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Foreclosure help in Florida: Free seminar scheduled for Oct. 13

September 28, 2009 By Leave a Comment

Avoid foreclosure

Attention Florida homeowners who are currently in or are facing foreclosure:

QuickSaleSM has launched a massive nationwide campaign to help distressed homeowners seeking REAL solutions during these troubled times.

Linda Martignetti, with C-21 Tenace Realty Inc., is an affiliate of the QuickSaleSM program and is hosting a FREE consumer outreach seminar on Oct. 13 at the Forum Lodging and Conference Center located at 600 SW 3rd Street in Pompano Beach, Fla. (33060), from from 7 to 9 p.m.

In attendance will be experts who specialize in dealing with stressed and distressed homeowners.

The main purpose of this event will be to provide homeowners with the truth about topics such as loan modifications and the government’s role in this financial tsunami, as well as access points to service providers who can assist.

For more information about this and future events call us at QuickSaleSM (866) 202-8200 ext. 7110 or you can contact Linda at C-21 (www.floridahomesbylinda.com) or (954) 464-5434.

Don’t miss this opportunity to get free foreclosure assistance! Register today before it’s too late.

Filed Under: Florida Foreclosure Homes, Florida Foreclosure Listings, Foreclosure Hotline, Loan Modifications, QuickSale, Stop Foreclosure

Underwater mortgage: Refinance under Obama foreclosure plan seems critical …

May 21, 2009 By 2 Comments

… with an estimated 20.4 million homeowners in the United States who now owe lenders more than their homes are worth because of the across-the-board decline in home values, according to a recent study from Zillow.com:

” … the number of borrowers who are underwater climbed to 20.4 million at the end of the first quarter [2009] from 16.3 million at the end of the fourth quarter [2008]. The latest figure represents 21.9 percent of all homeowners, [which is] up from 17.6 percent in the fourth quarter and 14.3 percent in the third quarter.”

Obama’s plan, which is often referred to as the “Making Home Affordable” program, is intended to “stimulate” the housing market and reduce interest rates/loan amounts for homeowners struggling to meet their monthly mortgage obligations.

Typically, homeowners who are “underwater” are not permitted to refinance their mortgages, but now the has changes for loans backed by Fannie Mae and Freddie Mac under the new initiative.

To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here. The official “Making Home Affordable” Web site can be found right here.

Filed Under: Loan Modifications, Making Home Affordable, Mortgage Rates, Refinance Mortgage

Sheriff sale cancellations are up in March 2009

April 1, 2009 By Leave a Comment

sheriff3.jpg

Boca Raton, Fla. — Foreclosure.com (www.foreclosure.com) today announced that it has detected a 30 percent increase in sheriff/trustee sale cancellations when it compared March 2009 data to figures from exactly one year ago, signaling that banks and lenders are having success resolving loan situations with distressed borrowers in default.

It’s a positive sign that could mean more people are avoiding foreclosure and staying where they should be: In their homes.

“While not the smoking gun that the housing market is on the road to total recovery, it is good news nonetheless,” said Foreclosure.com Vice President James Houston. “Being in the midst of a foreclosure situation is a very difficult place to be. And the fewer homeowners who have to experience it the better it is for everyone.”

Foreclosure.com breaks down the foreclosure process into three simple steps: preforeclosures, sheriff/trustee sales and post foreclosures/REOs. Sheriff sales — also known as trustee sales in states such as California that primarily observe non-judicial foreclosure laws — are homes facing foreclosure that are scheduled to be put up for public auction.

These public auctions typically take place at county court houses or other public places such as libraries. It is often the last chance for a homeowner who has defaulted on his or her mortgage to cure the loan before it is either sold to a new buyer or repossessed by the bank/lender.

And the fact that sheriff sale cancellations are up means that distressed homeowners and their lenders are finding common ground.

[Read more...]

Filed Under: Foreclosure.com News, Loan Modifications, Sheriff Sale, short sales

CitiMortgage loans to be reduced for unemployed borrowers

March 3, 2009 By Leave a Comment

citimortgage
More than 11 million Americans are out work — and perhaps three million more could join them before 2009 expires.

In fact, the national unemployment rate is at its highest level (7.6 percent) since 1992. And it could surge more than a full point in 12 months or less to highs that have not been recorded in more than 25 years.

This harsh reality is a major problem for many reasons — people who can’t find work can not earn a living. Perhaps more alarming, many of these individuals are homeowners who are either having trouble making their monthly mortgage payments or will very soon of their situations do not improve.

And when homeowners don’t pay their mortgages on time they run the risk of falling into foreclosure.

It’s a slippery slope and a primary reason foreclosures have increased across the board in the last year and could continue to rise in the future.

CitiMortgage, which is the major mortgage lending arm of Citigroup, has apparently picked up on this unfortunate trend and is doing something about it, announcing today that “newly laid-off borrowers” will be allowed to “pay a substantially reduced mortgage, around $500 a month, for three months while they hunt for a new job,” according to Forbes.com.

However, only mortgages below the $417,500 threshold qualify. And after the 90 days are up, the article indicates that unemployed borrowers still in the program will be dealt with on a “case by case basis.” In addition, those in the program who find work before the three-month mark could be eligible for a long-term loan modification.

Therefore, if you are unemployed and struggling to satisfy your CitiMortgage loan responsibilities it would behoove you to give them a call and enroll in the program. It could make a major difference and provide you with valuable time while you get back on your feet.

Filed Under: Loan Modifications, Mortgage Rates

Report: Loan modifications ‘not working’ to help stem foreclosure tide

December 10, 2008 By 1 Comment

falling homes

Distressed homeowners have several available options to avoid sliding into foreclosure, whether it’s negotiating short sales or working with lenders to adjust their monthly mortgage payments.

The latter solution is referred to as a loan modification. And financial institutions — especially in this turbulent market — will often rework loans to ensure that families can afford to stay in their homes.

That’s what it is supposed to do, anyway. Today an alarming report indicated that homeowners are having trouble paying their mortgages despite having them tweaked.

Here’s a snip:

“More than half of delinquent borrowers who had their mortgages reworked earlier this year to avoid foreclosure were behind on their new loan payments after just six months, a federal regulator said yesterday. John C. Dugan, US comptroller of the currency, told a housing forum yesterday that data his agency is collecting show the increase in repeat defaults by homeowners is ‘remarkably high.’”

Perhaps more troubling is the finding that homeowners who have their loans modified are having trouble making the reduced payments just six months later and are “redefaulting.” One reason for that, according to the report, is that several of the modifications actually end up costing homeowners more each month after “rolling in past-due principal, taxes and insurance.”

That doesn’t appear to be a very attractive solution and more than likely only makes a bad situation worse.

So what are cash-strapped homeowners supposed to do?

The most important thing to keep in mind is that it’s best to identify and address the situation as early as possible. Contact the lender and tell them your situation. If you meet resistance or feel that the options presented to you are not good then make a few more phone calls.

There is likely a local, county or state counseling service that can point you in the right direction. Be sure to also reach out to the professionals at CreditLawGroup.com who are always standing by to lend a hand.

The worst thing you can do is nothing … or not give it 100 percent effort.

Filed Under: Foreclosure Assistance, Loan Modifications, Stop Foreclosure
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