July 19th, 2019 9:48 PM by Eric Willner
Radio Show Notes 7/19/19 Friday: Foreclosure Tips - Wrap-Up For The Week
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The Real Estate Show spent this last week talking Foreclosures. How to avoid Foreclosure if you are at risk, and investors tips if you want to buy a house in Foreclosure. We have a lot of experience in both.
If you or someone you know is in the first group – at risk or in foreclosure, here are the key things to know. If you fail to make your home mortgage payments, foreclosure may occur. Foreclosure is the legal means that your lender can use to repossess, that is, take away your home. When this happens, you must move out of your house. And that is just the beginning of your problems. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe your lender an additional amount. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future, which affects your ability to get loans, credit cards, insurances, and even jobs. Below are some tips on avoiding foreclosure.
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office. Contact us to help you determine your options.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.
6. Contact an expert. We can help you like we have helped so many people over the last 20+ years. Call us at 888-595-7779. We have successfully guided people to best outcomes and helped families get a fresh start. Visit www.90DayFreshStart.com.
Also, you can contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets -- a second car, jewelry, a whole life insurance policy -- that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home. Here, you definitely want to talk to us FIRST.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help -- use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD-approved housing counselor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD-approved housing counselor.
Do these things, and transform your business into the income source you dreamed of. Find out more on today’s episode and learn more about Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radioand TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates.
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If you are serious about real estate then find out more on today and everyday’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates.
Meanwhile, I can give more details in a special FREE strategy session available by appointment online our website at www.automaticlandlord.com
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Our other websites:
AutomaticLandlord.com
MackBuysHouses.com to sell real estate fast for cash
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TimeToFixMyCredit.com to build, fix or grow your credit and more!
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