Along with the economy and the financial sectors, the housing market is in a free fall and home mortgage lenders are tightening the purse strings. In the foreseeable future and recent past, experts estimate nearly three to four million people (1) will be unable to avoid foreclosure and will lose or have lost their homes due to the current recession. These are alarming numbers, especially when coupled with the fact that this statistic is projected to pass the number of homeowners who lost their properties during the Great Depression.

But is foreclosure always necessary? Could today’s homeowners, if prepared with the right kind of knowledge, avoid foreclosure? The answer is a resounding yes – in many cases, homeowners with a little foresight can work with their home mortgage lenders and often avoid foreclosure or stop it from occurring in the first place.

Work with Your Home Mortgage Lenders

Whether you’re struggling or you know someone who is, there are alternate means to avoid foreclosure. Begin by speaking with your lender to see what he can do for your particular situation. In most cases, home mortgage lenders and/or lending institutions can work with you to get better rates or help you make your payments in a timely fashion.

Below are four services that home mortgage lenders and institutions routinely offer to their clients. And with a little anticipation, you can avoid foreclosure and prevent it from happening in the future by being more informed and armed with some tricks of the trade!

1. Refinance - This is one of the most common activities to avoid foreclosure in the mortgage industry in which the homeowner tries to decrease his interest rate by paying off the actual balance on the mortgage. This is possible by creating a new mortgage with a different lender for a lower interest rate, with the possibility of paying off the actual mortgage and consolidating other debt such as credit cards, auto loans, student loans, or home equity loans) in order to make just one monthly payment.

2. Loan Modification - Generally offered by home mortgage lenders or even the homeowner’s financial institution, loan modification is made to either the rate or the balance of the mortgage. This happens when home mortgage lenders change the interest rate or the balance on the mortgage in order to decrease the amount of the monthly payment. This is one of the simplest processes to reduce monthly payments and avoid foreclosure because it’s done by the current lender, meaning the paperwork is minimal and there are no closing costs, which is ideal in those situations.

3. Repayment Plan - This service is only offered by home mortgage lenders to homeowners who are delinquent on their monthly payments. With this process, home mortgage lenders will add a portion of the past due balance on the mortgage to the monthly payment in order to pay off that late balance in a shorter period of time without paying extra interest. This option is generally offered to borrowing homeowners who have experienced a significant loss of income (or an increase in living expenses), but still have enough monthly income to correct the delinquency and re-instate the loan. Repayment of the loan must occur within the duration of a scheduled monthly plan, which can be achieved either through gradual repayment of the delinquent amount or through both repayment and loan modification.

4. Short Sale - With this process, home mortgage lenders and homeowners agree on selling the house for less than the balance on the mortgage in order to pay off the debt and avoid foreclosure. These circumstances are usually related to the current real estate market and the borrower’s financial situation. A short sale is typically executed to avoid foreclosure and prevent subsequent damage from appearing on the customer’s credit score for years into the future.

Have a Plan in Place

Take your future into your own hands! Oftentimes, simply knowing the steps of how to avoid foreclosure can be successful in preventing a problematic state of affairs from escalating by making efforts well in advance to remit or resume payments. This is a sticky situation you want to avoid at all costs – a foreclosure remains on your credit report years down the road and can significantly harm your credit score to the point where it may be difficult to purchase a house ever again.

Your lending institution wants to help you avoid foreclosure, keep your home, and for you to stay in it. Be proactive and, above all, be armed with the necessary knowledge to save your home and property!

Sources

1. http://www.virginia.edu/uvatoday/pdf/foreclosures_2009.doc

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The long-term implications of the foreclosure freeze are not looking good. Only a month ago, market analysts predicted that a housing recovery would be well under way by the third quarter of next year. Now analysts believe the foreclosure freeze could prolong the housing depression for at least a few more years.

The alleged document fraud and robo-signing could open up the entire chain of foreclosure proceedings to legal challenge. Some foreclosures could be overturned, others found to be fraudulent.

Invalid foreclosures by select lenders may become difficult to challenge as a result of a new bill that has been passed by the Senate and was awaiting signature by the president. The bill, known as the Interstate Recognition of Notarizations Act, would require courts reviewing foreclosure initiations to accept notarizations of documents from large out-of-state companies without first validating their authenticity.

Before a housing recovery can occur, all those foreclosed properties have to be re-scrutinized by the banks and then sold once again. With any foreclosure related deal open to legal challenge, that inventory could be taken off the market while the legal challenges make their way through the state courts.

This does not to mention the questions being raised about missing paper trails on mortgages by homeowner’s who have never missed a payment. What started as simple paperwork bungling in a Pennsylvania office park now threatens to bring to a standstill the nation’s entire foreclosure industry.

The development is especially troubling given how large the foreclosure market is. Before the scandal erupted, real estate professionals predicted that 41 percent of residential sales this year would be on distressed properties. Typically, distressed properties account for 7 percent.

Since housing is the fuel that in the past seven recessions has pulled the economy out of recession, any further damage couldn’t come at a worse time.

Related Foreclosures Articles

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We hold no cost foreclosure workshops that will help enlighten you about real estate and motivate you to get off the sidelines. I am confident that through this experience you will be awakened to financial opportunities that are little known, but powerful and profitable to those who employ them. We are excited to introduce you to wealth building ideas in real estate that will make you money today and in the future. Come and let local real estate millionaires share their trade secrets about Foreclosure Investing.

You will learn how to profit from the 4 hot money making strategies right now.

-Foreclosures
-Short Sales
-REO’s
-Auctions

Here is a little background about our company. We are a group of seasoned business people, real estate investors, entrepreneurs and multiple franchise owners that specialize in foreclosures, short-sales, property acquisition, bank negotiations, pre-foreclosures, wholesales, deed transfers, etc. Often times we work with homeowners who are in jeopardy of losing their home, attempt to negotiate lower pay-offs with their lenders, find investors for the properties or other buyers, short the amount owed and walk away with the difference. We are not Realtors…WE ARE REAL ESTATE INVESTORS. In this time of recession we are expanding rapidly and are looking for sharp, ambitious, money motivated individuals that want to create massive success. Our team buys and sells real estate with over 22,000 investors nationwide. We will teach and mentor the right candidate, provide you with deals, and assist you in creating a cash flow producing business through investing. My team has the ability to personally train those who are SERIOUS to achieve a substantial monthly income. We have a powerful, wealth creation system taught by multi-millionaires, that will show you step by step, how to create wealth.

We are looking for positive, creative and entrepreneurial minded associates able to bring new ideas to the table. You don’t need experience because full mentoring can be provided. See personally how we make your yearly salary in just a few deals. It is an exciting time as I believe that you will have tremendous conviction and respect for what it is that we do. It won’t be hard to see the opportunity for yourself as an investor and a business owner to be extremely lucrative. The compensation completely depends on YOUR output and ability to grasp the concepts. This is not a W-2 type opportunity, we give you knowledge to go out and make money for yourself!

Our seminars are open to everyone and are held nationwide. Please contact me for more information regarding opportunities in your area.

I look forward to hearing from you!

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Los Angeles, CA
aaron@embracevision.com
310-662-1784

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But they say things are getting better!
When the politician says things are getting better, it really means that we are not going backward as fast as we were – only losing 400,000 jobs a month (July 2009) instead of 467,000 (June 2009). This is great news except to the 400,000 people who just lost their job! Don’t be fooled into thinking that debt problems will go away soon and everyone will have plenty of money to pay their bills. The effects of this recession will be felt for many years and we are just at the beginning of the coming meltdown in credit card defaults. How long will it take 400,000 people who lost their jobs, in July 2009, to get caught up on rent, mortgages, and food, and then to pay off their debt?

Bailing out the credit card companies was supposed to be good for us, but was it?
Banks and Credit Card companies are in the business, not to help us make our lives better, but to make as much money as they possibly can! At the time a credit card company offers us the money and debt we think we need, they are in turn using that credit to enhance their own portfolio, borrowing nine (9) times that amount. Nowadays, as soon as a credit company even thinks you are in trouble, your interest rate can be doubled (we’re just starting to see 40% rates), and the minimum monthly payment being raised from 2% to 5%. So a monthly payment of $500 could now rise to $1300 or more. And this may happen after you’ve lost your job, had a pay cut, a major illness, or experienced some other downturn in your situation.

But, at least, I can file for bankruptcy and get a fresh start?
Sadly, this is no longer the case. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was anything but what it was labeled. This bill was a dream come true for your creditors and the banks. In fact, they have been trying to pass a bill like this for years! If you are anything but dead broke, without any hope of future income, you will be forced into a Chapter 13 (court ordered repayment plan) rather than a Chapter 7 (most debts forgiven) by the bankruptcy judge. (By the way, the bankruptcy attorneys selling bankruptcy to you do not control who qualifies for a Chapter 7.) Chapter 13 is a court ordered repayment plan for individuals with regular income and unsecured debt of less than $290,525 and secured debt less than $871,550. You will become a ward of the court system and required to repay your debt. Any change in your financial situation for the better will be rewarded with an increase in your debt payments to your creditors. Add to this the long term negative effect on your credit score of filing bankruptcy and the resulting added costs in higher interest rates for any new credit purchases, this filing has lifetime effects. In fact, for the rest of your life, whenever you are asked on a credit, financial, mortgage, or employment application if you have ever filed bankruptcy, you will have to answer, “Yes”! This may cost you significant lost opportunities and thousands of dollars. This kind of bankruptcy “relief” could be a disaster for you for years to come.

There are many credit relief companies out there that promise they can help you out, but very few of them have a strategy that will do more than add to your debt (by paying a built in fee to a third party company) or consolidating your debt into one payment, with some lowered interest rates.

There is another alternative to Bankruptcy (the only one that we found to be successful, legal, and cost effective) where you can actually stop your credit card payments now, have the courts protect your assets and income, and have your credit profile restored, all while you are obtaining a legitimate debt negotiation for as little as ten cents on the dollar. This provides you a second chance and the opportunity for a new financial fresh start! (In fact, over 2,000 customers have freed themselves from credit nationwide over the last six years with this attorney authored and monitored program!).

And, once you have legally resolved your debt and restored your credit, there are many other cutting edge strategies to get you back in tip top financial shape quickly and help you streamline your path to retirement: top-quality passive income systems to help your IRAs and portfolio rebound from stock market and real estate collapses.

Good luck,
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Most people reading this article are probably muttering to themselves, “No one is going to lend me any money in a time like this.” That is not entirely true. There are still a few ways to obtain property in this recession with No Money Down, Bad Credit, & No Experience. I will briefly cover a couple of them in this article.

First, there are a lot of undervalued properties sitting vacant, waiting for investors to purchase. Second, there are a lot of families about to go into foreclosure that is a step away from abandoning their homes (these families can be your bread & butter). If you know where to look, there are still certain kinds of lenders that will lend you money on a property if the Loan to Value (LTV) percentage is good. Here is an example: You find a property listed for sale @ $70,000 and it is valued on tax records @ $100,000, that real estate property is 30% below LTV. This is a good LTV, and most of these special lenders will give you a loan on this type property( some of these lenders will require no money up front or just a small amount). The only downside is most of these types of lenders will have high interest rates. You can learn more about these lenders at the end of this article.

Let’s finish this article by going back to the families facing foreclosure. These types of situations are abundant right now. Here is a brief scenario of how I make the best of these situations. First I run an ad in the local paper about helping families facing foreclosure. Then I meet with them to evaluate the home & find out what their situation is (how much they owe, how far their behind on payments, etc.) . Then I inform them that I own a company that helps folks facing foreclosure by taking over their payments. You need to be dressed very professional, to make sure they take you serious. Even if this is your first deal, don’t let the homeowner’s know this. You need to come off as if you done this before. You will need the right forms to fill out to make this legal. Let them know that legally there name is still on the loan, but you will be sending in payments on their behalf.

Also, don’t let the bank know exactly what’s going on or they could use their “Due on Sale Clause”. Which only means they can foreclose the property if you don’t give them the amount owed (keep in mind that it’s not in your name, so it doesn’t affect your credit). Find more information about True Facts About Government Foreclosures here.

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Here’s one of the problems that people encounter when they are just starting in this venture. The first thing they do when they start looking for network marketing opportunities is they look for a good product.  Yes of course a good product is important. But having a good product is not the only key to your success.There were a lot of good products that failed when used in MLM.That is definitely not the secret to your success.

Another thing they look for is the top network marketing companies.  Once again that is not the secret.You may join the best network marketing company out there but it does not mean that you are going to be successful.It does not imply that the people who will be joining a company will be immediately successful just because the company is successful.The secret is more individualized rather than as a company.  It is more dependant on each individual.That is how it is in most businesses.  MLM is no different.

So what is the key?  The key is something called MLM prospecting.  That is it will depend on a person’s ability to recruit.  Because if you join a MLM but can’t bring other’s in you will fail.MLM is based on the concept of a product being sold and bought just like other businesses.But the difference is that it is the also the distributors who will be doing the buying and selling part.  Nothing wrong with that.  But if you can’t prospect and bring new people in you won’t move any products. And if you can’t move these products then you will not earn money.People don’t realize it but it is as simple as that and that is their key to success in joining MLM industry.

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So make sure that that area gets inspected by a roof inspector when you are purchasing a house.Not just any inspector that is available out there.  But someone who knows roofs. Because if you hire someone who does not know what he’s doing then you are wasting your money on someone and could even lose more money due to problems not seen by that person.  I have seen many upset homeowners as clients in my roofing San Diego company.Believe me, these house owners are there in my office not because they planned to.They just bought a house for them to enjoy and to live in.But when they moved in they saw water leaking from the roof.Or worse, they found a roof that needs to be replaced.

So what could you actually do to prevent this from happening?Well there are times when it is better to hire a roof inspector to do the inspecting for you.  We have done this several times for prospective homeowners in our roofing Carlsbad company.  Because if you think about it, a roofer knows what to look for.They have more knowledge about roofs than your average home inspector.This will help people who are out to buy a house in spotting problems with the roof of a prospect house. When you are dealing with something that is so expensive then it is worth hiring a professional.

When buying a house you may choose to have a beautiful home.  But with roofs you never know.  It could have a lot of leaks because of missing pieces.  It could have damages from the weather. We have seen it all in our roofing Rancho Santa Fe company. If you are in that type of state take special care to inspect. Doing those little things before buying a house will save you a lot of money.

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So when buying a house make sure that is one area that you have inspected by a good inspector.Not just any kind of inspector.But an inspector who has knowledge about roofs. Because if you pick someone that doesn’t know what too look for this could cost you a lot of money.  I have seen many upset homeowners as clients in my roofing San Diego company.Believe me, these house owners are there in my office not because they planned to.They just bought a house for them to enjoy and to live in.  But when they moved in they found a leaky roof.Or worse, they found a roof that needs to be replaced.

So what can you do to prevent this?Well sometimes it would be better if you just hire a roofer to do the inspecting for you.  We have done this several times for prospective homeowners in our roofing Carlsbad company.Because as we can see, a roofer is more versed in inspecting roofs than a regular person.  They know a lot more about roofs then your average home inspector.  This will help them find some signs of problems that might have been overlooked. When you are dealing with something that is so expensive then it is worth hiring a professional.

When buying a house you could have a beautiful home.But with roofs you never know what to expect.It might have a lot of leaks caused by missing pieces.It could have acquired damages due to harsh weather. We have seen it all in our roofing Rancho Santa Fe company. If you are in that type of state take special care to inspect. Doing that little action before purchasing a home can turn into a lot of money saved.

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But the current economic gloom is making many businesses rethink the way in which they finance their transport needs.

Business accountants want to cut transportation costs, but this must be achieved without risking profitability. Many businesses are cutting back on their company car provisions. Instead of providing their executives and sales people with their own dedicated company car, bought from the local dealer, many are turning to company car leasing arrangements. Car pools are becoming common place as businesses cut back on the provision of company cars.

It is estimated that as much as 20 to 60% can be saved by leasing rather than purchasing vehicles for business.

The leasing approach has been taken by many companies who rely on their commercial vehicles and vans. Leasing vans and trucks is not new to business but was previously primarily used by larger organizations. The current recession has led to many small and medium size enterprises opting to lease their commercial vehicles rather than buy them outright.

Businesses can take advantage of the many advantages that leasing can provide. The initial outlay is minimal, there are some useful tax advantages and the fixed, regular monthly payments can help with budgets.

One of the main disadvantages is that the business never actually owns the vehicles which remain the property of the leasing company. A potentially significant disadvantage is the requirement to stipulate the anticipated annual mileage when the contract is agreed.

If you are responsible for the transportation in your business, whatever your size, you would do well to research the potential benefits of vehicle leasing over outright purchase.

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