Help to Prevent Foreclosure with These Tips Offered By Red Blue Realty

Los Angeles, Ca (PRWEB) January 21, 2013

Homeowners facing foreclosure often need help to avoid the situation. Red Blue Realty can help prevent foreclosure.

The biggest mistake homeowners make in regard to foreclosure is to take no action at all, until its too late. Theyre often unaware of available options, or simply cannot handle dealing with their mortgage lender. Of course, often mortgage companies are more willing to work with homeowners than realized. After all, foreclosure is time consuming and costly for lenders as well as for homeowners.

If a homeowner is willing to leave the property, the first step is to select the support of a local appraiser or real estate firm like Red Blue Realty to get a current estimate of how much a home could be sold for. With a recovering real estate market, a home may no longer be underwater, and could yield a profitable sale, allowing homeowners to walk away from the property with gains pocketed.

For properties still underwater, another option to help prevent foreclosure is a short sale. This means that the home is sold for less than the mortgage balance, with the lender agreeing to accept the proceeds of such a sale as full mortgage payment. If the lender is not amenable to this plan, a homeowner may still be able to negotiate what is called a deed-in-lieu of foreclosure. This means that the homeowner turns the property over to the mortgage holder in exchange for cancellation of the loan.

Both options create less black marks on a homeowners credit rating than a foreclosure and work effectively to eliminate mortgage balance. However, property owners should be certain that the lender is clearly forgiving the full amount of mortgage debt, and that the language on such an agreement has been evaluated by a real estate professional or lawyer.

Also in these situations, tax consequences should be considered, as cancelled debt may be taxed as income.

Should a homeowner want to stay in a property and help prevent foreclosure, the place to start is by assessing the amount you can pay towards your mortgage. Review bank and credit card statements for at least three months; divide the amount spent over the course of the year to a monthly number, after including yearly events such as vacations or holiday spending. With these numbers in hand for analysis, determine how to cut back on expenses to free more money toward paying the mortgage. Consider outside the box options such as taking on a tenant or terminating credit cards. Bankruptcy filing may also prevent the loss of a home and wipe out other debts.

Once an analysis is made as to how much money a homeowner can put toward the mortgage payment, the next step is negotiating a payment plan with the lender. Sometimes its a matter of getting caught up on past payments with back payments spread out over subsequent months, or perhaps a temporary suspension in or reduction of payments.

Lenders may also be amenable to interest-free loans from HUD to get current, or permanent mortgage modification amounts. Getting help to prevent foreclosure isnt impossible. Red Blue Realty cautions homeowners in this situation to be aware of scam artists who promise help but charge exorbitant fees and offer no help at all.

With options available, homeowners simply need to address the situation before foreclosure becomes the only option left. Timely action yields choices that help prevent foreclosure.


Email: Contact(at)redbluerealty(dot)com

Phone Number: 1-(855) 66-RBREALTY or 1-(855) 667-2732

Free Workshop to Help Prevent Foreclosures Set for Superior

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Prevent Foreclosure In Houston Now: What To Know About Short Sales

Article by Kipling Properties, LLC

It’s natural to have a lot of questions about the process when you need to prevent foreclosure in Houston to sell your home short. For most this is a once in a lifetime decision and that’s what makes it really intimidating. To relieve you of anxiety, common foreclosure concerns during a short sale have been answered.

Keep in mind that though a short sale is a great way to save your home and credit, it is a very time-consuming undertaking. Be prepared to book your next 4-14 months for this endeavor, as that is the approximate or average length of time it requires to get completed. This is because even the simplest step can take days to complete. For example, it can actually take several hours to fax a document to your loss mitigator.

Often it’s the red tape and just volumes of content that contribute to the length of the process. To help you with the process so you can spare yourself the red tape and the volumes of content, you can rely on a third party to prevent foreclosure in Houston. Everything you need to know about short sale will be clarified for you, and based on that you will be evaluated to determine if it’s a good course of action for your case. The investor may want to work with your mortgage company directly to coordinate the deal, especially if he or she is planning on buying the property from you.

One by one all the disclosures will be discussed to verify to you that this process will sell your home but won’t earn any profits for you. With your realtor’s help and initiative, it is possible to market your home and get a buyer who is in accord to wait for the short sale to be completed. Aside from that, you need to collate the necessary paperwork for a short sale package. Whomever you end up working with will likely ask for pertinent financial documents like your pay stubs and recent income tax returns.

A hardship letter detailing the reasons why you’re unable to keep up has to be written as well. You may be advised by the bank or the financial institution that your short sale has been declined. Foreclosure, although it is a depressing, devastating financial situation to be in, is not the end of the world so don’t worry and stress out if your short sale offer has been rejected the first time. Keep in mind that this is just a phase of the negotiation proceedings.

When you meet up with a preforeclosure company to prevent foreclosure in Houston, make the most out of it by asking all questions you can think of no matter how strange or unlikely it may seem. It is their business to help you and for sure they are familiar and knowledgeable on any query you may have regarding a short sale. By answering these questions in advance you will be able to come up with the best solution for your situation and assess as little damage as possible both to your wallet and your credit score.

If you are looking for help, you can get all you need here…prevent foreclosure in Houston now. We’ll offer help for those in need of a little prevent foreclosure in Houston.