Foreclosure Prevention Act 2008 – Stop Foreclosure Fast Help

May 6, 2008

The government is doing all they can to stop the slowing of the economy. On February 13th 2008 the Foreclosure Act of 2008 was introduced to congress. Heading up the bill is Senator Harry Reid, a democrat in Nevada. You should not be surprised that Nevada holds the record for the highest foreclosure rate since the real estate market peak in summer of 2005. Along with the senator from Nevada there are 25 cosponsors of the bill all of which are democrats or independents.

Highlights of the Proposed Bill:
The law will increasing preforeclosure counseling funding by and additional 200 million dollars. It is estimated this additional funding would help more than 500,000 additional families connect with their lenders and work out a solution to stop the foreclosure process.

If passed the bill would allow housing finance companies to use proceeds from mortgage revenue bonds to refinance short term and adjustable rate mortgages. This will provide an additional 10 billion dollars of tax exempt money for refinancing first time home buyers houses and multiple tenant rental properties.

The bill could help over 600,000 people stop the foreclosure process by allowing them to file for bankruptcy, then the bankruptcy judge has the option to modify the home owners loan. Only nontraditional and sub prime mortgages would be considered for this loan modification process. Home owners would also need to prove they can not repay the mortgage and it would only primary residential homes would be considered.

Other items on the proposed bill include 4 billion in funding for communities with high rates of foreclosure. The communities or cities would buy vacant houses that are in foreclosure, fix them up and rent them or sell them. The law also proposes making mortgage documents more clear at the closing table.

The likelihood of this bill helping people falling into foreclosure in 2008 is not likely. The process for a bill to be passed into law is time consuming and filled with political setbacks. This does not mean the foreclosure prevention act of 2008 will not help stop foreclosure for many home owners, it just means the people in foreclosure right now or in the near future are not likely to see relief from this bill.

The proposed foreclosure prevention bill still has a long way to go until it becomes law. It was introduced in February, next it will be voted on by the Senate, then voted on by the House, then considered by Mr. president himself. Only after the president accepts the bill does it become law. This is another interested thing about this bill. It is being proposed and supported by democrats, so the question is will our current Republican president accept a bill proposed by all democrats?


Housing Prices Will Rebound in 2009 – Can You Wait To Sell Your House?

May 5, 2008

The real estate market peak, summer 2005 was a great time to be selling a house. All you had to do was post a For Sale sign in the front yard and you could expect multiple offers within days. Many times you would receive offers from individuals searching for homes FSBO and also offers from home buyers who had representation by a real estate agent.

Well summer 2008 is just around the corner and the real estate market is very different from three years ago. If you take an afternoon walk in any major subdivision you will see real estate for sale signs lining the front yards of houses like mail boxes. In cities like Las Vegas, Nevada, Stockton, California and Detroit, Michigan you will be lucky if you find a house with out a for sale sign. These are the cities that have the largest declines since the market peaked in 2005.

So how long will it take for the real estate market to rebound? Real estate economists estimate that home building and prices of existing homes will not stabilize and start to increase until the middle of 2009. This corresponds to the history of real estate cycles. If you research real estate cycles you will find that they typically last 3 to 5 years. That is 3 to 5 years for the real estate market to go down and hit market bottom, and 3 to 5 years for the real estate market to rebound and hit a new peak.

If you own a home and can not afford to hold out for another the real estate cycle then you may be wondering, how can I sell my house now? Well, you are not alone in this predicament. With home buyers waiting on the side lines for home prices to bottom out you will have a hard time selling your home now. There is one way to sell your house if you are very motivated to sell.

You can sell your house to a local we buy houses company. They are basically local entrepreneurs who make a living by owning real estate. They are very knowledgeable in real estate and solving complicated home selling issues. If you are going through a divorce, need to stop a foreclosure, sell your house before your bank takes your property, or if you home is 100 percent financed and you have no equity, they have a home selling solution.


Foreclosures Up 23 Percent – Sell My House

May 2, 2008

The 2008 first quarter results are in and they do not look good. Foreclosures are up 23 percent from the first quarter in 2007. This marks record foreclosures across the nation. Now one in every 195 house holds is in some sate of foreclosure.

We are only four months into the year and already over 156,000 home owners have lost their homes to foreclosure. The real scary thing is that the foreclosure rate is not slowing down, it is actually speeding up. This means we will see more foreclosures each and every month. There were only 4 states in the nation that did not have increasing rates of foreclosure.

So where are the hardest hit areas? Nevada, California, Florida, and Arizona top the list with the largest amount of foreclosures and the trend does not look to be slowing anytime soon. One out of every 54 homes in Nevada is in a sate of foreclosure. This is amazing considering they are still one of the fastest growing cities in the nation. Many people moving to Las Vegas and other areas of Nevada are renting until they see the market bottom.

Many people are wondering if the newly passed government programs created to help stop those falling into foreclosure is helping. Despite all the effort the government has been putting into new bills and laws to help stop the foreclosure nightmare, it just does not have a chance against all the default loans. It is like sending trying to stop a freight train with one box car. The laws that are being created are taking time to create and are only helping a few home owners. They have no chance stopping the foreclosure momentum.

Even more disturbing is the fact that over 360 billion dollars worth of mortgages with adjustable interest rates is going to reset in 2008. This is only going to increase the number of foreclosures across the nation.

So what can you do if you live in Las Vegas, Stockton California, Detroit, or any other area and you are starting to loose your house to foreclosure. There is a simple and easy answer, sell your house. Now you might say, easier said than done right? Well it is in fact that easy. Even though there are not many home buyers looking for houses you still can sell your house.

The best way to sell your house if you are falling behind on payments or see the foreclosure monster coming your way is to contact a local professional home buyer. You see, there are many ways to sell houses and professional home buyers make a living from helping people sell their house, at no cost to you I might add.

Even if you owe more for your house than what it is worth, you can sell your house. Local home buyers will work with the banks to release the loans against your home and they will buy it from you, all this at no out of pocket expense. The problem is many people do not realize that professional home buyers exist, they think the only way to sell a house is through a realtor or for sale by owner, not true.

So, if you need to sell your house to stop foreclosure contact your local home buyer and receive a free offer on your house today. If you contact them today you could have an offer on your house within 48 hours. They can explain to you your home selling options and possible solutions. Then you just choose the right one for your situation.


Sell My House – How Much Is My House Worth – Get My House Value

April 28, 2008

Given the recent decline in the real estate market many home owners are wondering how their homes value is holding up and how it has been affected.
 
Now days there are great ways to tell your homes value but you have to know which ones you can trust, which ones are accurate, and which ones are quick and easy.
Here are the fastest and easies ways to find out what your house with worth if you were to sell it today.
 
The best and fastest way to find out what your property is worth is to complete a quick online form to receive an offer from your local home buyer. Many people do not realize that local home buyers exist in every major metropolitan area across the United States.
 
The easy online form will take you less than 1 minute to complete and is very quick. Once you complete the online form your information will be forwarded to a professional local home buyer in your area that is very knowledgeable with your local real estate economy. You will typically be contact within 48 hours to give you details on how much your house is worth if you would like to sell it today.
 
The offer you receive is a no obligation offer and all your information is confidential. Most often attached to the offer will be a market analysis showing houses that are similar to  yours that have sold in the last 3 months. If you want to know your homes sales price would be if you sold your house today, contact your local home buyer and receive a free offer.  
 
Many people like to find out what their house is worth by driving their neighborhood to see how much their neighbors are selling their houses for. The problem with this method is every house is different and most people make the mistake of looking at active houses on the market for sale.
 
When you determine your homes value you need to consider what homes have sold for in the past, not what they are currently on the market for today. Many times the asking sale price of a home is not what the home actually will sell for. Especially in this real estate market where home buyer are offering low ball offers to see how much of a discount they can get.
 
Another way people try to determine the value of their house is to look up their tax assessed value of their home. The value of the home is based on two numbers, the land value and the home or structure value. Many tax assessors estimates are not accurate and are either over or under estimated.
 
If you are wondering how can I sell my house and you need to know how much your house is worth, contact your local home buyer. It is the fastest and easiest way to determine your homes value with no obligation or effort.  


Hundreds of Renters Being Evicted by Banks and Real Estate Investors Still Profiting

April 16, 2008

Now that the foreclosure epidemic is in full swing, it is not just home owners who are getting slapped in the face. Hundreds of tenants renting homes across the nation are being evicted and forced to move with little or short notice from the banks.

The renters have no idea the homes they are living in are in preforeclosure status and are scheduled to soon be sold at public auction. The renters only find out when they come home to a notice posted on the front door stating they have 30 days to move or be forced to leave the house.

It all started when investors purchased houses as investments speculating they would go up in the near future. They purchased high end homes with larger price tags so they could make more money in a shorter amount of time. After all when housing prices go up by 10% you are much better off to having a $500,000 house than a $100,000 house.

Now many of those so called easy money real estate investments are falling into foreclosure and the banks are the ones evicting the tenants. Many tenants are in long term lease agreements and have been paying their bills on time for months. They also put down large sums of money as a rental deposit for the home they have been living in.

“I see this scenario on a weekly basis. Once the home owner or investor knows they can not afford the mortgage they keep collecting the rent checks but dont pay the mortgage and pocket the money”. Shaun Greer (Founder of ExpertHomeOffers.com a national internet company that connects motivated sellers with local real estate home buyers).

So the questions is,
Do you think the real estate investors or land lords are responsible for loss damages paid to the renter? After all moving your family in less than 30 days can be very hectic and these renters are also out their deposit.


100 Top Foreclosure Zip Codes and Cities

April 2, 2008

Las Vegas, Nevada tops the list of the highest foreclosure rate in the nation with eight out of the top 10 zip codes coming from the gambling capital of the world. The worst zip code in the nation had 741 total foreclosure filings in December of 2007 and was in
North Las Vegas, zip code 89031.

Number eight on the list of top foreclosure filings in December 2007 was
Stockton California, zip code 95206, with 473 total filings. Another state but still in the top 10 was
Detroit Michigan, zip code 48228, with a total of 453 foreclosure filings.

Other cities on the top 100 foreclosure filings in December 2007 include Lehigh Acres  Florida, Cape Coral Florida, Phoenix Arizona, Cleveland Ohio, and
Woodbridge Virginia. For a complete list of the top 100 highest foreclosure zip codes you can check out the full story at CNNMoney.com

These are just the top 100 zip codes. There are many other cites and state with high foreclosure rates. Many people purchase homes and can now not afford their adjusted mortgage payment or the current economy is just not giving them the income they need to afford their mortgage.

If you are getting behind on your payments and the possibility of foreclosure is looming, contact your local real estate investor. Local real estate investors are still purchasing properties in some of the hardest hit areas of the nation. They know your local market and can show you many avenues to sell your house, lease options, short sales, owner finance, and cash offers are all possible solutions to your selling need.


The New Mortgage Plan – Who Qualifies?

March 27, 2008

The rate of foreclosures is at an all-time high and the real estate market is suffering as a result. As the market drops and a recession looms, mortgages and foreclosures are on the lips of anyone talking about the financial future of the county.

President Bush and Treasury Secretary Henry Paulson has announced their plans to help reduce the number of foreclosures and assist troubled homeowners nationwide. However, your next questions should be – what does this new plan entail and can I qualify?

The proposed new plan against foreclosures is set to address the issues of many struggling homeowners who have not been able to be reached by housing counselors who have had to individually monitor each homeowner case to determine whether or not assistance was needed.

Now, counselors will be able to more efficiently determine which mortgages need help and what type of help they could use. These counselors can look at a variety of factors like the type of mortgage they have, the size of their mortgage, their FICO scores and payment history to determine whether it would be beneficial to step in and make additional help with these mortgages before it is too late.

Roughly 1.2 million homeowners can qualify for this plan with some homeowners able to refinance into loans that will have better terms for them. Other homeowners can qualify for a five-year freeze on their current mortgage rates and see the boon in having stronger financial success. How do you know if this new plan against foreclosures can benefit you?

In order to qualify for the assistance from your mortgage servicer, you will need to have an ARM or Adjustable Rate Mortgage at subprime rates. The initial fixed-rate of the mortgage will need to be three or fewer years and your loan must have originated between January 1, 2005 – July 31, 2007.

Your initial reset needs to occur between January 1, 2008 and July 31, 2010. If you are one of the hundreds of thousands of homeowners who have already faced a rate reset, you are out of luck with this plan.

If you are currently behind on your loan, you won’t be able to qualify for a “fast” solution and will also be disqualified if the home is not your primary residence, like renters whose landlords face a foreclosure and the tenants face an immediate eviction.

If you are current with your loan payments, however, have some equity in your home and offer a good payment history and FICO score, you will be able to qualify for a refinance. Your mortgage servicer can work with your situation to get you a possible refinancing solution that better fits your financial outlook and avoids a significant rate increase.

You can qualify for a rate freeze if your loan-to-value ratio is 97 percent or higher, meaning you have less than 3 percent equity in your home. Your FICO score needs to be 660 or below and has not raised by more than 10 percent since you took out the loan as well.

If you are in a situation where you are thinking how can I sell my house fast myself then contact your local home buyer or local real estate investors. There are real estate investors who buy properties all over the nation; they are local to your area and professionals you can trust.


Sell Your House Fast Needed Tips

February 10, 2008

When a person finally makes the decision to sell their home for whatever reason, one of the things that is most heard is “I want to sell my house fast.”  This is understandable.  Leaving behind a home you have lived in for a time is not easy, even if the decision to sell has been made for positive reasons.  It takes more than just a wish to help sell your house quickly; it takes commitment to a few simple rules.  To help you realize your goal, here are a few things you can do to make sure your have the best chance of your home selling. By following these, you will help convince a local home buyer to make an offer.

Tell yourself, “I will sell my house fast by de-cluttering”.  This may seem unnecessary; after all, you will be packing after you sell the house.  However, a house can be clean and still appear unappealing to a home buyer if there is a lot of clutter.  The house will appear smaller.  Taking the time to empty off bookshelves, pack knickknacks and clean off counters and tabletops will make these areas appear more open and thus allow each area to appear bigger.  This also enables a buyer to picture his or her own belongings in that space.

Tell yourself “I will sell my house by emotionally letting it go”.  Take the time before you show your house to take down all pictures.  Leaving the walls blank will allow a potential home buyer to picture his or her own art on the walls, making it appear more appealing.  Go through and pack away any family photos and items with sentimental value.  This will allow you to sell your house, not your home.  It is easier to sell a building than a place that is full of memories.

Tell yourself “I will sell my house quicker if I make minor repairs”.  Go through your house and look around objectively.  Repair any cracks and holes.  Repainting all the walls a neutral color will also help allow home buyers to see each room as they would like it to appear.  You may love your purple bedroom, but people looking for a new home may prefer blue or green.  Make sure all light bulbs are working, all leaks are fixed and all doors are in good repair.  When the minor things are taken care of, the house will look more appealing to potential home owners and they will make an offer.

Curb appeal is also another item that should be on your list to complete before selling your house. Go outside and look at how your house appears when you approach it.  You want potential home buyers to feel it is worth entering.  If paint is peeling or the house looks neglected, they will not even come inside and you have now lost a potential sale.

By implementing a few tasks you will have a much better chance of your home selling quickly rather than sitting on the marketing. This will allow you to feel in more control of the situation. When homes sit on the market and do not receive offers in the first few weeks you will have to drop your asking price, and no one likes to do that.

If you do not have the time or do not want to put in the effort of getting your home ready to sell you could always sell your house to a local real estate investor. Many people are not aware that real estate investors exist in every major city in the nation. They buy houses from people in all kinds of situations. Divorce, foreclosure, bankruptcy, relocation, inheritance, 100 percent financed homes, ugly homes and pretty homes.

If you need to sell your house quickly and do not have the time or money to deal with selling your house to picky buyers then contact your local home buyer. They will give you a free offer on your home and you have no obligation to accept it.