Comments on: Foreclosure Fears http://www.rexprofessional.com/foreclosure-fears.htm Sat, 04 Sep 2010 16:44:29 +0000 hourly 1 http://wordpress.org/?v=3.1 By: LouieFrias http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-106 LouieFrias Tue, 24 Oct 2006 22:26:55 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-106 Great information! Thank you for helping educate people. Here's another resource to consider. FederalHomeLoanMods(dot)com Great information! Thank you for helping educate people. Here’s another resource to consider. FederalHomeLoanMods(dot)com

]]> By: gregooglymoogly http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-123 gregooglymoogly Tue, 24 Oct 2006 21:59:25 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-123 The short sale can be reported as a foreclosure but more often it is reported as "paid - settled". This is a definite ding on your credit, but not a severe one compared to multiple delinquencies, charge-offs, foreclosure or bankruptcy. It is a very good idea to do a short sale as compared to running out of savings and ruining your life just to maintain 50 points on a credit score. A homeowner who goes through a foreclosure typycally sees their credit score plunge about 200 to 300 points, whereas in a short sale, their credit score may drop 80 to 100 points. It can take from 3 to 5 years or more after a foreclosure before a mortgage lender will offer the homeowner an affordable interest rate, whereas in the event of a short sale, a homeowner can typically qualify for a new mortgage and buy a home in as little as 18 months with the establishment of new credit, and the interest rate and loan to value ratio will be much more favorable. The short sale can be reported as a foreclosure but more often it is reported as "paid – settled". This is a definite ding on your credit, but not a severe one compared to multiple delinquencies, charge-offs, foreclosure or bankruptcy. It is a very good idea to do a short sale as compared to running out of savings and ruining your life just to maintain 50 points on a credit score.

A homeowner who goes through a foreclosure typycally sees their credit score plunge about 200 to 300 points, whereas in a short sale, their credit score may drop 80 to 100 points. It can take from 3 to 5 years or more after a foreclosure before a mortgage lender will offer the homeowner an affordable interest rate, whereas in the event of a short sale, a homeowner can typically qualify for a new mortgage and buy a home in as little as 18 months with the establishment of new credit, and the interest rate and loan to value ratio will be much more favorable.

]]> By: ema j http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-121 ema j Tue, 24 Oct 2006 18:50:34 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-121 If you've been served notice, it may be too late unless you can refinance and come up with the past due balance and fee's and/or refinance the whole loan with a new company. You could hire an attorney to try to help mitigate your mortgage amount and monthly payments. Basically the attorney talks with their attorney and they work something out. It could cost you a few thousand dollars. But most of the people from the lenders company that call, can't do anything for you. NADA! They are just a pain in the ass. You could let them foreclose and sit out your redemption period then file bankruptcy just before it's over which forces the lender to halt eviction and maybe have another few months in the property before you have to leave. Just do us all a favor, don't trash the place. We are all paying for this anyway, and when you tear up the place it puts more financial burden on all of us. We end up paying it in taxes one way or the other. If you've been served notice, it may be too late unless you can refinance and come up with the past due balance and fee's and/or refinance the whole loan with a new company.

You could hire an attorney to try to help mitigate your mortgage amount and monthly payments. Basically the attorney talks with their attorney and they work something out. It could cost you a few thousand dollars. But most of the people from the lenders company that call, can't do anything for you. NADA! They are just a pain in the ass.

You could let them foreclose and sit out your redemption period then file bankruptcy just before it's over which forces the lender to halt eviction and maybe have another few months in the property before you have to leave.

Just do us all a favor, don't trash the place. We are all paying for this anyway, and when you tear up the place it puts more financial burden on all of us. We end up paying it in taxes one way or the other.

]]> By: Flower http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-119 Flower Tue, 24 Oct 2006 07:04:40 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-119 I can't believe i am saying this but i'd tell you to sign the deed to the bank today. In the old days i just told people to hang on. Houses always have gone up $50,000 if you just waited a couple years. Those days may be over. Sign the deed at a B of A branch and hand them the keys. Do not let the house sit empty. If it gets vandalized, it could cost you. Protect the house until you no longer own it. / I can't believe i am saying this but i'd tell you to sign the deed to the bank today. In the old days i just told people to hang on. Houses always have gone up $50,000 if you just waited a couple years. Those days may be over. Sign the deed at a B of A branch and hand them the keys. Do not let the house sit empty. If it gets vandalized, it could cost you. Protect the house until you no longer own it. /

]]> By: Patrick K http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-120 Patrick K Tue, 24 Oct 2006 06:04:13 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-120 You have few options and they are all bad. You don't want to walk away. If you stop making payments, stay in the house until the last day. That way you protect the house. If it gets vandalized before the foreclosure auction, it is your problem. So take a video of the place on the day you move out with it all clean. The sheriff will arrive to make sure you are out and you can give him the key. Or you call the bank and say that you are signing a deed to them today. Why wait for the foreclosure. Why worry about vandals. My friend made this call 2 weeks ago. Wells Fargo is offering to allow him to skip 6 mortgage payments. Their first offer was to add the 6 to the end of the loan. He said no. They now said they will forgive the 6 payments and not add them. He has decided to stick it out. / You have few options and they are all bad. You don't want to walk away. If you stop making payments, stay in the house until the last day. That way you protect the house. If it gets vandalized before the foreclosure auction, it is your problem. So take a video of the place on the day you move out with it all clean. The sheriff will arrive to make sure you are out and you can give him the key.
Or you call the bank and say that you are signing a deed to them today. Why wait for the foreclosure. Why worry about vandals. My friend made this call 2 weeks ago. Wells Fargo is offering to allow him to skip 6 mortgage payments. Their first offer was to add the 6 to the end of the loan. He said no. They now said they will forgive the 6 payments and not add them. He has decided to stick it out. /

]]> By: quatarjh http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-118 quatarjh Tue, 24 Oct 2006 03:26:07 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-118 No, not if she isn't on the loan. I work for one of the largest mortgage banks in the country. You and millions of others are facing foreclosure in the same situation. I suggest you call the bank and try to convert to a "fixed loan" Call the loan servicing department and tell them the situation. They're heard it a million times (literally) already. If they say no tell them you plan on filing for bankruptcy (they hate this because they can't kick you out of the house for a long time, usually 6 months minimum or longer if court grants automatic stay). You can also "short sell' you house. Properties are tough to sell in MI right now, lots of fraud recently as well. If they bank will take less than what is owed try calling a realtor to sell the house. Otherwise you'll have to make the payment or walk away. No, not if she isn't on the loan.

I work for one of the largest mortgage banks in the country. You and millions of others are facing foreclosure in the same situation. I suggest you call the bank and try to convert to a "fixed loan" Call the loan servicing department and tell them the situation. They're heard it a million times (literally) already. If they say no tell them you plan on filing for bankruptcy (they hate this because they can't kick you out of the house for a long time, usually 6 months minimum or longer if court grants automatic stay).

You can also "short sell' you house. Properties are tough to sell in MI right now, lots of fraud recently as well. If they bank will take less than what is owed try calling a realtor to sell the house. Otherwise you'll have to make the payment or walk away.

]]> By: Anothercoilgun http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-109 Anothercoilgun Tue, 24 Oct 2006 00:58:44 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-109 The nation is dropping in employment. With that true statement, how are the people already being laid off going to increase their income? Or how can the majority of people increase income when there is no excess in jobs? Dopiate fool. The nation is dropping in employment. With that true statement, how are the people already being laid off going to increase their income? Or how can the majority of people increase income when there is no excess in jobs? Dopiate fool.

]]> By: AMERICANSTEW5 http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-108 AMERICANSTEW5 Mon, 23 Oct 2006 11:04:16 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-108 RON PAUL, HE TOLD YOU SO! RON PAUL,
HE TOLD YOU SO!

]]> By: Bennie S SFECU http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-122 Bennie S SFECU Mon, 23 Oct 2006 06:06:08 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-122 I fear the future for america and americans, but Christians are told that they will suffer for Christ and to count it all joy, because it is what we are expected to do. Looks like we join the ranks of Canada, China and all islamic countries where it is illegal to share the Gospel of Jesus. Even so, come quickly Lord Jesus. I fear the future for america and americans, but Christians are told that they will suffer for Christ and to count it all joy, because it is what we are expected to do. Looks like we join the ranks of Canada, China and all islamic countries where it is illegal to share the Gospel of Jesus. Even so, come quickly Lord Jesus.

]]> By: Anothercoilgun http://www.rexprofessional.com/foreclosure-fears.htm/comment-page-1#comment-111 Anothercoilgun Mon, 23 Oct 2006 01:13:49 +0000 http://www.rexprofessional.com/foreclosure-fears.htm#comment-111 Great advice but in the USA this is very unamerican and almost impossible except for the rich. Great advice but in the USA this is very unamerican and almost impossible except for the rich.

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