Click Here for Resources on How to Prevent Foreclosure
Statistics indicate that military towns have a larger number of people trying to avoid foreclosure on their home; a 4 to 1 ratio is reported against the national average.
Many conclusions could be drawn as to why this is so. The sad truth, however, is that military families were targeted in the subprime lending assault of the last 10 years. They were prime candidates; frequent moves, overseas assignments, and low pay meant they were likely to have poor credit ratings. The following video sheds some light on the situation...
The initial low rates and easy terms of this category of loans made them more attractive to military families than the usual route of a Veterans Administration loan. In fact, at the peak of the U.S. subprime lending, the number of new VA loans fell to their lowest level in 12 years.
In light of this, it’s not surprising that a large number of military families are being caught in the subprime mortgage collapse. Many are now looking for options in dealing with the fallout, particularly to avoid foreclosure.
Click Here for Resources on How to Prevent Foreclosure
The Service Members’ Civil Relief Act (SCRA) is something that could help to prevent foreclosure. It was created to protect service men and women from losing their homes for nonpayment of mortgages while they are on active duty. There's also a provision to cover them for up to 90 days after returning from an assignment.
The power of this bill in helping military families stop foreclosure is quite simple; if covered under the SCRA, a court ruling must be made before a foreclosure sale or seizure can occur to your home. Military personnel can ask for a court delay and be issued a 90 day adjournment. If the court denies the delay request, an attorney must be appointed to represent the service member in absentia.
If the lender forecloses without a court order, the sale is invalid. If a foreclosure sale was conducted lawfully, there’s still some recourse. Foreclosed property can’t be seized until the service member completes active duty. In addition, the SCRA grants military personnel the right to revisit a default foreclosure judgment that was issued during active duty and also gives them the right to ask that it be overturned.
The list of those qualifying for protection to stop foreclosure on their home under this bill is broad; it includes any member of the Navy, Marine Corp, Air Force, Army, and Coast Guard. It also includes National Guard members who were called to active service during a national emergency and authorized by the President or Secretary of Defense for more than 30 consecutive days.
In addition, it includes members of the public health service, commissioned corps of the National Oceanic and Atmospheric Administration and citizens ordered to report for induction under the Military Service Act. Those serving with the Allied Forces are also covered under the bill.
If you're a veteran or family member of a veteran facing foreclosure, don't spare any time as you do have options. We encourage you to spare no effort in exploring all of them. Do not view the information on this page as legal advice concerning your rights. We strongly encourage you to speak with a professional that can give you accurate advice concerning your specific situation.
Click Here for Resources to Help Avoid Foreclosure
In addition to the information outlined here many other helpful resources are available to help anyone avoid foreclosure on their home. The links on this page will direct you to some of those resources. Again, we encourage you to explore all-of-your options.
Information about the SCRA and how it could benefit your situation can be obtained by contacting the Judge Advocate General’s office at your local military base or the local Veterans Administration regional office.
Tuesday, March 17, 2009
Saturday, March 14, 2009
A Method to Prevent Foreclosure
A Candid Conversation, a Hot Tip about Foreclosure Prevention, and a helpful video...
Over lunch the other day a friend confided in me. He’s a very successful professional realtor who’s an expert in foreclosures.
“Jake,” he said, “this market is unbelievable…”
“Ya - I’ll bet you’re making a killing,” I replied.
“I won’t deny there are more deals than I can possibly get involved right now, but the hard luck stories are what I’m talking about.”
“What, you getting a conscience, Bill? I thought you were a foreclosure professional…”
“Its true I’ve made money over the years through foreclosed properties, but in this market I have people calling me that have been hard working Americans for 15 to 30 years who never thought they’d be in a situation trying to prevent foreclosure on their property.”
“Everybody’s feeling the pinch right now.”
“Right, and many of these people calling me believed in the American dream just like you and me, but the triple whammy of seeing their investment portfolio lose half its value, the housing slump wiping out 10 to 35 percent of their property value, and then losing jobs through corporate downsizing, well, it’s just killing what we’ve always believed in.”
“So what are you saying?”
“I’m just saying that it’s really tough out there right now for some good American people. Many are on a slippery slope just trying to hang on, trying to figure out a way to prevent foreclosure on their homes. It hurts to see some of them go through it…”
Click Here for Resources to Help Avoid Foreclosure
“So what can they do?”
“Well, the fact is that most of them have options, they just don’t know it. The lenders haven’t always been real cooperative but I think they’re more willing than ever to work with their borrowers. People just need to know what the options are and how to talk to their lender about it.”
“So are the lenders spelling out the options to them?”
“Well, while they’re more flexible right now, they’re still not just rolling out the red carpet to them. Bottom line is they want their money in the shortest amount of time safely possible. Because of that fact they’re not necessarily going to spell all of the options out to their clients – some of the options don’t really favor the lender.”
“Give me an example.”
“Take short selling. I’ve practiced short selling in the past, but it was much tougher than it is right now. Essentially, a short sale requires the lender to forgive a certain amount of the principle on the mortgage.”
“Whoa, I’m starting to see your point – nobody likes to lose money, especially a lender.”
“Exactly, that’s why they might not inform a borrower about it.”
“So how’s it work?”
“Typically the homeowner hires a realtor to market the property at a reduced price – we’re talking about a considerable amount below market value. In many cases the realtor agrees to accept a lower commission on the sale.”
“Really; do you do that?”
“Yes, I sometimes do. Like I said, seeing some of these people try to prevent foreclosure on their home is like seeing my family or my parents go through it. Believe it or not Jake, I do have a heart.”
“I know Bill; I’m just giving you a hard time. So what happens if you find a buyer?”
“Well, remember that the market’s soft, so we’ll price it at what we think is fair. But, as you know, negotiations on the price usually take place and in this market buyers are trying to push the price as low as they can. In the end we have to come to terms on a price that the lender will accept.”
“Wow, sounds pretty simple.”
“It’s not always simple.”
“What do you mean?”
Well, like I said, the lender isn’t always exceptionally cooperative. They might scrutinize the borrowers’ financial situation and, if they feel the borrower has been less than truthful or has evidence of expenditures that the lender feels are misappropriated priorities, they’ll be a little more difficult to deal with.”
“So, if my sister is facing foreclosure on her home, what advice would you give me for her?”
“First, she should educate herself on all of the options available to her. There are a variety of means in which to do this such as publications for purchase and speaking with professionals – I recommend them all. Once armed with the right information she should schedule a time to talk with her lender concerning the options she’s become aware of to see what might be the best solution.”
Click Here for Resources on How to Prevent Foreclosure
Bill is a great guy and a great friend. I rib him a little but the truth is that he’s helped a lot of people in tough situations trying to prevent foreclosure. Thanks Bill.
If you’re currently in a difficult situation and trying to prevent foreclosure, I encourage you to do like bill said and explore your options. You can find resources right here on this page. Talk with a professional concerning your specific situation as well.
I hope you found this information helpful. Thanks for stopping by. Following is a video that will help you understand the short sale method a little better. This is Jake Newman signing off…
Friday, March 13, 2009
Is It Possible To Avoid Foreclosure?
Uncovering The Truth About Your Options When Facing Foreclosure...
Anyone with a pulse is acutely aware of the tough economic times we’re facing as a nation. Some areas of our country, like the residents of Michigan, who saw an 11.6% unemployment rate in January of 2009, have been in the current down trend for several years now making it specifically tough. As a result, home foreclosures are at an all time high and many are now asking the question, “How can I avoid foreclosure?”
Click Here for Resources to Help Avoid Foreclosure
The information revealed in the following video only adds insult to injury but take heart and keep reading because there is hope; even after this...
And if that information isn't bad enough, just watching or listening to the news these days makes one feel that everything is hopeless and nearly impossible for some to avoid a foreclosure. Personally, I quit listening to those nay sayers a long time ago. Most of them are not real financial experts but simply reading the scripts provided to them.
They’re doing a great job of telling us about the problem but people today need real solutions, particularly if they’re struggling to avoid foreclosure.
Here’s my advice - unless you have a passionate love affair with misery and depression, I suggest you tune the mainstream news out and find something better to do.
Even so, there’s still no doubt that some people are really on the ropes and struggling to make ends meet. My brother-in-law has been working two jobs for the past several years just to keep on top of things. While he was in a real bind at one point, he’s been able to work out an arrangement with his mortgage company to avoid foreclosure and keep him and his family in their home.
Some aren’t as fortunate though as they’re facing the same tough decisions Steve did but don’t have the same information he had that changed the ball game with his mortgage company. They say that information is power and I’m a believer since I witnessed his powerlessness in dealing with the mortgage company prior to obtaining this information. Once he knew how to talk to his creditors his situation transformed as they went from using language like “it’s hopeless’” to “let’s see how we can work this out…”
Click Here for Resources to Help Avoid Foreclosure
His story is very encouraging to me – it’s great to know that even though we’re on hard economic times we still have alternatives if we’re in a tough situation.
If you’re facing foreclosure you do have options. You don’t have to take it lying down while swallowing the bad medicine so many want to keep spooning out to us. The following video offers insight into one method you can use to fight back...
A variety of resources with an in depth review of potential options are available by clicking on the links on this page. If you're currently facing or attempting to avoid foreclosure do everything you can to educate yourself on your rights as a homeowner and options in dealing with foreclosure.
I hope you found this information helpful. Wishing you the best, this is Jake Newman signing off...
Anyone with a pulse is acutely aware of the tough economic times we’re facing as a nation. Some areas of our country, like the residents of Michigan, who saw an 11.6% unemployment rate in January of 2009, have been in the current down trend for several years now making it specifically tough. As a result, home foreclosures are at an all time high and many are now asking the question, “How can I avoid foreclosure?”
Click Here for Resources to Help Avoid Foreclosure
The information revealed in the following video only adds insult to injury but take heart and keep reading because there is hope; even after this...
And if that information isn't bad enough, just watching or listening to the news these days makes one feel that everything is hopeless and nearly impossible for some to avoid a foreclosure. Personally, I quit listening to those nay sayers a long time ago. Most of them are not real financial experts but simply reading the scripts provided to them.
They’re doing a great job of telling us about the problem but people today need real solutions, particularly if they’re struggling to avoid foreclosure.
Here’s my advice - unless you have a passionate love affair with misery and depression, I suggest you tune the mainstream news out and find something better to do.
Even so, there’s still no doubt that some people are really on the ropes and struggling to make ends meet. My brother-in-law has been working two jobs for the past several years just to keep on top of things. While he was in a real bind at one point, he’s been able to work out an arrangement with his mortgage company to avoid foreclosure and keep him and his family in their home.
Some aren’t as fortunate though as they’re facing the same tough decisions Steve did but don’t have the same information he had that changed the ball game with his mortgage company. They say that information is power and I’m a believer since I witnessed his powerlessness in dealing with the mortgage company prior to obtaining this information. Once he knew how to talk to his creditors his situation transformed as they went from using language like “it’s hopeless’” to “let’s see how we can work this out…”
Click Here for Resources to Help Avoid Foreclosure
His story is very encouraging to me – it’s great to know that even though we’re on hard economic times we still have alternatives if we’re in a tough situation.
If you’re facing foreclosure you do have options. You don’t have to take it lying down while swallowing the bad medicine so many want to keep spooning out to us. The following video offers insight into one method you can use to fight back...
A variety of resources with an in depth review of potential options are available by clicking on the links on this page. If you're currently facing or attempting to avoid foreclosure do everything you can to educate yourself on your rights as a homeowner and options in dealing with foreclosure.
I hope you found this information helpful. Wishing you the best, this is Jake Newman signing off...
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