Foreclosure

Foreclosure Secrets-Watch-Listen-Learn Webinar On Buying Foreclosures The Right Way

As a Twin Cities Realtor, I work and market homes within the area of distressed homes as well as the non distressed home marketplace. I work with a group of banks, investors and Realltors that market, sell and invest in foreclosed homes. Many people approach me to buy a foreclosure propery as either a primary residence or as an investment. I would like to make one thing perfectly clear-BUYING DISTRESSED PROPERTIES IS NOT LIKE BUYING A REGULAR HOME FROM A REGULAR SELLER IN A NATURAL MARKET. Now that we are clear on that point, I’d like to strongly recommend you watch this webinar. This webinar will explain what to expect and the entire process. When you become a client, I will walk you through this information as well. Having this knowledge upfront is INVALUABLE. My advanced training and experience in this area of the market will help you navigate the process.

PLEASE take an hour of your time and view this webinar:
http://www.xiosoftpresenter.com/Default_xpv2.asp?eventid=7231737

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Minnesota Foreclosure Data

Here is a report on foreclosures throughout the state of MN.  This is a great report that shows foreclosure data in each of the respective counties. Click below.

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National Foreclosure & Homeowner Resources

The Home Affordable Refinance Program
http://www.MakingHomeAffordable.gov

HOPE Now

http://www.HopeNow.com

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Minnesota Homeowners In Foreclosure

One of the best places to get more information is at http://www.Hocmn.org Please visit their site and download their informational PDF’s explaining the foreclosure procedure in Minnesota.

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The Short Sale As An Option To Avoid Foreclosure

With the housing market in the worst slump that it has seen in years, and fewer and fewer buyers out there, you may find that you are in a position where you are unable to make your payments.  With foreclosure looming large, and so many people who have already fallen prey to it, it is easy to feel as though you have no options available to you, but the truth is just the opposite.  When you are in a place where you are going to lose your home, you will find that there are things that you can do to soften the blow.  One of the best things that you can do for yourself when you are in a place where you are facing foreclosure, looking into a short sale might be one of the most important things that you can do.

To really understand what a short sale can do for you, you need to understand what a foreclosure is and what is happening to your property.  A foreclosure is essentially the process where a lender goes through legal channels and terminates your right of redemption.  In many cases, this can only happen when a payment has been missed, though the payment missed may not even be a mortgage payment. Other payments that may be missed include local taxes and even home owner’s association fees.  In some states, you may be given a chance to make the payment, but if the payment cannot be made, the home will usually go to auction.

Along with the issue of losing your home, you will also find that going through the process of foreclosure is one that can have severe consequences for you.  For instance, you will find that going through a foreclosure will cut your credit by 300 points, which is the heaviest hit that your credit can take!  In addition to this, this is a fact that you will need to disclose in future mortgage applications and even in some job applications.  Furthermore, you will also find that you will be ineligible for any government insured loan for between five and seven years.  This is something that can make a great deal of difference to any plans that you have for your future.

When you think about all of these consequences, you will find that one of the solutions that presents itself is a short sale.  At the most basic level, a short sale is a situation where the lender will agree to accept less money than the amount that is owed against the home, for the most part because there insufficient equity that would result from selling and paying the costs of the sale.  In most cases, you will find that a lender is only willing to negotiate for a short sale when there has been financial hardship that has prevented you from paying and monthly shortfalls that come out to being a financial handicap towards paying.  You should also keep in mind that when you try to negotiate a short sale that you should not have liquid assets that can be tapped for repayment.

With all of that in mind, what advantages does a short sale give?  After all, you will still be losing your home, and your credit rating will still dip.  The truth of the matter is that a short sale may very well be the best way out of a bad situation. The first advantage, which can be the one that makes all the difference, is the fact that a short sale can make you eligible for a home sale much sooner.  You may find that you will be able to get a new home again in as little as two years.  You will also find that when you have a short sale on your records, as opposed to a foreclosure, that you will be able to qualify for a government insured loan again in roughly two years.

Second, you will find that while it is true that your credit will suffer from having a short sale on your record, it will also be easier to recover in the long run.  When you have a short sale, you will risk having your credit slashed by two hundred to three hundred points.  This is just as bad as having a foreclosure, but what you may not realize is that you can recover from this set back a lot easier.  In fact, many people manage to recover from having a short sale simply by keeping one or two credit cards and keeping them current.

Take some time to consider how best to proceed with a short sale.  For example, you will find that the sooner you get proceedings for one under way, the more likely it is that you are going to be able to get your lender to see things your way and allow the short sale.  Remember that the lending institution is not under an obligation to allow a short sale, and in many ways, this is something that can be quite difficult for them to work with.  Make sure that you apply for one before you miss a payment.  Look ahead at your finances and make sure that you consider what your options are going to be and what you can do to make the best out of what can be a very bad situation.

Many people look into the aid of a trained short sale negotiator to help them.  Having a professional on your side can be a huge advantage, and at the end of the day, this can make all the difference.

Take some time to really consider what your options are going to be.  You already know that you do not want to go into a foreclosure, but what can you do to make sure that you are going to be getting the results that you need?  Consider a short sale and see where this significantly more forgiving option can take you.

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