Stop Foreclosure - Save Your Home!

Don't Become a Statistic: Gen Xers get hit with a double whammy

2009-03-11T12:36:00.000-07:00

Don't let the media depress you. You can stop foreclosure and keep your home!

From MSNBC.com:

Gen Xers get hit with a double whammy

was sweet for Gen Xer Marc Matsumoto when he graduated from University of California, Davis, in 2000 and was inundated with job offers from tech firms.

“It was ridiculous. I would get 30 calls a day from recruiters,” he recalls.

He chose a six-figure job with a software firm, but ended up unemployed after only six months as the dot-com boom went bust.

Despite the disappointment, he was able to borrow money from his parents to pay the bills and went on to see his career flourish, relocating to New York City from San Francisco for a big job with a Web startup.

“It was great,” he says.

At least it was until economic deja vu hit in December. “I lost my job again,” he says -- this time due to the deep recession sweeping across the economy.

Negotiate with Your Lender and Stop Foreclosure

2009-03-07T14:31:00.000-08:00

If you're going through foreclosure and you haven't spoken with your current lender, you're not alone. In fact, most people who go through the foreclosure process never even pick up the phone to negotiate with their lender to try and stop foreclosure.

I've been a real estate agent a long time, and most of the clients that call me to try and save their home, have never picked up the phone, called their current lender and tried to negotiate and stop foreclosure. Most of the time, it's a combination of embarrassment and lack of knowledge that makes people reluctant. But if you know just a few simple secrets, you can negotiate with your lender and stop foreclosure. Let me tell you how.

First a Couple of facts About Lenders and Foreclosure:

1.) Lenders hate foreclosures: It costs them money, it costs them time and they will never recoup their losses if your home goes into foreclosure and they have to sell it. The lender will incur attorney fees, Realtor fees, property maintenance fees and a host of other expenses that make the foreclosure process a last resort for them.

2.) Lenders Employ Real, Live People: I understand you are reluctant to negotiate with your lender and stop foreclosure on your home. Many people think of their lender or bank as a large, unemotional institution. But the truth is, the people you will talk to our just that: people. They'll listen to you situation and will genuinely try to work out a situation that can help them and you. Don't be afraid.

How to Negotiate with Your Lender and Stop Foreclosure

Hopefully you're a little less afraid to pick up the phone to negotiate and stop foreclosure . Now you need to know what to say and how to approach the bank when you do call to negotiate:

1. Don’t wait until the last minute: If possible, talk to your bank before you go into foreclosure. If you already are in foreclosure, don’t wait until the last month of the process – call them now.

2. Tell them the truth: If you lost a job, tell them. Medical bills? Tell them. Many times a hardship can help you renegotiate, avoid foreclosure and start getting back on track with the lender.

3. Don’t be afraid to Haggle: Banks hate having one of their properties go into foreclosure. It costs them large amounts of money both in lost income and expenses for attorneys and real estate agents. Use this to your advantage and don’t be afraid to ask for a rate reduction, payment deferments, etc.

If you take anything away from this article, please understand that you can negotiate with the bank to stop foreclosure. In fact, the lenders would rather have you call them than have your home get foreclosed on!

in the rare instance where your lender won't work with you, you can use one of the systems we've reviewed to help you out. See the about me / resource box for a link to our review page.

Good luck and don't be afraid to negotiate with your bank to stop foreclosure!

How to Stop Foreclosure - Save Your Home

2009-02-28T20:26:00.000-08:00

How to Stop Foreclosure - Save Your Home

With the current economic problems and the enormous consumer credit crunch, many homeowners are finding themselves struggling to save their home and stop the foreclosure process. You may find yourself in the midst of that struggle right now.

What most homeowners don't know is that if your home is in foreclosure there are a vast number of ways for you to stop foreclosure and keep your home. These procedures are 100% legal. The key to saving your house is finding out as much as you can about your options and then using that knowledge to save your home.

As a real estate agent that specializes in foreclosed homes and HUD houses, I've written this article to help you with your struggle and keep you in your home.

Read the entire article here: How to Stop Foreclosure - Save Your Home

How to Stop Foreclosure

2009-02-24T07:28:00.000-08:00

How to Stop Foreclosure

Start By Talking with your Current Lender

You'd be surprised how many people are too embarrassed by their situation to just pick up the phone and talk to their current lender about their problems. Many times, simply calling your current mortgage holder about your current foreclosure or default can be the easiest and simpiliest way to stop foreclosure.

If you haven't called your current lender yet, pick up the phone and use these tips:

Don't wait until the last minute: If possible, talk to your bank before you go into foreclosure. If you already are in foreclosure, don't wait until the last month of the process - call them now

Tell them the truth: If you lost a job, tell them. Medical bills? Tell them. Many times a hardship can help you renegotiate and help you stop foreclosure and start getting back on track with the lender.

Don't be afraid to negotiate: Banks hate having one of their properties go into foreclosure. It costs them large amounts of money both in lost income and expenses for attorneys and real estate agents. Use this to your advantage and don't be......Read the entire article: How to Stop Foreclosure

Stop Foreclosure Without An Attorney

2009-02-02T20:28:00.000-08:00

Stop Foreclosure Without An Attorney

I've been a real estate agent a long time, and most of the clients that call me to try and save their home are under the misconception that you need to hire an attorney to stop the foreclosure process. When you're on the verge of losing your home, paying a attorney $1,000's of dollars is usually not an option. While attorneys are an option, they are not your only option. In fact, if you know just a few simple secrets, you can stop foreclosure without a attorney. Let me tell you how.

First a Facts About Lenders and Foreclosure:

Lenders hate foreclosures: It costs them money, it costs them time and lenders will never recover their financial losses if your home goes into foreclosure and the banks have to sell it. In addition, the lender will incur attorney fees, real estate agent fees, maintenance fees and a host of other costs that make the foreclosure process an absolute last resort for them.

Lenders Employ Real People: I understand being afraid to try and stop foreclosure without an attorney. Many people think of their lender or bank as a large, heartless institution. But the fact is, the people at the bank you will talk to our just that: real people. They'll listen to your situation and will usually try to work out a solution that can help them and you. Don't be scared.

Read the entire article here: Stop Foreclosure Without An Attorney

The best systems to help you stop foreclosure and save your home...

2009-01-28T07:11:00.000-08:00

Here's a link to the review site I've set up to help you all find the best programs available and help you stay clear of the scams.

If you find another system you're curious about, please let me know and I can review it for everyone.

Here's the link:
http://www.thestopforeclosuresystem.com/

Economists see deeper housing woes this year

2009-01-22T08:10:00.000-08:00

If you haven't taken steps to avoid foreclosure, DO IT NOW!

From MSNBC.com:

Economists see deeper housing woes this year

LAS VEGAS - A panel of housing experts on Tuesday projected that builders' woes will deepen this year, pushing the prospect of a recovery into 2010 at the earliest.

"We do expect '09 to be the down year, to be the bottom," David Crowe, chief economist for the National Association of Home Builders, said during a news conference at the International Builders' Show, which runs through Friday.

The outlook reflects grim forecasts that call for home prices, new construction and home sales to decline this year, while mortgage defaults, foreclosures and unemployment continue to rise.

Foreclosures more than doubled in 2008

2009-01-15T07:32:00.001-08:00

It's not getting easier to keep your home. Check out these systems to help you stop foreclosure and save your home.

From MSNBC.com:

Foreclosures more than doubled in 2008

WASHINGTON - More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices.

Nationwide, more than 860,000 properties were actually repossessed by lenders, more than double the 2007 level, according to RealtyTrac, a foreclosure listing firm based in Irvine, Calif., which compiled the figures.

Moody’s Economy.com, a research firm, predicts the number of homes lost to foreclosure is likely to rise by another 18 percent this year before tapering off slightly through 2011.

Avoid Home Foreclosure Without an Attorney

2009-01-07T12:49:00.000-08:00

Avoid Home Foreclosure Without an Attorney
I've been a real estate agent for many years, and most of the clients that call me to try and avoid foreclosure are under the misconception that you need to hire an attorney to stop the foreclosure process. When you're in the process of losing your home, paying an attorney thousands of dollars is usually not a feasible option.

While attorneys can help you avoid foreclosure, they are not your only choice. In fact, if you learn just a few simple secrets, you can avoid foreclosure by yourself. Let me tell you how.......Read the entire article here: Avoid Home Foreclosure Without an Attorney

Borrowing costs continue to fall, but that's failed to boost home buying

2009-01-02T08:14:00.000-08:00

Get out of foreclosure whil you can, before they change the laws.

From CNNMoney.com:

Borrowing costs continue to fall, but that's failed to boost home buying

NEW YORK (CNNMoney.com) -- Rates on mortgage loans are the lowest in the 37-year history of the Freddie Mac Primary Mortgage Market Survey, according to a weekly report released Wednesday.

The average 30-year, fixed-rate loan issued to borrowers declined to 5.1%, with 0.7 up-front points, for the week ending December 31, according to the survey.

The rate dropped from an average of 5.14% last week, which was the previous 37-year low. Freddie Mac (FRE, Fortune 500) began surveying lenders back in 1971. The 30-year fixed was at 6.06% a year ago.

The average for a 15-year, fixed rate loan was just 4.83%, its lowest level since March 25, 2004, when it hit 4.70 percent.

New Foreclosures Likely: Recession, Tight Credit Compound Housing Woes

2008-12-26T08:27:00.000-08:00

From The WSJ.com:

Recession, Tight Credit Compound Housing Woes

A deepening recession and tight credit conditions are compounding problems in the housing market, suggesting that declines in home prices may continue well into 2009.

Sales of existing homes tumbled 8.6% in November from the prior month to an annual pace of 4.49 million units, the National Association of Realtors said. The figure reflects contract closings, which lag behind sales activity, and as a result capture the credit-market turmoil that hit the economy starting in mid-September.

New-home sales declined 2.9% to an annual rate of 407,000 units, the Commerce Department said, continuing a nearly three-year decline.

The housing sector has been hit hard throughout the year by an oversupply of homes that gradually forced high prices to fall. Tumbling prices, in turn, hurt the overall economy by battering financial institutions, reducing the wealth of homeowners and prompting job cuts in the housing sector.

Now, the worsening recession is further damaging the housing market. Consumers who lose their jobs are adding to homeowner defaults, pushing forecasts for when the sector will hit bottom into the second half of 2009 or later. Until the housing market turns around, the overall economy is unlikely to grow much. Economists call this cycle an adverse feedback loop.

When "Talking With Your Lender" Doesn't Work...

2008-12-24T08:36:00.000-08:00

It seems "avoiding forelcosure" realy means avoiding it for a few months. Don't let yourself fall into the trap.

From CNNMoney.com:

When mortgage rescues go bad

More than half of adjusted loans go into default again. The problem: Many workouts don't actually lower payments.

NEW YORK (CNNMoney.com) -- Good news: Lenders are ramping up their attempts to help troubled home borrowers.

Now for the bad: Most of the mortgage fixes being deployed are destined to fail.

Hope Now, the coalition put together to fight foreclosures, boasts that it has helped 3 million families stay in their homes since the housing crisis began in July 2007.

But a recent report issued by the U.S. Comptroller of the Currency (OCC) found that 53% of borrowers who had their mortgages modified in the first half of 2008 were already at least two months delinquent again. The report covered 60% of the outstanding primary mortgages.

Meanwhile, foreclosures remain on the rise: More than a million homes have been repossessed since the start of the meltdown.

They foreclosure on your home and then this...

2008-12-22T07:59:00.000-08:00

Wow. They take taxpayer funds, foreclosure on your home and then this:

$1.6 billion went to bailed-out bank execs
Records show bonuses, chauffeurs, health club benefits, financial planning

Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.

Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.

Christmas Wish List...

2008-12-20T07:48:00.001-08:00

FEDS: BANKS MUST STOP MISBEHAVING

2008-12-19T15:47:00.000-08:00

This may help if you're in finacncial crisis...

From MSNBC.com:

FEDS: BANKS MUST STOP MISBEHAVING

Calling many credit card company tactics "unfair," "unreasonable," and "deceptive," federal regulators on Thursday unveiled sweeping new rules aimed at protecting consumers. They then invited card issuers to continue those unfair tactics for the next 18 months.

A 300-page report by the Office of Thrift Supervision described bank misbehavior in great detail, at times using stinging language. It then laid out updated federal regulations that will bar many such practices.

The new rules, for example, limit card issuers' ability to raise interest rates in the first year after they issue a card. They also severely curtail banks' ability to retroactively raise interest rates on consumers' existing balances, including penalties levied when the a payment arrives a few days late.

IRS lien pushing you into foreclosure? Good News!

2008-12-18T05:42:00.000-08:00

Good news if you have an IRS lien pushing you into foreclosure...

From WSJ.com:

IRS Eases Up on Homeowners

IRS officials say they are speeding up efforts to provide relief for homeowners in financial distress.

The Internal Revenue Service has developed an "expedited process" to make it easier for homeowners to refinance their mortgages or sell their homes without having a federal tax lien delay or even block the process, officials said Tuesday.

IRS Commissioner Doug Shulman said he isn't in a position to predict how many families will benefit. He did say there are more than one million federal tax liens outstanding tied to real estate and personal property. The IRS issues more than 600,000 federal tax lien notices a year.

When the IRS files a lien on someone's property, it's in effect making a formal claim to that property as security or payment for a tax debt. The lien also tells other creditors that the government has a claim on the property.

"These are difficult times for the U.S. economy," said Mr. Shulman. "Many homeowners are at risk of losing their homes. Many are hoping to refinance at lower rates, and in some cases, homeowners are forced to sell their homes and get the best deal they can in the current marketplace."

As a result, he says, IRS officials will respond more quickly to taxpayer requests to clear away liens and allow homeowners to proceed with refinancings or home sales.

Read it all...

If You Can, Refinance: Mortgage applications climb 2.9 percent

2008-12-17T13:46:00.001-08:00

If you're about to go into foreclosure, try and refinance to a better rate; if you can't, use one of our recomended programs.

From MSNBC.com

Mortgage applications climb 2.9 percent
WASHINGTON - Mortgage application volume jumped last week, fueled by borrowers seizing on lower rates to refinance home loans, the Mortgage Bankers Association said Wednesday.

The trade group's seasonally adjusted application index rose 2.9 percent to 841.4 in the week ended Dec 12. The index stood at a revised 817.7 a week earlier.

Interest rates have been declining in recent weeks and are expected to fall further following the Federal Reserve's move on Tuesday to cut its target interest rate to nearly zero.

Now if they could just do the same for mortgages in default...

2008-12-16T07:52:00.000-08:00

From WSJ.com:

U.S. Aims to Rein In Credit-Card Rates

WASHINGTON -- U.S. federal regulators are poised to adopt tough restrictions to make it harder for credit-card companies to raise interest rates on millions of existing customers, reversing decades of light regulation of the industry.

The new standards, expected to be issued Thursday, would represent the biggest changes to the industry in a generation and will apply to more than 16,000 companies, including major credit-card issuers Citigroup Inc., Bank of America Corp., J.P. Morgan Chase & Co. and Capital One Financial Corp.

The new standards come as U.S. consumers are caught in a deepening economic recession in which access to credit, from student and business loans to home-equity lines, has been constrained. For many, credit cards are considered the easiest type of short-term loan to obtain from a bank.

The standards are expected to alter the types of products offered. Banks might be less willing to offer cards with low introductory rates that could be harder to change. Banks might also try to raise rates for many new customers to compensate for any lost income.

"We think it's really going to mark the beginning of the new marketplace for credit cards," said Edward Yingling, chief executive of the American Bankers Association, the industry's biggest trade group. "It will in some fundamental ways change the product."

The most controversial new policy is expected to prohibit banks from raising interest rates on existing card balances as long as a customer doesn't fall more than 30 days behind on payments. Industry officials have estimated the new rules could cost banks $12 billion in annual revenue.

You're Not Alone: December layoffs exceed 100k

2008-12-15T09:01:00.000-08:00

Now is the time to act before the rest of America tries these systems and the banks have to change.

From CNNMoney.com:

December layoffs exceed 100k

NEW YORK (CNNMoney.com) -- The second week of December was another brutal one for jobs, as Bank of America and at least 20 other companies announced more massive cuts.

"The recent news does not bode well," said Rich Yamarone, director of economic research at Argus Research. "This is the reason it's going to be the longest recession we've had in post World War II history."

The week got off to a rough start on Monday when Dow Chemical (DOW, Fortune 500) said it would eliminate 5,000 positions and close 20 plants. In addition, Belgian-based brewer Anheuser-Busch InBev said it would reduce 1,400 positions; 3M (MMM, Fortune 500) also reported 1,800 cuts.

Executive Accused of Mortgage-Securities Scheme

2008-12-14T08:40:00.000-08:00

Just because it wasn't your fault, doesn't mean you can't take charge and do something about it.

From the WSJ.com:
Executive Accused of Mortgage-Securities Scheme

WASHINGTON -- A financial executive used little more than a pen to alter credit scores and reclassify mobile homes as single-family houses, inflating the value of thousands of mortgages that were repackaged and sold to investors, prosecutors allege.

Federal prosecutors in Miami on Thursday charged Steven Gordon, 49 years old, a former partner at Bayview Financial LP, with one count of wire fraud, in one of the first cases highlighting investigators' efforts to move beyond low-level mortgage schemes and delve into suspected fraud in the mortgage-securities business involving bigger financial firms.

Mr. Gordon, a former director of residential acquisitions at Bayview, made more than $2.8 million in additional commissions by altering the value of 2,800 loans from 2001 to 2006, according to documents filed by prosecutors in U.S. District Court in Miami.

Bayview said in a securities filing that after it discovered the fraud, it bought out or substituted potentially fraudulent loans valued at $66 million. It said there were no investor losses.

Mr. Gordon plans to plead guilty to the wire-fraud count, according to his lawyer. Prosecutors said Mr. Gordon is expected to turn himself in to federal authorities Monday. Mr. Gordon no longer works at Bayview, but his lawyer said he continues to work in the mortgage industry.

"I am appalled at how easy it was for him to do this," U.S. Attorney R. Alexander Acosta said. "You would think there would be more due diligence."

Georgia woman's struggle to save home leads into red-tape nightmare

2008-12-12T12:04:00.000-08:00

There are programs that can help you. You don't need to do it alone!

From MSNBC.com:

Georgia woman's struggle to save home leads into red-tape nightmare

One bank representative told her she didn’t qualify for a modified loan because she was not yet behind in her payments, she said. After she eventually fell behind, she was told she had to be in her house for a year to qualify for a new loan. After 12 months in her home, she said she was told she didn’t qualify for a new loan because she hadn’t made 12 consecutive, on-time payments.

“Every time I talk to someone, with what looks like an option, they come up with a reason why it doesn’t work,” said Scott, 60.

A spokeswoman for Bank of America, citing privacy reasons, said the bank couldn’t comment on individual customers’ financial details.

She should have looked here!

Foreclosures dip - but hold the applause

2008-12-12T08:34:00.000-08:00

Don't get caught in denial. You need to take action now.

From CNNMoney.com:

Foreclosures dip - but hold the applause

November foreclosure filings dropped 7% from October, but that may be the calm before the storm.

NEW YORK (CNNMoney.com) -- Foreclosure filings dropped 7% from October to November, according a report released Thursday. But don't break out the bubbly. The tide of foreclosures may be ebbing now, but the flood isn't over yet.

"There are several indications that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months," James Saccacio, RealtyTrac's CEO, said in a statement.

Foreclosures soar 76% to record 1.35 million

2008-12-11T12:51:00.000-08:00

The market is not improving. You better take control of your home now.

From CNNMoney.com:

Foreclosures soar 76% to record 1.35 million
NEW YORK (CNNMoney.com) -- A record 1.35 million homes were in foreclosure in the third quarter, driving the foreclosure rate up to 2.97%, the Mortgage Bankers Association said Friday.

That's a 76% increase from a year ago, according to the group's National Delinquency Survey.

At the same time, the number of homeowners falling behind on their mortgages rose to a record 6.99%, up from 5.59% a year ago, the association said.

This means that one in 10 borrowers in America are either delinquent or in foreclosure.

Homeowners Falling Behind Soon After Loans Are Modified

2008-12-10T14:47:00.000-08:00

Don't think that getting yoyr rate loewered will always solve your problems. Consider all of the options here.

From WSJ.com:

Easing Mortgages Isn't a Panacea Bank Data Show Many Homeowners Falling Behind Soon After Loans Are Modified

More than half of homeowners fell behind on mortgage payments in the first six months after their loans were modified earlier this year, new data from the Office of the Comptroller of the Currency and the Office of Thrift Supervision show.

The high redefault rates raise questions about the effectiveness of efforts to work with troubled borrowers at a time when the government is facing increased pressure to do more to reduce foreclosures. "The numbers are larger than we thought they'd be," Comptroller of the Currency John C. Dugan said in an interview.

You're not alone: Rising Number of Homeowners in Trouble

2008-12-09T14:44:00.000-08:00

You're not alone. Get help now.

From the Wall Street Journal:

Rising Number of Homeowners in Trouble

A survey showed that one in 10 American households with mortgages is overdue on payments or in foreclosure, adding pressure on Washington to provide more relief to distressed borrowers.

The Mortgage Bankers Association said its latest survey, released Friday, showed that 10% of mortgages on one- to four-family homes were at least a month overdue or in the foreclosure process in the third quarter. That is up from 9.2% three months earlier and 7.3% a year ago. The current level is the highest since the trade group began such surveys four decades ago.

For prime loans, 5.9% of loans were past due or in foreclosure in the latest quarter. For subprime loans, those for people with weak credit records or high debts in relation to income, the rate was about 33%.

Read it all.

Stop foreclosure now...its just going to get worse

2008-12-07T13:19:00.000-08:00

From MSNBC.com:

Job market is awful, but may get worse

Friday’s report showing the biggest monthly job loss in 34 years confirmed forecasters' worst fears that the decline in the U.S. economy accelerated in November, after the financial system seized up and consumers hunkered down. As the government scrambles to break the downward spiral, some economists are predicting the unemployment rate is headed substantially higher through next year.

Since the start of the recession in December

If you're in trouble on your mortgage, you're not alone...

2008-12-06T13:17:00.000-08:00

From Blomberg:

Mortgage Delinquencies, Foreclosures Rise to Record

Dec. 5 (Bloomberg) -- One in 10 American homeowners fell behind on mortgage payments or were in foreclosure during the third quarter as the world’s largest economy shed jobs and real estate prices tumbled.

The share of mortgages 30 days or more overdue rose to a seasonally adjusted 6.99 percent while loans already in foreclosure rose to 2.97 percent, both all-time highs in a survey that goes back 29 years, the Mortgage Bankers Association said in a report today. The gain in delinquencies was driven by an increase of loans with payments 90 days or more overdue.

2008-12-05T21:15:00.000-08:00

A few tips and tricks to help you avoid foreclosure:

http://hubpages.com/hub/How-to-Stop-Foreclosure-and-save-your-home

Watch this:

2008-12-05T13:21:00.000-08:00

From CNBC.com

Panel Discussion on Housing Spiral

Interesting analysis...

Here we go...

2008-12-01T13:09:00.000-08:00

After writting a number of articles helping homeowners save their homes from foreclosure, I've decided to start a blog so I can respond to thos of you who have been sending me questions.

Hopefully answering them here will help everyone involved.

Keep the questions coming...