behind in payments: Strategic Default - a Not so New Concept - 10/10/09 04:40 PM
Lately there have been several articles and blog posts centered on Strategic Default. While the phrase seems to be new, there is nothing new about the concept.
Strategic Default is making a conscious decision to stop making payments on a debt. The debt can be a mortgage, car loan or even … (2 comments)
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behind in payments: How to Lose Your Home to Foreclosure - 08/29/09 11:11 AM
Step 1. Don't communicate with your lender. As you miss making the monthly mortgage payments, the collections department will commence their calling campaign in an attempt to collect the payments. Their calls are typically quite aggressive, the calls are frequent and sometimes the caller is demeaning and insulting.
TIP: It is … (4 comments)
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behind in payments: Banks to do Buy Backs? - 08/24/09 04:59 PM
There's a couple of great ideas floating around: (1) allow homeowners to remain in & lease their home after foreclosure, and (2) offer a buy back in which the homeowner could purchase the home after a specific term (3 years? 5 years?)
Buy backs are not a new idea, buy backs … (6 comments)
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behind in payments: Tenants Rights.........Update - 06/27/09 07:18 AM
A year ago, I wrote a post Tenants Rights & Foreclosure that discussed the absence of tenants rights when landlords don't pay their mortgage. Despite the fact that the tenants paid their rent, if the landlord's property was foreclosed upon, the tenant was out of luck.
Effective May 20, 2009 - … (1 comments)
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behind in payments: Hard to Buh-lieve! - 01/30/09 09:51 AM
I've met some ungrateful and manipulative people in my life but this guy ranks near the top...
"Sam" contacted me via my website (www.wendysmithrealestate.com) in August '08. He had gotten himself into a real mess with his mortgage payments.
During the initial consultation, I shared my findings and showed Sam that he … (1 comments)
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behind in payments: Foreclosure - Is Stripping Criminal? - 07/23/08 10:44 AM
More and more frequently homeowners are stripping their homes. Literally everything is removed: toilets, kitchen cabinets, bathroom vanities, air conditioning equipment, light fixtures, everything. I talked to a homeowner a few weeks ago who said he intends to take his pavers!
So is stripping a house a criminal offense? The short … (2 comments)
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behind in payments: Mortgage Payments Still a Problem? 5 Tips That Will Help - 07/09/08 08:39 AM
It's tough to know what to do when you can't make your mortgage payments.
Do you qualify for a Loan Modification?
Are you a Short Sale Candidate?
Should you consider a Deed in Lieu?
Is Bankruptcy the right choice?
These are legitimate questions that millions of homeowners are asking.
The answers … (2 comments)
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behind in payments: Foreclosure - Stripping the House - 07/06/08 05:27 PM
It is in the news and it's happening in our communities - homeowners removing everything including the kitchen sink from their homes when facing foreclosure. Homeowners stripping their houses.
Sometimes it is as simple as removing all the appliances and ceiling fans. However, more and more frequently items such as air conditioner systems (compressor and … (7 comments)
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behind in payments: You Can Fix Your Mortgage! - 06/25/08 03:38 PM
Back in the day, a borrower had to be behind in payments or even in pre-foreclosure before the lender would consider a loan modification. The logic was simple "Why modify a loan that is current?"
That was then, today is different....with many lenders.
Most homeowners know they're drowning in debt before … (1 comments)
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behind in payments: Tenants Rights & Foreclosure - 05/28/08 12:33 PM
Lots of un-sold homes dump into the rental pool as property owners struggle to make mortgage payments on vacant houses that didn't sell.
Many investors in our area have seen their cash flow eaten up with higher property taxes and insurance costs. These days if you can break-even on a rental, … (18 comments)
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behind in payments: Deed in Lieu of Foreclosure - Policies Change - 05/28/08 10:51 AM
Deed-in-Lieu of foreclosure is when a homeowner transfers or gives their property to the lender in exchange for cancellation of the mortgage; also referred to as "cash for keys".
In the past the rules or policies that governed DIL s were basic and a bit rigid; the home had to be … (0 comments)
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behind in payments: Unemployment by any other name... - 04/30/08 06:10 PM
Shakespeare once wrote ..."that which we call a rose by any other name would smell as sweet". Meaning of course, it matters what something IS, not what something is CALLED.
The same holds true for unemployment. Or so I thought.
My brother recently joined the ranks of the unemployed - not by choice but … (1 comments)
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behind in payments: Foreclosure Assistance: How to Find - 04/16/08 06:13 PM
A Yahoo search for "foreclosure assistance" results in 7,710,000 hits. The Google search was a little less than a million. Where do you start? Better yet, where do you end?
First let's get this out of the way: Yes, you CAN negotiate with your bank, you do not have to pay someone … (1 comments)
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behind in payments: Kudos! My Faith is Restored! - 03/06/08 12:39 PM
I would be the first to admit that some of my comments may have a tendency to be somewhat contemptuous when talking about lenders and their cooperation (or lack thereof) in working with borrowers trying to keep their home from foreclosure.
Instead of getting better, most lenders have gotten worse to … (1 comments)
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behind in payments: Reinstatement - When to Hire a Pro - 01/18/08 04:38 PM
Reinstatement is defined as "the act of restoring someone to a previous position". That is usually the goal of a homeowner who wishes to stay in their home and avoid foreclosure - the homeowner needs to be restored to a current position with his or her mortgage.
The 3 typical ways to … (0 comments)
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behind in payments: Just One Paycheck Away From Foreclosure - 11/21/07 10:36 AM
By far the most frequent reason for missing mortgage payments is loss of income. Whether the loss of income be the result of losing a job as a result of corporate downsizing or yet another effect of our current real estate crisis, the bottom line is the same: reduced income = … (7 comments)
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behind in payments: Buy Back - Too Good to be True? - 10/20/07 04:09 PM
Here's the scenario: for whatever reason (illness, divorce, job loss, etc.) you are behind in your mortgage payments and are facing foreclosure. The Notice of Default has been filed and suddenly there are strangers knocking on your door and calling at all hours of the day, not to mention your mailbox … (3 comments)
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behind in payments: Reinstatement – Save Your Home From Foreclosure - 10/06/07 09:33 AM
For many homeowners facing foreclosure or behind in payments, selling their home is not an option. The Notice of Default and filing of foreclosure by the lender often serves as a wake up call for homeowners. In my work of Foreclosure Assistance, more often then not, homeowners want to stop the … (5 comments)
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behind in payments: Foreclosure Fun. - 09/14/07 07:50 AM
Right. There is nothing fun or funny about foreclosure.
Foreclosure, for most people, is an incredibly stressful and confusing experience. There is nothing amusing about being behind in mortgage payments. Foreclosure is typically precipitated by a life crisis such as job loss, divorce, or illness.
Once the Notice of Default has been … (2 comments)
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behind in payments: What's With These Lenders? - 08/27/07 08:06 PM
Unless living on Mars, everyone is aware of the high rate of foreclosures - some reports say the rate is higher now than it's ever been (including the Depression). Nobody is keeping track of the unnecessary foreclosures - yes, unnecessary foreclosures. Too many times, during an interview with a homeowner, I hear how they tried … (3 comments)
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