Following having published over one thousand articles on several topics involving the foreclosure crisis from the high point from the market in 2006 until the present, it is actually clear which the most current scandal involving financial institutions, title agencies, and county government recording offices is nothing new. With all of the fraud and abuses of consumers plus the genuine estate operation that have come to light because the Federal Reserve lowered interest rates and encouraged the housing boom, this latest instance of fraud is logical and need to have been predictable by practically everyone.

My First Short Sale

Hi and welcome to our website. I am Fred Weaver. My associate, Kevin Kauffman and I run Group 46:10 Arizona’s premier short sale team. Thank you for watching us now. Our team has closed 300 short sale deals at a 90% rate over the past few years. We would like to chat with you if you are interested in working a short sale. This blog is intended to teach house owners about choices other than foreclosure.

Short Sales Done Easy

Your Phoenix short sale specialist believes that there are stronger alternatives then foreclosure, yet loan modification has a very small percantage of success.  The loan modification is an attempt to lower your payments in order to keep the borrower in the residence.  There are quite a few hazards involved with the completion of a loan modification.

****most figures maintain the nationwide average for a successful loan modification is close to 10%

****Multiple banks will propose a tryout period although in many cases will not divulge upfront that your credit can be affected while doing a trial period loan modification.

Short Sales Done Easy

Your Phoenix short sale specialist believes that there are stronger alternatives then foreclosure, yet loan modification has a very small percantage of success.  The loan modification is an attempt to lower your payments in order to keep the borrower in the residence.  There are quite a few hazards involved with the completion of a loan modification.

****most figures maintain the nationwide average for a successful loan modification is close to 10%

****Multiple banks will propose a tryout period although in many cases will not divulge upfront that your credit can be affected while doing a trial period loan modification.

Foreclosure Prevention Part II: Additional Qualifiers
Part 2 of the amendments is as follows…
Underneath the American Housing Rescue and Foreclosure Prevention Act each loan measured for foreclosure prevention will have to be taken on by an FHA lender reviewed on an individual basis. So the banks in Chandler, Arizona still hold the control as they can aid or harm you in your hunt for foreclosure prevention by reviewing your credit scores, salary stubs, tax returns and other pertinent statistics.  This is actually no different than applying for a new mortgage! You will be required to meet a lot of the identical criteria to become certified for the foreclosure prevention act.
Does that make sense? Despite the fact that we are not mortgage lenders, it would appear that foreclosure prevention is not in your outlook if you do not have a near flawless credit score. Isn’t this in truth just a nasty joke, rather than an act of congress to assist thousands of Americans?  It stands to reason that just one percent of the people in the hunt for foreclosure prevention can meet the criteria for this program.
One more attention-grabbing note from this program…
American Housing Rescue and Foreclosure Prevention Act GSE Reform (H.R. 1427) borrowers are responsible for paying a lifetime insurance premium to the FHA, which your gov’t determined will be a robust one and a half percent of the yearly principal. Users of this foreclosure prevention act have to also be in agreement that if they sell their house for a gain in the future, they will divide up that profit with the FHA. In order to facilitate this, residence owners will pay a three percent “exit fee” of the mortgage when they sell or refinance their property if they chose to use the foreclosure prevention act. 
How useful are these amendments to the inhabitants in Chandler, AZ looking for foreclosure prevention help?  From the outside looking in, it would seem that the foreclosure prevention act is intended at helping the FHA be more secure in the future, rather than serving the house owners that are searching for foreclosure prevention and trying to save their families houses. 
To sum it all up, with the deep recession that this nation is in at the moment and bearing in mind the glaring negligence of our Government with their preposterous programs like the American Housing Rescue and Foreclosure Prevention Act, they have failed the American nation.  There is actually no offer of real foreclosure prevention assistance to the people who need it most.  There is very little probability that this foreclosure prevention program will ever get to the citizens that can truly gain from using it.
Perhaps, with the new administration, the American public can find a foreclosure prevention program that will truly work FOR them.  On the other hand, between now and the advent of any government agenda that can actually help us, you are very much standing by yourself in your hunt for a foreclosure prevention scheme that will actually work for you. 

Sure. I assume that the foreclosure sale hasn’t taken place yet. The first way to avoid a foreclosure is to talk to the bank. Most banks don’t want to foreclose, and will negotiate a forbearance or a new payment schedule if it is halfway reasonable and if they think you are willing and able to perform. Call the bank and offer to negotiate. Second, some states (e.g., California) have rules that allow you to cancel the foreclosure sale and reinstate the loan if you cure the default and pay the lender’s expenses at some time prior to the scheduled foreclosure sale. You did not say where you live, so I don’t know whether you live in a jurisdiction that has reinstatement rules. Call a lawyer on this one. Third, all states will cancel the foreclosure sale if you pay off the loan before the sale. This option is often unavailable, since you would not have defaulted if you had that kind of credit. I strongly recommend option #1.

My loan is no own by Freddie Mac or Fannie Mae, and I got served yesterday , what can i do to buy some time until the end of the month and be able to move all my stuff before they lock it. thank you

You should first try to work out something with your current mortgage company. See if they won’t refinance your loan and add the 5 months to the end. Before things get any worse, you could consider selling now. But you’re close now to the foreclosure notice. Best to contact your loan company tomorrow and try to work this out.