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In the proceeding simply known as
foreclosure (or, perhaps, distinguished as "judicial foreclosure"),
the property is exposed to auction by the county sheriff or some other
officer of the court.
According to RealtyTrac's website there
have been over 2 million foreclosures in 2007. The top three foreclosure
states are California, Texas and Florida. According to the Mortgage
Bankers Association, 1 out of every 200 homes will be foreclosed.
If you are facing foreclosure, put away those credit cards and stop
charging. Put yourself on a spending plan immediately. Contact your
lender's litigation or foreclosure department to inform them you are
having a financial hardship. Monitor your finances until your other
debts are paid off so you don't get into the same situation in the
future. Confirm the agreement with your lender in writing. Be sure to
consult a tax advisor to determine rules regarding foreclosure. Don't be
discouraged, there are several ways you can save your home. Here are 6
tips to assist you when facing foreclosure:
1. Short Sale. You can sell your house for less than what you currently
owe on your loan. Your home does not have to go into foreclosure, you
don't have to file bankruptcy and the filing process is much faster. The
lender saves money without having to file foreclosure proceedings, but
does lose money by not getting the full price of the home during the
sale. The buyer gets the house at a reduced price.
2. Partial Claim. Your lender may be able to work with you to obtain an
interest-free loan from the Housing and Urban Development agency to
bring your mortgage current if you qualify. Visit the HUD website or
call 800-CALL-FHA for more information.
3. Special Forbearance. A lender can arrange a repayment plan based on
your current financial situation or may provide a temporary reduction or
suspension of your mortgage payments. You may qualify for this if you've
recently experienced a reduction in income or an increase in living
expenses. You may have to provide proof of your current financial
situation.
4. Deed-in-lieu of foreclosure. You may be able to voluntarily "give"
your home back to your lender. This may help your chances of getting
another mortgage loan in the future.
5. Mortgage Modification. You may be able to refinance the amount owed
and extend the term of your mortgage loan for the missed payments. You
may qualify if you've recovered from a financial hardship and your net
income is less than it was before you defaulted on the loan.
6. Pre-Foreclosure Sale. You can sell your property and pay off your
mortgage loan to avoid foreclosure and damage to your credit rating. If
you know you cannot afford to afford to make the payments you may sell
the house yourself before the foreclosure sale date and save some of
your equity. Contact a Realtor and tax advisor for rules regarding
pre-foreclosure sales.
Ask the lender if the option chosen will be reported on your credit
report, if so ask that the option not be reported. When facing
foreclosure or any financial crisis the key is to contact your lender
immediately to setup a payment plan or discuss other options. Don't wait
for the worst to happen - tackle the issue right away. Lenders are more
willing to work with you if you are honest about your situation.
Whatever option you choose stick to the terms of your agreement and
adjust your spending habits so you don't get into the same situation in
the future.
HUD Foreclosed Homes For Sale Foreclosure.com and USATODAY.com
Strike Data Deal
America's largest provider of data
on distressed properties to provide one of the nation's most trafficked
news and information Web sites with national foreclosure listings.
BOCA RATON, Fla., Dec. 21 /PRNewswire/ -- Foreclosure.com
today announced that it has been selected as the exclusive foreclosure
data provider for USATODAY.com's real estate channel.
Foreclosure Listings -
Places to Find Foreclosure Listings Online
By Carrie Reeder
Finding a reputable list of
foreclosed homes online has never been easier. If you are hoping to
purchase an inexpensive home, a foreclosed property may be the answer.
Each year, millions of homeowners fall on hard times, which make them
unable to maintain regular monthly mortgage payments.
Once a homeowner defaults on their
mortgage, the bank will foreclose the property and resell it at
wholesale cost. If purchasing a foreclosed home, you can save
tens of thousands of dollars. Here are three places to find foreclose
listings online.
Check Inbox for Foreclosed Listing
If you have an email address, you are
likely bombarded with junk mail on a daily basis. While you may not be
interested in sweepstake or mortgage offers, you may benefit from
opening junk email pertaining to foreclosed homes.
Tip!
But if you want to get a better buy, ask instead for the
pre-foreclosure listings. Properties listed there are valued at a much
lower price than those listed at the foreclosed lists.
Various websites offer helpful
information pertaining to bargain, discounted, or foreclosed properties.
In addition to providing a listing of homes in your area, these
resources will also advertise inexpensive programs or training materials
to guide you through the buying process.
Subscribe to an Online Foreclosure
Listing Service
If browsing the internet, you will come
across many services that provide online foreclose listings. Real estate
investors and individuals interested in purchasing a foreclosed home
should consult these listings. Unfortunately, this information is not
free.
To access a list, you will have to
subscribe to the service. Membership fees vary. On average, fees range
from $10 to $30 a month. Some people may consider a monthly fee to be a
drawback. However, if you are able to save 20% or more on a new home,
it's definitely worth the money. In some cases, you may be given the
opportunity to preview the service before joining. Trial memberships are
usually offered for 7 days.
Foreclosed Homes on Realtor Listings
If you prefer a free listing of
foreclosed homes, consider browsing individual realtor websites. In
some instances, a realtor will list a bank-owned property on their
website. However, because this information is easily available to the
public, these listings do not last long. Thus, you must regularly browse
realtor listings and make immediate contact if you locate a suitable
foreclosed property.
View our recommended list of
foreclosed homes online.
Carrie Reeder is the owner of ABC Loan
Guide, an informational website about loans and
bad credit mortgage loans.
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