FORECLOSURE
Buy IN or Sell OUT

Foreclosure is state of uncertain flux and emotion for those who know they are about to lose their houses. This is a great opportunity for an investor. But there are pitfalls. To save your house you may have more options than you might think. Here are a few.

Options:

Normal Current Market Sale By Owner or Realtor or Network Use Craig's list every 15 days to Sell

Auctions

Short Sale

Modification of Mortgage Note and Deed of Trust

Find a second Job or a Third Job

If Practical find a Boarder or Roommate

Rent the house and move to a rental

Ask family and parents for assistance

Take advantage of Lender programs

Talk to your current Lender ask for help

Hire a pro to negotiate loss mitigation with your lender. Time is not on your side nor that of the lenders. It is all very complicated. These services are not free and can cost up to $3,000.00.

Learn all you can about the market you are in.

Find a place to meditate and pray and receive inspiration. Sometimes the answers are there you just need quiet time to discover and implement them.

Remember Mortgage lenders and providers do not want the house (property) back on their books. They make no profit while the property is in a state of foreclosure, while it is on their asset logs or while it is not receiving interest payments.

If you can afford an attorney, check your Good Faith Estimate and your Truth in Lending Disclosure. It has helped many from foreclosure. If the Truth in Lending disclosures are incorrect as compared to note and deed of trust, a judge may declare the note unenforceable and illegal and the mortgage then disappears.

There is a recommendation to congress from the Attorney's General of several states that would give power to a bankruptcy judge to force the lender to modify the note. This means lowering the amount due on the mortgage to the "current" value of the home in today's marketplace and lower the interest rate and payments and adjust the term (length of the mortgage) to a safe and moderate rate.

The banks would take the loss on this. They do anyway. But the lender has no potential to make any of the money back from the sale. Even though in this market there is not any potential to recover even portions of the banks losses from foreclosure. Banks are trying to time the market and hope that the values of homes will come back up. This is one reason why normal modifications with banks are so very slow. That and the fact that there are so many in queue.

Statistics like we had 80% more foreclosures in 2008 than in 2007 is very alarming. Values of homes accros the country are dropping as much as up to 1 to 3 percent per month. Please note that there is a market within all of this. It will take awhile to purge all the overinflated price points and value. Attorney's are making money, lenders are as well even though they are losing more than they are making in the interim.

Our advice is to stall the foreclosure as long as you can. Watch the news and internet for possible solutions. If you are about to lose your house in a matter of ten days or less, file for bankruptcy or file a claim against your lender in court which will stay the foreclosure and buy you a little time.

Many times it is much more preferable to let things go for emotions, stress, and worry lines sake. Once you have made the decision to let go there is immediate relief. You also have work to do to overcome the dilemna but you won't damage you health and mental stability trying to revive a truly economic dead horse. There is nothing wrong with starting over. Foreclosure is not your dead end. Its just a step to the next phase in your life.

One of the most tragic things out there for a homeowner who wins his house back from foreclosure is the fact that sometimes the economic piranhas keep attacking little bits of economic flesh at a time. In some areas of the country after a borrower has worked hard for months and months just to save his home and succeeds, He or she finds out that there is a cut in pay or layoffs or less hours available to work and the ability to pay the modified mortgage is in jeaopardy again.

There are emotional and practical reasons this happens. Some folks just are in a state of incredible depression after realizing their whole life's journey was ripped out of their hearts and they do not care. Others do the math and realize there is little they can do.

We suggest several things if this is your dilemna. Of course it is never simple and no one can really understand that you are unique and not just a statistic. Except us a Newport Arizona dot com.

Much of what you are experiencing will pass. You will have your unique way out and you will engage the tenacity of the human spirit to overcome. Your future is excellent. The here and now is only dispirited. Focus on hope and entertain all ideas you and others may have to get things balanced out.

We never start from zero as humans. We always have strengths we were not aware of and we have minds that can solve all problems.

Lets Build a Bridge to Somwhere out of this Economic Desert!

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