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January 25, 2006


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Randal Wilson

It may be too soon to see the affects of increased interest rates on the foreclosure market. Rates have not increased that significantly as compared to their historic low, and most new notes are still under the fixed term. Regardless, foreclosures and bankruptcy rates will be the talk of the day within the next year.


Mark Argentino

You have a great blog and information, we expect power of sale properties to increase in our market too this year.

Thanks for the great information,
Mississauga Real Estate Homes, Properties & MLS Listings for Sale

Dan Green

Couldn't agree more. Foreclosures will be the result of higher credit card minimum payments, the increase of Prime Rate making minimums higher, tougher BK laws and slowing equity growth.

Just as credit cards get "more expensive", the equity bank account dries up.

Great read!

Jason B. Graves

Having posted record home sales and increased home ownership, isn't a rise in foreclosures to be expected?


A loss of a job, death in family, medical expenses and other life-altering situations can happen to anyone, causing us to
fall behind in our mortgage loan payments.

If we neglect paying our credit cards it hurts our credit rating; if we neglect our home loan payments the lender
will foreclose, and repossess our home. We are often embarrassed to talk about our money problems, but that approach doesn't solve anything.
Credit Repair could help you get back on track in the future

Put your pride on hold and get serious about avoiding foreclosure. Contact your lender as soon as you know your payments will be late.
Never ignore the lender's letters and do not assume you are in a hopeless situation. Lenders do not want to foreclose, and will usually work with you to get your account back on track.

Below are Solutions for Temporary Problems

1. Reinstatement When you are behind in your mortgage payments but can promise a lump sum to bring payments current by a specific date.

2. Motgage Forbearance. You are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.
Lenders sometimes combine Forbearance with Reinstatement if you know you'll have the funds to bring your account current by a specific date.

3.A mortgage Repayment Plan If your account is past due, but you can now make payments, the lender may agree to let you catch up your home loan by adding a portion of the
past due amount to each current monthly payment until your account is current.

Solutions for Longer-Term Problems

1. Mortgage Modification If you can make your regular payment now, but cannot catch-up the past due amount, the lender may agree to modify your mortgage.
One solution is to add the mortgage behind amount into your existing loan, financing it over a long term.
Modification might also be possible if you no longer have the ability to make payments at the former level.
The lender might modify your mortgage to extend the length of your loan, or take other steps to reduce your payments.

2. Selling Your Home If catching up is not a possibility, the lender may agree to put foreclosure on hold, giving you some extra time to attempt to sell your home.
http://www.webuyhouseseasy.com/listings/index.php can help by purchasing your home.

3. Deed in Lieu of Foreclosure The lender may allow you to give-back your property, in turn forgiving the debt.
This does negatively affect your credit record, but not as much as a foreclosure. The lender may require that you attempt to sell the house for a specific time
period before allowing this option; the option may not be possible if there are other liens against the home. http://www.webuyhouseseasy.com/sell_house.htm

If these options aren't available and time is against you. Contact a realtor and have your house listed on MLS (mutly listing service) immediately.
It is better to sell your home and keep a mortgage foreclosure from affecting your credit rating so that you can qualify for a mortgage and buy a house again in the near future rather than
the far future.


Foreclosure victims should also be concerned about the danger of the bank suing them after foreclosure and trying to take the new house or attach a lien to it. If the house does not sell at sheriff sale for an amount to pay off the defaulted loan plus the extra foreclosure costs and late fees, the bank may be able to sue for a deficiency judgment and come after any other assets owned by the former homeowners. The bank will have to proceed with a new lawsuit after the foreclosure process is over, though, which will cost them additional time and resources.


The bank will sue us if we don't pay the loan completely or if the sheriff cannot make up the amount by going for foreclosure.

Private Commercial Lender

How true this article was!

handelspand te huur

This blog is great and has provided interesting and useful information. Thanks and I hope to see such information in the future as well.

hypotheek nederland

I think this is really interesting and helpful report, provided data explained in this report is reliable and true.

Negocio Rentable

Great information, you have a wonderful blog and an excellent article!!

foreclosure fraud

I have always wondered if there is a reliable source to stop foreclosure. We are living in an era where our natives are facing the worst ever economic downfall in American history. I am glad you made some really valuable points about foreclosures.

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Frances Flynn Thorsen

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