll pay tens of thousands of dollars in additional interest, build equity very slowly, and lower your monthly payments surprisingly little.

Interest-only loan. These also appear "cheaper" because all you are paying is the interest. The interest, in many cases, however, can fluctuate from month-to-month. And regardless of what it does, you are not reducing the principal unless you have the discipline and income to make extra payments.

Jumbo loan. Before borrowing $417,000 or more you should ask yourself if you can really afford to pay $3,000 or more, month after month, for a house? If you became ill or lost your job, do you have enough money saved to keep up with the payments? Did we mention that you'll pay a higher interest rate for a jumbo loan, too?

Finally decide if you can qualify for a lower interest rate by qualifying for a program in which the government guarantees to repay the loan if your default on your payments. To find out if the three most popular programs can help you, go to:

The Department of Veterans Affairs and click on "Am I eligible for a home loan?"
The Department of Housing and Urban Affairs to learn about Federal Housing Administration loans. Click on "Learn about home buying programs."

The Department of Agriculture Rural Development Program if you want to buy a home -- not a farm -- in rural areas. Click on "Individual and family opportunities." If you are a member of a minority group, you might also want to click on "Five Star Commitment to Expand Rural Minority Homeownership."

Step 2. Find lenders offering the best deals

Go to charts that compare the rates being offered by scores of lenders in your area. Click on "Rate" under the heading "Current Quote" to automatically order all the rates from cheapest to most expensive.

The estimated monthly payment, for principal and interest, is for the smallest loan in the range that you chose. So if you checked the $300,001 to $417,000 range, the payment shown would be for $300,001 loan.

Then look at the fees and discount points -- the money the lender charges you for making the loan. (These, however, do not include the closing costs. That is completely separate.)

You'll see a huge difference. A range from $49 to $7,000 or $8,000 is not uncommon. And the best interest rates almost always come with the biggest fees.

Here's how to figure out the best deal. Let's say you plan to live in a home for two years. What will your total basic mortgage payment -- interest plus principal -- be for two years? Now add in the fees and any discount points and divide that number by 24 to figure out what the total cost of the mortgage would be spread out on a monthly basis. Do this with a number of different lenders.

If you can reasonably expect to be in the home for five years, do the same thing for five years, and so on.

Often you'll find the best deals offer rates that are about half-a-percentage point higher than the lowest rate and charge between $1,000 and $2,000 in fees.

Step 3. Create a list of finalists.

Create a list of finalists by picking two or three lenders that offer the best deals.

If you've been pre-approved for a loan -- and that's one of the first things you should do before you even begin looking for a house --that lender is a top candidate for this list, too. (Click here for more on getting pre-approved.

Also talk to friends and family members, even a real estate agent, to see if they had such a great experience with a bank or mortgage company they'd recommend it to you.

You should also tell friends and family which companies you're considering. Even one bad experience is enough to scratch a lender off your list.

Step 4. Contact those finalists for a personal quote Call or e-mail at least three of those lenders for a quote -- interest rate, fees, and discount points -- that takes into account the house you want to buy, your down payment, credit history and debts.

Be honest in what you tell them. You want as much assurance as you can get that you'll qualify for the deal you're expecting.

There is nothing wrong with seeking quotes from four or five. It's your choice. You determine how much time you want to spend looking for the best loan possible -- a loan you will probably be living with for years to come.

Step 5. Consider how you and others feel about them

When choosing a house, the mantra is "Location. Location. Location." In lending, it's "Reputation. Reputation. Reputation." After you've seen the numbers, evaluate the loan officers you're speaking with and the companies they work for.

Does dealing with a national company over the phone or Internet bother you? Are your e-mails and phone calls promptly and courteously returned? Or would you feel better meeting face-to-face with a loan officer working out of a local bank or mortgage company office?

Are you comfortable talking to them about your finances, even the messy parts like the very black marks and minor smudges on your credit history?

Do you get specific answers to questions? The more vague the response, the more nervous you should become.

Google the lenders you're considering to find news stories, consumer groups or blogs that discuss their service and business practices. Check with the Better Business Bureau, too.

Ask for references.
Call those previous customers. Ask if they're satisfied with both the deal and the way they were treated. Were there were any last minute surprises, demands or delays? Would they borrow from that lender again?

Step 6. Choose your lender and apply
Pick the lender that offers the best combination of price and service and apply for a loan.

This is where you'll have to start pulling out the checkbook. Most lenders charge a non-refundable application fee that can range from less than $250 to as much as $500.

Even if you choose the bank or mortgage company that pre-approved you, there will be another application. Click here for a look at the questions you'll be asked, and the information you'll need to complete the forms.

You'll also be asked for a copy of your purchase agreement and to document your income, savings and debts with bank statements, check stubs and many other documents.

The lender will also want to see proof that you have homeowners insurance effective the day you close on the house. So you'll need to buy a policy and send a copy to your loan office. Click her for more on all of the insurance decisions you'll face.

Step 7. Lock in a rate

Interest rates fluctuate and most lenders won't guarantee what you'll pay until 30 or 45 days before closing. So sometime between when you apply and get final approval you can lock-in to the rate being offered at that time.

If interest rates go up before your purchase closes, you're protected. You get the earlier, lower rate. A few mortgage companies charge to lock you in, imposing either a flat fee or a fraction of a percent point to the interest rate. A 15-day lock will be cheaper than a 30-day lock, and a lock on a $100,000 loan will cost less than one on a $250,000 loan.

Some lenders will offer a one-way lock or float-down. You are protected if the rate goes up, but if the rate goes down, you get the lower rate. With most lenders you've got to pay the higher rate you locked into.

Step 8. Getting the commitment letter

Your sales contract will set a deadline, usually about a week to 10 days before closing, for winning final approval for your loan. If you don't have it, the seller can terminate the sale and try to keep your earnest money. (That's the cash you may be required to give the seller's real estate agent when your offer is accepted. The seller gets to keep it as compensation for taking his or her home off the market if you can't close the deal.)

Although your bank should know that date from the sales contract, you should remind everyone you speak with about the deadline, especially if it's near and the process seems to be dragging out.

Once you have it, you'll need to give a copy to your real estate agent, who will pass it along to the seller.

You're ready for closing.

First Time buyer Questions And 99 More

2007-09-27T19:06:00.000-07:00

1. HOW DO I KNOW IF I'M READY TO BUY A HOME?
You can find out by asking yourself some questions:

Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
Do I have a good record of paying my bills?
Do I have few outstanding long-term debts, like car payments?
Do I have money saved for a down payment?
Do I have the ability to pay a mortgage every month, plus additional costs?

If you can answer "yes" to these questions, you are probably ready to buy your own home.

2. HOW DO I BEGIN THE PROCESS OF BUYING A HOME?

Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment (see Question 4 for help)? How much space do you need? What areas of town do you like? After you answer these questions, make a "To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper.

3. HOW DOES PURCHASING A HOME COMPARE WITH RENTING?

The two don't really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.

4. HOW DOES THE LENDER DECIDE THE MAXIMUM LOAN AMOUNT THAT CAN AFFORD?
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA,monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, 4 should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.

5. HOW DO I SELECT THE RIGHT REAL ESTATE AGENT?Start by asking family and friends if they can recommend an agent. Compile a list of several agents and talk to each before choosing one. Look for an agent who listens well and understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need.

6. HOW CAN I DETERMINE MY HOUSING NEEDS BEFORE I BEGIN THE SEARCH?Your home should fit way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities - things like location and size. Should the house be close to certain schools? your job? to public transportation? How large should the house be? What type of lot do you prefer? What kinds of amenities are you looking for? Establish a set of minimum requirements and a 'wish list." Minimum requirements are things that a house must have for you to consider it, while a "wish list" covers things that you'd like to have but aren't essential.

FINDING YOUR HOME

7. WHAT SHOULD I LOOK FOR WHEN DECIDING ON A COMMUNITY?Select a community that will allow you to best live your daily life. Many people choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or do you prefer the peace and quiet of a rural community? When you find places that you like, talk to people that live there. They know the most about the area and will be your future neighbors. More than anything, you want a neighborhood where you feel comfortable in.

8. WHAT SHOULD I DO IF I'M FEELING EXCLUDED FROM CERTAIN NEIGHBORHOODS?Immediately contact the U.S. Department of Housing and Urban Development (HUD) if you ever feel excluded from a neighborhood or particular house. Also, contact HUD if you believe you are being discriminated against on the basis of race, color, religion, sex, nationality, familial status, or disability. HUD's Office of Fair Housing has a hotline for reporting incidents of discrimination: 1-800-669-9777 (and 1-800-927-9275 for the hearing impaired).

9. HOW CAN I FIND OUT ABOUT LOCAL SCHOOLS?
You can get information about school systems by contacting the city or county school board or the local schools. Your real estate agent may also be knowledgeable about schools in the area.

10. HOW CAN I FIND OUT ABOUT COMMUNITY RESOURCES?
Contact the local chamber of commerce for promotional literature or talk to your real estate agent about welcome kits, maps, and other information. You may also want to visit the local library. It can be an excellent source for information on local events and resources, and the librarians will probably be able to answer many of the questions you have.

11. HOW CAN I FIND OUT HOW MUCH HOMES ARE SELLING FOR IN CERTAIN COMMUNITIES AND NEIGHBORHOODS?
Your real estate agent can give you a ballpark figure by showing you comparable listings. If you are working with a real estate professional, they may have access to comparable sales maintained on a database.

12. HOW CAN I FIND INFORMATION ON THE PROPERTY TAX LIABILITY?
The total amount of the previous year's property taxes is usually included in the listing information. If it's not, ask the seller for a tax receipt or contact the local assessor's off ice. Tax rates can change from year to year, so these figures may be approximate.

13. WHAT OTHER TAX ISSUES SHOULD I TAKE INTO CONSIDERATION?
Keep in mind that your mortgage interest and real estate taxes will be deductible. A qualified real estate professional can give you more details on other tax benefits and liabilities,

14. IS AN OLDER HOME A BETTER VALUE THAN A NEW ONE?There isn't a definitive answer to this question. You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods, offer more ambiance, and have lower property tax rates. People who buy older homes, however, shouldn't mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs.

15. WHAT SHOULD I LOOK FOR WHEN WALKING THROUGH A HOME?In addition to comparing the home to your minimum requirement and wish lists, use the HUD Home Scorecard and consider the following:

Is there enough room for both the present and the future?
Are there enough bedrooms and bathrooms?
Is the house structurally sound?
Do the mechanical systems and appliances work?
Is the yard big enough?
Do you like the floor plan?
Will your furniture fit in the space? Is there enough storage space? (Bring a tape measure to better answer these questions.)
Does anything need to repaired or replaced? Will the seller repair or replace the items?
Imagine the house in good weather and bad, and in each season. Will you be happy with it year-round?

Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.

16. WHAT QUESTIONS SHOULD I ASK WHEN LOOKING AT HOMES?
Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. Be sure the seller's or real estate agent's answers are clear and complete. Ask questions until you understand all of the information they've given. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information you receive. The HUD Home Scorecard can help you develop your question list.

17. HOW CAN I KEEP TRACK OF ALL THE HOMES I SEE?
If possible, take photographs of each house: the outside, the major rooms, the yard, and extra features that you like or ones you see as potential problems. And don't hesitate to return for a second look. Use the HUD Home Scorecard to organize your photos and notes for each house.

18. HOW MANY HOMES SHOULD I CONSIDER BEFORE CHOOSING ONE?
There isn't a set number of houses you should see before you decide. Visit as many as it takes to find the one you want. On average, homebuyers see 15 houses before choosing one. Just be sure to communicate often with your real estate agent about everything you're looking for. It will help avoid wasting your time.

YOU'VE FOUND IT

19. WHAT DOES A HOME INSPECTOR DO, AND HOW DOES AN INSPECTION FIGURE IN THE PURCHASE OF A HOME?

An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs,that are needed.

The Inspector does not evaluate whether or not you're getting good value for your money. Generally, an inspector checks (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced.

It's a good idea to have an inspection before you sign a written offer since, once the deal is closed, you've bought the house as is." Or, you may want to include an inspection clause in the offer when negotiating for a home. An inspection t clause gives you an 'out" on buying the house if serious problems are found,or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.

20. DO I NEED TO BE THERE FOR THE INSPECTION?

It's not required, but it's a good idea. Following the inspection, the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on the home you'd I like to purchase and it is a good time to ask general, maintenance questions.

21. ARE OTHER TYPES OF INSPECTIONS REQUIRED?
If your home inspector discovers a serious problem a more specific Inspection may be recommended. It's a good idea to consider having your home inspected for the presence of a variety of health-related risks like radon gas asbestos, or possible problems with the water or waste disposal system.

22. HOW CAN I PROTECT MY FAMILY FROM LEAD IN THE HOME?
If the house you're considering was built before 1978 and you have children under the age of seven, you will want to have an inspection for lead-based point. It's important to know that lead flakes from paint can be present in both the home and in the soil surrounding the house. The problem can be fixed temporarily by repairing damaged paint surfaces or planting grass over effected soil. Hiring a lead abatement contractor to remove paint chips and seal damaged areas will fix the problem permanently.

23. ARE POWER LINES A HEALTH HAZARD?There are no definitive research findings that indicate exposure to power lines results in greater instances of disease or illness.

24. DO I NEED A LAWYER TO BUY A HOME?
Laws vary by state. Some states require a lawyer to assist in several aspects of the home buying process while other states do not, as long as a qualified real estate professional is involved. Even if your state doesn't require one, you may want to hire a lawyer to help with the complex paperwork and legal contracts. A lawyer can review contracts, make you aware of special considerations, and assist you with the closing process. Your real estate agent may be able to recommend a lawyer. If not, shop around. Find out what services are provided for what fee, and whether the attorney is experienced at representing homebuyers.

25. DO I REALLY NEED HOMEOWNER'S INSURANCE?Yes. A paid homeowner's insurance policy (or a paid receipt for one) is required at closing, so arrangements will have to be made prior to that day. Plus, involving the insurance agent early in the home buying process can save you money. Insurance agents are a great resource for information on home safety and they can give tips on how to keep insurance premiums low.

26. WHAT STEPS COULD I TAKE TO LOWER MY HOMEOWNER'S INSURANCE COSTS?Be sure to shop around among several insurance companies. Also, consider the cost of insurance when you look at homes. Newer homes and homes constructed with materials like brick tend to have lower premiums. Think about avoiding areas prone to natural disasters, like flooding. Choose a home with a fire hydrant or a fire department nearby.

27. IS THE HOME LOCATED IN A FLOOD PLAIN?Your real estate agent or lender can help you answer this question. If you live in a flood plain, the lender will require that you have flood insurance before lending any money to you. But if you live near a flood plain, you may choose whether or not to get flood insurance coverage for your home. Work with an insurance agent to construct a policy that fits your needs.

28. WHAT OTHER ISSUES SHOULD I CONSIDER BEFORE I BUY MY HOME?
Always check to see if the house is in a low-lying area, in a high-risk area for natural disasters (like earthquakes, hurricanes, tornadoes, etc.), or in a hazardous materials area. Be sure the house meets building codes. Also consider local zoning laws, which could affect remodeling or making an addition in the future. Your real estate agent should be able to help you with these questions.

29. HOW DO I MAKE AN OFFER?

Your real estate agent will assist you in making an offer, which will include the following information:

Complete legal description of the property
Amount of earnest money
Down payment and financing details
Proposed move-in date
Price you are offering
Proposed closing date
Length of time the offer is valid
Details of the deal

Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just Making an offer.

Other ways to lower ins-insurance costs include insuring your home and car(s) with the same company, increasing home security, and seeking group coverage through alumni or business associations. Insurance costs are always lowered by raising your deductibles, but this exposes you to a higher out-of-pocket cost if you have to file a claim.

30. HOW DO I DETERMINE THE INITIAL OFFER?
Unless you have a buyer's agent, remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential. Listen to your real estate agent's advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home's condition, how long it's been on the market, financing terms, and the seller's situation. By the time you're ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price.

31. WHAT IS EARNEST MONEY? HOW MUCH SHOULD I SET ASIDE?Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.

32. WHAT ARE "HOME WARRANTIES", AND SHOULD I CONSIDER THEM?
Home warranties offer you protection for a specific period of time (e.g., one year) against potentially costly problems, like unexpected repairs on appliances or home systems, which are not covered by homeowner's insurance. Warranties are becoming more popular because they offer protection during the time immediately following the purchase of a home, a time when many people find themselves cash-strapped.

GENERAL FINANCING QUESTIONS:THE BASICS

33. WHAT IS A MORTGAGE?

Generally speaking, a mortgage is a loan obtained to purchase real estate. The "mortgage" itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest.

34. WHAT IS A LOAN TO VALUE (LTV) HOW DOES IT DETERMINE THE SIZE OF MY LOAN?

The loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: With a 95% LTV loan on a home priced at $50,000, you could borrow up to $47,500 (95% of $50,000), and would have to pay,$2,500 as a down payment.

The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV the less cash homebuyers are required to pay out of their own funds. So, to protect lenders against potential loss in case of default, higher LTV loans (80% or more) usually require mortgage insurance policy.

35. WHAT TYPES OF LOANS ARE AVAILABLE AND WHAT ARE THE ADVANTAGES OF EACH?Fixed Rate Mortgages: Payments remain the same for the the life of the loan

Types

15-year
30-year

Advantages

Predictable
Housing cost remains unaffected by interest rate changes and inflation.

Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits

Types

Balloon Mortgage- Offers very low rates for an Initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is clue or refinanced (though not automatically)
Two-Step Mortgage- Interest rate adjusts only once and remains the same for the life of the loan
ARMS linked to a specific index or margin

Advantages

Generally offer lower initial interest rates
Monthly payments can be lower
May allow borrower to qualify for a larger loan amount

36. WHEN DO ARMS MAKE SENSE?
An ARM may make sense If you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.

37. WHAT ARE THE ADVANTAGES OF 15- AND 30-YEAR LOAN TERMS?30-Year:

In the first 23 years of the loan, more interest is paid off than principal, meaning larger tax deductions.
As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses.

15-year:

Loan is usually made at a lower interest rate.
Equity is built faster because early payments pay more principal.

38. CAN I PAY OFF MY LOAN AHEAD OF SCHEDULE?

Yes. By sending in extra money each month or making an extra payment at the end of the year, you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess payment is to be applied to the principal. Most lenders allow loan prepayment, though you may have to pay a prepayment penalty to do so. Ask your lender for details.

39. ARE THERE SPECIAL MORTGAGES FOR FIRST-TIME HOMEBUYERS?
Yes. Lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past. Lenders may now be able to help borrowers who don't have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or have experienced income irregularities.

40. HOW LARGE OF A DOWN PAYMENT DO I NEED?There are mortgage options now available that only require a down payment of 5% or less of the purchase price. But the larger the down payment, the less you have to borrow, and the more equity you'll have. Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses, and - possibly -repairs and decorating.

41. WHAT IS INCLUDED IN A MONTHLY MORTGAGE PAYMENT?
The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes, homeowner's insurance, and mortgage insurance (if applicable).

42. WHAT FACTORS AFFECT MORTGAGE PAYMENTS?

The amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term and payment schedule will all affect the size of your mortgage payment.

43. HOW DOES THE INTEREST RATE FACTOR IN SECURING A MORTGAGE LOAN?
A lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest rates can fluctuate as you shop for a loan, so ask-lenders if they offer a rate "lock-in"which guarantees a specific interest rate for a certain period of time. Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the interest rate because it also includes the cost of points, mortgage insurance, and other fees included in the loan.

44. WHAT HAPPENS IF INTEREST RATES DECREASE AND I HAVE A FIXED RATE LOAN?
If interest rates drop significantly, you may want to investigate refinancing. Most experts agree that if you plan to be in your house for at least 18 months and you can get a rate 2% less than your current one, refinancing is smart. Refinancing may, however, involve paying many of the same fees paid at the original closing, plus origination and application fees.

45. WHAT ARE DISCOUNT POINTS?
Discount points allow you to lower your interest rate. They are essentially prepaid interest, With each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage, the interest rate is reduced by 1/8 (or.125) of a percentage point. When shopping for loans, ask lenders for an interest rate with 0 points and then see how much the rate decreases With each point paid. Discount points are smart if you plan to stay in a home for some time since they can lower the monthly loan payment. Points are tax deductible when you purchase a home and you may be able to negotiate for the seller to pay for some of them.

46. WHAT IS AN ESCROW ACCOUNT? DO I NEED ONE?
Established by your lender, an escrow account is a place to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner's insurance, mortgage insurance (if applicable), and property taxes. Escrow accounts are a good idea because they assure money will always be available for these payments. If you use an escrow account to pay property tax or homeowner's insurance, make sure you are not penalized for late payments since it is the lender's responsibility to make those payments.

FIRST STEPS

47. WHAT STEPS NEED TO BE TAKEN TO SECURE A LOAN?
The first step in securing a loan is to complete a loan application. To do so, you'll need the following information.

Pay stubs for the past 2-3 months
W-2 forms for the past 2 years
Information on long-term debts
Recent bank statements
tax returns for the past 2 years
Proof of any other income
Address and description of the property you wish to buy
Sales contract

During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between 1-6 weeks.

48. HOW DO I CHOOSE THE RIGHT LENDER FOR ME?
Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally is preferable, since it will be easier for you to monitor the status of your application and ask questions. Plus, it's beneficial when the lender knows home values and conditions in the local area. Do research and ask family, friends, and your real estate agent for recommendations.

49. HOW ARE PRE-QUALIFYING AND PRE-APPROVAL DIFFERENT?Pre-qualification is an informal way to see how much you maybe able to borrow. You can be 'pre-qualified' over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.

Pre-approval is a lender's actual commitment to lend to you. It involves assembling the financial records mentioned in Question 47 (Without the property description and sales contract) and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.

50. HOW CAN I FIND OUT INFORMATION ABOUT MY CREDIT HISTORY?
There are three major credit reporting companies: Equifax, Experian, and Trans Union. Obtaining your credit report is as easy as calling and requesting one. Once you receive the report, it's important to verify its accuracy. Double check the "high credit limit,"'total loan," and 'past due" columns. It's a good idea to get copies from all three companies to assure there are no mistakes since any of the three could be providing a report to your lender. Fees, ranging from $5-$20, are usually charged to issue credit reports but some states permit citizens to acquire a free one. Contact the reporting companies at the numbers listed for more information.

CREDIT REPORTING COMPANIESCompany Name Phone Number
Experian 1-888-524-3666
Equifax 1-800-685-1111
Trans Union 1-800-916-8800

51. WHAT IF I FIND A MISTAKE IN MY CREDIT HISTORY?Simple mistakes are easily corrected by writing to the reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness, explain that for the record. Lenders are usually understanding about legitimate problems.

52. WHAT IS A CREDIT BUREAU SCORE AND HOW DO LENDERS USE THEM?A credit bureau score is a number, based upon your credit history, that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances are of getting a loan. Ask your lender for details.

53. HOW CAN I IMPROVE MY SCORE?
There are no easy ways to improve your credit score, but you can work to keep it acceptable by maintaining a good credit history. This means paying your bills on time and not overextending yourself by buying more than you can afford.

FINDING the RIGHT LOAN for YOU

54. HOW DO I CHOOSE THE BEST LOAN - PROGRAM FOR ME?
Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best.

Do you expect your finances to changeover the next few years?
Are you planning to live in this home for a long period of time?
Are you comfortable with the idea of a changing mortgage payment amount?
Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?

Your lender can help you use your answers to questions such as these to decide which loan best fits your needs.

55. WHAT IS THE BEST WAY TO COMPARE LOAN TERMS BETWEEN LENDERS?

First, devise a checklist for the information from each lending institution. You should include the company's name and basic information, the type of mortgage, minimum down payment required, interest rate and points, closing costs, loan processing time, and whether prepayment is allowed.

Speak with companies by phone or in person. Be sure to call every lender on the list the same day, as interest rates can fluctuate daily. In addition to doing your own research, your real estate agent may have access to a database of lender and mortgage options. Though your agent may primarily be affiliated with a particular lending institution, he or she may also be able to suggest a variety of different lender options to you.

56. ARE THERE ANY COSTS OR FEES ASSOCIATED WITH THE LOAN ORIGINATION PROCESS?
Yes. When you turn in your application, you'll be required to pay a loan application fee to cover the costs of underwriting the loan. This fee pays for the home appraisal, a copy of your credit report, and any additional charges that may be necessary. The application fee is generally non-refundable.

57. WHAT IS RESPA?

RESPA stands for Real Estate Settlement Procedures Act. It requires lenders to disclose information to potential customers throughout the mortgage process, By doing so, it protects borrowers from abuses by lending institutions. RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices, and business relationships between closing service providers and other parties to the transaction.

For more information on RESPA, or call 1-800-569-4287 for a local counseling referral.

58. WHAT IS A GOOD FAITH ESTIMATE, AND HOW DOES IT HELP ME?

It's an estimate that lists all fees paid before closing, all closing costs, and any escrow costs you will encounter when purchasing a home. The lender must supply it within three days of your application so that you can make accurate judgments when shopping for a loan.

59. BESIDES RESPA, DOES THE LENDER HAVE ANY ADDITIONAL RESPONSIBILITIES?Lenders are not allowed to discriminate in any way against potential borrowers. If you believe a lender is refusing to provide his or her services to you on the basis of race, color, nationality, religion, sex, familial status, or disability, contact HUD's Office of Fair Housing at 1-800-669-9777 (or 1-800-927-9275 for the hearing impaired).

60. WHAT RESPONSIBILITIES DO I HAVE DURING THE LENDING PROCESS?To ensure you won't fall victim to loan fraud, be sure to follow all of these steps as you apply for a loan:

Be sure to read and understand everything before you sign.
Refuse to sign any blank documents.
Do not buy property for someone else.
Do not overstate your income.
Do not overstate how long you have been employed.
Do not overstate your assets.
Accurately report your debts.
Do not change your income tax returns for any reason. Tell the whole truth about gifts. Do not list fake co-borrowers on your loan application.
Be truthful about your credit problems, past and present.
Be honest about your intention to occupy the house
Do not provide false supporting documents.

CLOSING

61. WHAT HAPPENS AFTER I'VE APPLIED FOR MY LOAN?
It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Its not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information, the faster your application will be processed. Once all the information has been verified the lender will call you to let you know the outcome of your application. If the loan is approved, a closing date is set up and the lender will review the closing with you. And after closing, you'll be able to move into your new home.

62. WHAT SHOULD I LOOK OUT FOR DURING THE FINAL WALK-THROUGH?This will likely be the first opportunity to examine the house without furniture, giving you a clear view of everything. Check the walls and ceilings carefully, as well as any work the seller agreed to do in response to the inspection. Any problems discovered previously that you find uncorrected should be brought up prior to closing. It is the seller's responsibility to fix them.

63. WHAT MAKES UP CLOSING COST?There may be closing cost customary or unique to a certain locality, but closing cost are usually made up of the following:

Attorney's or escrow fees (Yours and your lender's if applicable)
Property taxes (to cover tax period to date)
Interest (paid from date of closing to 30 days before first monthly payment)
Loan Origination fee (covers lenders administrative cost)
Recording fees
Survey fee
First premium of mortgage Insurance (if applicable)
Title Insurance (yours and lender's)
Loan discount points
First payment to escrow account for future real estate taxes and insurance
Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)
Any documentation preparation fees

64. WHAT CAN I EXPECT TO HAPPEN ON CLOSING DAY?You'll present your paid homeowner's insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will then list the money you owe the seller (remainder of down payment, prepaid taxes, etc.) and then the money the seller owes you (unpaid taxes and prepaid rent, if applicable). The seller will provide proofs of any inspection, warranties, etc.

Once you're sure you understand all the documentation, you'll sign the mortgage, agreeing that if you don't make payments the lender is entitled to sell your property and apply the sale price against the amount you owe plus expenses. You'll also sign a mortgage note, promising to repay the loan. The seller will give you the title to the house in the form of a signed deed.

You'll pay the lender's agent all closing costs and, in turn,he or she will provide you with a settlement statement of all the items for which you have paid. The deed and mortgage will then be recorded in the state Registry of Deeds, and you will be a homeowner.

65. WHAT DO I GET AT CLOSING?

Settlement Statement, HUD-1 Form (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing)
Truth-in-Lending Statement
Mortgage Note
Mortgage or Deed of Trust
Binding Sales Contract (prepared by the seller; your lawyer should review it)
Keys to your new home

HOW CAN HUD and the FHA HELP ME BECOME a HOMEOWNER

66. WHAT IS THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT?

Also known as HUD, the U.S. Department of Housing and Urban Development was established in 1965 to develop national policies and programs to address housing needs in the U.S. One of HUD's primary missions is to create a suitable living environment for all Americans by developing and improving the country's communities and enforcing fair housing laws

67. HOW DOES HUD HELP HOMEBUYERS AND HOMEOWNERS?HUD helps people by administering a variety of programs that develop and support affordable housing. Specifically, HUD plays a large role in homeownership by making loans available for lower- and moderate-income families through its FHA mortgage insurance program and its HUD Homes program. HUD owns homes in many communities throughout the U.S. and offers them for sale at attractive prices and economical terms. HUD also seeks to protect consumers through education, Fair Housing Laws, and housing rehabilitation initiatives.

68. WHAT IS THE FHA?Now an agency within HUD, the Federal Housing Administration was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who might not be able to qualify for conventional loans. The FHA has helped more than 26 million Americans buy a home.

69. HOW CAN THE FHA ASSIST ME IN BUYING A HOME?
The FHA works to make homeownership a possibility for more Americans. With the FHA, you don't need perfect credit or a high-paying job to qualify for a loan. The FHA also makes loans more accessible by requiring smaller down payments than conventional loans. In fact, an FHA down payment could be as little as a few months rent. And your monthly payments may not be much more than rent.

70. HOW IS THE FHA FUNDED?

Lender claims paid by the FHA mortgage insurance program are drawn from the Mutual Mortgage Insurance fund. This fund is made up of premiums paid by FHA-insured loan borrowers. No tax dollars are used to fund the program.

71. WHO CAN QUALIFY FOR FHA LOANSanyone who meets the credit requirements, can afford the mortgage payments and cash investment, and who plans to use the mortgaged property as a primary residence may apply for an FHA-insured loan.

72. WHAT IS THE FHA LOAN LIMIT?

FHA loan limits vary throughout the country, from $115,200 in low-cost areas to $208,800 in high-cost areas. The loan maximums for multi-unit homes are higher than those for single units and also vary by area.

Because these maximums are linked to the conforming loan limit and average area home prices, FHA loan limits are periodically subject to change. Ask your lender for details and confirmation of current limits.

73. WHAT ARE THE STEPS INVOLVED IN THE FHA LOAN PROCESS?

With the exception of a few additional forms, the FHA loan application process is similar to that of a conventional loan (see Question 47). With new automation measures, FHA loans may be originated more quickly than before. And, if you don't prefer a face-to-face meeting, you can apply for an FHA loan via mail, telephone, the Internet, or video conference.

74. HOW MUCH INCOME DO I NEED TO HAVE TO QUALIFY FOR AN FHA LOAN?There is no minimum income requirement. But you must prove steady income for at least three years, and demonstrate that you've consistently paid your bills on time.

75. WHAT QUALIFIES AS AN INCOME SOURCE FOR THE FHA?Seasonal pay, child support, retirement pension payments, unemployment compensation, VA benefits, military pay, Social Security income, alimony, and rent paid by family all qualify as income sources. Part-time pay, overtime, and bonus pay also count as long as they are steady. Special savings plans-such as those set up by a church or community association - qualify, too. Income type is not as important as income steadiness with the FHA.

76. CAN I CARRY DEBT AND STILL QUALIFY FOR FHA LOANS?

Yes. Short-term debt doesn't count as long as it can be paid off within 10 months. And some regular expenses, like child care costs, are not considered debt. Talk to your lender or real estate agent about meeting the FHA debt-to-income ratio.

77. WHAT IS THE DEBT-TO-INCOME RATIO FOR FHA LOANS?The FHA allows you to use 29% of your income towards housing costs and 41% towards housing expenses and other long-term debt. With a conventional loan, this qualifying ratio allows only 28% toward housing and 36% towards housing and other debt

78. CAN I EXCEED THIS RATIO?You may qualify to exceed if you have:

a large down payment
a demonstrated ability to pay more toward your housing expenses
substantial cash reserves
net worth enough to repay the mortgage regardless of income
evidence of acceptable credit history or limited credit use
less-than-maximum mortgage terms
funds provided by an organization
a decrease in monthly housing expenses

79. HOW LARGE A DOWN PAYMENT DO I NEED WITH AN FHA LOAN?You must have a down payment of at least 3% of the purchase price of the home. Most affordable loan programs offered by private lenders require between a 3%-5% down payment, with a minimum of 3% coming directly from the borrower's own funds.

80. WHAT CAN I USE TO PAY THE DOWN PAYMENT AND CLOSING COSTS OF AN FHA LOAN?Besides your own funds, you may use cash gifts or money from a private savings club. If you can do certain repairs and improvements yourself, your labor may be used as part of a down 8 payment (called -sweat equity"). If you are doing a lease purchase, paying extra rent to the seller may also be considered the same as accumulating cash.

81. HOW DOES MY CREDIT HISTORY IMPACT MY ABILITY TO QUALIFY?The FHA is generally more flexible than conventional lenders in its qualifying guidelines. In fact, the FHA allows you to re-establish credit if:

two years have passed since a bankruptcy has been discharged
all judgments have been paid
any outstanding tax liens have been satisfied or appropriate arrangements have been made to establish a repayment plan with the IRS or state Department of Revenue
three years have passed since a foreclosure or a deed-in-lieu has been resolved

82. CAN I QUALIFY FOR AN FHA LOAN WITHOUT A CREDIT HISTORY?
Yes. If you prefer to pay debts in cash or are too young to have established credit, there are other ways to prove your eligibility. Talk to your lender for details.

83. WHAT TYPES OF CLOSING COSTS ARE ASSOCIATED WITH FHA-INSURED LOANS?

Except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan outlined in Question 63. The FHA requires a single, upfront mortgage insurance premium equal to 2.25% of the mortgage to be paid at closing (or 1.75% if you complete the HELP program- see Question 91). This initial premium may be partially refunded if the loan is paid in full during the first seven years of the loan term. After closing, you will then be responsible for an annual premium - paid monthly - if your mortgage is over 15 years or if you have a 15-year loan with an LTV greater than 90%.

84. CAN I ROLL CLOSING COSTS INTO my FHA LOAN?
No. Though you can't roll closing costs into your FHA loan, you may be able to use the amount you pay for them to help satisfy the down payment requirement. Ask your lender for details.

85. ARE FHA LOANS ASSUMABLE?

Yes. You can assume an existing FHA-insured loan, or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is streamlined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one.

86. WHAT SHOULD I DO IF I CAN'T MAKE A PAYMENT ON LOAN?
Call or, write to your lender as soon as possible. Clearly explain the situation and be prepared to provide him or her with financial information.

87. ARE THERE ANY OPTIONS IF I FALL BEHIND ON MY LOAN PAYMENTS?Yes. Talk to your lender or a HUD-approved counseling agency for details. Listed below are a few options that may help you get back on track.

For FHA loans:

Keep living in your home to qualify for assistance.
Contact a HUD-approved housing counseling agency (1-800-569-4287 or TDD: 1-800-483-2209) and cooperate with the counselor/lender trying to help you.
HUD has a number of special loss mitigation programs available to help you:
Special Forbearance: Your lender will arrange for a revised repayment plan which may Include temporary reduction or suspension of payments; you can qualify by having an Involuntary reduction in your Income or Increase In living expenses.
Mortgage Modification: Allows refinance debt and/or extend the term of the your mortgage loan which may reduce your monthly payments; you can qualify if you have recovered from financial problems, but net Income Is less than before.
Partial Claim: Your lender maybe able to help you obtain an interest-free loan from HUD to bring your mortgage current.
Pre-foreclosure Sale: Allows you to sell your property and pay off your mortgage loan ,to avoid foreclosure.
Deed-in lieu of Foreclosure: Lets you voluntarily "give back" your property to the lender; it won't save your house but will help you avoid the costs, time, and effort of the foreclosure process.
If you are having difficulty with an-uncooperative lender or feel your loan servicer is not providing you with the most effective loss mitigation options, call the FHA Loss Mitigation Center at 1-888-297-8685 for additional help.

For Conventional Loans:

Talk to your lender about specific loss mitigation options. Work directly with him or her to request a "workout packet." A secondary lender, like Fannie Mae or Freddie Mac, may have purchased your loan. Your lender can follow the appropriate guidelines set by Fannie or Freddie to determine the best option for your situation.

Fannie Mae does not deal directly with the borrower. They work with the lender to determine the loss mitigation program that best fits your needs.

Freddie Mac, like Fannie Mae, will usually only work with the loan servicer. However, if you encounter problems with your lender during the loss mitigation process, you can coil customer service for help at 1-800-FREDDIE (1-800-373-3343).

In any loss mitigation situation, it is important to remember a few helpful hints:

Explore every reasonable alternative to avoid losing your home, but beware of scams. For example, watch out for:

Equity skimming: a buyer offers to repay the mortgage or sell the property if you sign over the deed and move out.
Phony counseling agencies: offer counseling for a fee when it is often given at no charge.
Don't sign anything you don't understand.

MORTGAGE INSURANCE

88. WHAT IS MORTGAGE INSURANCE?
Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. It's required primarily for borrowers making a down payment of less than 20%.

89. HOW DOES MORTGAGE INSURANCE WORK? IS IT LIKE HOME OR AUTO INSURANCE?Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency. If a borrower can't repay an insured mortgage loan as agreed, the lender may foreclose on the property and file a claim with the mortgage insurer for some or most of the total losses.

90. DO I NEED MORTGAGE INSURANCE? HOW DO I GET IT?
You need mortgage insurance only if you plan to make a down payment of less than 20% of the purchase price of the home. The FHA offers several loan programs that may meet your needs. Ask your lender for details.

91. HOW CAN I RECEIVE A DISCOUNT ON THE FHA INITIAL MORTGAGE INSURANCE PREMIUM?Ask your real estate agent or lender for information on the HELP program from the FHA. HELP - Homebuyer Education Learning Program - is structured to help people like you begin the homebuying process. It covers such topics as budgeting, finding a home, getting a loan, and home maintenance. In most cases, completion of this program may entitle you to a reduction in the initial FHA mortgage insurance premium from 2.25% to 1.75% of the purchase price of your new home.

92. WHAT IS PMI?

PMI stands for Private Mortgage Insurance or Insurer. These are privately-owned companies that provide mortgage insurance. They offer both standard and special affordable programs for borrowers. These companies provide guidelines to lenders that detail the types of loans they will insure. Lenders use these guidelines to determine borrower eligibility. PMI's usually have stricter qualifying ratios and larger down payment requirements than the FHA, but their premiums are often lower and they insure loans that exceed the FHA limit.

FHA PRODUCTS

93. WHAT IS A 203(b) LOAN?

This is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines, limited lender's fees, and a maximum loan amount.

94. WHAT IS A 203(k) LOAN?

This is a loan that enables the homebuyer to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of the loan is used to pay off the seller's existing mortgage and the remainder is placed in an escrow account and released as rehabilitation is completed. Basic guidelines for 203(k) loans are as follows:

The home must be at least one year old.
The cost of rehabilitation must be at least $5,000, but the total property value - including the cost of repairs - must fall within the FHA maximum mortgage limit.
The 203(k) loan must follow many of the 203(b) eligibility requirements.
Talk to your lender about specific improvement, energy efficiency, and structural guidelines.

95. WHAT IS AN ENERGY EFFICIENT MORTGAGE (EEM)?
The Energy Efficient Mortgage allows a homebuyer to save future money on utility bills. This is done by financing the cost of adding energy-efficiency features to a new or existing home as part of an FHA-insured home purchase. The EEM can be used with both 203(b) and 203(k) loans. Basic guidelines for EEMs are as follows:

The cost of improvements must be determined by a Home Energy Rating System or by an energy consultant. This cost must be less than the anticipated savings from the improvements.
One- and two-unit new or existing homes are eligible; condos are not.
The improvements financed may be 5% of property value or $4,000, whichever is greater. The total must fall within the FHA loan limit.

96. DELETED.

97. WHAT IS A TITLE I LOAN?
Given by a Lender and insured by the FHA, a Title I loan is used to make non-luxury renovations and repairs to a home. It offers a manageable interest rate and repayment schedule. Loans are limited to between $5,000 and 20,000. If the loan amount is under 7,500, no lien is required against your home. Ask your lender for details.

98. WHAT OTHER LOAN PRODUCTS OR PROGRAMS DOES THE FHA OFFER?The FHA also insures loans for the purchase or rehabilitation of manufactured housing, condominiums, and cooperatives. It also has special programs for urban areas, disaster victims, and members of the armed forces. Insurance for ARMS is also available from the FHA.

99. HOW CAN I OBTAIN AN FHA-INSURED LOAN?Contact an FHA-approved lender such as a participating mortgage company, bank, savings and loan association, or thrift. For more information on the FHA and how you can obtain an FHA loan, visit the HUD web site at http://www.hud.gov or call a HUD-approved counseling agency at 1-800-569-4287 or TDD: 1-800-877-8339.

100. HOW CAN I CONTACT HUD?

Visit the web site at http://www.hud.gov or look in the phone book "blue pages" for a listing of the HUD office near you.
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We Will Stop Your Foreclosures You Must Start Now

2007-09-27T18:59:00.000-07:00

Everyone deserves a second chance " Losing your home to a Foreclosure can be Stopped, but Time is of the Essence. If you want to get out of Foreclosure , we can negotiate with your Lender to Avoid Foreclosure or Stop Foreclosure , and get you back on the right track. don't lose your home to the refi trap! Literally 99% of people in foreclosure will be turned down for new financing but will not be notified until it's almost too late to save the home! If approved for financing you are likely to be pressured into interest rates and loan fees up to ten times higher than quoted at the last minute at the "closing table" under duress. If a refinance or new loan will actually work for you, we can usually tell you so within 48 hours, and are usually able to postpone your foreclosure until funding. If NOT you will not waste precious time and money applying and waiting!

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Stopping Foreclosure Scams Fraud Alerts

2007-09-27T18:44:00.000-07:00

As a homeowner need to understand is that……

It is Ultimately Up to YOU, to Protect Yourself!

You do Have Options.

And, You Need to Take Action.

Learn who the real victims of foreclosure fraud really are and why you may be a target.

By knowing how to recognize the foreclosure scammers you will be able to avoid them and not fall into their traps

By knowing if you are a potential target you will be able to take action to protect your home

Discover the top 13 reasons why homeowners, just like you, become foreclosure fraud victims.

Regain your pride as you see that foreclosure can happen to anyone and you can stop blaming yourself

You can stop your anxiety over any shame you may have over how you ended up in this situation

Find out how to locate the investors, companies and government agencies that will assist you during your foreclosure crisis.

Knowing who you can trust will provide you with the secure knowledge that you are dealing with your foreclosure issues proactively and safely
You won’t be at risk of losing everything if you are dealing with the right people - you just have to know how to find them

Learn why the foreclosure fraudsters must know the reason why you are in foreclosure

By knowing the foreclosure rescuers favorite tactics you will know how to defend yourself and save any equity you have in your home
You can send the fraudsters “packing” when you know how to respond to their evil ploys

Find out why being in foreclosure is nothing to be ashamed of, but being a victim of foreclosure fraud is.

You won’t become a foreclosure fraud victim with what you will learn in this book

Protecting yourself is easier than you think
You won’t be fooled when you have knowledge and have learned how to use it

Know why homeowners in foreclosure become instant targets
Once you understand how you became a target you will know how to keep them away

You can relish the fact that you may be able to turn the tables on some of the foreclosure fraudsters by getting the Federal Trade Commission after them, every time one of them calls you.

Learn how to recognize the good “Rescuers” from the bad “Rescuers” and send the bad ones fleeing.

You will be able to relax because you can now tell if you are dealing with a predator or an angel

The good rescuers, can really help you salvage your situation, and by knowing which ones they are can save you a lot of headaches and maybe some big money.

Protect yourself from the dirty practices the Foreclosure Fraudsters will try to use on you (if you let them).
Won’t it make you feel great to know as much as the scammers do and to foil their deceptive practices?

Learn how to identify the three common varieties of scams. And, learn the 13 most common variations of these common scams.
You can avoid paying them any money, keep them from getting the deed to your home, and protect the equity in your home

Discover the only safe ways to avoid becoming a foreclosure fraud victim.

Stay out of trouble with the lenders, the regulators and the legal system
If you know what types of deals are legal you won’t end up in jail or owing the authorities money because the fraudsters managed to make you an unknowing accomplice to their misdeeds

Learn to recognize the sales and marketing tactics the fraudsters use to haul in their victims .By being a smarter fish, you will not go for the bait they are dangling in front of you

Find out what to do IF you have already fallen victim to foreclosure fraud.

Fighting back can save you from incurring additional losses
Fighting back can save you from ending up on the street with no home for your family
Being proactive might give you a chance to get some of your money back, and your pride

See what mistakes to avoid if you are being pursued by a so called foreclosure rescuer.

You can send them running away
Learn how to work with your lender if you are in foreclosure or have fallen victim to a foreclosure scam artist.

The correct approach with your lender just might save your home
And it may save your credit rating
And it may save you some big bucks
And it will pump up your pride because you are being proactive and doing something
The wrong approach or doing nothing and you will end up in a downward spiral of no-return
And you may end up implicated as an accomplice of the foreclosure fraud scammers (even if you are innocent)
And you may end up losing your home and your pride because of your failure to act

Discover the top 10 things you should and shouldn’t do if you are facing foreclosure.

If you do the right things may save thousands of dollars and keep your credit rating from having a foreclosure on record

If you’re wrong, you could potentially owe the IRS thousands of dollars - even though you lost your home
Learn the 16 rules on choosing which debts to pay first.
Conserve your cash for the most important bills
The better you are at managing your debts you may be able to put off foreclosure longer, or avoid it all together

Uncover why you may not want to accept the help of a debt counselor.
Good choices and timely decisions will save you thousands of dollars and help keep your credit rating from falling more - heck, it should even help you improve it

Take the wrong advice and you will pay hundreds of dollars (if not thousands) in fees and receive NOTHING in return
Find places to seek help if you have become a foreclosure fraud victim.

We show you were to start your search for help, thereby saving you hours and hours of time it would take you to find the right people to talk to
We only give you the good sources so you know you will be working with trusted organizations

We save you the pain by showing you why seeking help in the wrong places can cost you even more money
Discover the most common effects a foreclosure will have on you and why you need to avoid them.
You can become a homeowner again, even if you have gone through foreclosure
You can become a homeowner again, faster, if you avoid foreclosure, but use certain strategies

You can save your credit rating
You can rejoice because you have …….
Surprise yourself with why bankruptcy may not be the solution to your dilemma.
If you make the wrong decision on bankruptcy it could cost you thousands upon thousands of dollars and put you in the hot seat with the IRS
Find out why members of the military have special protections.
Being aware of these special provisions can help you avoid foreclosure entirely,
And in some situations even give you debt relief
And get the bad guys chasing after you in trouble - now won’t that make you happy?
Read true stories on foreclosure fraud.
By learning what has happened to others you can make sure foreclosure fraud doesn’t happen to you.
See, you are not the only one that this can happen to - so keep your head high and get out there and do something about it.

3 Commen Homeowner Scams The Most Popular Foreclosure Scams

2007-09-27T18:38:00.000-07:00

National Consumer Law Center report says the scams come in three common varieties.

*The Phantom The "rescuer" charges a home owner facing foreclosure exorbitant fees for light-duty phone calls and paperwork the home owner could have performed. There also may be promises for representation to stave off foreclosure but the help never materializes. The home owner loses valuable time to prevent foreclosure, gains nothing and the "rescuer" vanishes having plucked the home owner of what little cash he or she had.

*The Bailout The "rescuer" get's the home owner to surrender title to the house believing he or she is making a deal to become a renter and buy back the home over the next few years. Home owners are cajoled into surrendering the title. They are told someone with a better credit can secure new financing to prevent the loss of the home. Buy back becomes impossible, the home owner permanently loses possession, and the "rescuers" exit with all or most of the home's equity.

*Bait and Switch Home owners believe they are signing documents for a new loan to make the mortgage current but actually surrender the title of the home for a fraction of its value.
The law center says home owners fall for the scams because the cons are devilishly clever.

They prey upon older, vulnerable and desperate home owners and others less familiar about the foreclosure process.

Scammers disguise their true intent with lies, exaggerations, pressure tactics and other measures.

They use face-to-face come-ons to exploit the home owners belief that someone would not lie in person.

They keep home owners in the dark about the foreclosure process, legal rights and alternatives to saving the home.

Forgeries, complex document and documents that conveniently run out of space for signatures on pages containing text forcing the home owner to sign a blank page that is later attached to a different document, are among the tools of the crooked trade.

They use "affinity marketing" techniques where blacks market to blacks, Christians to Christians, Spanish-speaking to Spanish-speaking with the idea that people like you are on your side and protecting you from those who don't have your best interests at hear.

Ways To Avoid Commen Foreclosure Scams

2007-09-27T18:33:00.000-07:00

How to avoid foreclosure scams

If you find yourself in a bind, resist the urge to do anything rash. Follow these tips from the National Consumer Law Center.

Don't panic. Get detailed information about the deadlines you face in resolving your problems. Pay special attention to the date on which you would lose legal right to ownership.

Never sign a contract under pressure. Take your time, and consult a lawyer if possible.

Never sign away ownership via a quitclaim deed or other means without consulting a lawyer. Be especially suspicious of offers to lease back your home, in order to buy it back over time. These offers are weighted against you.

Never make your mortgage payments to anyone other than your lender. If you can't pay, do not ignore warning letters from your lender; contact them instead.

Beware of any home-sale contract in which you are not formally released from liability for your mortgage. Make sure you know the rights you are giving up and that you agree to give them up.

Don't sign anything with blank lines or spaces; information could be added later without your knowledge and consent.

If you do not speak English, never use a "rescuer's" translator. Instead, insist on using your own translator.
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How To Get Pre-Approved for a Mortgage

2007-09-27T18:17:00.000-07:00

You Can Buy a House - Step 3 Get Pre-Approved for a Mortgage

Find a Lender and Get Pre-Approved
Unless you must move in a hurry, you'll probably take some time to study the real estate market to decide which area you wish to live in and how much you're willing to pay for the homes that are located there. That means you have a little bit of time to find a lender and get pre-approved.

Copies of Your Credit Reports
If you've followed Step 1 of this series of articles, you should have your credit reports and scores from all three major reporting agencies. Take those printouts with you on your first visit to a bank or mortgage broker. The loan officer can give you a fairly good idea of your options by looking at the figures and talking with you about your income.

When you pull your own credit file it isn't counted as a request from a potential lender--and requests lower scores.

So use those printouts as long as possible instead of allowing multiple banks to pull your credit. When you select a lender, the loan officer will obtain your reports from their credit bureau.

Pre-Qualification vs. Pre-Approval
Pre-qualification is a general look at what you can afford, not a true approval or analysis of your buying capabilities. Agents in some parts of the US are accustomed to pre-qualifying buyers for home loans.

In other areas, the specifics of the qualification process are between you and your lender, but the agent will likely want written verification that you can indeed purchase a home in the price range you are interested in.

It's nearly always a good idea to get pre-approved as soon as you know you are ready to buy, and that can only be done by a lender or a mortgage broker working with a lender. Pre-approval means the lender has verified that you can indeed purchase a home loan in a specific price range. It doesn't mean any loan of that amount will be approved, since other factors come into play during the home buying process. For example,

Lenders usually require that the home appraises for the amount of the sale or the amount of the loan.

Lenders may have other requirements associated with the appraisal. They usually want to see an appraiser's opinion on how long it would take the house to sell in a normal market. They might look at location.

Some loans are denied due to structural problems or needed repairs.

Lenders vs. Mortgage Brokers

Lenders provide the funds used to pay the seller at closing. Banks are a common example of lenders that individuals deal with.

Mortgage brokers shop around to find a lender who will make the loan.

Mortgage brokers typically deal with banks, individuals and groups of investors.

Truth In Lending Act
The Federal Government requires that lenders give you specific information about the costs associated with a loan, so that you understand the costs and can make comparisons. You will receive some disclosures when you apply for a loan and others before the loan closes.

Disclosures include,

The amount being financed and the annual percentage rate.

Any points or fees associated with the loan.

Your due date and terms.

Whether or not the loan is assumable.

Details about service fees and prepayment penalties.

10 Things You Need To Know About Making A Budget

2007-09-27T18:05:00.000-07:00

1. Budgets are a necessary evil.
They're the only practical way to get a grip on your spending -- and to make sure your money is being used the way you want it to be used.

2. Creating a budget generally requires three steps.

- Identify how you're spending money now

- Evaluate your current spending and set goals that take into account your long-term financial objectives

- Track your spending to make sure it stays within those guidelines.

3. Use software to save grief.
If you use a personal-finance program such as Quicken or Microsoft Money, the built-in budget-making tools can create your budget for you.

4. Don't drive yourself nuts.
One drawback of monitoring your spending by computer is that it encourages overzealous attention to detail. Once you determine which categories of spending can and should be cut (or expanded), concentrate on those categories and worry less about other aspects of your spending.

5. Watch out for cash leakage.

If withdrawals from the ATM machine evaporate from your pocket without apparent explanation, it's time to keep better records. In general, if you find yourself returning to the ATM more than once a week or so, you need to examine where that cash is going.

6. Spending beyond your limits is dangerous.But if you do, you've got plenty of company. Government figures show that many households with total income of $50,000 or less are spending more than they bring in. This doesn't make you an automatic candidate for bankruptcy -- but it's definitely a sign you need to make some serious spending cuts.

7. Beware of luxuries dressed up as necessities.

If your income doesn't cover your costs, then some of your spending is probably for luxuries -- even if you've been considering them to be filling a real need.

8. Tithe yourself.

Aim to spend no more than 90 percent of your income. That way, you'll have the other 10 percent left to save for your big-picture items.

9. Don't count on windfalls.

When projecting the amount of money you can live on, don't include dollars that you can't be sure you'll receive, such as year-end bonuses, tax refunds, or investment gains.

10. Beware of spending creep.

As your annual income climbs from raises, promotions, and smart investing, don't start spending for luxuries until you're sure that you're staying ahead of inflation. It's better to use those income increases as an excuse to save more.

How Can I Avoid Foreclosure And Losing My Home

2007-09-27T17:54:00.000-07:00

How To Avoid Foreclosure

Working With Your Lender to Stop Foreclosure
Although lenders do not want to foreclose if it can be avoided, they do want to make sure you can follow-through on any promises you make to bring your account current.
Be prepared to share all details about your financial situation with your lender.

An explanation of your current financial circumstances.

Details about your current income, including pay stubs, statements regarding unemployment, disability, social security, retirement, public aid, or other similar documents.

A list of your household expenses.
The lender will probably ask you to fill out documents that describe your financial situation. They will review and analyze the documents before offering a solution to bring your loan up-to-date. If the lender sends you a packet, turn it around quickly and answer all questions honestly.

If your home loan is past due, your other obligations probably are too. A nonprofit credit counseling agency might be able to help you work with your creditors to reduce your monthly payments by lowering interest rates or extending repayment periods.

The key word here is nonprofit. Steer clear of companies that promise you quick, easy results for all of your credit problems--if you pay them a large fee. You know better--that's not how it works in the real world. Start Right Here

2007-09-27T17:33:00.001-07:00

How Do I Stop Foreclosure

2007-09-27T17:31:00.000-07:00

How To Stop Foreclosure

Steps You Can Take to Avoid Foreclosure and Save Your Home
A loss of a job, medical expenses and other life-altering occurrences can happen to anyone, causing us to fall behind in our loan payments. If we neglect paying our credit cards it hurts our credit rating, but if we stop paying our home loan the situation is even worse, because the lender can foreclose, taking ownership the home.

Don't Be Embarassed
You must put your pride on hold if you're truly serious about stopping the foreclosure process. Lenders do not want to foreclose, and will usually work with you to get you back on track.

Rule #1: Contact your lender as soon as you know your payments will be late.

Rule #2: Never ignore the lender's letters or phone calls. Ignoring the problem won't make it go away.

Rule #3: Never assume your situation is hopeless.

Solutions for Temporary Problems
Reinstatement
Reinstatement might be possible when you are behind in your payments but can promise a lump sum to bring payments current by a specific date.

Forbearance
In forbearance, you are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.

Lenders sometimes combine Forbearance with Reinstatement if you know you'll have the funds to bring your account current by a specific date.

A Repayment Plan

If your account is past due, but you can now make payments, the lender might agree to let you catch up by adding a portion of the past due amount to a certain number of monthly payments until your account is current.

Solutions for Longer-Term Problems

Mortgage Modification
If you can make your regular payment now, but cannot catch-up the past due amount, the lender might agree to modify your mortgage. One solution is to add the past due amount into your existing loan, financing it over a long term.

Modification might also be possible if you no longer have the ability to make payments at the former level. The lender can modify your mortgage to extend the length of your loan (or take other steps to reduce your payments).

Selling Your Home
If catching up is not a possibility, the lender might agree to put foreclosure on hold to give you some time to attempt to sell your home.

Deed in Lieu of Foreclosure
When the lender allows you to give-back your property--and forgives the debt. It does have a negative impact on your credit record, but not as much as a foreclosure.

The lender might require that you attempt to sell the house for a specific time period before agreeing to this option, and it might not be possible if there are other liens against the home.

For FHA Loans
The lender might be able to help you receive a one-time payment from the FHA Insurance fund. Your loan must be at least 4 months but no more than 12 months past due and you must show you are able to begin making full mortgage payments.

You must sign a promissory note which allows HUD to place a lien on your property for the amount received from the fund.
The note is interest free, but must eventually be repaid.
The note becomes due when you pay off the loan or when you sell the property.

For VA Loans
VA VA Regional Loan Centers offer financial counseling that's designed to help you avoid foreclosure. Call 1-800-827-1000 and ask for the phone number of the Loan Service Representative in your area.

Contact a HUD-Approved Counselor

If you don't want to talk with your lender first, contact a HUD-approved counseling agency. A counselor can help you determine which options might be available to you and negotiate with your lender to work out a repayment program. You can find an approved agency on the Web.

Put the Process in Motion
Your lender won't automatically put you into a program to bring your loan up-to-date. You must put the plan into motion and provide the lender with the documentation they require to analyze your financial situation.

Although lenders do not want to foreclose if it can be avoided, they do want to make sure you can follow-through on any promises you make to bring your account current.

Be prepared to share all details about your financial situation with your lender.

An explanation of your current financial circumstances.

Details about your current income.

A list of your household expenses.
The lender will review and analyze your situation before offering a solution to bring your loan up-to-date.

Repairing Your Credit
If your home loan is past due, your other obligations probably are too. A nonprofit credit counseling agency might be able to help you work with your creditors to reduce your monthly payments by lowering interest rates or extending repayment periods.

The key word here is nonprofit. Steer clear of companies that promise you quick, easy results for all of your credit problems--if you pay them a large fee. You know better--that's not how it works in the real world. The National Foundation for Credit Counseling is a good place to start.

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Stop Foreclosers Today

2007-09-27T17:11:00.000-07:00

Stop Foreclosure FAST!

There are programs to help stop foreclosure regardless of your situation.
With the right help, virtually any foreclosure situation can be successfully resolved. Our affiliates have helped hundreds of homeowners to stop foreclosure and we can help you too.

When facing foreclosure Time is of the Essence. You MUST act fast to protect your rights.

Many people needing help with stopping foreclosure simply do nothing and hope for a miracle. Don't fall into that trap! Get foreclosure help now.

You have options. Don't face foreclosure alone
Why wait for answers? Contact someone in your area who understands the foreclosure process and who knows the foreclosure laws in your state.

Time is your enemy!

If your house payments are more than a month behind, your lender has probably already started foreclosure proceedings. As time passes thousands of dollars in penalties and legal fees can be added to the balance you owe. And every single day extra interest is added!

The longer you wait, the harder it is for us to help.

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