10 tips for avoiding foreclosure

This short, but to the point article, is courtesy of the Fairfax Times, and offers some good strategies on how to avoid foreclosure.

Another foreclosure scam story

I've posted it before, and I'll post it again:

DO NOT WORK WITH A COMPANY WHO PROMISES TO LEASE YOUR HOME BACK TO YOU! Another tale of a "lease-back" scam, this time coming out of Seattle, WA.
These "lease backs" are not good for the homeowner, or the investor. There are ways for you to keep your home when you're facing foreclosure. However, in many instances, it's often better to sell the home instead.

Of course, you need to make that determination yourself, although many times you can benefit by consulting a professional firm who can help you when you're faced with foreclosure.

Foreclosure scams

Every time I read an article about the foreclosure scams that are plaguing our country, it often sounds the same:

Scammer sends mail, or knocks on the door of the homeowner in foreclosure. They tell the homeowners to "sign documents" and that they'll lease the house back to them and then they can buy it back from them at a later date (once their credit is allegedly repaired).

Unfortunately, what they don't share with you (the homeowner) is the fine print:

1. They have probably had you sign the deed to your house over them (which puts them on title to the home and makes them legal owner of the home).
2. That if you're a day late with a rent payment, they reserve the right to evict you.
3. That they can raise the rents at anytime.

Be extremely careful of anyone who wants to get you out of foreclosure by leasing your home back to you. Reputable companies, such as www.SaveMeFromForeclosure.com NEVER offer to leaseback homes to their clients.

If there's a way for the clients to keep the home (through refinancing or lender mediation), www.SaveMeFromForeclosure.com will help the homeowner do so. If neither of those options are available, then it's time the homeowner look to other alternatives: namely selling the property.

Facing foreclosure? TALK TO YOUR LENDER!

It's amazing when I speak to homeowners facing foreclosure, and they inform that they have yet to speak with their lender. While I can be intimidating speaking to the lender when you're behind on payments, the best thing that you can do is let them know that you're behind, and you're working on getting caught up. This article gives some great advice on the subject.
The longer you go without speaking to the lender, the more difficult they can make it for you to get our of foreclosure.

Remember that you have options as a homeowner behind on payments, and you should explore every single one: whether you want to keep your home, or sell it, you should be doing your research.

Avoiding Foreclosure: five important steps

Peter G. Miller is the author of the Common-Sense Mortgage, and wrote a great article on the five most important steps to stopping foreclosure.

You can read the entire article by clicking here...

Massachusetts Foreclosure's increasing at a rapid pace

Foreclosures in Massachusetts continue to rise at an alarming pace. The data was provided by ForeclosuresMass.com, and the full article can be read by clicking here.

Facing Foreclosure? Watch out for scams

When faced with foreclosure, there are many companies that will try and offer their services to you. If they tell you that you can stay in the home, they should be either refinancing you, or helping you negotiate a repayment plan with your existing lender.

If a company doesn't provide either of those solutions, but tells you that you can "stay in your home", be extremely wary of such companies.

This article about a poor homeowner in New Jersey was victim to a company that did just that.

Common Foreclosure causes

With foreclosures across the country on an increase, many people are curious to why foreclosure increase is so common.

In the following article, we see a very common set of causes: rising interest rates from ARMs adjusting, coupled with increased property taxes and insurance rates.

Click here to read the full article.

Chicago area foreclosures on the rise

Chicago area foreclosures increased by 60% from the 1st quarter of this year to the second quarter. To read more about the sharp rise in Chicago foreclosures, you can read the article here.

Stop Foreclosure: ideas from Marketwatch

With Foreclosures rising across America, Marketwatch provides some great advice on how to beat or stop a foreclosure in this article.

National Foreclosures increase 5% in July

Foreclosure still climbing, according to RealtyTrac. Click here to read the article.

Adjusting ARMs could result in Foreclosure increases

The hot housing boom and low interest rates went hand in hand over the past few years. As prices continued to climb, many borrowers were seduced into ARM (Adjustable Rate Mortgage) loans, because of their lower initial payments.

Now many of those loans are beginning to come due, and homeowners are beginning to worry about their new, increased payments.

For a real life version of this very common event, read about this homeowner in North Carolina, who fears the rising payments could potentially lead to foreclosure.

Foreclosure Warnings from the BBB

The Better Business Bureau has some great tips for homeowners who are faced with foreclosure and are getting bombarded by offers from companies promising to help them save their home.

We encourage all homeowners who are facing the difficult task of a pending foreclosure to make sure that they're working with a reputable company, such as SaveMeFromForeclosure.com

Ro read the article and get some great tips from the Better Business Bureau in Northeastern Indiana please click here

Detroit Foreclosures: beware of scams

If you are faced with a foreclosure, but are now worried about whom to trust, make sure that you're working with a reputable company, such as www.SaveMeFromForeclosure.com.

A lot of unethical companies are out there to scam homeowners, and read can more about such scams in the attached article

Education BEFORE Foreclosure: home loan counseling

Hopefully you'll never be in a situation where a foreclosure on your home is pending. For a California non-profit, they hope to make sure by offering a free pre loan counseling workshop. Click here to read about the workshop, and the dates and times.

Stop Foreclosure in Indiana

Indiana homeowners have a chance to find out about stopping foreclosure by visiting SaveMeFromForeclosure.com and learning more about their options.

They can also learn more at a free seminar Aug. 12 sponsored by the housing authority called “Saving Our Neighborhoods.” For more information on this program, please click here to get all of the details.

California Foreclosure Activity sees largest rise in 14 years

It seems as though the softening real estate market across the state of California has lead to a rapid increase in foreclosure activity. For more click here to read the full article...

Foreclosure? Banks won't always help you!

Once you go into foreclosure status, calls from your lender's collection department will begin. Unfortunately today, many homeowners are upside down (they owe more than their property is worth) in their homes.

This means that if they fall behind on payments, they can't refinance, since there isn't enough equity in the home. Many times, these homeowners enter into a workout agreement with the bank. This is where the bank will take less than what is owed on the property to settle the debt.

However, if you believe that you're going to go this route with your lender, be careful! Lenders aren't always easy to deal with, or get in touch with. You have to be persistent, and stay on top of them. Read the difficulties that this homeowner had working with US Bank.
Our advice is to enlist the help of a professional who has worked on several of these types of transactions. At SaveMeFromForeclosure.com, you'll be able to find a local affiliate who will be able to help you with a workout agreement with the bank.

If this is something that you choose to tackle alone, make sure you stay on top of your lender, and remain persistent. It can be done alone, although it's much easier with the help of a professional company.

Stop a Foreclosure? Don't wait!

At www.SaveMeFromForeclosure.com, the most important message we get across to clients is:

"Don't procrastinate if you're facing foreclosure!"

This couldn't be more true, as the housing market begins to cool across the country. When the housing market was hot, people behind on their payments could explore a lot of options, and if none of them panned out, they could list the home, and have a contract to buy it within a week.

However, now that the housing market has cooled in many parts of the country, procrastinating can really hurt the homeowner. This article details the effects of the cooling Southern California market on foreclosures.

We reccomend that you explore ALL of your options if you're faced with a foreclosure. But do so quickly, as the longer you wait, the fewer options you have available to you.

Stop Foreclosure! But don't get scammed!

Foreclosure can be a terrifying thing to face alone, especially when you need advice. Many people are too proud, or too ashamed, to tell a close friend or family member about their situation. Often times, they trust unknown people who call them, mail to them, or even knock on their door.

How do you know whom you can trust? I always prefer to trust someone who tells me the WHOLE story, not just about his or her company. The person who can tell me about ALL of my options, when facing foreclosure.

The Miami Herald recently published a great article on foreclosure scams. You should always ask whomever you're working with for some references: find out if they've actually helped people in the past. It's a great (but not perfect) method of checking up on the legitimacy of a company.

Remember that it's okay to ask questions of the people offering services to you. I recommend asking them what downsides there are to the solution they're offering you. If they tell you their solution is perfect, I would be skeptical. No solution to a problem is without a few flaws, however minor they may be.

Good luck, and remember to check up on whomever you're doing business with.