foreclosure: Foreclosure "Rescues" May Be Illegal
- 04/10/09 01:42 AM
Here's the situation: A beleaguered home owner is in bankruptcy, overwhelmed by debt. The mortgage lender had begun foreclosure proceedings, but they were stayed by the bankruptcy court. That stay, however, is about to end, and the lender may be allowed to proceed. The owner owes the mortgage lender about $170,000. Another $50,000 (representing 13 cents on the dollar) is owed to unsecured creditors under the approved bankruptcy plan.Along comes a potential purchaser of the property - a person who just happens to be a real estate broker and owner of both a finance company and a company by the name … (0 comments)
Where there is money to be made, you will find the predators, salivating at a new opportunity to take people's money and run. Welcome to the homeowner loss mitigation business where the sharks are having a feeding frenzy on already wounded homeowners who are facing foreclosure.Homeowners need to be aware of these scams and what to look out for.IamFacingForeclosure.com plans to expose the predators and educate homeowners about the legitimate foreclosure prevention services that are available to them through our network of legal aid attorneys, non-profits and loss mitigation professionals.These scam artists usually locate you by … (0 comments)
foreclosure: Short Sale Hardship Letter Example
- 04/10/09 01:12 AM
Short Sale Hardship Letter ExampleLender NameLender AddressToday's DateRe: Hardship Letter/Short Sale for 123 Main Street, City, State 12345To Whom It May Concern:I purchased the property at 123 Main Street in March 2006. At that time, I had juststarted my own antique resale business, which had great promise for generating profitscapable of supporting my mortgage. Unfortunately, sales were slow, which I attribute togreat declines in tourism after gas prices skyrocketed. I ran out of money, and beganworking as a waiter to make ends meet. At the same time I was redoubling my efforts inmy own business, but to no avail. After struggling … (0 comments)
Before you consider a Short Sale be sure to contact your lender and any other agency that may be able to help you. Beware of anyone who approaches you to "solve your problems," or charges you any fees. Use only a licensed realtor who gets paid only when the property is sold. There may be important tax considerations. Be sure to contact a qualified tax accountant to understand how they may affect you. As soon as you get a Foreclosure Notice... If you have missed any mortgage payments the lender will contact you to warn … (0 comments)
foreclosure: Short Sales Becoming Common in Charlottesville
- 09/10/08 08:50 AM
Myself and my group (the Avery Group) have been working short sales for a while now. We have successfully closed 5 short sales this year, have two more under contract, and have three more being listed. Most of them have been in Albemarle County. Despite what people think, or because they can only find 8 or 9 of them in the MLS, foreclosures and short sales are becoming more and more prevalent in our area. Even the Daily Progress has had a couple of articles about them in the newspaper. A short sale is a method of preventing foreclosure. With the … (0 comments)
foreclosure: Short Sale in Charlottesville
- 09/10/08 08:47 AM
Not too long ago, we took a listing for a woman, for confidentiality we will call her "A". She had a home in the city of Charlottesville and was falling behind on her payments. We took her listing and proceeded with a short sale. Come to find out, her loan was for $90,000 more than the market value of the home. There is no way this house every got an appraisal for that much over what the home was worth, especially since it didn't have a HEAT SOURCE!!! By the way, homes without a heat source should never approve for a … (0 comments)
foreclosure: A Lender's Views on the Short Sale, Foreclosure, and Mortgage "Crisis"
- 09/10/08 04:18 AM
A Lender's Views on the Short Sale, Foreclosure, and Mortgage Crisis September 9th, 2008 3:46 PM I was speaking with a mortgage loan officer today about the short sale, foreclosure, and mortgage "crisis" and his point of view was so interesting, I got him to put it in writing so I could share it. Here it goes: FANNIE MAE AND FREDIE MAC TAKE OVER: "The government is spending our dollars again" "The mortgage companies have caused this debacle" "The loan officer is a cheat and thief" "My Realtor made me do it" "It wasn't explained to me" "ITS NOT MY FAULT"-----------BALONEY Lets put the … (0 comments)
foreclosure: Stop Foreclosure
- 08/19/08 04:37 AM
Stop Foreclosure. Help Available Today. Eliminate The Stress. Salvage Your Credit.
We specialize in helping our clients stop foreclosure. We understand that there are many reasons why homeowners sometimes are unable to pay their mortgages and every situation is unique. At Virginia Real Estate Solutions we take the time to meet with our clients and explain all of their options to provide comprehensive foreclosure help. We help you determine if you can Keep Your Home or if you have to Sell Your Home to avoid foreclosure. We provide you with a personal consultation based on your unique situation. One of the … (0 comments)
foreclosure: Foreclosures Even Affecting the Rich - Lender to Michael Jackson: Pay up or Beat It
- 05/21/08 06:06 AM
Foreclosures are even affecting the Rich right now. Last month the Hearst mansion went to auction, and now it looks like Neverland Ranch, home of Michael Jackson will be going to autcion.Lender to Michael Jackson: Pay up or Beat It "On March 19, at 1:00 p.m., Michael Jackson's Neverland Ranch in Los Olivos,Calif., is scheduled for a public auction at the Santa Barbara County Courthouseat 1100 Anacapa Street. The opening bid is estimated to be at least $20,000,000.The sprawling Jackson estate - located at 5225 Figueroa Mountain Road - sits on2,800 acres of rolling hills in California's wine county north of … (4 comments)
foreclosure: Foreclosure Update
- 05/21/08 06:03 AM
According to a release on INMAN News on Friday loans entered the foreclosure process at a record rate during the fourth quarter, and things are likely to get worse before they get better, the chief economist for the Mortgage Bankers Association said today.Although reductions in short-term interest rates have lessened the shock of interest-rate resets for many borrowers with adjustable-rate mortgage (ARM) loans, falling home prices are leaving more homeowners with little or no equity in their homes -- and less incentive to keep up on their mortgage payments. … (0 comments)
foreclosure: Foreclosure Lesson #7 - Types of Foreclosures
- 05/21/08 05:52 AM
There are many types of foreclosures, so we will start by defining foreclosure. A foreclosure is a legal process in which a lender sells or seizes a person's property to recoup and repay the debt attached to that parcel. When this happens, there are a few crucial steps.First, the lending institution notifies the owner in writing that they are in default of payment. This is known as the Notice of Default (NOD). After 3 consecutive payments are missed, the lender will bring in an attorney and the attorney will send a letter. If no payments are made, the lender may request … (0 comments)
foreclosure: Foreclosure Lesson #6
- 05/21/08 05:51 AM
Aside from National Factors that affect Real Estate and the Foreclosure Market, there are also Local Factors that affect our market. Again, there are five factors.The first Local Factor that affect your Real Estate Market and the money you can make is Migration and Job Growth. If the area has an increase in jobs and people come to the area, Real Estate prices go up. The reverse happens if the area loses jobs and people leave. This is one of the reasons that Charlottesville is doing so well in a market that is bleak right now. The area keeps expanding in … (0 comments)
foreclosure: Foreclosure Lesson #5
- 05/21/08 05:49 AM
This is the last installment describing the National Factors affecting foreclosures and the Real Estate Market. We have now discussed interest rates, inflation, flow of investment funds, and the business cycle. We are now down to the last National Factor affecting Real Estate. This factor is the easiest to comprehend, yet the most emotional. It is cataclysmic events. A cataclysmic event is something like Hurricane Katrina. It is a naturally occurring event that devastates an area. During cataclysmic events, building prices are likely to go up, resulting in higher real estate prices. Luckily, we don't have to deal with events like … (4 comments)
foreclosure: Foreclosure Lesson #4
- 05/21/08 05:48 AM
This is installment #4 of our Foreclosure Lessons. This far we have been over interest rates, inflation, and flow of investment funds. Now, we are going to learn about the Business Cycle of Real Estate and how it affects the Real Estate Market and Foreclosures. The National Economy rises and falls in cycles - so does Real Estate. As our economy goes from recession to prosperity, investments are influenced. So let's define America's economic cycles. When economy is strong, incomes are high, unemployment is low, and people tend to have more discretionary income to invest in Real Estate. When economy is … (0 comments)
foreclosure: Foreclosure Lesson #3
- 05/21/08 05:47 AM
Now that we have looked at interest rates and inflation, its time to look at the Flow of Investment Funds and how they affect foreclosures and Real Estate in general. Flow of Investment Funds refers to the number of people that are involved in Real Estate. When money flows into Real Estate, more people are buying homes and selling homes. In reverse, when money flows out of Real Estate, less people are buying and selling. The important thing to know where is the more people that are buying and selling, the more prices fluctuate. Just like the Supply and Demand curve. … (0 comments)
foreclosure: Foreclosure Lesson #2
- 05/21/08 05:43 AM
Alright, we have looked at interest rates and how they affect your purchasing power, now we will look the the second Nation Factor that affects foreclosures and Real Estate in general. It is important to know all the factors before making any decision to buy, whether it is a foreclosure or any other home. The second National Factor is Inflation. Inflation is defined by wikipedia as a rise in the general nominal level of prices over time. Inflation is is measured as the percentage rate of change of a price index. The governments main gauge of inflation is the Consumer Price Index. Basically, … (0 comments)
foreclosure: Foreclosure Lesson #1
- 05/21/08 05:38 AM
In light of all the news surrounding foreclosures, I thought we should take an in depth look at foreclosures. Over the next couple of weeks, we are going to define National and Local Factors affecting foreclosures, as well as Foreclosure laws in Virginia, the types of foreclosures, the types of property, and how to make money with foreclosures. We will start with the National Factors that Affect Real Estate. The first is the interest rate. When most people buy a house, they have to borrow money, this is known as a mortgage. The bank however, doesn't give money away, the bank … (0 comments)
Author Bio: Rob Alley earned a bachelors degree at Virginia Tech, in Blacksburg, VA in Biology. Rob Alley consults with homeowners regarding Real Estate transactions and speciliazes in listing and selling Charlottesville Real Estate.
A comprehensive blog about Charlottesville Real Estate including articles on short sales, foreclosures, market updates, news, resources and more.
Charlottesville Real Estate news and information. All new updates and market conditions as well as charlottesville short sale information, charlottesville foreclosure listings, avoiding foreclosure help, buying and selling information, central virginia updates, mortgage updates, charlottesville happenings, and tips and tricks in a slower market by Rob Alley, Realtor of RE/Max Realty Specialists
Here's the situation: A beleaguered home owner is in bankruptcy, overwhelmed by debt. The mortgage lender had begun foreclosure proceedings, but they were stayed by the bankruptcy court. That stay, however, is about to end, and the lender may be allowed to proceed. The owner owes the mortgage lender about $170,000. Another $50,000 (representing 13 cents on the dollar) is owed to unsecured creditors under the approved bankruptcy plan.Along comes a potential purchaser of the property - a person who just happens to be a real estate broker and owner of both a finance company and a company by the name … (0 comments)
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