Nobel Finance Sydney – Money Matters Newsfeed

 by David Zwierecki
If you are unsure of what to do about your home because you have started to fall behind on your mortgage payments or you are unable to sell your home because you owe more money that what your home is worth, do not panic. There are answers out there. If either of the above situations describe something similar to what you are going through, you need to act quickly. Waiting can only make matters worse.

The first way to avoid foreclosure is to look into refinancing your mortgage. By refinancing your mortgage, before you get too far behind, you may be able to refinance to a program that can give you at least a temporary fix until your financial situation gets back in order or until the housing market begins to improve once again. Look into adjustable rate mortgages that are fixed for at least a couple of years, interest only loans, or Pay Option ARM loans so that you can improve your positive cash-flow to help out with your situation and buy you some time.  {continue}

(more…)

Posted in Foreclosures | | No Comments »

There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject. Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know “the secret formula”. The fact is that there are no secrets, and to make money does require effort.

What’s an REO?

REO stands for “Real Estate Owned”. These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. And on top of all that, you’ll receive the property 100% “as is”. That could include existing liens and even current occupants that need to be evicted. A REO, by contrast, is a much “cleaner” and attractive transaction.   {continued}

(more…)

Posted in Buying property, Foreclosures | | No Comments »

by Tony Seruga, Yolanda Seruga Yolanda Bishop 

Today’s economy has been difficult on many. People are losing their homes in large part due to the interest only loans that banks were praising just a short time ago. What many don’t realize is that homes are not the only properties being lost to the struggling economy; commercial properties are also being lost and these are prime opportunities for investment. Savvy investors can often pick up these properties for big discounts and resell them for immediate profits.

Costs are going up. For the owners of commercial properties, those costs are affecting every aspect of their business. Insurance costs are high, material for repairs to properties is costly, and hiring others to do necessary maintenance is expensive. All of these are factors that can lead to an owner of a commercial property losing that property to the bank. Taxes are another factor. Taxes increase often and the commercial properties in an area are often asked to pay a large portion of that tax increase. This can also lead to an owner falling behind in their payments and not being able to catch up; this results in the property being listed for foreclosure. For some, it is the only way to pay their debts and be able to start all over again. {continued}

(more…)

Posted in Foreclosures | | No Comments »

by Binny Kapur 

Homeowners are losing their homes to foreclosures nationwide. Where did we go wrong? For many homeowners’ the American dream of homeownership has turned into a nightmare. It is a buyer’s market today and a good time to own a home; however what can you as a consumer do to avoid your dream turning into a nightmare? EDUCATE YOURSELF and be sensible about what you can afford. STAY AWAY FROM what I call “creative loan programs”. Stick to 30-years-fixed-rate, if for any reason you want to stretch, Fannie Mae has a 40-years-fixed-rate program or even a 40-years-fixed with 10 years interest only; yes your payment will go up a little after 10 years as the loan would amortize over the next 30 years, however, your rate is fixed for the full term of the loan. The down side to this program is that you will build equity only if the property appreciates; but you would still be getting the tax benefits of home ownership. So consider this:

The best gift you can give to your family is a home that you own. Historically it is the best investment over the years. The idea of purchasing a home is bound to bring many questions to mind. This is a natural reaction, as it is one of the biggest decisions you will ever make in your life. Most first time home buyers make this decision emotionally and go about it the wrong way, they start looking for a house themselves or with the help of a realtor. Once the house is found, they approach a mortgage company or a bank for a loan and try to find a way to make the loan affordable and usually end up with some creative financing program which ends up costing thousands of dollars overall during the period of loan. What’s worst is in 2 to 5 years when the rates adjust, the payments go up in some cases 50% to as high as 300% and that in most cases makes the home unaffordable for the homeowner and ends up in a foreclosure.  {continued}

(more…)

Posted in Foreclosures | | No Comments »

 by Gene Menor 

In this never ending sea of distressed property homeowners, stopping foreclosures could be a lengthy process. Use these strategies to help yourself to preventing or stopping foreclosure.

#1. LOANS

The first and foremost reason why homeowners get into foreclosure is the type of loan they’re in. A.R.M. (Adjustable Rate Mortgage) this is the reason why so any people are in trouble. As your interest rates start to rise and home equity slips, your chance for a loan lessens considerably. For most people, one rate adjustment is all it takes before they start getting into trouble. The answer is to analyze your loan, and maybe get a newer safer loan. Find a loan product that is fixed. Talk to a foreclosure prevention specialist in your area. Call someone who deals with foreclosures on a daily basis like GKL Diversified Solutions. If a new loan can reset your finances, you might just save your house. This is assuming your equity in the house hasn’t slipped, your loan must be at least 80% LTV (Loan to Value) that means if your house is worth 300K in today’s market, and your new loan can’t exceed 255K. There are lenders out there that will go higher than 80%. Check with a loan officer, broker or foreclosure specialist.

#2. LOAN MODIFICATION OR SPECIAL FOREBEARANCE PLANS

If a loan doesn’t work, try calling your bank for a loan modification or special forbearance plan. {continued}

(more…)

Posted in Foreclosures | | No Comments »