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Basic Principles Of Probate Loans

Everyone would like to leave a mark in this universe so men and women do not forget them when they pass on. It could possibly be the ideals they’ve already developed in their youngsters, joy they’ve already added to other individuals lives, and material possessions which often protects their cherished ones even after they’ve been gone.

The legal procedure that takes place after somebody perishes usually involves exactly how their belongings will likely be allocated. When a person perishes, their assets will likely be opened to pay back any obligations that were incurred while they were still living. This needs to become recognized before an inheritance may be provided to an heir. This procedure takes a long time, spanning from months and in certain situations, decades. For the meantime, the inheritance remains untapped till everything is settled.

This really is where probate loans get into the situation. Probate loans are valuable in the event the heir has financial necessities that need to be handled at the shortest time feasible. It really is the cash basically credited from the inheritance you anticipate. Keep in mind of the fact that income offered to an heir definitely will depend upon how much the estate will pay.

Probate Advance: Helping heirs move on

The following are commonly inquired thoughts about how a probate advance works:

1. What exactly are the prerequisites necessary for probate loan qualification?

Requirements could vary according to the loan company but you will find three criteria that apply for many situations. The very first one would have to be the presence of an estate. The subsequent requirement needs authenticity regarding the identity of the heir. The “heir” need to establish that she or he must be the inheritor of the claimed estate. The last qualification is that the estate ought to be in probate.

Whenever we say probate, the property should be within a process exactly where the goods and property of the deceased would be allocated. The probate has many phases. The first one involves accounting of all of the property. Following this, the lenders should be well informed about the cause, date and timeframe of the demise of the loved one. Subsequently, the estate reconciles all these debts out of assets. Last of all, the rest of the belongings is going to be allocated in accordance with the will of the deceased. If a will does not exist, the state would be the authoritative body that can decide exactly how the property and assets will be allocated.

Once these specifications are achieved and you are eligible, lenders usually carry out a straightforward background test. They’ll look into your credit background and meet with the lawyer in control of the assets. They’ll assess all values and file the suitable documents in court.

2. Will the inheritance get back its money?

The inheritance is going to be repaid. That is certain. This, however, won’t be obtained by the loan beneficiary. The probate advance is reimbursed by the estate.

3. Exactly how much time does it take and how much may be advanced?

This relies completely on how much the estate is. Mortgage applicants can borrow between 30% and 50% usually. As for the amounts, lenders set their minimal amount to $10,000. Submitting of critical documents, assessment of values, as well as the other processes take around five to seven business days.

Article Source: http://www.articlesnatch.com

About the Author:
Isabella Manzanares happens to be an heir who obtained a probate loan and is also proficient withprobate advance.

Read more: http://www.articlesnatch.com/Article/Basic-Principles-Of-Probate-Loans/3495824#ixzz1imjt6rHM
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Real Property Report – California, March 2015

Real Property Report – California, March 2015 California Home Sales Not Drying Up March Sales Jump 33.1 Percent From February, Median Price Gains 4.8 Percent March 2015 California single-family home and condominium sales were 31,989, a 33.1 percent jump from 24,031 in February, the biggest March increase in three years. Driving the increase in sales was the 36.7 percent increase in non-distressed property sales for the month. Non-distressed property sales in March represented 82.8 percent of total sales, up from 79.7 percent a year earlier and a low of 24.3 percent in January 2009. On a year-over-year basis, sales were up 8.8...

The post Real Property Report – California, March 2015 appeared first on PropertyRadar - previously ForeclosureRadar.

Wells Fargo Short Sale Guide

A Wells Fargo Short Sale is a way for troubled borrowers to avoid losing their homes in a foreclosure. In a short sale, the bank agrees to accept less than the amount owed on a borrowers mortgage, allowing him or her to sell off the home at a discount. Often, this makes more sense to Wells Fargo than foreclosing, as they tend to lose less in the process.Banks have been put on the spot for being less than efficient in helping consumers, but the Wells Fargo short sale is known to be among the fastest in the industry. In fact, one can complete a short sale with the bank in as little as two months, instead of the six or more it usually takes with other lenders. If youre considering a Wells Fargo short sale, heres a simple guide to help you get started.

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Prepare Your Hardship Letter – Wells Fargo short sale officials put a lot of weight on the borrowers hardshipthey want to know that your only option is a short sale and youre not just taking advantage of market conditions. Your hardship letter should explain in detail how you fell behind, and how a Wells Fargo short sale can help you. Make sure youre able to back it up with the right documentation, such as dismissal slips, medical bills, or divorce papers.

Find A Good Agent.

You need to list your home with a qualified real estate agent before applying for a Wells Fargo short sale. The listing agreement is one of the main requirements in the short sale package. Find an agent who has specific experience in short sales, particularly with Wells Fargo, as theyll be more familiar with the system and in-house policies.

Check Your Homes Value.

Wells Fargo recommends short sales for people who cannot or do not want to stay in their homes, and whose homes have depreciated. Your agent can draw up a comparative market analysis of similar homes to give you a basis of comparison, which you can use to help your Wells Fargo short sale case. The bank is more willing to work with borrowers who have underwater mortgages than those who still qualify for other alternatives.

Market Your Home.

Like other major banks, Wells Fargo has tightened its rules in closing deadlines. You have to complete your Wells Fargo short sale before the date set in the agreement; otherwise the bank will choose to foreclose. Try to get your Wells Fargo short sale home viewed by as many buyers as possible, and work with your agent to negotiate with buyers for the best possible deals.”

Article Source: http://www.articlesnatch.com

About the Author:
The author regularly writes on Short sale related issues like buying, selling, real estate short sale and loan modifications. With over 14 years experience in the real estate short sale field as a real estate broker, he provides help even first-time buyers and sellers to get the perfect deal. His suggestions and views are based on his professional experience. If you are looking for more information on author and his article on short sale, real estate short sale, Wells Fargo short sale

Short Sale, Foreclosure

Many a times, for some people questions comes to mind: What is a short sale – It is when the property owner will accept less sale price than the amount which is due as per the loan amount when the property is sold. Lenders sometimes accepts low amount to avoid the expense and time of a foreclosure. A short sale generally persists when the loans amount on the property is greater than what the property can be sold for. The short sale is the best alternative for owners who no longer can afford make their mortgage payment and want to avoid foreclosure which is more embarrassing.

Though a short sale seems to be the only solution to the problem avoiding foreclosure, the fact is there are other solutions which a short sale realtor can guide you through that will benefit the home owner as well as the lender. You need to be very careful when transacting with a third party company regarding the short sale. A lot of people understand they can make profit in short sale which might be true in some circumstances with the help of a short sale realtor.

Some of the best options to go for advice from short sale realtor to avoid foreclosure:

1. The value of your home is more than what you owe, you can get a good price to pay off the mortgages and avoid foreclosure. An advice from Short Sale Scholars can guide you the right way.

2. Advice from Foreclosure Realtor comes handy to show your lender that foreclosure is more costly & they are not likely to do any better foreclosure & remarketing.

3. Foreclosure affects your credit rating and to avoid all these painful time expert advice from Foreclosure Realtor and Short Sale Realtor come handy.

Any short sale investor knows that one of the biggest challenges they might face is dealing with the lender. The short sale process is lengthy, importantly when short sale investor has to deal with more than one lender to come up with best price for the property. If the foreclosure property is auctioned it is a more of a possibility that it is sold in lesser market value leaving you with no money in hand to go for another property to lease. Due to lack of funds after selling their foreclosure property owner will be left in cold with no money to buy another property with some down-payment. There are many reasons why we should avoid a foreclosure taking the help of Foreclosure Realtor. Foreclosure is a public preceding that property owner risks your own social status. If your mortgage sum is more than the current value of your property, you may finally to consider Short Sale with the help of Short Sale Realtor.

You need to hire an experienced Shore Sale Realtor as they are the specialist and will look after all your issues. Once you have a Short Sale Realtor whom you can trust, he will be authorized by you talk on your behalf to negotiate with lenders and short sale buyers. Expert advice from Short Sale Scholars comes effective in these situations for short sale investors and property owners as well to avoid foreclosure.
http://www.ShortSaleScholars.com

Article Source: http://www.articlesnatch.com

About the Author:
This is Euriq Gates as a story writer about short sale foreclosure

Read more: http://www.articlesnatch.com/Article/Short-Sale–Foreclosure/939443#ixzz1NNUepSyG
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California Short Sale Laws Needed To End Foreclosures

California Short Sale Laws are changing a lot of people’s perceptions on foreclosures. California was known as the state with the largest number of foreclosures due to the economic recession. The recession was taking everything it could from its residents.

The worse thing to ever have ripped from your hands is your home. Your home is what you utilize as a means to raise your family; it is your private getaway from the world and all its corrupt ways. However, for many people that is the first thing that has been going in these financially difficult times.

People are getting thrown out of their homes because of unemployment, or lay offs at their jobs. Many people are being forced to take jobs that pay them substantially less, just so they can put food on their family’s tables. Well, California’s great Governor Arnold Schwarzenegger, has heard the cries of his people, and sees people’s lives as well as the states livelihood turning upside down, because of the current recession.

For this matter alone, the Governor was more then obliged to sign the Short Sale Law Bill. This bill gives people who are facing hard times due to the economy to be able to negotiate prices with their mortgage carriers to get some of the amount that they may owe on their homes knocked off completely.

This means their overall mortgage payment every month will be substantially lower, and this will stop a big majority of foreclosures from occurring. Something had to be done to help the great people of California and this relief could not come soon enough with over 833, 000 homes being foreclosed on, the economy of California was suffering a winding streak downhill.

During a foreclosure banks and or mortgage companies normally take over the homes. This leaves some of the homes empty for an elongated period of time. Which leaves the doors open for drug activity and violence to go on around those homes that are empty.

Short sales, allow the right people to keep their homes. We definitely needed something to stop the all powerful banks from taking money from us. The Stimulus package that the banks received should be enough for them to suffice, they don’t need to collect more money from the less fortunate as a means to feed their hungry mouths.

The short sale laws, gives everyone the right that is going through financial hardship the ability to speak with their mortgage institute and work out an arrangement that will suit them during these times. One big downfall to the short sale is the fact that all the money that you save, has to be listed on a 1099 at the end of the year to be filed as an income.

Filing your short sale as income is kind of seen to be a ridiculous thing to have to do. But, when you take any money away from some of the richest corporations in the world they won’t stop until they see some of that money back. So in the end, you still have to pay all taxes for the value of your home, even with doing a short sale.

Article Source: http://www.articlesnatch.com

About the Author:
California Short Sale Laws– stopping foreclosure dead in its tracks. Get the latest inside info on http://www.nphsrealestate.org/short-sale/law-tax

HUD Special For Police Officer, Teacher, Firefighters – GNND

The Good Neighbor Next Door (GNND) program offered is a great way for the everyday service heroes in the United States to purchase a home that has gone into a HUD foreclosure. These homes and their mortgages are insured through the FHA or Federal Housing Association and when the buyers who live in those homes can’t afford the payments go into foreclosure are offered to the public. Being on the list gives you an advantage in bidding for and obtaining these HUD homes.

Because the professions mentioned above are considered to be good neighbors, HUD offers the program to them as well as Emergency Medical Techs (EMT) and gives them the chance to own a home in the areas they work. There are some guidelines for the GNND rewards program in order for you to obtain a new home, let’s take a look at them and see how you can qualify if you are a firefighter, teacher, police officer, or EMT.

o Live Where You Work – The professionals who fall under the GNND program are restricted to those who choose to buy HUDhomes in the areas where they serve and work. For instance, if you serve in a certain neighborhood in a big city, and fall under one of the professions, you are eligible only to purchase within that neighborhood’s limits, unless you are a law enforcement officer. The live in/serve in rule does not apply to police officer.

o Time Limits and Employment – All people who wish to buy a HUD repo home must agree to make the HUD home their only residence for three years following the purchase and must be employed in their profession full time.

o Top Points – The rewards program offers these professionals a 50 percent discount off the listing price and the HUDhome must be in a revitalization area. All bidders are selected through a lottery program and offers must be submitted through a licensed real estate broker who is certified to sell. You must also be able to produce some earnest money at the time of your offer, which is returned to you if you do not receive the lottery bid win.

o Restrictions – If both you and your spouse fall into the professional rewards program, only one of you may apply and you can only apply once for the program.

o Descriptions of Each GNND – Each professional who qualified for the program has certain descriptions. Law Enforcement professionals or officers must be employed by a law enforcement agency of the federal, state, local or Indian tribal government and sworn to uphold their divisional or municipal laws. Law Enforcement Officers are not restricted to the work/live rule that other professionals must adhere to. Teachers must work in a state accredited public or private school teaching K-12 students and the serve students from the area where the hudhome is located. Firefighters and EMTs must be employed by a fire department or emergency medical services responder unit of the federal, state, town or local government or an Indian tribal government and serve in the area where the home is located.

o Owner Occupied – As stated above, you must agree to the restriction of living in the HUDhome in an owner-occupied manner for three years beyond the closing. If interruption of those three years occurs and is deemed as a hardship, you may be permitted to sell the HUD home. Long-term vacations must be in writing and you must agree to resume occupancy upon your return.

o Financing Incentives – You must finance all reasonable and customary closing costs and be able to make a down payment of at least one-hundred dollars and is not good for multiple properties, only one repo home may be purchased.

o Post Purchase Obligations – You must continue to own and live in the HUDhome you purchase and certify both initially and annually thereafter that you are continuing to reside in the home.

o Preliminary Interest – If no offers are made by any GNND during the preliminary interest on a HUDhome are made, HUD will release the property for general public bid on a competitive basis.

o Required Documents – If you utilize the program, along with your sales contract, you must complete and provide the following documents:

o Inspection Addendum
o Owner-Occupant Certification Form
o Radon Gas & Mold Notice and Release Agreement
o 9549-A if you are a law enforcement officer
o 9549-B is you are a teacher
o 9549-C if you are a firefighter or EMT
o 9549-E – Employer verification form
o Land Use Restriction Addendum
o Flood Zone Addendum
o Methamphetamine Disclosure Form from Seller in Minnesota and South Dakota only
o Mortgage Pre-Qualification Letter – this must be from a lending institution staring that an in-house credit check has been performed and you are pre-qualified to obtain a mortgage.
o Certification from the Financial Institution – this must state whether the purchase is cash or that funds will be available on the day of closing.

All professionals must follow these guidelines and submit the appropriate forms. Any real estate broker who is licensed to sell HUD homes will be able to help you understand and obtain all of these forms in order for you to complete your purchase. The Good Neighbor Next Door program is a great way for people who serve in certain professions to acquire these properties with discounts and guarantees.

HUD homes are explains at http://www.MNHUDhomes.org John Mazzara is involved with financial services in the Twin Cities, MN. Officing out of Edina, Minnesota-John is centrally located within the 7 county MN metropolitan area. John owns three separate businesses-a licensed real estate broker associate selling Minnesota real estate since 1986-affiliated with RE/MAX Associates Plus http://www.MinneapolisStPaulHomes.com , an independent CFP-certified financial planner since 1989 with an independent Minnesota financial planning firm-Financial Planning Associates and the owner of a Minnesota mortgage broker firm-Venture Development Inc-specializing in residential, commercial and investment mortgages for purchases of single family homes, investment properties and commercial property. Venture brokers FHA, VA, Conventional loans and lines of credit. If you are looking for someone to help you in the areas of real estate sales/purchase, mortgages, or and/or financial planning and insurance you should call John for a free 1 hour consultation to see if he can meet your needs. 952-929-2577. RE/MAX Associates Plus and Venture Development are located at 7300 France Ave S, Suite 410, Edina, MN 55435

Author: John Mazzara
Article Source: EzineArticles.com
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Real Estate Investing Strategy

Traditional real estate investing is mainly about buying low and selling high, and making a profit from that difference. But nowadays it needs real estate investing strategies with in depth knowledge, proper planning and of course the right strategy to make the venture successful.

Real estate investing strategy ensures that moneymaking investment opportunities are both identified and acted upon in a timely manner to aid the investors needs. Innovative real estate investing strategies ensure capital budgeting by using state of the art investment analysis, which includes the future flow of earning, it will generate, and the adjustments of the associated risks.

Real estate investing in the past was once kept for larger financial institutions or wealthy entrepreneurs. But things have changed dramatically in the real estate business. Real estate investing has become a normal way for the investors of all levels to increase wealth and control large amounts of investment property with little cash expenditure.

Different real estate investing strategies are being made to control large amounts of investment property with only a small down payment. There are several real estate investment strategies depending on the investors investment preferences and risk tolerance.

Various types of real estate investing strategies include:

Private Lender Real Estate Investing Strategy: The private lender strategy is perfect for those who have traditionally invested in bonds and banks and want to earn a higher return. A private lender can earn a fixed return of 10% to 25% in up to 36 months or invest in rehabilitation opportunity, foreclosures and buy and hold projects or receive monthly interest payments directly to the bank account.

Preconstruction Syndication Real Estate Investing Strategy: Preconstruction syndication is an ideal way to maximize the potential profits and effectively manage risk. This innovative strategy lets the investor purchase preconstruction contracts from developers under preferential terms.

Preconstruction Purchase Real Estate Investing Strategy: Preconstruction purchase strategy allows the investors to identify opportunities as a group and purchase individually. The investors are individually responsible for the possible purchase and sale of their properties. As a preconstruction purchaser, the investor can earn some of the highest returns.

Article Source: http://www.articlesnatch.com

About the Author:
Brad Wozny is a real estate investing expert. Let Brad show you how to connect with eager real estate investor buyers & sellers of investment properties. Access private money & creative lending resources. Claim your FREE Strategic Investment Manifesto and Download your 2 FREE real estate investing mp3 case studies.

Read more: http://www.articlesnatch.com/Article/Real-Estate-Investing-Strategy/338077#ixzz10UHxyM7A
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Real Estate Tax Breaks For Your Home

It is always beneficial during tax season to own real estate, which gives you many annual deductions. If you purchased residential real estate during this year, however, you can look forward to even more generous savings at tax time.

Mortgage Interest
Though there are several real estate deductions you will be able to take this tax year, the largest is the interest you paid on your mortgage. According to Kiplinger’s (August 31, 2006), you may write off up to $1 million in mortgage interest for your primary or secondary home (does not apply to third home real estate, unless it is a business or rental property). This can be an enormous tax savings, especially within the first years of ownership with most of your monthly payments going to interest.

Property Taxes
Each year, you may deduct the property taxes you paid. If you recently purchased your home real estate, you also may deduct any taxes the seller paid in advance that were applied to your property tax debt. This applies even if you did not reimburse the seller for these real estate taxes.

Points Paid for Mortgage
Even if the seller paid your points, you may deduct them on your tax return within the year of purchase of the real estate. Each point is worth one percent of the real estate mortgage. For a loan principal of $250,000, you may deduct $2,500 for each point. For a loan face value of $500,000, you may deduct $5,000 per point.

If you refinanced your real estate, you also may deduct these points paid. However, the deduction must be spread over the life of the loan. If you sell the real estate or pay off the loan early, then the remaining deduction may be taken within the year of sale or loan payoff.

Home Equity Debt
You are allowed to deduct up to $100,000 of home equity debt each year, regardless for what you used the money. This makes home equity loans low-interest alternatives for purchasing cars, paying student tuition, underwriting your dream vacation, and so on.

Home Business Use Deductions
If you run a business out of your home or use the real estate for business purposes, such as rental property, you have many deductions for the use of this space. For home offices, the percentage of space you actually use may incur the same percentage in deductions for mortgage payments, utilities and home insurance. Improvements made to accommodate the business, such as bringing the real estate up to standard as rental property or installing a private bathroom when renting out a room, may qualify for a deduction against your profits.

Property Damage
If you incurred uninsured real estate damage due to a qualifying disaster (especially within a presidential declared disaster area), you may qualify for a tax deduction. There are limitations, however, and the deduction generally must be taken within the year the disaster occurred.

What You Cannot Deduct
If you recently purchased or sold real estate, you incurred many costs but not all may be deducted from your taxes. Examples of nondeductible expenses are closing costs, major home improvements to attain a higher sales price, title insurance, appraisal and inspection fees, or attorney fees.

Don’t forget, deductions that lower your federal tax debt also decrease your state tax obligation! As with all financial advice, always check with a qualified accounting professional.

Article Source: http://www.articlesnatch.com

About the Author:John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more on San Diego Homes for Sale visit http://www.twtrealestate.com

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Dissimilarities Between A Short-sale And Foreclosure

If you find yourself in a short sale vs. foreclosure situation, you may feel like a lost soul and not be aware of opportunities you have that may help you out. The mortgage company has the advantage here because they have vast knowledge about the whole process the absence of which can make things really hard for you.

If you are actually way too far behind your monthly payments, it may be time to consider it. One thing you can do is get in touch with a preforeclosure expert who may assist you in this situation. The expert in question may know of options that could help you out. Listen to what the expert has to say, though in the end what you assume is really up to you.

So do learn this business because knowing the difference can let you make the correct decision for you. With a short sale in the process, you put your house out for sale and get everything ready for implementing the sale as quickly as possible. This means pricing your home in a way to make it attractive to buyers. In this situation it is important to have a realtor in your court.

And don’t wait for a long time, because if you do your choice of short sale vs. foreclosure may just disappear. So you can’t fritter away any time, because if you do, a foreclosure may simply descend on your unawares.

Time may not be on your side when it comes to a choice as regards short sale vs. foreclosure. So it is very essential to take action immediately because if a foreclosure becomes unavoidable there is nothing you can do about it. So keep in mind that the time to act is when you begin to have difficulties paying your mortgage. This is positively not the time to run and hide, because you don’t want to lose all control and be just put out of house and home.

It is not a simple matter, but there are people who can give you good guidance as to how to proceed. It is of paramount importance not to fritter away time, but to act swiftly. If you do, you will have more options available to you and this can be a good thing for you and for your family.


Article Source: http://www.articlesnatch.com

About the Author:
There is a whole collection of articles and resources on Short Sale Homes, and they can be found at http://www.foreclosureshortsale.co/featured/things-you-should-know-about-preforeclosure. If you want to learn more about foreclosure and short sale visit short sale vs. foreclosure.

Ten Powerful Ways To A Stop Foreclosure

The thought of foreclosure on a home that you have spent most of your life in can be devastating to the average home owner, but there is hope if you have knowledge and the right guidance. To be in a better position to stop foreclosure, you must act quickly. Once you are 30 days late, fees and interest start to accumulate. Waiting too long to respond to a foreclosure notice could cause you to lose your home that you raised your kids in. The techniques listed below will assist you with stopping your home from being foreclosed.

What are some steps I can take to prevent a foreclosure?

1.Talk with the HUD counseling agency for more options.

2.Ask the bank to suspend your payments for a couple of months until you get back on your feet.

3.Argue that you did not understand loan agreement when you first bought the house.

4.Try a loan modification. With this option, the lender modifies several terms of your loan, like the payment, interest and sometimes the principal.

5.See if the bank will go for a Short Sale. This is when you are selling the property at the current market value, and the price is lower than your original loan.

6.Ask the bank if they will take a deed in lieu of foreclosure. Here, you voluntarily turn over the title to the lender to avoid foreclosure and damage to your credit report.

7.Try refinancing before letting your home foreclose. With this option, the lender will construct a new loan for you with a better interest rate and payment plan. This method is impossible if you are underwater.

8.Research the procedures on how foreclosure notices should be sent out, and if any of the steps were violated contact an attorney for a possible lawsuit. By doing this, it will slow down the foreclosure proceedings.

9.File Chapter 7 bankruptcy as a last resort because it stops all foreclosure activity. You should be aware that the lender might ask the judge for a lift of stay, which would allow the foreclosure to proceed.

10.File a Chapter 13 to stop the foreclosure. By doing this you are telling the bank that you need time to work out your financial situation. From there, you will be put on a payment plan to start paying back all of your creditors including the lender.

Keep looking into other options.

Ask for a repayment plan. Payments are increased to make up for the past due payments. You can make up these payments over a short or a long period of time. For example, if you are three months behind with a monthly payment of 400 a month, you can stretch out the $1200 over 12 months where you would pay a extra 100 a month on top of your regular payment.

Look into the Obama Plan-Harp-Home Affordable Modification Program. This plan is geared toward homeowners who are underwater in their loan. Harp allows you to rewrite your mortgage for a better interest rate and to convert from an adjustable rate to a fixed rate. For more information, go to www.hmpadmin.com

Look into the Obama Plan and Loan modification. In this plan, you are on a three-month trial period. During this time, you must make all your payments on time. Concluding the trial period, if there were no changes in your financial situation. The loan will continue to be modified at a reduced payment. Moreover, during the trial period, any foreclosure will be suspended. Be advised that if you have good credit when entering the trial period, it could hurt your credit. The reason it could damage your credit is the lender is reporting a modification of the loan and not the original loan.

What is mediation?
It is a process where the homeowner and the lender meet in person to exchange information and discuss ways to avoid foreclosure. A mediator facilitates this meeting.

Can mediation stop foreclosure?
Mediation can slow the foreclosure down, but it won’t stop it, unless you and the bank come to an agreement during mediation.

Do all states offer the mediation program?
No, some states offer the mediation program while others do not. Check with your lender or consult with a real estate attorney on this matter.

How does the process work?
After you default on your loan, 90 days to 120 later the bank will send you a Default and Election to Sell Notice along with a mediation form. You must note that every state is different with this procedure. If you choose mediation, you have 30 days to return the mediation form. After you return the document, a mediation will be scheduled for you and the bank. During the mediation, you try to work out various options with the bank on how to avoid foreclosure such as the options listed above and in the bullet point section. If no agreement is made, the bank will continue with foreclosing on your home.

Article Source: http://www.articlesnatch.com

About the Author:
Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumer with credit issues. If you liked this article, then I invite you to sign up to read the first chapter of my book Hidden Credit Repair Secrets and get a Free Restore your credit E-class by clicking here

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