Foreclosure Trends

jamiehanson asked:


Stop Foreclosure helps the borrowers who cannot make loan payments and hence helps them save their home from foreclosure. If any homeowner has a fear of loosing his/her home, he/she has a wide choice to help him save his home from foreclosure. Whatever may be the situation of the borrower the financial institutions offer great help to them and hence stops foreclosure on their home. However to benefit from the stop foreclosure with loan modifications the borrowers should take assistance from a number of mortgage institutions that are willing to help him to get a loan modification done with the approval of the lender and help him save his home on stop foreclosure. All the borrower needs is to do a bit of documentation process and provide the details accurately to the mortgage company. The mortgage company further evaluates the information provided by the borrower and then provides a number of options for loan modification to the eligible borrower. The borrower is eligible for stop foreclosure with loan modifications if he has a valid reason to miss his loan payment. This may happen if he looses his job or may fall ill, or due to an increase in genuine expenses or simply fall short of funds to make loan payments. The mortgage company helps the borrower to modify his loan and assist him to save home by stop home foreclosure. If the borrower fails to make loan payment for the first time, the investor or the bank charges you a 30-day late fee. For this the investor or the bank sends a prior notice as a reminder for non-payment. The bank also discusses forbearance plan with the borrower to work on the missed loan payment and to bring you again on path. This special plan helps the borrower to reduce his payments or delay payments to help the borrower to repay the loan. The investor or the bank may also help by refinancing the loan and helps make the payment more reasonable. For this the borrower should confirm that he will anyhow handle the modification made on payments. But if you are unsuccessful to initiate your bank or investor and further avoid payments you may be charged late charges for 6 months , then 9 months and so on…till this period you loose your credit ratings and may even loose to gain from the forbearance plan or refinance assistance provided by the bank helping you avoid home foreclosure. If the borrower can not make payments for 90 days, the bank or investor charges you with an NOD (Notice of Default) which states that the borrower has 30 days to make his loan current for which the borrower may approach the court or be prepared for foreclosure. The court orders an auction for your home to sell it within seven days. If there is no buyer for the home on auction, the bank or the lender takesover the ownership and starts with legal formalities like name transfer public notice etc… Other way round, if the borrower pays all the charges like legal fee, late fee, foreclosure fee he might be saved. A foreclosure leads to a tremendous drop in his credit ratings and may not be further eligible to borrow loans for at least four years. Luckily there are other simple ways by which a borrower can stop loan foreclosure without a big deal: a) Refinance b) Forbearance Plan c) Partial Claim d) Pre-foreclosure e) Deed-in Lieu of foreclosure f) Real estates short sales Refinance is the help offered by the bank that enables the borrower to easily pay off the loan for he should be qualified to make the payments. Forbearance Plan helps to ease or suspend payments till the payments are current again. A partial claim plan allows the borrower to make advance payment to the lender by a Promissory Note. HUD helps to grant a partial claim. A pre-foreclosure helps to sell the homeowners home with less effort and thus avoid foreclosure. Deed-in Lieu helps the borrower to stop foreclosure by selling back the property to the lender or the bank itself. Hence avoids foreclosure but at the cost of the borrowers home. Thus the borrower under a financial burden who can not make the payments to the bank or the investor can stop foreclosure by opting a number of ways mentioned above and thus saves his home with Stop Foreclosure with Loan Modifications.



EARLE

Paul Hata asked:


Are you facing foreclosure?If you have received an intent to foreclose notice from your bank, you may be feeling a wide array of emotions.These emotions may include fear, anger, and sadness.Regardless of how you feel about the situation, now is the time to take action. Depending on how soon you act, as well as what steps you take, you may be able to avoid foreclosure.

When facing foreclosure, one of the first places you should turn to is that of the United States Department of Housing and Urban Development, also known as HUD. There you will find experts who can help to point you in the right direction. One direction that you may be pointed to is that of a HUD approved housing counselor. A HUD approved housing counselor can give you tips on how to avoid foreclosure. However, if you have reached the point where foreclosure cannot be stopped, assistance on picking up the pieces and finding a new home will be provided.

Another professional that homeowners facing foreclosure should turn is to that of an attorney. Should you decide to contact an attorney for legal advice, it is vital that you select one who has experience dealing with real estate and foreclosure cases. As for how a lawyer can help you, they may be able to stop the foreclosure process. There are a number of ways this can be accomplished. An attorney can and should be contacted in the event you find yourself a victim of a foreclosure scam or if you feel you are being discriminated against by your mortgage lender.

Although it is best that you seek professional assistance, such as the assistance of an attorney or a HUD approved housing counselor, you may want to turn to those around you. As embarrassing as it may be to admit that you may lose your home, now is the time to receive support and encouragement from close friends and family members. In fact, they may be able to help you avoid foreclosure. Can you borrow money from someone that you know? If so, just make sure that you pay it back and in a timely matter.

Returning back to seeking professional foreclosure advice and assistance, real estate agents can also be approached. However, it is best if they are contacted as soon as you notice a problem. If you suspect you may fall victim to foreclosure, contact a real estate agent immediately. Before your home enters into the official foreclosure stage, it is known as being in pre-foreclosure. You can still try to sell your home. You can list your home as for sale by owner, but the knowledge and expertise of a professional real estate agent can help you sell your home faster.

Out of all of the places that you should turn to seek assistance with avoiding foreclosure, the bank is the most important. Financial lenders want to avoid foreclosure. Why? Because they almost always lose money on the sale of foreclosed properties. For that reason, schedule a meeting, in person, with your lender. Make sure you meet with someone who is high ranking in the branch, such as the bank president or the chief loan officer. If you can prove that your financial hardships are only temporary, do so. This may help to convince your mortgage lender to give you more time.

The internet can also be used to seek foreclose help and assistance. When using the internet, it is important to proceed with caution. You, honestly, never know if what you find online is true. With that said, many states clearly outline their foreclosure laws and homeowner options on their websites. You may also find detailed information online from homeowners who have been in the same place as you, facing foreclosure. Other homeowners may share the ways that they were able to successfully stop foreclosure. In addition to carefully reviewing all information provided to you, do not pay anything. Foreclosure advice can easily be found online free of charge.



WINSTON

Bill Byrnes asked:


Why could the U.S. be heading into a recession? The most likely reason is the housing market- a multi-faceted subject. There’s the new home building sector.

It’s important because it employs so many people, not just in construction but, by extension, in the industries that supply materials to the homebuilders - lumber, concrete, appliances, and even retailers like Home Depot.

Think about all the “stuff” that goes into a home and how much you buy when you move. A slowdown (or collapse) in new home building has a ripple effect throughout the economy and could drive up the unemployment rate.

Housing market problems are not limited to new home sales. The value of your home and the market for sales of existing homes is falling. By how much and for how long is the big question. But the problem here is the equity we have in our homes is evaporating.

Even worse, those of us who have recently purchased homes or have taken money out of our homes, through refinancing or home equity loans, may have no equity left. A reduction in home values reduces homeowners net worth, causing them to pull back on spending.

The mortgage market mess is the last, but the not least, of the housing market issues. The big problem is not subprime mortgages, it’s adjustable rate mortgages. Bumps in mortgage payments due to contractual provisions or an increase due to a rising LIBOR rate - most mortgages are tied to this rate and it may rise even if interest rates fall in the U.S. - will force consumers to cut back spending in other areas. Lastly, will more stringent lending standards exacerbate the new home construction and/or existing home value problems?

There are other economic concerns as well - consumer spending (beyond the impact of the housing market), rising energy prices, the U.S. balance of trade deficit (are jobs being exported as a result?) So, if you’re concerned about the possibility of a recession, and who shouldn’t be, how do you invest?

The stock market, according to classical wisdom (or folklore) anticipates a recession by six to nine months. Since it’s currently at record highs (at least the Dow and S&P) this suggests a recession is not in the offing. But the market could change direction at any time. There’s a saying that the stock market has predicted ten of the last five recessions.

So maybe it’s not such a perfect predictor after all. The stock market also anticipates economic recoveries. Add to the mix the psychological difficulty of investing in stocks when things are the bleakest (the best time to buy) and it demonstrates the difficulty (impossibility, for most of us) of trying to time the market.

Most investors should be in the stock market to take advantage of growth in principal value and income which comes through the long term ownership of equities. Stocks which do best in recessions are those of the strongest companies and companies whose products consumers must keeping buying (think toilet paper not cars).

The stocks to focus on are big cap companies, consumer staple products and health care. There’s an overlap between many big cap stocks and consumer staples and health care companies. I’d also add to this list companies with significant international sales. (Did you know that a majority of McDonald’s, and many other U.S. companies, sales are overseas?) There’s also a substantial overlap between big cap and international sales. You can find many good mutual funds which focus on these areas.

Will this investment strategy provide a positive return during a recession? Not necessarily but it will keep you in the stock market with a minimum amount of risk and the long term investor will be well positioned if there is no recession or for the upturn in stocks after the recession occurs.

What about bonds, you ask. Don’t they do well during a recession? Yes, if interest rates decline as a result, but that may be occurring just when stocks are beginning to rally again.

With long term U.S. Treasuries yielding below 5% (some good money market accounts have higher yields) how much lower can interest rates go, so how much higher could bond prices go? Focus your risk-taking investments on the stock market and keep the rest of your capital in cash.



ELVIS

Mike Scantlebury asked:


Here’s a simple enough question. Suppose I bought a house, two years ago. I paid one hundred thousand for it. Now, two years later, the house has been valued at three hundred thousand. Great. Good news. So, how much money have I made? ‘Ah’, most people would say, ‘that really is an easy one. You’ve made two hundred thousand’. Wrong. That’s not correct. The right answer is that I’ve made NOTHING. All that’s happened is that I acquired an asset and it has gone up in value. I’ve made no money. That’s the catch, you see. I may have seen an increase in value but I’ve got no extra cash and won’t have, until I sell the asset. That’s a problem, if I happen to be living in it, but that’s another issue which most home owners don’t seem to appreciate. But the first dilemma is the big one: house buyers all over Britain have been panicking recently, at the news that the housing market is in decline. ‘I’ve made so much money in the last few years’, they say to themselves, ‘and now I’m about to lose it’. Nonsense. If you’re still in the same house, then you never actually made any MONEY when prices went up and you won’t lose any, now that they’re going down. That’s simple economics. Unfortunately, people who dabble in the housing market and assume that they know what they’re doing, actually know nothing about economics. That’s why they’re doomed to disappointment.

There’s a saying that ‘In the country of the blind, the one-eyed man is King’. In terms of business and economics, it would mean that anyone who has studied economics at High School would know about, oh, I don’t know, shall we say a HUNDRED times more than the average householder. They would know that stuff above about the difference between value and cash in hand, for instance, and be quietly laughing at all the home owners who greedily boasted about their ‘profits’ over the last few years. Let’s get this straight, you only make a profit on a trade. You buy your house cheaply and sell it at a higher price? Well done, you’ve made a profit. You buy your house and it doubles in value? You’ve made no ‘profit’ at all. If you don’t believe me, check your bank account. It won’t have any extra money in it. You won’t have more cash to see you through until payday. Any Estate Agent or Realtor will encourage you, and say proudly that you’ve made ‘paper profits’. Well, they aren’t worth a dime, quite frankly. They aren’t worth the paper they’re printed on. The only profit that’s anywhere near real is the increase in your bank balance, and that doesn’t come about until you’ve been both a buyer and a seller. That’s a tip: you want to know how much money you’ve made from the housing market? Ask yourself: how many houses have I SOLD recently? You make money when you sell a house, not when you buy one, but sadly, that’s a lesson less learned, just as the world of business is the road less travelled. The business person will look at many things in making up their minds where to invest their assets. They will look at the market from all angles. For instance, they might see that the price of housing is generally going up. Then comes the most important question: ‘How can I make money in this situation?’ The answer, or one of them, would be to buy and sell houses. The business people might do that, and yes, some of the ‘amateurs’ might do that as well. The worrying thing is the number of ordinary people who dive into the housing market, bouyed up by what they read in the papers or what they’ve seen on television. A recent programme showed investors at an auction. The interviewer asked one of them, a new convert to the housing game, and he said that he’d seen a show on television and thought he could do what they were doing. ONE show? Would you base a business career on ONE telly show? The frightening thing is that the person seemed bouyant with confidence, full of assurances that he would soon be making profits. Unfortunately, he had taken a second mortgage on the house he lived in, in order to finance his new venture. That’s not good. If something goes wrong, he’ll lose his assets, all of them, including the place where he now lives.

There’s another business lesson that might be worth learning. That is, ‘Stay ahead of the game’. If house prices are going down, then it’s not a good time to buy. Wait until they bottom out, invest them and cheer as your asset value goes up. Meanwhile, look around for something else to put your hard-earned cash into. What is coming? What is doing well? Where are the profits of the future going to be made? One tip might be to look at the world of alternative energy. There’s genuine fear that oil is going to run out. What could replace it? However, remember that tip up there. First, look at what is happening in the market. What’s going up, what’s coming down? Who’s dabbling and who’s getting involved? Then, ask the vital question, ‘How can I make money?’ It might not be as obvious as you think. The big boys are getting into wind farms right now, so maybe that’s something to steer clear of. What other technologies are being developed? Not sure? Go and ask at your local University. Try and find out what’s on the lab bench at the moment, that in a few years’ time could be the new norm. Hmm, not interested? Well, yes, I know, it all sounds like a lot of work, and maybe that’s why real ‘business’ has never caught on to these new opportunities. The housing market has always had an appeal because it seems so easy. Buy a house, sell a house. Hey, ‘We can all do that’, they say. Can’t we? Not successfully. The collapse of house prices and the winding up of banks and financial institutions proves one thing: there’s a lot of uncertainty out there. And in uncertain times, one thing is certain: the amateur gets screwed while the professional has cut and run, saving their energies for future business and other opportunities. If you can’t be bothered to read a book and find out more about the business world, maybe you shouldn’t dabble your toe in the water. There’s sharks out there.



DENNY

Heather Seitz asked:


In some of the worst housing markets in the country, deflation has reached double-digit proportions. While housing woes have reached around the country, California appears to be poised to rank among the worse. One of the primary reasons for this is the fact that in the last several months California has experienced the largest rate of deflating home prices. In fact, home prices in California have fallen at levels that have been unprecedented.

Miami, Florida has also proven to be a difficult market at the moment. Here, the weak mortgage market and record high rates of foreclosures have let to decreasing home values as well. In fact, Miami has been among the worst home markets in the country for two years running. The condo boom in Miami just a few years ago has fueled further problems that have now spiraled into a massive real estate bust.

While Florida and California may have been easy to predict as being among the first housing markets to crumble when the real estate market crashed, there are other markets that are on the edge of falling which have not been as easy to predict. One of the primary reasons that Florida and California were poised to fall so rapidly, were rapidly escalating home values during the boom a few years ago.

Other markets; however, did not rise as much or as quickly, which could be one reason why they have managed to avoid reaching the top of the list; at least until now. These markets include Arizona, Nevada, Indiana and Massachusetts. Declining home prices as well as high rates of foreclosures in these states are also contributing to their worsening real estate market conditions. In Michigan, where layoffs have been significant, the economy is playing a strong role.

Problems are expected to grow worse in many markets as several million adjustable rate mortgages are scheduled to be reset in the coming months. As these mortgages are reset, it is logical to assume that even more homeowners will find themselves facing the reality of being unable to pay their monthly mortgage payments in certain markets. When that happens they will be forced to either face foreclosure or in some cases make a short sell on their home as refinancing is becoming less and less of an option for many homeowners.

According to most statistics, the remainder of 2008 is still poised for problems in the housing market. Many statistics indicate that home values could continue to drop and new homes could experience a loss of up to 18% before the year is out. While there are some indications that the market could begin to level off at the end of 2008 or the beginning of 2009, many experts are quick to warn that when the market does begin to rebound it will not reach the point where it left off. In comparison to the housing peak of 2005, the rebounded market could still be quite a bit lower. Part of the reason for this is that in many areas, prices escalated so quickly that there is simply no way for prices to rebound back to that point.

Still, there may be some home for certain areas. In many markets sub-prime mortgages have either left the market through quick sales or foreclosure. The stimulus package that is on the horizon is anticipated to help the housing market in many areas.

First-time home buyers may soon find the relief they have been seeking since they were forced out of the market; however, it may longer before homeowners begin to experience that same kind of recovery. This is because most homeowners are still reluctant to sell and lose the equity they once had in their homes. The simple fact is that many homeowners have yet to accept the fact that they can no longer get the same prices for that was possible just a few short years ago.



JOHN

Vikram kuamr asked:


If you are planning to have the best possible return of your invested money, then foreclosures play a very important role. In case you opt for profitable foreclosure with the help of a comprehensive strategy, then it is sure that you will certainly get the most fruitful results.

If you wish to go for the foreclosures that you think are best for you, then it is imperative that you should take the help of updated foreclosure listings.

Obviously, if you are making investments then it is anticipated that you should make a good return from it. If you will look around and make a proper survey of the market then you will find that there are several opportunities available for investment. All you are required to do is to fetch the best of the opportunists available. If you want to avail productive results then it is imperative that you should avoid a straightforward approach. 

There is no use of putting money in any of the investment option and lament afterwards. When you look around in the market then you will find that foreclosures are no doubt the best of all the investment options available.

The best part of going for such kind of investment option is that you can go for free foreclosures as well. The best way is to search for various sites available on the internet that are proficient enough to offer you fully updated foreclosure listings.

It is not necessary that all the sites which claim to offer you free foreclosures will really fulfill their commitment. You are required to keep a distance from such sites available on the internet. However, there are some of the sites available which believes in offering the same which they actually commit to their customers. One such site available online is watchforeclosure.   

If you believe that this site is an undisputed leader of free Home Foreclosures, Pre-Foreclosures, Bank and Government Foreclosures then you are absolutely right! There are some of the features due to which this site is an extraordinary option from rest of the sites available on the internet. These features are stated below.

                I.      Reliable: this is a word which is not common with most of the site s available online. But when it is about free foreclosures and foreclosure listings then watchforeclosure is a site on which you can trust fully. If you go for the investment options offered by this site then it is surely the best decision that would give best returns afterwards. 

             II.      Large number of foreclosure property: if you are a rational visitor with best knowledge of the investments then it is important that you should be very demanding. With watchforeclosure you can get in touch with more than 300,000 foreclosure properties. The foreclosure listings offered by this site includes Bank Owned Foreclosures, Government Foreclosures (HUD & VA Foreclosure) and Preforeclosure Auctions. 

           III.      Transparency: if you are dealing with watchforeclosure then there is no question of facing any kind of dishonesty. The professionalism of this site can be understood from the fact that it depicts the real prices along with the available properties.

          IV.      Mortgage and finance: if you are going for mortgage and finance then also this site can help you out in the best possible manner. It is one of the most unique services offered along with free foreclosures. You can also take the help of mortgage payment calculator from this site.



DALTON

Charlotte Foreclosure Attorney - Zellers Rudd asked:


The North Carolina legislature has enacted new legislation to help homeowners with subprime loans avoid foreclosure.  If a homeowner with a subprime loan defaults on his loan, the lender is now required to send to the homeowner a Pre-Foreclosure Notice at least 45 days prior to filing the Notice of Foreclosure Hearing.  The Pre-Foreclosure Notice must include an itemization of all past due amounts and other charges that need to be paid in order to bring the loan current as well as a statement that the homeowner may have options available other than foreclosure.  In addition, the Notice must also include contact information for the lender, the North Carolina Office of Commissioner of Banks and other HUD approved foreclosure counseling agencies.

The intent is to give homeowners who have fallen behind on their mortgage notice before their house is actually in foreclosure that they may be facing foreclosure in the near future and that there are options available that may allow them to save their home and/or their credit score.

Fore more information about Charlotte foreclosure and foreclosure alternatives, please visit:  http://zellersrudd.com/areas_of_practice/foreclosure_alternative.aspx

Dan Zellers and Scott Rudd- Founding Partners

Dan Zellers, originally from Ohio, earned his undergraduate degree in finance and management from Defiance College and his law degree from the University of Toledo College of Law. He is a member of the North Carolina Bar, South Carolina Bar, Mecklenburg County Bar and the North Carolina Bar Association. His practice is focused on residential and commercial real estate, foreclosure alternatives, landlord-tenant laws and estate planning.

Scott Rudd, a North Carolina native, earned his undergraduate degree in accounting from Campbell University and his law degree from the Norman Adrian Wiggins School of Law at Campbell University. He is a member of the North Carolina Bar, Mecklenburg County Bar and the North Carolina Bar Association. His practice is focused on residential and commercial real estate, business formation and litigation, foreclosure alternatives and work with homeowners’ associations.

Prior to founding Zellers Rudd PLLC, Dan Zellers and Scott Rudd worked together in the real estate finance group of some of the top international law firms in the nation. They represented large national banks and servicers in multi-million dollar commercial property transactions as well as multi-billion dollar commercial loan securitizations. These transactions included the negotiation of large servicing contracts as well as conducting large commercial loan transactions, loan assumptions, defeasances, parcel releases, and other consent matters on large commercial properties located all across the nation. In addition, their work prior to that has afforded them extensive experience in all aspects of residential real estate and residential real estate transactions including loan closings, foreclosure, landlord-tenant law, work with homeowners’ associations, default judgments and private transactions.

 



DARIN

John asked:


Consumers are always looking to find a market for their foreclosed properties, it’s not an easy task anyway to find the best markets but there is optimism even with rising rates.  With so many foreclosed homes in the market and at high bargain rates, there is a way you can take advantage of the situation. However here are the top foreclosure markets in the US:

Greeley Colorado foreclosure market

Greeley is one of the top markets in the US; it will provide you with all that you need, be it remains of real estates, CO foreclosure listings and up-to-the-minute Greeley. You will also get to know about foreclosure trends, foreclosure hot spots, Colorado foreclosure laws and basic and of course necessary advice to help you through the whole foreclosure process.

Weather you are deeply interested in Greeley estate market or foreclosed home sin Colorado, the Greeley CO will definitely provide you with all that you need; Greeley schools, apartments, new homes, resale homes among others. It is one foreclosure market that without doubt brings out the best for its clients.

Detroit Michigan

If you’ve been involved with Detroit Michigan foreclosure market, then you will agree with me that research is key to having a great foreclosed home or apartment. Detroit MI offer up-to-date foreclosure listing making your work much easier. They provide information on Michigan foreclosure laws, together with hot spots in Michigan. Detroit MI have made sales of close to 2,667 lately with an average market value of $70,897,a reason enough to get yourself involved with them.

Miami FL

With Miami FL you will find great deals for investing in foreclosure properties, with up-to-date foreclosure listings in Miami, they also help you out in learning on various ways to help you out when buying Miami foreclosure homes at cheap prices. You will also learn to find Miami foreclosures for sale at prices below the market value giving you a chance to save on your next purchase for a foreclosure. It could be what you’ve been looking for, a place which offers their properties at fair prices.

Indianapolis, Indiana foreclosure market

Indianapolis in market has 4,647 homes for sale, with an average market value of $126,467 and $166,843 average list price. Indianapolis in offers special services for its clients which include foreclosure listings in Indiana, foreclosure trends hot foreclosure spots in Indiana and Indiana foreclosure laws among others. You will get enough information on whatever you need to know.

Denver CO

Denver CO favors its sellers and is not regulated by the legal sytems, which makes the whole simple and done within a couple of minutes. They also allow home buyers to bargain from banks, which makes it simpler for buyers. Denver CO also ensures that you get enough advice on the various Denver foreclosure properties, so that you make a choice on what you need to purchase.

With the rising rates of Colorado foreclosures, you should avoid getting yourself in rentals for long, you need change, make a great investment with foreclosed properties by getting help from the above top markets, you won’t loose anything, and in fact you gain a lot. Try it today and experience

 



BRADFORD

Paul Hata asked:


In the United States, foreclosures are hitting an all-time high. What does this mean? It means that you may be impacted, if you haven’t already been. When it comes to foreclosures, many homeowners and renters do not know where to turn. There may come a point in time when you need to consult with or hire an attorney.

Most media attention surrounding foreclosures is focused on the property owner. Yes, many of the individuals facing foreclosure are owners of single-family homes that they live in, but not always.

A large number of rental property owners are finding themselves in foreclosure. As a renter, you may be curious as to what your rights are. If you want professional assistance, an attorney should be contacted.

In keeping with renters facing eviction due to foreclosure, proper notice must be given. Regardless of who is trying to have you evicted, whether it be the bank or the new property owner, proper notification is a must. In most states, a written, legal eviction notice is needed.

Depending on your state, you may be given up to a month or more to move. Generally, you will not be expected to move out overnight. Also, until an eviction notice has been served, you cannot have your belongings moved from your apartment or have your utilities shut off. If this occurs, contact an attorney right away.

If you are a homeowner facing foreclosure, it may be in your best interest to consult with an attorney right away. As soon as your bank issues intent of foreclosure, it is best to explore your legal options. Remember, however, that you may want to work out an agreement with your financial lender, as they too want to avoid foreclosure.

One of the many reasons why you are encouraged to contact a lawyer, namely one who specializes in foreclosure, is because they have legal tricks up their sleeve. A lawyer can help you stop foreclosure proceedings in their tracks.

One of the ways that this is done is by declaring bankruptcy. Bankruptcy can temporarily put a hold on foreclosure proceedings. In some states, homeowners can receive protection when filing for bankruptcy, meaning that their home cannot be touched. Since there are various rules and restrictions concerning this exemption, professional legal advice is recommended.

Unfortunately, another issue that homeowners facing foreclosure have to deal with are foreclosure scams. There are individuals and companies out there who claim to be professionals who can help you get back on track. They may offer to buy your home or and draft up a new mortgage for you. Many times though, homeowners end up paying more money than before. Do not let yourself become a victim and if you do, contact an attorney immediately.

Better yet, companies implementing the above mentioned foreclosure scams will require that you sign documents, which may essentially turn over ownership to them. Never sign anything without reading it yourself, but have an attorney take a look as well.

When doing so, do not use the lawyer recommended to you. Instead, choose a lawyer that is locally based and well-known and trusted throughout your community. Ask those that you know for recommendations or find ratings and reviews online.

As previously stated, you may want to contact an attorney who specializes in foreclosures as soon as you spot trouble on the horizon.This is important, as even the best lawyers have their hands tied when the foreclosure proceedings actually start.

Remember that a warning of intend to start foreclosure, does not mean that the process has already started. That is why it is vital that you seek professional advice as soon as possible.

In short, a lawyer specializing in foreclosures can provide legal assistance to both renters and homeowners. Don’t let yourself fall victim to foreclosure scams or get taken advantage of by your financial lender or landlord; be sure to seek legal help and do it fast.



WAYNE

Charlotte Foreclosure Attorney - Zellers Rudd asked:


How much time do I have to move after my home has been sold at a foreclosure sale?

After the foreclosure sale there is a 10 day upset bid period before the sale becomes final. After that time has passed and there have been no upset bids the sale then becomes final. At that point the third party buyer, the lender, or the foreclosure trustee who purchases the property or represents the purchaser of the property at the foreclosure sale will then send you a letter, probably via certified mail, stating that you have 10 days to voluntarily vacate the home. Once the ten days period in the letter has expired the third party buyer or lender will apply to the Clerk of Superior Court for an Order for Possession. If the Clerk allows the Order for Possession that order will direct the sheriff to remove all occupants and their personal property from the premises within 7 days of receipt.

So, in general you really don’t have much time, this eviction process is much shorter than your typical landlord-tenant eviction. If you need a week or two to transition to another home or apartment contact the trustee or the buyer (contact the party that sends the ten day notice letter) and explain your situation. Most often they will give you a limited time to move you and your possessions from the residence. If you do not make the effort to contact them, they will more than likely move the application for an Order for Possession along as swiftly as possible.

For more information on foreclosure and foreclosure alternatives, please visit:  http://zellersrudd.com/areas_of_practice/charlotte_foreclosure_alternatives.aspx 



STUART