Upside Down Mortgage

Posts Tagged ‘Realtor’

If a foreclosed home sells for more than what's owed what happens to the profit?

My home was foreclosed in 2008. I owed approximately 96K, including court and attorney fees. The home recently sold for 119K. My redemption period was over, so the lending bank sold the home through a realtor. Am I entitled to any of the excess monies?

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Loan Modification Stimulus Package

The recession and consequent unemployment has made many US citizens closer to foreclosure. The market value of the properties and homes has been declining resulting in uncertain income level of average individuals. More and more people find jobless from factories and organizations. President Barack Obama realized the current scenario and proposed a stimulus package in which those facing foreclosure are given freedom to select a loan modification programme to recover from the current crisis. The loan modification package can be availed by the borrowers through their lenders after clearing the necessary documents and papers requested.

To be eligible for this stimulus package, one must have an existing or modified loan owned by Fannie Mae or Freddie Mac. Further the home equity should be below 20%. In this package the qualified applicants are given loans, grants and tax credits to solve the mortgage crisis. These help them to lower the monthly payments towards the mortgage loan. By this, transferring a major income towards mortgage expenditure is avoided. Broadly speaking, the home owners receive the following direct benefit from this stimulus package.

1. The payment can be restricted up to 31% of the monthly income of the burrower.

2. Interest rates can be decreased to 5.16% from 6.5%

3. Those who are on variable mortgage rate are given freedom to select a lower fixed rate.

4. Through a loan modification, the present repayment schedule may be extended by 20-30 years.

The President Barack Obama's measure is to bring the American economy back to the former state by allowing the citizens more and concessions through various packages and programs.
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For tips and facts about how you can benefit from Obama's Home Stimulus Plan - or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net

Source - New Mortgage Crisis Package Declared by President Obama-Take Advantage of this Stimulus Package

Mortgage Foreclosure No Bank Bail out needed Loan Modification Solution and Plan No. 1

Think Ahead, Just in Case

Bad circumstances can happen to anyone so anyone can be upside down on their mortgages. Therefore, it is good to know what to do to avoid the situation. You need to think about the problem before it occurs so that you can prevent it from happening. That means, you need to think about whether there is a chance of you being upside down and you end up owing the lender more than your home is worth any time in the future. You need to think ahead.

There are many resources that can help you. First, you can talk to a real estate agent. A good realtor will have a lot to offer as well as words of warning about what loans you need to avoid getting. You can talk to your realtor about getting pre-approved for a home loan with good rates and good terms. The subprime problem turned the real estate market upside down and now it is harder to get a loan.

With the possible upside down mortgage problem in mind, you can read more about how to best buy a home. By reading books, you are doing your own research and will not have to always rely on the information provided to you by your realtor. You can double the information and facts given by the real estate agent so that you will make an informed decision regarding buying a home.

Most people do not want to do the research because they just want to get on with buying when they find a home that they want to buy. But, by doing some research upfront, you can save yourself a lot of headache further down the road. The books will tell you what you need to do to protect yourself when buying a home.

Nolo's Essential Guide to Buying Your First Home (book with CD-Rom & Audio)

Will you ever be upside down