How Long After Foreclosure Until Eviction?

In many cases, homeowners, for one reason or another, are unable to save their homes or find a solution that will stop foreclosure. Unfortunately, many simply wait until the last minute, hoping against hope for a mortgage broker who will come through with a new foreclosure loan, only to be left hanging at the end with nothing besides a rejection. In such cases, lenders may be unwilling to continue to postpone a sheriff sale, and the foreclosure victims will find that they must find a new place to live. How long the eviction takes, though, and the state foreclosure laws will determine what a homeowners next steps should be in planning their lives after foreclosure.

In general, the bank will not start the foreclosure process until the homeowners are 3-6 months behind on payments. They can start as soon as you the loan is in default (31 days late), but most lenders will give their clients the time to get caught up and give them the benefit of the doubt, rather than starting foreclosure right away. Mortgage companies know that some people just have a one-month or short-term financial hardship that causes them to fall behind for a short period, but are then able to recover quickly and begin paying the mortgage on time again and avoid foreclosure completely.

Also, if the homeowners are working with the bank for a repayment plan or mortgage modification, they the lender will be much more willing to postpone the foreclosure filing for a few extra months. Once foreclosure starts, costs go way up, so they may be willing to get the homeowners qualified for a workout program before the situation gets out of control. Even without the actual filing of the foreclosure lawsuit, though, late fees and interest will begin to accumulate, so it is in the best interests of the homeowners to begin saving as much money as possible once they fall behind, as well as contact the lender for options to stop foreclosure.

The time period for the actual foreclosure process will vary from state to state, once the paperwork is filed. The house will be sold at sheriff sale, and then the redemption period begins, if one is offered in the state in which the property is located. For example, some states have no redemption period, while others have a one-year redemption period under the state’s foreclosure laws in order for the homeowners to stay in the property and look for some way to save it. Refinancing, selling, or paying the redemption amount in full can all be done while the foreclosure victims continue to live in the property for the length of the redemption period.

After the end of redemption, though, the eviction process will start. Eviction can usually take 2-4 weeks, depending on how quickly the lender starts the process and how quickly the sheriff can come out to the property and conduct the actual physical eviction. Once that happens, though, the homeowners will be set out on the street and the locks will be changed. It will be better to be out by this point than be evicted, of course, but it is also better to find a solution before the situation reaches this point, as well.

Time periods for foreclosure and the eviction process vary wildly from state to state. Some even have the redemption period before the sheriff sale, while most others have a redemption period after the sale. This is why is important for homeowners to gain the foreclosure information necessary to understand how foreclosure works, and how much time they will have to put together a plan designed to stop foreclosure. One of the best places to start researching is the state foreclosure laws, and the best time to start researching is as soon as possible. Waiting too long to learn how foreclosure works and then not putting together a plan to save the home is almost a sure-fire way to end up homeless and evicted.

Sell House Now Tips and Information – Learn How to Sell a House Fast

It is now doubt the real real estate market will slow down during the holiday season. This is good for realtors and real estate investors who have been working very hard to help clients buy and sell houses but not so good for buyers and sellers.

If you are in the market to buy a house, December and January can be a good time to pick up some great deals on a house because there are not many buyers. It can also cause an issue for home buyers because the number of available homes typically is lower during the holidays as home sellers don’t want to move during this time.

The cold weather also has an affect on the real estate market. The colder it is outside the less home buyers are out shopping for a great new home and the less number of open houses real estate agents hold. In months when the weather is warm the number of houses for sale increases and so does the number of sold homes each month.

Does this mean you should wait to sell your house until Spring? Well, if you can wait it might be a good idea too, but many home owners need to sell their house now. The truth is life happens and there are many reasons a home you expected to stay in for seven to ten years suddenly becomes a home that you can only stay in for two or three years.

Home owners who need to sell their house fast typically have one of the following reasons: foreclosure, job transfer, divorce, relocation, family illness, short sale, etc. There are many reasons home owners need to sell a home but if you are experiencing any of the above stated issues you are more likely to need to sell quick.

The problem with needing to sell a home fast in the current real estate market is many home owners do not have much equity so selling a house can be very difficult. If you owe more for your home mortgage than what your home is worth it can seem impossible to sell your home. The truth is you still have home selling options. You can have a professional realtor or investor complete a short sale, lease option your home until the market increase or you can rent your house until the market increases and sell then.

It is important that if you are wanting to sell a house you discuss all your options with a real estate professional. Real estate can be a tricky thing to handel especially when you have an emotional attachment to the home. Discussion all your options with someone who is an expert and does not have an emotional attachment can help ease the process of selling a home.

Ultraforeclosures Review – What Is This Auction Site About?

The Ultraforeclosures is yet another web site that is geared toward helping folks take advantage of the real estate market melt down. This is a subscription site that offers a 7 day free trial but once the free trial period is over than you will pay a monthly fee until you cancel, the fee is automatically billed to the credit or debit card you use at the time of registration.

Nothing is sold through this website other than information you can get for free. Of course this is a good service if you do not have the time to rifle through endless county records.

Positives

The Ultraforeclosures.com review shows that the site is easy to navigate. The information is easy to understand and most things are easy to find. There is a toll free number you can call if you have any questions. If you need some tutoring or tips on how to purchase foreclosed properties this website offers quite a few tutorial opportunities several different informative Ebook’s a page of tips on how to be successful in the foreclosure purchasing forums.

According to the better business bureau website this company has been registered with the BBB since 2/2010 and no complaints have been registered against them. I could not find any negative reviews on the web and my experience has taught me when a site is a scam or is not functioning as it should the online community typically will ban together and leave nasty reviews wherever they can.

Negatives

The free trial period costs $1.00, which I know is not going to make or break anyone, but ultimately it is not free, and this bothers me. The $39.95 monthly fee also seems a bit hefty to me, but I guess if you can get the information out of the website that you want in a month and cancel in time so you are not paying any additional months it might be worth the $39.95.

Ways to Stop a Foreclosure and Stay in Your Home For Free Indefinitely Even When Nothing Else Worked

There are a number of ways you can delay foreclosure and by reading on you will learn many ways to stop a foreclosure. By doing this right you will be able to stay in your home for a very long period of time without making mortgage payments. Just make sure that you know how to deal with every situation and use the legalities behind the foreclosure process.

Obama’s Mortgage Modification Program is not really working as it should be. More than 90% of homeowners here in the U.S. are now facing possible foreclosure and are not being considered by this program because they are failing the requirements to qualify.

There are ways to stop a foreclosure and delay the procedure so you can stay in your own property for a longer period of time. This is actually easy if you have the correct information at your disposal. You can even do it by yourself without a lawyer. One thing to keep in mind is to never sign any document about it and to never leave your home behind.

A lot of people are victimized by scammer during this vulnerable period of the process. You will be surprised that a lot of homeowners get scammed by being offered a short sale or a quick fix to this problem. These won’t save your home so beware of predators taking advantage of the situation that you are in.

Here are some tips that you may use to delay the foreclosure process:

Answering the foreclosure Notice:

A hardship letter is definitely one of the most used strategies not only used to get considered for mortgage modification but to get you more time in your home or property.

Use all time that you may get:

First avoid the receiving of the foreclosure notice for as long as you can. This little tip can get you months in your house. If they can’t get you to sign the letter, they will have to use other means to proceed.

If the summon has already received, then you have approximately 20 days to reply to the foreclosure notice sent by the court. Don’t reply immediately, wait about two weeks or so before your answer the notice.

By doing this you get an additional month or so that you can use to plan ahead. Keep in mind that this notice needs to be signed and received by a member of the household to be legal. Knowing this would be a great advantage for you.

A Hearing:

After exhausting some preliminary options you can request for a hearing. Requesting a hearing in your local Circuit Court would also give you additional time. Some very informed people have used this strategy effectively to stay in their homes for up to a year.

Closing Contracts.

There are other very effective strategies to delay the foreclosure process like revising your housing contracts for errors. Most Closing Contracts contain errors and mistakes and if used properly this could stop the foreclosure process right on its tracks for even more that a year.

Knowing the ways to stop a foreclosure is just one part of it. Knowing what to do in the right situation would delay the foreclosure process for more than 3 years. These tips have been proven useful by other homeowners and you too can start using these strategies to stay in your home longer.

Distressed Properties Sale: Buying Tips

If you are looking for investments in the real estate market that will double your money, consider buying at distressed properties sale. So, why is a property that has been foreclosed because its owner failed to pay for its monthly mortgages a good investment? It is because a foreclosed property is sold cheaply. For a small amount you can buy your own house, which you can either live in, rent to other people or fix and resell.

Where to Look for Distressed Properties:

Many homeowners who have fallen into bad times and found themselves unable to continue to pay for the monthly mortgage of their properties are willing to sell them instead of waiting for lenders to repossess them. And because they are in a hurry to dispose their properties to avoid foreclosure, they would sell their homes way below the current market value to attract buyers.

If you are interested in buying at distressed properties sale, better arrange your finances first before you approach the owner. There are several advantages of organizing your finances before making an offer. For one, you will know how far you can go when negotiating for the price of the property. Another advantage is, it will give you a leverage during negotiations as the owner would be more inclined to sell to you the property if he sees that you have the ready money.

Some Factors to Consider Before Closing a Deal:

Just because you have found a cheap foreclosure property to buy, it does not mean that you will grab it immediately without taking some steps to make sure that you are getting a good deal. A distressed homeowner who is desperate to sell his house before it goes into foreclosure would opt to withhold any information he deems would turn the buyer away. He knows that information, such as hidden liens, unpaid taxes and major structural damage, can affect his chances of selling his property.

Be aware of these pitfalls so that you will not be left with a property that is more of a headache than a good investment. Buying at distressed properties sale is a good deal only to people who practice due diligence.

Tips For Using Prudential Real Estate Bank Owned Foreclosure List

Investors and home buyers are discovering the Prudential real estate bank owned foreclosure list offers a vast array of discounted homes. Foreclosure houses are moving up the ranks as being the preferred choice for buyers since they are priced below market value.

The Prudential real estate bank owned foreclosure list encompasses all types of residential properties, as well as industrial and commercial real estate. Regardless of the type of realty you prefer, chances are the Prudential foreclosure list can help you locate it.

Bank owned houses are foreclosure properties that were not sold through public auction. Houses are returned to the servicing lender and banks list the properties through realtors. Their primary goal is to recover foreclosure costs and prevent future expenses. Banks are responsible for property taxes, insurance and general maintenance so they reduce the price to entice a quick sale.

Due to the extreme magnitude of bank foreclosures, several million distressed properties are available nationwide. Based on the number of homes it has become virtually impossible for banks to handle the sale of each property. Therefore, lenders enlist the assistance of local realtors to list bank owned properties, arrange showings, and mediate purchase price negotiations.

Buyers submit offers through Prudential realtors, just as they would when making an offer on other types of listed property. Agents present realty offers to the mortgage lender who in turn accepts, declines or provides a counter-offer.

Banks reduce the cost of foreclosure houses in order to remove toxic assets from their books. The Federal Reserve Bank provides money to lenders based on profit margins. If mortgage financiers hold a bounty of stagnant real estate the amount of money they receive for lending purposes can be discontinued until they become profitable.

For this reason, mortgage lenders are rarely willing to further reduce the asking price of bank owned homes. Buyers who plan on purchasing Prudential bank owned foreclosures should be prepared to pay the full asking price unless substantial damage is found during the home inspection.

In order to submit offers on Prudential foreclosure homes, buyers must obtain prequalified financing. Prudential realtors can help buyers locate mortgage providers or buyers can seek out lenders on their own. One of the most trusted sources for mortgage loan comparison is BankRate.com.

If buyers are able to purchase bank foreclosures with cash they might be able to further reduce the asking price. Banks are sometimes willing to reduce the price of bank owned properties when a cash offer is presented. Buying houses with cash eliminates the possibility of buyers not being approved for a home loan and lessens the time required for closing. Many real estate investors purchase bank owned real estate with cash in order to obtain the best deal and expedite closing.

Individuals interested in buying Prudential real estate bank owned foreclosures can review property listings and obtain contact information for the listing agent at PrudentialProperties.com.

How Does Foreclosure Impact Your Credit Report?

How does a foreclosure effect your credit report is a perplexing question. This is because Fair-Isaac Company, who started the credit scoring system, will not share this information. What complicates the issue even further is that all the credit information reported is calculated into the individuals’ credit score as it occurs. The credit score is updated instantly whenever there is an inquiry, otherwise it sits waiting for some person or institution to access it.

To get negative information on your credit report concerning a foreclosure, the homeowner must not have paid his mortgage or loan payment for 30 to 90 days. So to begin with, his score is decreased by the late payments. Usually, the homeowner is also late on other bills because of his financial crisis and has additional late payments, collections, or judgments. So if he had his credit pulled on a specific date before he started his personal financial decline, he would have seen one score (i.e. 680). The next time he pulls his credit report, after he has been served with his foreclosure notice or even after the foreclosure is completed; he sees his new score (i.e. 450). He is probably shocked and dismayed, especially when he realizes how much more interest the lenders want because of his low credit score. For example, an auto loan to an “A+” credit customer could be 0% interest while for a “D” credit customer, it could be 11% or higher. What does that actually mean? It means that the “D” credit individual will pay $5,500 to $8,000 more for the same car as the “A” credit buyer! The collateral for the loan is the same car, so the “D” credit person is unfairly penalized for his credit situation.

Your credit score “before and after” the foreclosure is no conclusive answer as to how much the foreclosure has hurt your credit report, but it is an indication. Homeowners tend to believe that once they have had a foreclosure they can never buy a home again. This is absolutely untrue, as we see people buying homes within a year of losing their previous home. They will have to pay a higher interest rate unless their down payment is substantial, usually 15% to 20% of the purchase price. But this sizable down payment is often obtained from friends or family members and carried as a second lien on the property. Also the credit score reduction for the foreclosure is reduced as time goes on, until it settles at a minimal number after a few years.

The foreclosure’s immediate impact on an individual’s credit report is estimated to be about 100 to 140 points. The bigger impact is from the late payments on other bills which quickly mount up. Doing a “deed in Lieu of Foreclosure” with the lender reports the same as a foreclosure. It is generally believed that a foreclosure stays on your credit report for seven years, but it can stay on longer because it is part of the public record, which could be open for 20 years. So make certain when you do your credit restoration you have it taken off, if it isn’t removed automatically.

Working With Government Foreclosure Listings

Even if you have been in the business for many years, you should understand that there is always room for learning new things. Although you might have been used to searching for a foreclosed property the old fashioned way (auctions, classifieds, etc), you should probably consider subscribing to online government foreclosure listings.

It is a fact that information today has become easier to obtain. All you need is an internet connection and a computer and you are good to go. This is probably the reason why many find online listings to be very convenient. In addition, they also possess the following qualities:

User Friendly

You do not need to be a computer expert to navigate through government foreclosure listings. Although they could contain as many as 1.5 million foreclosed homes in their database, you can browse them easily by utilizing the search feature. You can look for a property by the number of bedrooms and bathrooms, state, zip code and price range. There are also photos that come with every listed property so that you can see what they look like and not rely on the description alone.

Filled with Useful Information

Aside from the details about the repossessed properties, you will also benefit much from the other information that can be found on the site. For example, some brokers provide the members with regular industry news or articles, updated mortgage rates and links to websites of government agencies like the HUD, Freddie Mac or Fannie Mae. You can actually consider the listings provider as you partner in your foreclosure investing business.

Reasonable Fees

If you consider the money and time that you will save with these government foreclosure listings, you will think that the subscription fee is more than reasonable. There are even providers who offer trial membership for a lower fee. You might want to take advantage of such offers since it could provide you with a way to check out the quality of the listing without making long term commitment.

3 Secrets To Gaining Profits From Property Foreclosures

Property foreclosure is a legal process, which is undertaken by the lender when the borrower stops making loan repayments. The law enables lenders to recover their money, by allowing them the right to sell the assets, which are used as collateral by the borrowers. Instead of wallowing about losing your assets, you should look for ways to gain profits from property foreclosures. Here are some tricks to help you with this:

1. Bid At A Foreclosure Auction

One way to ensure that you don’t get the short end of the stick after losing your property to foreclosure, is by participating in the auction. While you will still have to shell out money to claim the property you originally owned, you won’t have to pay as much as you initially did. But remember, no information about the property is given other than its legal description. Also, you must pay cash, and there is no contingency allowance for financing.

2. Directly Purchase An REO

REO or Real Estate Owned properties can be targeted to attain profits from foreclosed properties. Since lenders often want to remove REOs from their books as quickly as possible, they may grant buyers favorable terms of sale, such as low or no closing costs, below-market interest rates, and low down payments. Moreover, when the property needs repair work, lenders are willing to accept offers at a discount price. To find the perfect REO for yourself, you can follow up after foreclosure sales, or by contacting a real estate agent.

3. Target Distressed Owners

Another easy way to earn profits from property foreclosures is by actively seeking out a borrower whose property is being foreclosed. There are a lot of reasons why borrowers might miss out on loan payments, such as personal crisis, loss in business, and losing their jobs. You can help them salvage their credit record and some equity, while simultaneously securing a bargain for yourself and earning profits. But keep in mind that people undergoing foreclosure won’t be in the best of moods, so you will have to patiently deal with them.

In today’s turbulent real estate market, property foreclosures are becoming quite common. But don’t fret and remember, buying from a motivated seller undergoing foreclosure, from an auction, or from a lender, will surely lead to excellent results. A few smart strategies and a detailed understanding of the loan market, will help you earn profits in this industry.

Stop Foreclosure – A Creative Way To Stop Foreclosure

The news is flooded with information and reports on the current foreclosure crisis across the country. Everyday, thousands of foreclosures are filed across the United States. People that are trying to stop foreclosure are having a difficult time finding potential buyers for there home. They often own more then it is worth, with foreclosures, being sold for pennies on the dollar this creates a major problem for those trying to stop foreclosure.

Even with the housing markets across the country slowing down there are still creative ways for desperate homeowners to get out of paying there mortgage payments and stop foreclosure. The obvious way to for this is to sell your home, fast. However, finding a buyer may prove to be difficult, if you are not able to find a buyer, then consider other alternatives.

Instead of having your home sit on the market for several months, which you probably do not have anyway, and will l only get you further into debt look for a renter. The recent boom in foreclosure has forced many people that cannot longer quality for a mortgage loan to rent. Yet, in most cases, they make enough money to pay the rent and are good quality prospects for renting your home too.

If you require additional assistance, open your options further and look at renting to Section 8 tenants. You still can interview potential tenants, get a rental contract and inspect your property as needed. Section 8 renters a government subsidized watch month, therefore they only have to come up with a small portion of the monthly rent and the government pays the rest, thus payments are as close to a guarantee as you can get.

There is a wide variety of options available to stop foreclosure, unfortunately many home owners wait to long before they look for a solution. Time is not usually on your side during a foreclosure, however there are some options available that do not require a lot of time and may help you stop foreclosure, even if it is last minute.

Investigate all your options, contact an attorney or professional that specializes in foreclosure; they may be able to find additional options to help you stop foreclosure on your property. Just remember, never give up, and fight for what is yours already.

Just because you are facing foreclosure, and you thought that you have exhausted all other options, get creative. There are other ways to avoid foreclosure and protect your home until the market recovers and you can still profit from your original investment.