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(PRWEB) June 17, 2005 – To stop foreclosure, homeowners
are often in the dark when it comes to finding foreclosure
help. There are matters to consider when preparing to sell
your home to stop foreclosrue besides the obvious time constraints.
Some foreclsure options will affect your credit more than
others. Foreclosure options and forclosure help are available
for free at www.RealtyBites.net.
In Part I and Part II of this article, we covered ways to
stop foreclosures and unscrupulous, unethical mortgage lenders
that might take advantage of consumers. A quick reminder,
ignoring the notices does not stop froeclosure. After contacting
the mortgage company to arrange ways to repay the arrearage,
making an effort to borrow from friends or family, attempting
to work out an ethical and affordable loan from a lender,
researching assistance programs, and still not able to stop
foreclosure, you may need to sell your property.
| To
stop foreclosure, homeowners are often in the dark when
it comes to finding foreclosure help. There are matters
to consider when preparing to sell your home to stop besides
the obvious time constraints. Some foreclsure options
will affect your credit more than others. |
The sooner you start preparing your home for sale when selling
by owner and using a Multiple Listing Service (MLS) or listing
with a realtor and MLS, the better your chances of getting
a fair market offer to purchase your home. There are matters
to consider when preparing to sell your home to stop foreclosure
besides the obvious time constraints:
1. Is your home in good enough condition to be sold at fair
market value (same price as similar properties in your area)?
If not, can you afford to fix it up? When you sell your home
in need of re
2. Do you have enough time to sell it?
Many owners wait for their "pending new/refinance loans"
and by the time they find out they cannot get financing, there
is not enough time to sell the house with a Realtor. The longer
you wait, the more likely you will need to sell your home
to an investor who offers "a quick closing, all cash
transaction" for significantly less than fair market
value. If you have time to list with a realtor, be sure to
limit the length of time for the listing agreement in case
it does not sell and you want the option to sell to an investor.
Investors, as opposed to owner occupant buyers, cannot legally
purchase properties in default listed with realtors for various
reasons.
| When
you ignore your foreclosure options, your home goes back
to the lender. You get evicted and the foreclosrue sale
is on your credit report. |
3. Realtors tend to charge 5-6% commission in today’s
market.
4. Ready to sell to an investor?
Beware of an investor that offers to buy, rent to you, and
sell back to you later. A lease with affordable rent would
be required or plan on being evicted when you cannot afford
the rent. In terms of buying back the home, it is likely to
be sold to you at an inflated price that you cannot manage
to pay and be back in the same boat as before. Get it in writing.
There are several advantages to choosing to sell to a private
investor. The sale can be finalized and the money paid to
you within one week or at a mutually agreeable date. Ordinary
burdens of selling your home are paid for by the investor
including termite, roofing, structural, plumbing and any other
inspections as well as the necessary repairs. The investor
pays escrow, title search, and recording costs. There is no
realtor commission. Foreclosrue will not be on your creidt
record.
When considering bankruptcy, this decision is not to be made
lightly and requires careful consideration. Seeking professional
advice is strongly suggested as bankruptcy will remain on
your credit history for up to 10 years. This makes renting
an almost impossible task. Ask how release of stay can affect
the forclosure process on your home. Get bankruptcy FAQ at
http://www.caeb.uscourts.gov/faq/faq.asp#1.
A Deed-in-Lieu of foreclosure is a voluntary conveyance of
title to the lender. In other words, you are giving your home
back to the bank. Generally this is a last ditch effort to
avoid the negative consequences of foreclosure. In return
for the voluntary conveyance to the lender, you are often,
but not always released of any personal responsibility for
the mortgage. In order to qualify for a DIL, most lenders
state that there must not be a second mortgage or liens on
the property. Properties with equity should consider selling
the property before voluntarily conveying the home to the
lender. A DIL on a VA loan can possibly affect your ability
to get another VA loan and other VA benefits. Contact the
VA for more info at http://www.hud.gov/foreclosure/index.cfm.
Realty Bites is based in Los Angeles, CA and offers relief
to homeowners nationwide. By adding online and toll free assistance,
homeowners have been able to find a fresh start from all over
the world.
Contact Information:
Bella E. Samuel
Realty Bites, The Homeowner’s Foreclosure Alternative
866.780.8380
http://www.RealtyBites.net
forecloure, freclosure, foeclosure, foreclosure, forclosure,
forelosure, forecosure, forecrousure, foreclosre, foreclosue,
foreclsure,
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