All Forum Posts by: Steve Mark

Hi,

Surveys with foreclosure attorneys also show that few, if any, of the firms in several states are doing formal appraisals. Thomas Barrack Jr. of Colony Capital, a private equity firm based in LA, believes that lenders have taken to waiting for new programs every week instead of taking action.

Hi,

Homeowners about to be foreclosed on have at least one less thing to worry about: finding a place to rent. According to the Wall Street Journal, landlords are now overlooking foreclosure records on prospective tenants’ credit reports, and are even specifically targeting foreclosure victims.

Hi,

The two most common ways to stop foreclosure are a short sale and a loan modification. Both have their own pros and cons, and it’s important to choose the right path based on your situation depending on if you plan to keep or sell your home. This guide shows you both options and how they can help.

Hi,

Bankruptcy without a customer base is truly a bad place: with customers, there is at least a possibility of a turnaround.

For your problem foreclosures can be done in judicial and non-judicial processes; that is, lenders can foreclose in or out of court. The method followed depends on the contents of the mortgage contract. Both mortgages and deeds of trust are considered primary security instruments. The average foreclosure lasts about 150 days, or about five months.

I think this would help you

Loan Modifications are currently targeting around 4 million delinquent homeowners. The modifications, if implemented, would require lenders to offer interest rate cuts, term extensions, and principal reductions in order to reduce borrowers’ monthly payments.

One of the main requirements for a loan modification is a hardship letter explaining the nature of your financial hardship. Your reasons have to be valid, such as a medical emergency, job loss, or a death in the family. You also have to present documents that prove your financial capacity, such as pay stubs, bank statements, and tax forms.
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Will Shadow Foreclosure Slow Down Housing Recovery ???

How much time is given to vacate the property once the foreclosure process is completed?