Can Bankruptcy Save My House? 954 247 1353 SellFloridaHouseNow.com Southwest Ranches FL Davie FL Weston FL

The filing of bankruptcy activates the automatic stay which prevents all creditors from any action to gather their claim including foreclosure. Can Bankruptcy Save My House? A creditor secured by the house can find relief from the stay to complete the foreclosure if there is danger that the secured claim will become larger than the value of the security during the bankruptcy. Since the creditor's lien is not removed by the bankruptcy, Chapter 7 provides temporary relief from foreclosure, but no lasting solution. If you are among the record number of under pressure families who face increasing mortgage payments on a home where much of the value has already gone, you may be running out of options. Most banks are not eager to renegotiate rates or extend loans, opting instead to foreclose on properties. Can Bankruptcy Save My House? If you are about to lose your home through foreclosure, filing bankruptcy can seem enticing. As soon as you file bankruptcy, your lender will suspend foreclosure proceedings temporarily. Your lender's attorneys will then present the court that your lender has a security interest in your home. The bankruptcy court will likely let your lender to continue foreclosure. Although you may maintain your home for a few months more, the consequences of filing bankruptcy and home foreclosures can cause long term financial suffering. Legal proceedings such as bankruptcy and foreclosure remain on your credit history for ten years. Although it may be possible to get credit within that time, it will likely cost more in interest rates and additional charges. It is possible to qualify for a mortgage loan right after your bankruptcy has been discharged or your property seized, however, the terms are usually so adverse that few borrowers actually obtain one. The rising use of credit reporting and scoring by employers, insurance companies, and other entities can reduce your options if you have a foreclosure and/or bankruptcy on your credit record. We know your house is important to you and your family. We also want you to create good economic decisions. Your bankruptcy lawyer will discuss the costs and benefits of home ownership with you. Your bankruptcy attorney will also help you decide whether it is the best decision for you and your family to try to stay your home. And if this is your choice, your bankruptcy attorney will help you craft the best plan to give you the best chance of winning the battle to save your home from foreclosure. If losing your home is pending then you may be considering bankruptcy as a way to absolve all of your debts and start with a clean slate. However, there are many negative phases to filing for bankruptcy. Any credit cards that are included in your bankruptcy claim will no longer be applicable. Any cars that are in the claim will be retrieved. You will be dispossessed from your home if the mortgage is included. Your credit will be totally ruined and a bankruptcy will remain on your record for ten years that is three years longer than a foreclosure. Therefore bankruptcy should be your very last choice if it is at all avoidable. But you do not need an attorney to file bankruptcy. It could cost you a lot of money. You can always hire a bankruptcy petition preparer to prepare your petition. They only charge less, they are authorized to do it and the end result is the same. by Steve Young. Sell your house to me. Call 954 247 1353 or click here!

How To Stop Foreclosure From Happening To You 954 247 1353 SellFloridaHouseNow.com Hollywood FL Miramar FL Pembroke Pines FL

Stop Foreclosure - 1st Foreclosure Prevention negotiates with your lender to lower your mortgage payments, avoid foreclosure and negative credit impact. The purpose behind this report is to help you decide which option is best for you when it comes to preventing the foreclosure process. The way to do this is through information. You cannot have too much information when it comes to the foreclosure process. The more you know, the better informed you are of your choices. You do not have to walk into the foreclosure process blindfolded - there are preventative measures that you can take. It is important that you know the options that are available to you. The options that you choose will depend on whether you want to keep your home or sell your home. This report can give you some of the information regarding these choices. Before making a choice, however, you should talk with a loss mitigation specialist who is familiar with the foreclosure process and who can analyze your case. After you read over this report, you should call or contact 1st Foreclosure Prevention so that you can get a free foreclosure evaluation that can weigh your options against your unique set of circumstances. All foreclosures are different and all come with a unique set of circumstances. The main reason why people go into foreclosure is due to a loss of income. This can occur because of a loss of a job, an illness or even a divorce. During troubled times, it can be tempting to just try to ignore the situation rather than seek help. But sooner or later, you have to face the fact that you may lose your home, which is when you will act. At 1st Foreclosure Prevention, we give you choices that you can make that can occur throughout the foreclosure process. Time is not your friend when it comes to foreclosure. The minute your mortgage payment is more than 15 days late, you are assessed with a late charge. The calls begin after the loan is more than 30 days past due and do not stop. Lenders today do not want to foreclose, but have no choice if you are not responding to them. They will most likely send you one letter before they file a Lis Pendens or a Notice of Default in the court of the county where your property is located. Then, everyone will know that you are going into foreclosure as this is public information. If you have already been through this process and received a notice, you are probably inundated with calls and mail from those who say that they want to “help.” Who do you trust? Bankruptcy lawyers will urge you to file bankruptcy, which should never, ever be the first option when it comes to stopping foreclosure and, in many cases, will not save your home. Some companies that say they are loss mitigation companies will urge you towards a loan modification that they receive a fee for up front. At 1st Foreclosure Prevention, we do not push you towards any option that may not be right for you. We take a careful look at your particular situation and then come up with a solution to suit your needs. There are two solutions that we look at - keeping your home through a variety of different methods, and selling your home in a variety of different ways. Choosing one of these solutions that is right for you depends on your circumstances. There are three ways that you can stop foreclosure and still keep your home. They include reinstating your loan, refinancing your loan or declaring bankruptcy. These choices may or may not work for you. Let’s take a look at them and see how they stack up against one another: Reinstating your loan can consist of more choices. You may want to borrow money from a third party and get your loan up to date. You can talk to your lender on how much you need to borrow in order to stop the foreclosure process and get your loan current. Many times, the lender will waive some of the late fees if you promise to catch up on your mortgage. In some states, there is no reinstatement available after the judgment has been entered and the date of the foreclosure sale set. Other states allow you a right to redeem your property even after the sale. This is something that your loss mitigation specialist at 1st Foreclosure Prevention can help you understand. If you can reinstate your loan, there are several ways to do it. These include a total reinstatement, a repayment plan, a loan modification, a forbearance and a partial claim. Total Reinstatement In order to use this option, you have to be able to make your loan current right away. This is usually done when you borrow from a third party. This option makes sense if you went into foreclosure due to some problem with income, such as the loss of a job, but are now back on your feet and financially able to pay your mortgage. This option does not make sense if you are struggling to pay your mortgage as it is and can often get you deeper into debt. Repayment Plan Lenders will often tell you that in order to stop the foreclosure process, you have to go for a total reinstatement. This is not true. Many lenders will accept a repayment plan if you are in a better financial position to repay the mortgage. The late mortgage payments can be spread throughout the other mortgage payments for up to 12 months, until you get caught up. If your lender is telling you that you need a total reinstatement, you can use a loss mitigation service that will be able to succeed with your lender where you cannot. This is because you are most likely not talking to the right party. This works well if you can make up the delinquent payments with larger payments and are not struggling to pay the mortgage. Loan Modification A Loan Modification plan can help stop foreclosure as this entails a loss mitigation company renegotiating the terms of your mortgage. Many loss mitigation companies steer clients in this direction because they get a fee upfront. This is a good option if you are able to make the new payments and are financially stable. This is not a good option if you will be still struggling. It is also important to know that not every lender will accept a loan modification agreement and will proceed with the foreclosure. Forbearance You can suspend your mortgage payments for a short period of time by asking for a forbearance. This will allow you time to get back on your feet, after which you can make your mortgage current. This is a good option if you have lost your job and are optimistic about getting a new one that will enable you to pay your mortgage. This is not a good option if you just want to forestall the inevitable, although it can be a tool that comes in handy to stave off foreclosure if you are selling your property. Loss mitigation specialists at 1st Foreclosure Prevention can help you with a forbearance and let you know if it is right for you. Partial Claim You may or may not qualify for this program that is usually reserved for loans made through Freddie Mac or Fannie Mae. You can pay about 30 percent of the delinquency due and the lender will work out a program with you so that you can repay the existing delinquency balance interest free. This can be a good option if you will be assured of a better financial position and can repay the mortgage. The biggest advantage to using one of the reinstatement programs to stop foreclosure is that you can keep your home. The biggest disadvantage is that many people tend to lose more money when using these programs as they continue to struggle with foreclosure, fall deeper into debt and end up losing their home anyway. These options will only work if you can be sure of being able to pay at least 75 percent of your current mortgage payment. If you have no equity in your home or very little, you may want to talk to your loss mitigation specialist at 1st Foreclosure Prevention about a workout agreement where the lender will take less for the home than what is owed in event of a sale. You need to have a professional loss mitigation specialist working with you when you choose this option so that your rights are protected. This can be an option for you if you do not qualify for a sale to an investor or owe a lot more on the property than the property is worth. It takes a great deal of negotiation to get the workout agreement to the point where it does you benefit. For many people, this is not an option, but for some, especially those who have property in a state of disrepair that prevents them from selling with a real estate agent, this can be the only option. When you are facing foreclosure, you do not have to feel helpless. There are many options open to you to help you stop foreclosure from happening to you with regard to trying to keep your home and selling your home. When you are facing foreclosure, you should talk to a loss mitigation specialist at 1st Foreclosure Prevention who can give you a free evaluation based upon your set of circumstances and further explain how the foreclosure process works, how it can be prevented and what impact it can have on your credit. You do not have to feel helpless in the face of foreclosure. There is help available to you. Whether you wish to keep your home or if you just want to sell it and get a fresh startFeature Articles, loss mitigation specialists can help you find the right option that will work for you. You have made the first move towards helping yourself avoid the foreclosure process in getting this report. Make the next move and contact 1st Foreclosure Prevention so that you can get a free foreclosure evaluation of your situation and find out the right next step that you can take to prevent foreclosure from happening to you. Written by Melville Jackson. Call me 1st at 954 247 1353 or click here

Foreclosure and Divorce: What Options Do I have? 954 247 1353 Pompano Beach FL Coconut Creek Coral Springs FL

Many couples are dealing with foreclosure in the midst of their divorce because they either no longer want to or can’t afford to make the mortgage payment. In the old days, they could list the property for sale and pocket their share of the equity and go their separate ways. In today’s housing market, their mortgage often exceeds the market value of their property. The thought of having to come up with large sum of cash just to sell the house is frightening. We are all painfully aware that foreclosure has risen dramatically since 2007. Most people are aware that 50% of all marriages in the America end in divorce. Some people are aware that 20% of all residential properties with a mortgage nationwide are now underwater. But few people are aware that 7 out of 10 homeowners go into foreclosure without visible intervention! Why? Because they simply don't know who to turn or even where to start. Does this ring true for you? If so, you probably want to know…what options do I have? Let me suggest a few: 1. One spouse takes over. One spouse gets the title and refinances the joint-mortgage to release the other spouse from further financial responsibility. Unfortunately, lenders are reluctant to refinance a joint-mortgage into one spouse’s name if he/she doesn’t qualify on his/her own. If the refinancing effort fails, then the other spouse remains on the hook (may be able to sue to enforce the divorce decree). However, this approach does not solve the issue of negative equity of the property. 2. Business partnership. The couple keeps joint title and mortgage as is and tries refinancing or loan modification to reduce payment if necessary. One spouse lives in the property and pays a large portion of the mortgage while the other spouse contributes the remainder. Once the market rebounds, the property is then sold and the profit is split up. The issue here is the lack of finality for the divorce as both parties remains liable for the other’s actions for an unknown duration. 3. Lease then sell. Both joint title and mortgage remains as is. As before, they try refinancing or loan modification to reduce payment if necessary. Then, rent out the property and apply rental income toward the mortgage. Make sure that you are not violating the mortgage by converting it into a rental and you meet the rental licensing requirements. The pros and cons in the second scenario apply here as well, with the added responsibility of being a landlord. 4. Settle debt via short sale. If successfully done, a short sale allows homeowners with financial hardship (such as a divorce) to sell their property for less than what they owe, satisfy their mortgage, possibly eliminate deficiency judgment, and minimize credit damage, without paying realtor commissions. You’ll need to consult an accountant to understand potential tax liabilities as a result of debt cancellation. The issue here is that 90 percent of short sales fail nationally because most agents are completely unaware of what the lenders want. Choosing a competent professional is the key to this option. 5. Do nothing. Allow the property go into foreclosure and remain in the home for as long as possible and pocket the mortgage payments for the duration. The issue here is that the homeowners remain liable for the deficiency amount as a result of the foreclosure sale. For example, if you owe $150K and the property sold for $100K at the foreclosure sale, then you will remain liable for the short fall of $50K plus all legal fees involved. In some states, the lender has the right to garnish wages to recover the shortage. Not to mention that a foreclosure has the most devastating effect to a person’s credit rating and has the potential to hamper future employment opportunities. 6. File bankruptcy. You must consult competent legal advice. In general, bankruptcy has devastating effect to a person’s credit rating. If one spouse files for bankruptcy, the other spouse may be affected. However, bankruptcy is worth pursuing under certain circumstances. For example, Chapter 13 lien stripping can potentially eliminate second and third mortgages on the property and Chapter 7 bankruptcy can potentially shake off unsecured debt while exempting the primary residence. Written by Dan Grady. Before you do anything call me at 954 247 1353 or click here

How Do 'Take Over Payments' Real Estate Contracts Work? 954 247 1353 Sunrise FL Plantation FL Davie FL

Take over payments' refers to a financing strategy where buyers assume loan payments owed on a mortgage note. This strategy has been popular amongst real estate investors for years, but is now becoming a preferred option for buyers who cannot qualify for financing through traditional means. Lenders can prohibit take over payments purchase contracts if the sale violates mortgage terms. Most real estate notes include a 'Due on Sale' clause that grants banks permission to request payment in full when property is sold. Therefore, it is wise to consult with a real estate attorney prior to entering into a purchase contract. The majority of mortgage lenders do not issue demand for payment unless payments become delinquent. However, buyers should be aware that by entering into a take over payments contract they could potentially lose the property if they are unable to qualify for mortgage refinance. When buyers can refinance the loan they normally must provide a down payment and are responsible for closing costs. In most cases, sellers use Subject-To contracts to transfer property rights of real estate secured by mortgage notes. This type of contract does not provide buyers will full ownership rights until the loan is paid in full. Subject-To contracts typically extend for a few years while buyers engage in credit repair or sell the property to pay off the mortgage. Take over payments have become increasingly popular amongst borrowers who can no longer afford to stay in their home and want to prevent foreclosure. When sellers can locate a buyer willing to cure mortgage arrears and assume future payments they can eliminate future financial risk and avoid having the blemish of foreclosure on their credit report. Assuming loan payments on property that is in preforeclosure can be highly risky; especially when mortgagors owe more than the property is worth. The only way to take over payments and avoid risks of receiving a demand payment notice is when loans are categorized as an assumable mortgage. These loans can be taken over with lender approval. Both FHA and VA loans allow buyers to assume payments without meeting lending criteria. However, there is one catch. To take over payments of FHA loans, the note must have originated on or before December 14, 1989, while VA loans must have an origination date of no later than March 1, 1988. Buyers can take over assumable mortgages that do not meet the above criteria. However, lenders might alter loan terms based on the buyer's credit score. Banks may require buyers to provide a down payment or they might increase the interest rate. When buyers take over an assumable mortgage they sometimes require funds to cover the purchase price. For example, if the loan balance is $125,000 and the purchase price is $150,000, buyers will require an additional $25,000. Unless buyers have this amount in personal savings, they will need to apply for a second mortgage to cover the difference. Assumable mortgages are a better option than entering into Subject-To agreements because sellers are released from financial liability should buyers default on the loan. Sellers should ask their lender to provide a written release of liability statement. Both buyers and sellers should engage in due diligence before entering into take over payments agreements. At minimum, sellers should conduct credit and background checks and employment verification. Buyers should conduct a property records search to ensure sellers are authorized to sell the real estate. Buyers should also obtain proof the loan is current and the property has not entered into foreclosure. Always obtain legal counsel or consult with mortgage loan officers to ensure take over payments under assumable mortgages adhere to state laws. Written by Simon Volkov. Sell your home Now Click here!

Understand How Owner Financing Works In Order To Sell Your House Quickly 954 247 1353 Plantation FL Sunrise FL Davie FL

Wondering how does owner financing work and how to use owner financing to sell your house quickly? The following insider information will reveal secrets bankers don't want you to know. Out of the " 8 different types of seller financing strategies " that exist, the wrap around mortgage was one of more powerful ones used to sell houses in the 1980's, when there was a deep recession like now and when the interest rates were in high 18's and low 20's. Real estate agents and brokers were faced with a major problem in the 80's selling their clients houses at those street loan sharks interest rates. Owner financing became a solution for home owners who could not sell their homes due to the recession. The wrap around, was also used for those facing foreclosure and thinking about doing a short sale on their house. Owner Financing It simply involves the prospective person purchasing the house, where he or she gets a complete home mortgage from the home owner selling the home and not the local bank. The home owner selling the property takes the position of the lender ( the bank ) and then the buyer will now pay the home seller every month for the life of the loan. When Does One Use This Option Home Seller - When the home owner has run into problems selling the house and just can not wait any longer to sell the house. Buyer - If for some reason the prospective buyer cannot get financing through traditional means like going to their local Chase or Citibank branch for a home loan Lender Loan Restrictions - The bank will not finance a particular type of property for what ever reason. How does Owner Financing Work? It is quite simple - The home owner ( you ) eliminates the bank from providing a home loan to your prospective buyer. You as the home seller take some form of advanced payment from the buyer to secure the property & provide the home loan instead of the bank. The terms of this loan is all in a contract drawn by your attorney, it is a written promise to pay which requires the buyer to make monthly payments to you as the home seller for the agreed time in the contract. The house buyer with a trust note in his possession, has a binding contract as the buyer of this property legally, all without any red tape from a local bank. An additional legal piece of document lays out the right to take the property back if the buyer does not make his payments as agreed upon. What Types of Property Are Good For Seller Financing? If the home owner is in some form of distressed situation and need to sell the house quick, or the property is in pretty poor shape, or the just sitting there and not rented out, then he or she may consider seller financing. Things to be considered is when the property has a some form of tax lien or mortgage attached to it. This option is most suitable when the house is free and clear of any existing loans on the property. 8 Ways You Can Benefit From Owner Financing * Speedier sale. * No waiting for bank approvals. * No bank or origination fees to the buyer. * The process and document preparation is much lighter. * The down payment can be made smaller to sell quicker & appraisal avoided. * Flexible terms can be arranged for you and the buyer unlike bankers. * You may be able to get closer to the price you are looking for since you are financing and the buyer is having trouble getting financing from traditional lenders. * You may make future income from the interest rate you set to the buyer. Double Closing Most home owners object to this type of financing arrangement, primarily due to not receiving full payment of the sales price when their house is sold. The Solution use what is called a " Double Closing ". You the home seller, just sells your note to a note buyer immediately right after the right after the closing. Everything remains the same when the note buyer purchases the note, terms * interest stay the same and this in no way affects the house buyer. Issues with Owner Financing The biggest issue with this option is, it seems to difficult to do, but with the help from an attorney it can actually be a simple process. Another issue is, to being sure about the buyer and how responsible they will be. Different creative solutions can be applied like getting 2 - 3 advanced monthly payments. If the buyer defaults the home seller feels like they are not equipped to handle this, but with the right attorney and help you the seller can repossess the property. Owner financing - if used properly is a very powerful creative financing tool to get your house sold right away, if it sounds like a possible solution that you would consider, seek out professionals that use these themselves and are familiar with them to explain to you how does owner financing work. Written by Edwin Rosario. Sell me your house with owner financing. i can help! Call 954 247 1353 Click right here!

The Fastest Strategy to Sell Any House - Owner Financing 954 247 1353 Davie FL Weston FL Southwest Ranches FL

Need to sell your house in South Florida? call 954 247 1353 visit http://SellFloridaHouseNow.com As a seller you probably expected to discover a good consumer paying with money. Due to the subprime meltdown, it's now much tougher to get a loan approved than it was merely a year or 2 ago. Banks have got much tougher with their requirements. Often it works out that way and infrequently it does not. certain owners could be missing a favorable opportunity. A buyer might be prepared to pay a higher price for your home at a higher rate if you are ready to help him or her by owner financing the home. Herein lies the chance; there is the possibility they may default on the loan. Seller with a large equity can get a higher interest rate by offering to give a mortgage to the buyer than the interest the owner would receive if the money were placed in a bank account. This technique of investing their money appeals to a couple of the older seller because they may be thinking of their retirement days not miles ahead. Sadly, there are those who are vulnerable when the purchaser defaults on his payments. When offering owner financing to a buyer, the seller will give the purchaser either a first mortgage or a 2nd mortgage. The second mortgage being a larger risk it includes a higher rate of interest than the first mortgage. The problems confronting the seller would be to qualify the purchaser to ensure their earnings is huge enough to make the payments. Obtaining the document to form the mortgage for the buyer, you are going to want everything documented; as proof of the exchange details should you ever need them. Protecting you from the loss of all or part of the equity invested to make this financing, in the event consumer defaults on the loan. Qualifying the buyer might be easier than you might think. The buyer can simply get his credit ratings from the credit reporting agencies and show them to you. Drawing up the documents needed to create this mortgage can be acheived with the assistance of some online services. It is recommended you have a lawyer look over the document to ensure you are shielded and everything is legal and above board. It is common knowledge some customers will default on their payments. Foreclosure would be the new plausible step, but it can be difficult and a pricey procedure. This is one of the reason owners keep away from financing their own homes. Knowing the risks involved with owner financing it's still a profitable way to invest the equity of your home. You can always sell the real estate note you create through your real estate attorney to a backer for a lump sum of money rather than receiving monthly payments over time. Written by Bob Fundman. Bob Fundman is a journalist in the loan industry.

Land Buying Tips by Jason Mosko 954 247 1353 SellFloridaHouseNow.com Sunrise FL Plantation FL Davie FL

Buying land can be a very confusing ordeal. There are many reasons to buy land. Some people buy for investment, some buy to live on the property. No matter why you buy land, we all want to make money with the property in the long run. Here are a list of tips and tricks to help you in the process. These tips are from Max Mosko. Max Mosko has been buying and selling land for over 40 years. 1. Make sure you have electricity in front of the property, or at a minimum 1/2 mile from the property. Its could cost over $2000/pole to bring power to your site. 2. In most cases, you can only build one home per lot. Dont think that if you buy a 100 acre parcel, you can build a whole community. Check with your local zoning office on land use. 3. Try to avoid buying swamp land. Also try to avoid buying low land. 4. One acre home sites can cost 90k. 100 acre home sites could cost 100k. Your better of buying the larger parcel. One day it may be of great value. 5. If you need to get zoning help, see a local in town lawyer. They have have extra pull in their township. 6. If you live in a cold climate, don't expect to sell you raw land in the harsh winter, when its covered with snow. 7. Don't invest more than 2-3 hours away from where you live. It make every step of the buying/selling process more difficult. 8. Make sure you can build at least one home on your property, otherwise it may not be of any value. If your looking to purchase land, feel free to contact us.