Misc News

You can read this article in its entirety at www.loansafe.org It is a great article about a loophole in the banking system. This is a great read, this is really good information for people who are facing this terrible problem!

HAFA is a part of HAMP. HAFA stands for Home Affordable Foreclosure Alternatives. This is intended to provide financial incentives for lenders, loan servicers and borrowers to participate in a short sale and to help home owners avoid foreclosure. This program is designed to minimize the vacant property problem caused by our nations foreclosure problem. These vacant properties have a higher liklihood of being vandalized which raises the probability of crime even the best neighborhoods!

In Supplemental Directive 09-01, the Treasury Department (Treasury) announced the eligibility,
underwriting and servicing requirements for the Home Affordable Modification Program(HAMP). Under HAMP, the servicers apply a uniform loan modification process to provide eligible borrowers with sustainable monthly payments for their first lien mortgage loans. There is an estimated 85% of all loans that are in default will fall under the HAMP program! If you are interested in conducting a short sale please look into the free online information about this program.

Savvy real estate investors know that the best properties are the ones that aren't exposed to the open market where the competition has a chance to drive up the price. They also know that the best deals can be made with motivated sellers-and there's not much stronger motivation for a house seller than to know that they'll soon lose their property to foreclosure and find their credit ruined.

Because titles to the majority of foreclosed properties end up with the lender, you may find that your next opportunity to purchase the property is from the lender's real estate owned (REO) depaartment that specializes in handling foreclosed properties. Some investors have found that this is one of the best times to buy a property because they're not dealing with an emotional or unreliable owner. Discovering the ins and out of the lenders' policies and procedures of disposing of these foreclosued properties can be invaluble to you goal of buying real estate at below market prices.

Some states allow the borrower the right to redeem her property after the sale during a redemption period in which she can pay the full amount owed, including the loan balance, late charges, legal fees incurred by the lender, and all of the costs of sale, and get title to the property back. The length of the redemption period varies from state to state. This period is also an opportunity to reach an agreement with the borrower for her deed. If successful, the purchaser then essentially obtains the borrower's redemption rights and has the right to redeem the property.

Bidding on and purchasing properties at the foreclosure sale can be exciting and even profitable if you do your homework and know everything about a property before you bid. But getting a little lazy or going with your gut feeling can lead to a disaster, and it often takes quite a few home runs to off set even problems like a cracked slab or expansive soil can turn your lemonade back into a lemon! Be sure to get a title report shoing clear title and an owner's title insurance policy.

Bidding on and purchasing properties at the foreclosure sale can be exciting and even profitable if you do your homework and know everything about a property before you bid. But getting a little lazy or going with your gut feeling can lead to a disaster, and it often takes quite a few home runs to off set even problems like a cracked slab or expansive soil can turn your lemonade back into a lemon! Be sure to get a title report shoing clear title and an owner's title insurance policy.

Bidding on and purchasing properties at the foreclosure sale can be exciting and even profitable if you do your homework and know everything about a property before you bid. But getting a little lazy or going with your gut feeling can lead to a disaster, and it often takes quite a few home runs to off set even problems like a cracked slab or expansive soil can turn your lemonade back into a lemon! Be sure to get a title report shoing clear title and an owner's title insurance policy.

In a nonjudicial foreclosure state, lenders are allowed to foreclose without a lawsuit, using the power of sale provisions of the deed of trust. The deed of trust actually has three parties to the original loan agreement-the bowwower (grantor),the lender (beneficiary),and the trustee who actually holds title during the term of the loan. In the event the bowwower defaults, the trustee files a Notice of Default and a Notice of Sale in a legal newpaper.