Top Real Estate Articles

Foreclosure Timeline All 50 States - A Basic Understanding

Jun 29, 2009 Real Estate Properties

The foreclosure process is unique in each of the 50 states. If you find yourself in a critical situation and you feel that you may not be able to make your payments - it is recommended that you take a look at the foreclosure laws in your state.

The differences in the foreclosure laws vary in a variety of ways such as lender notices, buyback periods, and even the scheduling and bank notices issued regarding the auctioning of the property. Because the foreclosure timeline is complicated the goal of this article is to give you a basic understanding.

Your first time missing a mortgage payment, your lender will contact you by phone in some cases they will even contact you by mail and a late charge will be added on. A late fee isn’t normally added until after the 15th day. Most lenders will work with you if you give them a call in advanced and let them know that you are going to be a little late.

Once you have missed two consecutive payments the mortgage company will begin the harassment tactics. By that I mean the phone calls - they will begin calling in an effort to find out why a payment hasn’t been made. Most of us make the mistake of avoiding the calls. The right thing to do is open the lines of communications with the lender.

During your communications with the lender you want to try to avoid having them put a 30 days late mark on your credit report. A late notice like this could KILL your credit score. This is something that you want to avoid if possible.

Ok maybe you didn’t find this article until it was to late. Your property is going up on the auction block tomorrow. Believe it or not your still in the game and you still have an outside chance of recovering your home (remember I said an outside chance). You can reclaim your property by paying the full outstanding mortgage balance and all costs incurred during the foreclosure process. This is the only way that you will stand a chance at getting your home back. Another thing that you will want to keep in mind is that the availability of this process is determined by whether the foreclosure is judicial or non-judicial and procedures can vary from state to state.

Tags: Bank Foreclosure, Bank Loans, Foreclosure, foreclosure aution, foreclosure timeline all 50 states, Mortgage Foreclosure, Mortgage Foreclosures, Real Estate, Real Estate Properties

Foreclosure Bailout 80 LTV

Jun 27, 2009 Real Estate Properties

We have all heard President Obama’s plan for what he calls Americas economic come back. At best it is a roller coaster ride with multiple twist and turns. One of the many twist is the claim of solving the countries foreclosure crisis.

If you find yourself like many Americans looking for a foreclosure bailout lender, you are not alone in this matter. Thousands of families all across the country find themselves in danger of loosing their homes.

Another twist of irony is the President’s plan comes down to your credit rating… According to the flimsy guidelines as long as your credit hasn’t slipped and you are up to date on your mortgage payments, and you have a lot of equity built up in your property - you “MAY QUALIFY” for a foreclosure bailout 80 LTV loan.

As families around to country hold on for dear life waiting for any type of foreclosure relief. Many are wondering where is the FHA Hope for Homeowners… I am referring to the relief that falls under the government bailout which was introduced by Congress in October 2008. The goal of this plan was suppose to stop foreclosure loans on a large scale and save the American public at large.

According to the powers that be the number of homeowners that default on their home loans will skyrocket. Those same experts have also predicted that things will get worse before getting better. I am almost positive that it took a rocket scientist to figure that out.

Because the mortgage companies know what’s coming down the road they are actively seeking ways to avoid foreclosure before it happens. As a homeowner it is advisable that you look into a loan modification with your current bank. With a mortgage modification, the homeowner and the borrower negotiate the terms of the current loan to make it more affordable. The majority of the time the monthly mortgage payment is lowered by reducing the interest rate, reducing the principal amount owed, extending the loan term.

As a homeowner you should always look for a bailout lender that is going to give you a good interest rate, length of the payback term, points and fees, and the reputation of the mortgage company. You should always get more than one opinion on your financial situation.

Tags: 80 ltv, bailout plan, Bank Loans, loan to value, loans, Mortgages, Real Estate Properties, refinancing mortgages

What is Modern Finance Without The Many Different Types of Bank Loans?

May 30, 2009 Real Estate Properties

Banks originated as an alternative to burying your money in a clay pot out in the sheepfold. In most ancient records, the concept of a bank as anything other than a communal effort to protect wealth from raiders is spotty.

But the person who came up with the idea of a bank loan - or a bank that loans out money to people for an interest charge, can be credited with the most important inventions of all time.

The practice of taking deposits and lending money is the bread and butter business of banking. It’s estimated that the number of bank loans (including credit card debt) exceeds the number of deposit accounts by a factor of three worldwide.

All of which comes at a nice interest though! Speaking for myself, my first relationship with a bank was when I opened my first savings account. But it has been the bank loans that have made me dependent on the bank for my survival.

I took my first bank loan when I wanted to buy a car. It was an auto bank loan or a bank loan given for the specific purpose of buying a vehicle. My next bank loan was taken when I wanted to buy a condo.

These are two worthy topics for taking out loans; nobody has the cash lying around to pay for either a college education or a home full stop from cash on their person.

These mortgages are usually made with low interest and long repayment terms (it works out nicely for both parties that way), with payment terms that run for 10 to 30 years depending on the loan.

Other bank loans are issued for various reasons, from personal loans to buy items that matter to you, all the way to lines of credit tied to an asset. Personal loans are usually used for things like marriages, emergencies, and major repaired. Secured loans are usually tied to improving the value of the asset that’s securing the loan.

This type of loan is also sometimes used to buy things like computers and home renovations; basically anything that doesn’t require a significant portion of the borrowers income is a valid target for this kind of loan.

Yes, even a credit card is a bank loan, and is one of the reasons why our society is so mired in debt. This trend for unsecured debt has shown up in other ways with debt consolidation loans - taking out a loan to pay off other loans at higher interest rates or higher monthly payments is a thriving business.

All of these consumer bank loans, mortgages included, are nothing compared to the banking transactions build on inter-business lending.

Whether it is a small business operated out of the home or a large business that needs millions of dollars in order to tide over a cash flow problem or to acquire assets, banks loans issued to businesses far outstrip individual bank loans.

If those loans dry up, the repercussions are terrifying. Business worldwide would collapseand given the way the banking system is run, it may yet happen. Which may make the original meaning of the word ‘bank’ the most important one of all.

Tags: "mortgage, Auto Loans, Bank Loans, Banks, business, Business Loan, Credit Cards, finance, home loan, loans, Real Estate, Real Estate Properties, Student Loans