In some cases, if a homeowner is in trouble and contacts the bank, the bank may be willing to take the title to the home in exchange for the amount owed on the mortgage through a deed-in-lieu of foreclosure. The idea of selling to a bank through a deed in lieu is not an alternative to selling the…
A homeowner is worried the bank will foreclose on his home so he is thinking of filing for bankruptcy. He does have more income coming in a few months, so bankruptcy might be avoidable. He can work with emergency housing counseling to save his house which can help avoid bankruptcy.
Mortgage After Foreclosure: Raise Your Credit Score And Apply Successfully
Can you apply for a mortgage after going through bankruptcy and having your home foreclosed upon? There are things you can do that will help you qualify for a mortgage again despite the bankruptcy and foreclosure. Ilyce explains how mortgage companies approve borrowers and how you can raise your…
Property Tax On Home In Foreclosure
When a bank forecloses on a property the property owner remains responsible for the property taxes. Banks set up tax escrow accounts to pay property taxes, but when home owners fail to make mortgage payments the escrow money may be used to make mortgage payments. If there's no escrow account, the…
How to Protect Yourself Against a Bad Lender
Summary: A reader has a new mortgage that has already been sold to a company with a terrible reputation. Ilyce explains what steps she should take to protect her money and credit rating.
Q: I wrote to you several months ago about getting a mortgage. Your advice was very helpful.
But now I have a new…
Buying A Foreclosure? Hire A Home Inspector And Attorney For Protection
When buying a foreclosure, it's important to hire a home inspector and attorney to protect yourself from any unwelcome surprises. A foreclosed property may come with maintenance problems that a professional home inspector can identify. An attorney will a home buyer purchasing a foreclosure by making…
Homeowner's Foreclosure Help Comes From Non-Profit
Homeowners can get foreclosure help from many areas. The most important thing for a homeowner who may be thinking about starting the foreclosure process is to talk to their mortgage lender about why they can't pay their mortgage loan. The homeowner may find other places to protect them from…
Is buying foreclosure property a good way to break into real estate investing? Buying foreclosure property is getting increasingly popular, but chasing a foreclosure fortune isn't as easy as some make it sound. Timing and local market conditions are important to entering the foreclosure-buying…
A homeowner was unable to contact her home equity lender to get a final pay off amount, so she stopped paying on the loan. She stopped making payments assuming that the company would contact her. This method only hurts her, and she will end up ruining her credit history or going into foreclosure…
Court Assigns Guardian For Elderly Homeowner
A homeowner who is in a nursing home and has a management company assigned by the court to manage her home. Her home of 28 years was foreclosed back in early 2005. The management company was not her guardian at the time. But, her son wants to redeem this house and have her quit claim a deed to him…
Owing Back Taxes After Foreclosure
After a home is foreclosed on, do you still owe the back taxes? You must determine if the foreclosure of the home and subsequent sale of the home by the lender produced enough cash to satisfy your debt to the lender. In some cases, lenders don't go after the difference from the borrower. However, in…
Inheritance Property Sold To Investor, Other Heirs Want Property Back
What should you do if you inherit a portion of a home, but another heir sold his portion of inheritance property to an investor. The other two heirs want to keep the inheritance property and wants to get it back from the investor. Ilyce helps explain how to proceed with this inheritance property…
ThinkGlink Radio Show for Sep 18, 2005
Ilyce discusses news of the bankruptcy filings of Delta and Northwest. Ilyce then takes calls on topics from callers, including concerns about future travel on Delta and Northwest and questions on protecting a home from foreclosure.
Cautions When Buying Foreclosure Property
Investing in real estate? Buying foreclosure properties can be a viable and effective way to invest in real estate. But be careful that the way you structure the deal is not unethical or outright illegal.
Mortgage Loan And Title Have Different Names
When you get divorced you likely have to work out who will keep your home and pay the mortgage. It's not a good idea to have someone pay the mortgage whose name is not on the mortgage loan. It's possible in that situation that the person making the mortgage payments will decide to stop and it will…
Research Before Flipping Foreclosure Properties
Foreclosure properties are becoming harder to find as more people qualify for lower interest rates and lenders are working under a mandate from Fannie Mae and Freddie Mac to help customers stay out of foreclosure. Right now, it seems like only the investors who flip foreclosure properties…
Avoid Foreclosure Through Home Sale
How can you help out a relative who can't make mortgage payments? The relative could quit claim the property to you or sell it to you. Learn what to consider (including taxes) in deciding how to protect the property from foreclosure.
House Foreclosed On Seller Prior To Closing
A home buyer was due to close on a house and the lender foreclosed on the seller. Can a deal be saved on a foreclosed home? The buyer should be sure to understand what is going on with the seller and the foreclosure before attempting to move forward.
New Home Loans From The FHA Made Easier
New FHA home loans may offer a better alternative than loans from sub-prime lenders. These loans offer some important and specific benefits to first-time buyers with less than perfect credit, or who may need to borrow more and have a higher debt-to-income ratio than conventional lenders will accept…
Mortgage Lender May Modify Mortgage Loan
Many homeowners mistakenly believe that if their mortgage lender knows they're in trouble, their loan will immediately be put into foreclosure. In reality, the Department of Housing and Urban Development requires lenders to develop a strategy that can help you keep your home. Your lender may be…
Back Taxes Owed On Foreclosed Property
After purchasing a property in foreclosure, you could receive a notice for back taxes. Make sure you get the title commitment and owner's title insurance at the time of purchase. Even though it is a foreclosure property, you need to make sure all title problems and tax issues are resolved.
Over-Appraised Loan Results In Foreclosure
Homeowners need to be careful about over-appraised mortgages. If the loan is over appraised, the homeowner may not be able to pay it back upon sale of the property. Beware of a predatory lender and file a complaint against the lender with the office that regulates banks and mortgage brokers and…
Cannot Pay Back a Loan - Is It My Fault?
A lender gives you money based on your ability to repay the mortgage. If you lose your job or even if someone lied on the appraisal or application doesn't excuse the fact that you borrowed the money and spent it. Now the lender who owns the rights to your mortgage has the right to be paid back, no…
Real Estate Scam: Condo Owner Scammed By Real Estate Company
The owner of a condominium believes she was scammed by a real estate company who bought her condo to get her out of foreclosure. In the scam, the condo owner never got most of the money she was supposed to get from the real estate company for the condo purchase. Ilyce recommends the condo owner get…
How To Determine Foreclosure Market Value
When you're buying a foreclosure you'll likely bid on the property with the lender. How can you know how much cash to bid on a foreclosure? You'll want to bid something comparable to the foreclosure's market value. How can you figure out the market value of a foreclosure?
