Preforeclosure Help

The Florida Legislature is lagging badly with foreclosure mediation legislation – ForeclosureConnections

Sat, 04 Sep 2010 09:44:11 -0500

Thy can't Florida get its act in gearSenator Bill Nelson is doing what he canWhat's obstructing the wheels of justice now? The foreclosure debacle across America is saddest when individual stories are laid bare. The Port St John, Florida John Doe of this morning's story was laid off from construction over two years ago, and has been struggling to keep a roof over the heads of his wife, three children and two dogs since then. The replacement job he managed to secure pays two thirds less, and, inevitably he sank slowly under water. Wells Fargo was initially disinterested in restructuring or even temporary deferral, and filed foreclosure in December when his default reached six months. Undeterred, our John Doe hired a lawyer to get him into court appointed mediation, hopefully, for him, leading to lower monthly repayments. All repossession notices in Florida are supposed to automatically lead to mediation ' the lawyer for the household is at pains to stress ...

Understanding Your Adverse Remortgage Options

Fri, 03 Sep 2010 10:06:27 -0500

Getting a loan revolves most around two things: having a steady job and having a good credit score. While people with bad credit may have a tough time obtaining a loan to buy a house or to refinance their home loan, there are opportunities under certain circumstances for many of them to obtain an adverse remortgage. Lenders will typically look at what happened to a person's finances that threw them into their current or recent situation and judge each loan application on an individual basis instead of a one-size-fits-all approval method. This is to the benefit of a borrower with unusual circumstances and can often help those who are denied regular loans. By allowing a person to obtain an adverse remortgage, the lender may not only be helping the borrower through a tough situation, is may also help them avoid the time and expense of foreclosure. In instances in which the homeowner bought the home with a variable rate mortgage and the rate as gone up significantly, the hom...

Buying a Bank Owned Mold House? Think You Can Handle the Clean Up? Beware Even The Pros Screw Up!

Thu, 02 Sep 2010 00:51:16 -0500

With the rash of recent foreclosures over the last several years there is a tremendous amount of backlogged inventory just sitting there which is Bank owned. These properties are called REO, which stands for real estate owned that's Bank owned in other words.These properties have created tremendous investment opportunities for serious investors and hobby investors alike! but, alas with the tremendous opportunity comes an amazing amount of potential liability as well. You see when a home sits empty, there are multiple issues which can create water intrusions, and with water comes- Mold!Many investors have been led to believe that mold is a very easy way to buy a property far below market value- and they are right! Most of these investors believe that they can just have their handyman go in rip out the moldy drywall and spray some bleach paint it over with kills and voila- mold problem solved! Sadly this can create multiple problems. Many many times i have been called ...

Loan Modification Hardship Letter Tips - Writing a Bad Hardship Letter Can Get You Denied

Mon, 30 Aug 2010 10:59:18 -0500

Homeowners dealing with foreclosure need to understand the importance of writing a proper hardship letter. A hardship letter is one which explains to your lender the reasons why you will not be able to continue making your monthly payments on your mortgage loan. You will also have to state your intention to continue making payments should your loan be modified and the payments are made lower. Your current financial situation must support your reasons and could affect your eligibility for approval. If this letter is written improperly, it could be the reason for you not being approved. Important Hardship Letter Tips: . Your letter should be short and to the point. Your lender may receive hundreds of these hardship letters daily and they have had to deal with all types of crazy stories. There is no need to be creative; explain your situation briefly and always tell the truth.. Be sure to use certain financial phrases that are present in the government guidelines. Thi...