For most people, it is difficult to look past today’s problems towards the future. The current real estate market is creating such a challenge for plenty of people.
Homer Simpson is famous for yelling, Ahh! We’re all gonna die! Run! at the first sign of any crisis. From lenders to real estate gurus to the media, this is pretty much the same thing you hear about the current real estate market. There is no denying it is bad, but there is also no denying it will bounce back. The key is to keep your eye on this future bounce back.
To buy a home, you must have good credit. Okay, you could get away with iffy credit the last few years. With the current mortgage mess, those days are over. You are going to need good credit for the foreseeable future. Foreclosures are not good for your credit score nor are short sales.
Before you walk away from that home, you need to really think about the future implications. Yes, you may be upside down now, but so what? Is it really worth ruining your home buying ability for the next seven to 10 years? No! This is particularly true when you consider the fact the value of your home will bounce back in the near future. It might not be till 2009 or 2010, but it will come back.
If you are having problems, your current goal should be to survive this downturn. This may mean a bit of pain and a lot of skimping on funds. If you tough it out for a few years, you are going to really be happy when things bounce back. So, how exactly do you such it up? Well, there are a few strategies.
The first strategy is really a two part approach. The first step is to rent out a room or two. Although this sounds horrific at first glance, room rentals are pricey and can make a huge difference when it comes to meeting your monthly financial nut. The second step is to rent out the entire home and move into a place that costs less. You might not be able to cover your financial nut with the rental, but you should be able to make it up by renting a cheap place.
The second strategy is one that buys time. Remember, you are trying to survive for a year or two. Call your lender and ask for a forbearance period on payments. The lender will often give you three to six months. During this period, save every penny you have and apply it to future monthly payments. By taking this approach, you should be able to cover 6 to 12 months, which is a nice chunk of time.
Are any of these strategies comfortable and ideal? Of course not. They aren’t intended to be. Instead, they are designed to get you through an ice cold real estate market. Don’t kill your credit. Tough out the next year or so and you’ll reap the benefits.
About the Author
Raynor James writes about issues surrounding real estate property listings for FSBOAmerica.org where you can list your property for sale by owner for free for 1 month.
Thursday, April 17, 2008
Thursday, March 27, 2008
Watch Out For This Real Estate Scam!
Although this website is designed to offer free information about foreclosures, I must post a warning for those who are forced to leave their home. Here in the Georgia and Florida area we have wolf in sheep's clothing taking advantage of people with bad credit and no good place to live.
I want to warn you about the possibility of you being taken if you come across this business. If you have an doubts about this business, you may check the Better Business Bureau Report link and read it for yourself. I fell pray to this business and as well as. You will probably see an ad offering a "3 bedroom 2 bath home for $650.00 per month, no credit check, will work with you on the deposit". This seems like a normal ad. If this ad suits your needs you will probably call the number. When you call the number, a recorded message will come up telling you about EZ Rentals program. It goes on to say you can get a home, duplex, or any other dwelling with no rental history or credit check. Just have a paystub to verify your income. The fee is $149.00 and it is refundable. You are being offered a list of landlords that have signed up with EZ Rental and agree to rent to you regardless of your financial issues. I know, yeah right, comes to mind.
Apparently, I believed it. When you are ready to pay, press 1. This transfers to you a Florida local that answers the telephone and is ready to take your credit card information. After signing up, you will receive an email giving you access to a website. You receive a login and password. It sounds good so far, right. In the body of the letter it says you have to call the landlords listed 75 consecutive days of a 90 day period before you can request a refund. And it tries to sound official. It gives you an address and phone number to request this refund. I started calling the landlords listed and quickly found out that most of the landlords listed did not know about the service I was asking about. Or, I later found out, these were listed on craigslist! Some were real estate management companies who did credit and background checks. Well, I knew I had been had! So I waited the allotted time for my refund. A couple of months later I sent my refund letter to request my money back. I made follow up attempts and was given the run around. At this point I was extremely frustrated and realized I would not receive my money back. Of course, as human being, when we have been wronged we want to make sure others don't follow the same road. So I went to work to make sure they did not do anymore business in Georgia. I did not recall any news reports about a scam in Georgia. So I emailed all of the newstations and the newspapers. I went back to the place of where the classified ad was placed. It was still listed three times! I called the number and it was still active. Catching unsuspecting people.
So I contacted the paper it was listed in. I received a call the next day! I really have to give it to American Classifieds. They really stepped up to the plate on this. I spoke with a very nice lady, Kathy. She listened to my story and I told her they had a customer advertising false information and scamming her readers. I told her I had a BBB report in front of me. She wanted a copy of this report. She did say she had a call into the person that put in the ad. And she was giving them an opportunity to address my concerns. She was very apologetic about a situation that was not their fault. They would have no way of knowing about this scam unless a reader complained. I faxed her the information and waited to hear back from her. She called me back with in a couple of hours. She spoke with the owner Laurie Gallagher and the issue was not resolved in that conversation. American Classifieds removed all of her ads she had listed and sent out an email to all 50 states to let them know about her scam in case she tried it in other states.
I was very impressed they swiftly responded to this scam. Please do what I didn't, check the BBB when you are spending any amount of $50 on the Internet. More than likely someone else has been hurt before you. I filed my complaint with the BBB and added it to the other 30 complaints received. I am listing all of her business names so you can recognize them if you see them. The most current one is Tenant Marketplace. I won't give them free advertising with the website link. Please look at the report, it is just sad. I have learned a valuable lesson. Now I want to get the word out for your protection. Ultimately, I have sent a letter to Laurie letting her know I will be watching in all advertising to make sure she doesn't advertise her trash in Georgia. People should not be so damn shady!
She really gets around. Look at all of these business names. Florida look out!
EZ Rental
Tenant Marketplace
All Metro Rentals
I-Net
All Metro Reality
Saturday, March 15, 2008
Are Buying Foreclosures Risky?
Buying a house is probably the most expensive purchase any of us will make in our lives, whether we are looking for a place to live or a property to fix up and sell. Either way, you are making an investment in the future; long or short term, you want to be able to at least get the money you put into a property out of it when it comes time to sell, and ideally you will make a profit.
Some of the most tempting pieces of real estate on the market are foreclosures. These are homes in which the current owners were not able to keep up with their payments to the bank or loan company, and as a result the mortgage was cancelled and the house repossessed. There are certain stigmas attached to the purchases of foreclosed homes, and in this article we are going to see if buying foreclosed pieces of property in the Toronto area is a risky investment or not.
The problem with foreclosed homes
One thing that a lot of people don't seem to realize about homes where the mortgage has been foreclosed is that most of the time, the problem lay with the former owners, and not the house itself. There are lots of reasons why someone could have had the bank foreclose on their home; divorce or gambling debts and so on. Generally they would have tried to sell the house before this drastic measure happened to them, but a bad market and an inability to move on their asking price (they were probably trying to sell high in order to cover debts) precluded the sale.
The rare exception
Every once in a while, though, you might come across a foreclosure where the house simply wouldn't sell and finally became too much of a burden for the owner to carry financially, and he or she walked away. This is fairly rare, and again is probably more a result of market conditions than anything else.
The way to approach both scenarios
The best way to eliminate any risk involved with a foreclosure is to have an inspection done on the home. A good inspection will let you know if there are any major problems with the house, and what you might have to fix. Adding the cost of the renovations to the sale price will let you know if a resale where you can get your money out is possible.
Remember that foreclosures are owned by banks, and that can mean some very tough negotiations. The only risk in buying a foreclosed home is in paying too much, so make sure that you know what your chances are of getting your money out if you need to sell, before you buy a foreclosure.
About the Author
Forest Hill Toronto homes are located in the Lower Village which is known for its upscale shopping and dining, including several modest enterprises.
Some of the most tempting pieces of real estate on the market are foreclosures. These are homes in which the current owners were not able to keep up with their payments to the bank or loan company, and as a result the mortgage was cancelled and the house repossessed. There are certain stigmas attached to the purchases of foreclosed homes, and in this article we are going to see if buying foreclosed pieces of property in the Toronto area is a risky investment or not.
The problem with foreclosed homes
One thing that a lot of people don't seem to realize about homes where the mortgage has been foreclosed is that most of the time, the problem lay with the former owners, and not the house itself. There are lots of reasons why someone could have had the bank foreclose on their home; divorce or gambling debts and so on. Generally they would have tried to sell the house before this drastic measure happened to them, but a bad market and an inability to move on their asking price (they were probably trying to sell high in order to cover debts) precluded the sale.
The rare exception
Every once in a while, though, you might come across a foreclosure where the house simply wouldn't sell and finally became too much of a burden for the owner to carry financially, and he or she walked away. This is fairly rare, and again is probably more a result of market conditions than anything else.
The way to approach both scenarios
The best way to eliminate any risk involved with a foreclosure is to have an inspection done on the home. A good inspection will let you know if there are any major problems with the house, and what you might have to fix. Adding the cost of the renovations to the sale price will let you know if a resale where you can get your money out is possible.
Remember that foreclosures are owned by banks, and that can mean some very tough negotiations. The only risk in buying a foreclosed home is in paying too much, so make sure that you know what your chances are of getting your money out if you need to sell, before you buy a foreclosure.
About the Author
Forest Hill Toronto homes are located in the Lower Village which is known for its upscale shopping and dining, including several modest enterprises.
Wednesday, March 5, 2008
Stop House Foreclosure - What Are Your Options?
Stop house foreclosure now and save your home, your credit, your dignity, and your future. There are many programs out there to help regardless of your current financial situation.
However, you should start the process as soon as you know or you may be unable to stop house foreclosure. It can take at least a month for most methods to be completed from beginning to end, so you will not have much time left if you wait until much of their redemption has already expired. Here are a few of your options:
Bankruptcy - It does not actually stop foreclosure but instead it puts the process on hold and gives the owners protection under the courts to pay back what they have fallen behind.
Short Sale - You should only consider a short sale if you have little or no equity in your home, and can not find a better way to stop house foreclosure before time runs out.
Refinancing - This is the best option if you have an adjustable rate mortgage (ARM). You would want to get a fixed rate loan and not use the ARM again.
Talk to your lender - If you are dealing with a small town bank for your existing home loan you may want to talk to your lender directly. It never hurts to ask to get a lower payment or interest rate. Most are willing to help, but they are not going to take the first step.
Combined options - a partial claim combined with other options such as a forbearance agreement, or a Chapter 13 bankruptcy if done correctly can be combined to allow for an even more affordable payment.
These are just some of the many options available to you. Ultimately it will be left up to you for the final decision, but you should keep them in mind when searching out options to stop house foreclosure.
Foreclosure is one of the most stressful and traumatic situations a homeowner will ever face.
There have been over 2 million filings in the United States last year, a 65 percent increase over the previous year. Foreclosures are expected to keep rising this year and again next year, primarily because of adjustable rate mortgages (ARMs), or even those with "interest only loans".
With the right help, virtually any foreclosure situation can be successfully resolved. Many people needing help with stopping foreclosure simply do nothing and hope for a miracle. If your house payments are more than a month behind, your lender has probably already started foreclosure proceedings.
Stopping foreclosure can seem like a daunting task for any homeowner. Companies like the one at http://www.foreclosure-free.com/, who offer all of these services from one source are your best options. You will be evaluated and provided with all possible options to stop house foreclosure. If you want to save your house from foreclosure you can do it but acting quickly is very important.
My name is Michelle Travis and I want you to find the best solution to stop house foreclosure. At http://www.foreclosure-free.com/ you can find out all your options for free. If you need help with credit repair or debt relief then visit http://www.your-credit-solution.com/
However, you should start the process as soon as you know or you may be unable to stop house foreclosure. It can take at least a month for most methods to be completed from beginning to end, so you will not have much time left if you wait until much of their redemption has already expired. Here are a few of your options:
Bankruptcy - It does not actually stop foreclosure but instead it puts the process on hold and gives the owners protection under the courts to pay back what they have fallen behind.
Short Sale - You should only consider a short sale if you have little or no equity in your home, and can not find a better way to stop house foreclosure before time runs out.
Refinancing - This is the best option if you have an adjustable rate mortgage (ARM). You would want to get a fixed rate loan and not use the ARM again.
Talk to your lender - If you are dealing with a small town bank for your existing home loan you may want to talk to your lender directly. It never hurts to ask to get a lower payment or interest rate. Most are willing to help, but they are not going to take the first step.
Combined options - a partial claim combined with other options such as a forbearance agreement, or a Chapter 13 bankruptcy if done correctly can be combined to allow for an even more affordable payment.
These are just some of the many options available to you. Ultimately it will be left up to you for the final decision, but you should keep them in mind when searching out options to stop house foreclosure.
Foreclosure is one of the most stressful and traumatic situations a homeowner will ever face.
There have been over 2 million filings in the United States last year, a 65 percent increase over the previous year. Foreclosures are expected to keep rising this year and again next year, primarily because of adjustable rate mortgages (ARMs), or even those with "interest only loans".
With the right help, virtually any foreclosure situation can be successfully resolved. Many people needing help with stopping foreclosure simply do nothing and hope for a miracle. If your house payments are more than a month behind, your lender has probably already started foreclosure proceedings.
Stopping foreclosure can seem like a daunting task for any homeowner. Companies like the one at http://www.foreclosure-free.com/, who offer all of these services from one source are your best options. You will be evaluated and provided with all possible options to stop house foreclosure. If you want to save your house from foreclosure you can do it but acting quickly is very important.
My name is Michelle Travis and I want you to find the best solution to stop house foreclosure. At http://www.foreclosure-free.com/ you can find out all your options for free. If you need help with credit repair or debt relief then visit http://www.your-credit-solution.com/
Foreclosure - The Dreaded Word Nobody Wants to Hear
Thousands of homeowners throughout North America are going through the most financial pain that can be imagined. Their houses are being invaded by the creditors who are sending the bailiffs to deliver what has to be simply called a death blow to so many families. The dreams are gone and the harsh reality is so painful that the mind is numb when forced to recognize the situation as it really is.
A message is sent to all home owners: "Watch out and get ready for an onslaught of depressing news in the Real Estate sector of the Economy". If as an owner you are mortgaged to the hilt, prepare yourself NOW for an avalanche of demands originating from your financial institution. Your debtor is extremely nervous at the present time. Your loan officer reads the same news as you do and desperately wants to be reassured as to your credit worthiness. As Joe Louis once said of an opponent: "you can run but you can't hide". There is no use trying to play games since one has to face the piper eventually.
You might not want to tell the whole truth, but whatever you say has to be truthful. If you want to save your house, get working right now to come up with a plan B that will generate extra funds. Work more, take boarders, and tap "Love Money". But first try to negotiate better terms with your financial institution if you think that it will save your home -- God knows they don't need to take possession of yet another house!
For those that have breathing space, in other words the great majority of home owners, the present situation is a sharp reminder of the necessity to carefully use your earning power to protect yourself against any negative events that could suddenly arise.
People spend years to save a few thousand dollars, but the value of your house can so easily evaporate and your equity becomes non-existent because of events on which you have no control.
The present situation was originally generated by greedy institutions and naïve buyers who thought that they could realize their lifetime goal of owning a house, by simply listening to and following the partial advice of individuals who can be charitably called dream merchants.
It's a tough period but our country is dynamic, people are hard working and those who are on the front line must have a can-do attitude and perseverance to keep fighting the good fight.
Gilles Martin is a Real Estate Agent, accomplished Entrepreneur and long-time businessman. His articles can be read on Musings of a Real Estate Agent.
A message is sent to all home owners: "Watch out and get ready for an onslaught of depressing news in the Real Estate sector of the Economy". If as an owner you are mortgaged to the hilt, prepare yourself NOW for an avalanche of demands originating from your financial institution. Your debtor is extremely nervous at the present time. Your loan officer reads the same news as you do and desperately wants to be reassured as to your credit worthiness. As Joe Louis once said of an opponent: "you can run but you can't hide". There is no use trying to play games since one has to face the piper eventually.
You might not want to tell the whole truth, but whatever you say has to be truthful. If you want to save your house, get working right now to come up with a plan B that will generate extra funds. Work more, take boarders, and tap "Love Money". But first try to negotiate better terms with your financial institution if you think that it will save your home -- God knows they don't need to take possession of yet another house!
For those that have breathing space, in other words the great majority of home owners, the present situation is a sharp reminder of the necessity to carefully use your earning power to protect yourself against any negative events that could suddenly arise.
People spend years to save a few thousand dollars, but the value of your house can so easily evaporate and your equity becomes non-existent because of events on which you have no control.
The present situation was originally generated by greedy institutions and naïve buyers who thought that they could realize their lifetime goal of owning a house, by simply listening to and following the partial advice of individuals who can be charitably called dream merchants.
It's a tough period but our country is dynamic, people are hard working and those who are on the front line must have a can-do attitude and perseverance to keep fighting the good fight.
Gilles Martin is a Real Estate Agent, accomplished Entrepreneur and long-time businessman. His articles can be read on Musings of a Real Estate Agent.
Life After A Home Foreclosure
Home Foreclosure is a formidable challenge and very stressful for the homeowner who is taking that walk into the unknown hoping for the best, not knowing what the outcome will be.
Let's say the worst happens. You lose the house. Your idea of security is shaken to the foundations. You are frightened. Your old routines are gone. Life as you knew it has changed.
And that's the way it is going to be. The question is - can you actually look at this situation as a new start, and an opportunity to start over? To get a little closer to the person you've always wanted to be?
It is possible that after your walk into the unknown, you can come out better on the other side.
You can put your nose to the grindstone. You are in a state of flux, so you might as well add some changes of your own, such as:
Your Finances:
--Take stock of your money situation and take steps to protect yourself and improve your financial future.
Your Body:
--Exercise, eat healthier, and incorporate something you enjoy, like swimming.
Your World:
--Be more outgoing. Make a point of making new friends. Take a gourmet cooking class. Take piano lessons.
Your Mind:
--Start reading some classics. Take a class to learn a language. Try meditation. Breathe.
Life throws us some terrible curve balls, but we don't have to go down for the count. If you have to go all the way through a foreclosure and the changes it represents, your bravery being tested in the process (and you came through with flying colors) you might as well go all the way, and make the changes for your life you've been wishing for, for the longest time.
The Author has been through a foreclosure himself, and he knows other people who have been through foreclosures. All of them are doing very well.
When you are faced with a foreclosure, you need to know what your options are right away.
Here is the information you need to make the best possible decisions:
http://Information-you-need.com
Let's say the worst happens. You lose the house. Your idea of security is shaken to the foundations. You are frightened. Your old routines are gone. Life as you knew it has changed.
And that's the way it is going to be. The question is - can you actually look at this situation as a new start, and an opportunity to start over? To get a little closer to the person you've always wanted to be?
It is possible that after your walk into the unknown, you can come out better on the other side.
You can put your nose to the grindstone. You are in a state of flux, so you might as well add some changes of your own, such as:
Your Finances:
--Take stock of your money situation and take steps to protect yourself and improve your financial future.
Your Body:
--Exercise, eat healthier, and incorporate something you enjoy, like swimming.
Your World:
--Be more outgoing. Make a point of making new friends. Take a gourmet cooking class. Take piano lessons.
Your Mind:
--Start reading some classics. Take a class to learn a language. Try meditation. Breathe.
Life throws us some terrible curve balls, but we don't have to go down for the count. If you have to go all the way through a foreclosure and the changes it represents, your bravery being tested in the process (and you came through with flying colors) you might as well go all the way, and make the changes for your life you've been wishing for, for the longest time.
The Author has been through a foreclosure himself, and he knows other people who have been through foreclosures. All of them are doing very well.
When you are faced with a foreclosure, you need to know what your options are right away.
Here is the information you need to make the best possible decisions:
http://Information-you-need.com
Learn How to Save Your Home From Foreclosure
Unfortunately there are many families that are in constant worry about being unable to make their monthly mortgage payments with can lead to foreclosure. None of us want to think that we will ever have to deal with foreclosure but unfortunately it can happen to anybody when they least expect it.
It is terrifying to think that your home could be at risk so it is vitally important as a home owner to understand just how important this is and do everything you can to make sure it doesn't happen to you. If you search on the internet you will find many websites that give you the information you need to make sure that you and your family never have to go through this.
If you ever feel as though you could be at risk of losing your home to foreclosure then you absolutely must do everything you can to avoid it. Try talking to your loan company or somebody else that could help so that you can evaluate your options. The last thing you should do is start avoiding their phone calls and ignoring them as this will increase the chances of your home being foreclosed.
It may surprise you to learn that simply contacting your mortgage company and speaking to them about your current situation can help. Many times they will be willing to work out a way forward for you such as agreeing a payment arrangement or even allowing you to skip a month or two to give you some breathing space. This will allow you to catch up on your monthly payments that have been causing you so much stress.
Remember that foreclosure does not mean that you are a bad person or are unable to be trusted. Things like this can happen to anybody. Just bear in mind that many times you do have other options open to you if you speak to your mortgage company. If you just avoid them or hide from them nothing will ever get sorted out. Don't be embarrassed about your missed payments, stand up and take control and see what can be done to help you avoid foreclosure.
Don't bury your head in the sand by keep on missing payments and screening your phone calls. Just give them a call today and try to work something out. Speak to a professional that deals with this type of thing every day because something can be done about it if you act quickly enough. It is definitely worth giving it your best shot to solve this problem for the sake of your home and your family.
To find out how to stop foreclosure check out http://www.stopbankforeclosurenow.org
It is terrifying to think that your home could be at risk so it is vitally important as a home owner to understand just how important this is and do everything you can to make sure it doesn't happen to you. If you search on the internet you will find many websites that give you the information you need to make sure that you and your family never have to go through this.
If you ever feel as though you could be at risk of losing your home to foreclosure then you absolutely must do everything you can to avoid it. Try talking to your loan company or somebody else that could help so that you can evaluate your options. The last thing you should do is start avoiding their phone calls and ignoring them as this will increase the chances of your home being foreclosed.
It may surprise you to learn that simply contacting your mortgage company and speaking to them about your current situation can help. Many times they will be willing to work out a way forward for you such as agreeing a payment arrangement or even allowing you to skip a month or two to give you some breathing space. This will allow you to catch up on your monthly payments that have been causing you so much stress.
Remember that foreclosure does not mean that you are a bad person or are unable to be trusted. Things like this can happen to anybody. Just bear in mind that many times you do have other options open to you if you speak to your mortgage company. If you just avoid them or hide from them nothing will ever get sorted out. Don't be embarrassed about your missed payments, stand up and take control and see what can be done to help you avoid foreclosure.
Don't bury your head in the sand by keep on missing payments and screening your phone calls. Just give them a call today and try to work something out. Speak to a professional that deals with this type of thing every day because something can be done about it if you act quickly enough. It is definitely worth giving it your best shot to solve this problem for the sake of your home and your family.
To find out how to stop foreclosure check out http://www.stopbankforeclosurenow.org
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