Posts Tagged ‘Business’

Everything You Need to Know About Foreclosure Listings

If you are thinking of purchasing a new residential property or home to live in, then you might want to take a look at your local foreclosure listings through your local directory, or through the internet, such as www.carolpefley.com. Foreclosure is technically known as the legal process wherein an owner’s right to his property is terminated. The most common reason for this is default and other terms and agreements stated in his contract. These properties that undergo a foreclosure are usually sold at public auction. These properties are instantly added to the foreclosure listings of your city or town, the proceeds of which are given and applied to the mortgage debt that the previous owner owed; that is why these foreclosed houses and properties sell quite fast.

You may search for some of these foreclosure listings online at www.carolpefley.com that cater to these foreclosed homes and properties. It is important to know and to understand that the house was put up for sale, being a foreclosed home, because the previous homeowner was not able to pay the mortgage fees imposed on his home. Given this situation, the lender, of course, takes back his property, seeing that he cannot benefit from it. There are various legal steps also that are involved in this sort of dealing and they vary through different states.

When purchasing a home or residential property from the foreclosure listings, there are some steps that you should do before deciding on which one to buy. First, you might want to consider an investigation and thorough search of the advantages of purchasing a foreclosed home. Since there is an urgent need for the bank or lender to recover their investment as soon as possible, foreclosed homes are often sold at huge discounts.

When shopping for homes in foreclosure listings, consider an agent such as myself, at Realty World Platinum who is experienced with the job. This is important because there are some sellers who won’t allow a sale from buyers who are unrepresented. 

Written by Carol Pefley

www.carolpefley.com

Lastly, make sure to check the house for any damages and the like. Do not forget to look for foreclosure listings on www.rwplatinum.com. It would also be a good idea to ask if there are any bargaining opportunities that can save you money as well. There is also a lot of paperwork involved, so get ready for that.

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How to Get Good Loan Modifications Without Getting Ripped off

Due to the rise in the prices of goods and services, a lot of people are tightening their belts in different ways—one of these ways is by applying for loan modifications for their existing ones. We admit that sometimes, we get carried away with purchasing the things we want and the things we desire without as much as thinking about them. Sometimes, we also save up for something, but unexpected circumstances get in the way, therefore redirecting our hard-earned money somewhere else. Thank goodness for these loan modifications that allow you to change some parts of your loan agreement with some banks. Given this, payments are made more affordable and you do not have to pay the default for your loan. Most banks choose to offer loan modification programs in order to make things easier for both parties.

When choosing from a number of loan modifications offered, you must be ensured that you don’t get ripped off, or end up paying more than what you bargained for; otherwise, the loan modification will absolutely make no sense, right? Here are some tips on how you can be sure to get the best loan modification program without getting ripped off. 

One of the recommended plans of action when choosing loan modifications is that you could choose to hire a loan modification specialist. I can help you sift and sort through various loan modification companies and refer you to a reputable one that is reliable and has had numerous clients who may prove this company’s authenticity. You may also call the companies referred to you by us and ask what you can expect from the company. 

It is also important to note that authentic loan modifications will usually give a written agreement stating the terms and policies of your modification. Do not completely trust various radio and television advertisements because they are often scams.

Written by Carol Pefley

www.carolpefley.com

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What Are Foreclosure Sales

Foreclosure sales occur when a be a bank or a building society, sells the property in possession of a homeowner when the latter defaults on his principal or interest payments on his or her mortgage. When a buyer wants to purchase real estate, he borrows the money from a lender by getting into a contract. One of the conditions of the contract is that in case of a default in the principal or interest payments, the lender can take possession of the property and sell it to recover the mortgage debt and legal costs. Foreclosure is the legal proceeding by which the mortgagor’s equitable right of redemption is terminated by the lending party.

Before foreclosure sales happen, the homeowner is given the chance to pay the lender the outstanding of the debt and redeem his property. If the borrower fails to pay within three to six months, then a Notice of Default is recorded by a trustee against the borrower and a reinstatement period of about five days starts after which the home is auctioned off.

After the default, a foreclosure sale date is established and a Notice of Sale is received by the owner and also posted on his property. The Notice is recorded at the County Recorder’s office and published in newspapers. At the Trustee Sale, the property is sold off to the highest bidder who receives the Trustee’s deed to the property. Payment is usually made in cash in foreclosure sales.

The opening bid in foreclosure sales is set by the foreclosing lender. This includes the loan due, interest accumulated and other legal costs undertaken for the auction. If there are no higher bids, then the property is purchased by the attorney conducting the sale, on behalf of the lender. In the above case, the property is considered a Real Estate Owned. This is likely to happen if the property‘s worth is less than the amount due to the lender.

The properties listed for foreclosure sales can be found by various ways. One way is to search public records. Visiting the County’s Office can provide us with information on a Notice of Default or a Notice of Sale. This can be done free and one can get to know about the latest foreclosure sales here. Alternatively, one can search online for foreclosure data providers. By availing an online listing service, one can check the free trial offers to see which provider best suits you. Both national and regional foreclosures are listed.

Contact me if you need help with any and all of your real estate needs. 

Written by Carol Pefley

www.carolpefley.com

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Mortgage mod test becomes clearer

Mortgage borrowers who are turned down for loan modifications may now get additional information that could help them understand why they didn’t qualify under the so-called “HAMP test.”

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Getting a mortgage before the door shuts

If you have been sitting on the fence trying to decide whether to buy a new house or refinance a mortgage, you should act soon.  New loans are starting to get costlier.

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