Upside Down Mortgage

Archive for November, 2008

Loan Modification Sample Hardship Letter

A foreclosure is an action taken against a property owner by seizure of his/her real property. It can be for many reasons. The main cause is delinquent payments on a mortgage. The mortgage company or second and even third mortgage holders contact the owner, then the trustee (usually an attorney) to begin the process. If it is VA guaranteed or FHA insured, many times they offer assistance or alternatives. Then the appraisal is ordered to determine fair market value. It can also be for medical bills, delinquent taxes and other liens, even credit cards. "The purpose of this foreclosure is for collection of a debt" is usually printed in the legal section of the newspaper as well as some other publications, such as local business papers and law papers. Many people feel that they can purchase these properties for almost nothing and sometimes that is the case, especially tax sales. If the property is " free and clear" of other liens then it is solely based on the taxes, penalties and interest due. I know of some that have sold for less than a few thousand dollars. The owner has the right to cure the default right up to the very last minute before the sale. A pay off statement is prepared including the delinquent payments, trustee fees (usually 5 % of the remaining balance of the loan), processing fees, property inspections, appraisal and any other thing the mortgage company can think of. The problem is not only coming up with the funds but knowing what charges are and if they are legitimate. I have only heard of lawyers and accountants challenging mortgage companies on over or false charges. Please rate and tell friends.

About the Author:

Romeo Burke:
Musician songwriter
Music producer
Video clip -Producer
Loan Debt Advisor
38 Years Single living in The Netherlands Europe Florida USA
born in Suriname South America;

TO SOLVE YOUR HOMEOWNERSHIP PROBLEM VISIT PLS. SITES BELOW
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Article Source: ArticlesBase.com - financial hardship letter-foreclosure

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Mortgage Fraud Seattle

Real estate markets in Washington, Oregon and Idaho composing the greater Pacific North-West have made the annual U.S. Housing Predictor Top 25 market forecast.

Housing Predictor, which is an information driven web site forecasts more than 250 local housing markets in all 50 states, and names the Top 25 markets annually in January, updating the list as local market conditions demand. The Top 25 markets have the highest probability of appreciation of all U.S. markets forecast.

Fourteen states are now represented by local housing markets in the Top 25 that are appreciating, despite the national real estate slump. Housing Predictor has a special report this month on just how "The Worst May Be Over in the U.S. Real Estate Slowdown."

Propelled by a growing high tech boom and a healthy aerospace industry, the real estate market in Seattle, Washington, which appeared as though it would slow down and depreciate in 2007 earlier in the year was added to the list.

Portland, Oregon, which has seen it's home prices more than double in the last six years alone and Boise, Idaho were also named to the Top 25 list. Boise is forecast by the U.S. Census Bureau to easily double in size over the next decade. Boise is business friendly and has been named by many periodicals to be the best place to start a new business in the nation.

The Housing Predictor Top 25 Market Forecast is regarded as a leading resource for real estate buyers, owners, investors and real estate professionals. The addition of the three Pacific North-West markets comes shortly before the annual mid-year update of the Top 25 U.S. markets, which is issued July 1st each year projecting housing market appreciation through the end of the year.

The top markets growing leap into 14 states are further evidence that local housing markets in a majority of the nation are appreciating or are at least stabilizing as the U.S. real estate market rebounds from a nationwide slowdown triggered by higher interest rates and massive fraud in mortgage lending. Congress is considering the institution of new laws to further control mortgage lending, which has been rampant with unethical lending practices forcing many homeowners into foreclosure.

About the Author:

Mike Colpitts is the Editor of Housing Predictor, which provides more than 250 local housing market forecasts in all 50 U.S. states. To see the latest complete Top 25 Market Forecast, check on your housing markets forecast and search real estate listings visit

http://www.housingpredictor.com

Article Source: ArticlesBase.com - Washington, Oregon And Idaho Real Estate Markets Make Top 25 Forecast

Loan Modification Attorney California

Question: I live in southern california and I need a loan modification. Can I just hire any realtor?

I have shopped around and attorneys want a lot of money. I heard that any realtor can get a loan modification done for you. Any thoughts or opinions on this. Money is tight and I need to get this done asap.

Answer: Take the advice of HUD-approved counselor before you hire a realtor. Home Affordable refinance plans are available. You can refinance requirements and allow more people to refinance their mortgages.

Loan Modification Scams PSA