Guarenteed Foreclosure Loans

Find Free Foreclosures Listings By State

noreply@blogger.com (WorldWideClasified.com) — Tue, 09 Oct 2007 06:02:00 +0000

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Is A Reverse Mortgage Right For You

noreply@blogger.com (WorldWideClasified.com) — Thu, 04 Oct 2007 06:24:00 +0000

As a lender in the mortgage business, E-Loan reverse mortgage loan terms and rates are among some of best in the financial industry. Here's a brief look at what you can expect from E-Loan.

When it comes to a reverse mortgage program, there are 3 different types of loans. One is called the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. The second type of reverse mortgage program is the Fannie Mae Home Keeper. The third type of reverse mortgage program is the Cash Account Advantage Plan.

All three of these types of reverse mortgage programs are secured through a mortgage lender, such as E-Loan. Although not all mortgage lenders offer the same reverse mortgage programs, E-Loan offers both of these main types of loans.

Each of these reverse mortgage plans have their own advantages and benefits, and the main structure of these reverse mortgage programs is the same regardless of the lender that you use. However, the lender that you choose could affect your interest rate, as well as the level of customer service that you receive during the term of the loan.

E-LOan reverse mortgage programs are insured by the FDIC, just as all of the transactions at E-Loan. This gives you peace of mind in knowing that nothing is going to happen with your money. Additionally, they will assist you in completing the entire loan application process. This includes assistance in finding an acceptable credit counseling service to help you meet federal requirements and guidelines.

E-Loan reverse mortgage programs also offer you security and safety. E-Loan has allways been an insured financial institution in high standing .Their security and privacy policies are well established, and their lending specialists work hard to make sure that they do everything they can to support you in your financial decisions and ventures. While E-LOan wants to fund your reverse mortgage, they will not push you into applying for a loan that does not best suit your needs. This is an important consideration when choosing a reverse mortgage lender, especially as a senior.

So, if you are considering a reverse mortgage and are looking for a good reputable lender, you may want to take a closer look at E-Loan.

How Can I Get HUD To Make My House Payments

noreply@blogger.com (WorldWideClasified.com) — Thu, 04 Oct 2007 05:55:00 +0000

Questions About Forclosure and Mortgage Terms
What Is Reinstatement: Your lender is always willing to discuss accepting the total amount owed in a lump sum by a specific date. Forbearance may accompany this option.

What Is Forbearance: Your lender may allow you to reduce or suspend payments for a short period of time and then agree to another option to bring your loan current. A forbearance option is often combined with a reinstatement when you know you will have enough money to bring the account current at a specific time. The money might come from a hiring bonus, investment, insurance settlement, or tax refund.

Can I Get A Mortgage Repayment plan: You may be able to get an agreement to resume making your regular monthly payments, plus a portion of the past due payments each month until you are caught up.

If it appears that your situation is long-term or will permanently affect your ability to bring your account current - call your lender to discuss options:

What Is Mortgage modification: If you can make payments on your loan, but don't have enough money to bring your account current or you can't afford your current payment, your lender may be able to change the terms of your original loan to make the payments more affordable. Your loan could be permanently changed in one or more of the following ways:

Adding the missed payments to the existing loan balance.
Changing the interest rate, including making an adjustable rate into a fixed rate. Extending the number of years you have to repay.

What Is A Partial Claim: If your mortgage is insured, your lender might help you get a one-time interest-free loan from your mortgage guarantor to bring your account current. You may be allowed to wait several years before repaying this loan.

You qualify for an FHA partial claim if:

Your loan is between 4 and 12 months delinquent,You are able to begin making full mortgage payments again.When your lender files a partial claim, HUD will pay your lender the amount necessary to bring your mortgage current.

How Do I Get HUD To Pay My Mortgage? You must sign a promissory note, and a lien will be placed on your property until the promissory note is paid in full.

The promissory note is interest-free and is due when you pay off the first mortgage or when you sell the property.

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Move Over Nigeria Lotto Bank Scams Here Comes Forclosure Scamming

noreply@blogger.com (WorldWideClasified.com) — Thu, 04 Oct 2007 05:44:00 +0000

Beware of scams

Equity skimming: In this type of scam a "buyer" approaches you offering to repay the mortgage or sell the property if you sign over the deed and move out - usually leaving you with the debt and no house. Signing over your deed does not necessarily relieve you of the responsibility of paying the loan.

Phony counseling agencies: charging for counseling that is often free of charge. If you have any doubt about paying for such services, call a HUD-approved foreclosure housing counseling agency toll free at (800) 569-4287 or TDD (800) 877-8339 before you pay anyone or sign anything.

Do not sign anything you do not understand. It is your right and duty to ask questions, Information is your best defense against becoming a victim of predatory lending, especially for a desperate homeowner!!

Where to report suspected predatory lending

Homeowners can either visit the Stop Mortgage Fraud website or call toll free (800) 348-3931 to get information on what steps to take to file a complaint. Homeowners who call will also receive a booklet containing information found on the website.

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I Missed Some Mortgage Payments What Happens Now

noreply@blogger.com (WorldWideClasified.com) — Thu, 04 Oct 2007 05:32:00 +0000

What happens when I miss my mortgage payments?

Foreclosure may occur. This means your lender can legally repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued, meaning you would not only lose your home, you also would owe HUD money. You can get a free credit report to see if the missed payments are being reported.

Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if at all possible.

What should I do? - Do not ignore letters from your lender. If you are having problems making your payments, call or write to your lender's loss mitigation department immediately. Explain your situation. Be prepared to provide financial information, such as you-r monthly income and expenses. Without this information, they may not be able to help.

Stay in your home for now. You may not qualify for assistance if you abandon your property.

Contact a HUD-approved foreclosure housing counseling agency. Call toll free 1-800-569-4287 or TDD (800) 877-8339 for the housing counseling agency nearest you. These agencies are valuable resources. They have information on services and programs offered by government agencies and private and community organizations that might be able to help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge. Allow us to help, our consultation is free and we'll let you know what to do next.

Free Forclosure Help Nonprofit Forclosure Sites

noreply@blogger.com (WorldWideClasified.com) — Thu, 04 Oct 2007 04:49:00 +0000

Free foreclosure help - We Want To Help
Nonprofit sites that can help you save your home before it's too late.

Tracy Morgan is a spokeswoman for the Home Ownership Preservation Foundation, which operates a foreclosure hotline (1-800-995-HOPE) for Neighborworks. Last year, she said, the hotline handled about 75 calls a day nationwide. By June, 2007, the number ballooned to 750. For this September, the average day has brought about 1,300 calls.

Foreclosure assistance counseling with Neighborworks used to start almost immediately. Now, weeks may go by before clients are served. "There's a big resource gap," said Doug Robinson, spokesman for Neighborworks, adding that Neighborworks has added 1,800 staffers.

Things you should know "the easiest cases to help are the ones whose mortgages are held in portfolio," he said. Those are the ones that lenders have not sold into secondary markets but kept on their own books. That gives lenders more flexibility in dealing with delinquent borrowers and more incentive to help them keep their debts current, rather than taking the big expenses that come with foreclosures.

But often, the counselors have to tell home owners something they don't want to hear - that their income, credit scores or lack of home equity make it impossible to help.

Even outcomes defined as "successful" may be less than ideal. These include advice to do a "short-sale" or accept a deed-in-lieu-of-foreclosure deal from their lenders, which should be better for them than outright foreclosure.

"Foreclosure really damages your potential to be a homeowner again, or even a renter," We have partners that can help,the consultation is free and the sucess rate through the roof.

"Loan modification is very frequent," he said. In those cases, lenders add the missed payments and back interest back into the principal, often stretching out the length of the loan and the monthly payments should be about the same as before the borrowers fell behind.

Neighborworks and other non-profits act strictly as mediators; they have no power to force agreements on lenders or borrowers. The value they provide is to get the parties talking early.

By working with our foreclosure partners, rather than approaching lenders directly, borrowers can improve their work-out prospects.

"We work at a high level "you have an advocate that really knows the ins and outs, has the contacts and can facilitate the work-out process."

Counselors bypass the collections departments of lenders in favor of mitigation departments, where they can get things done. Sometimes the advice is to hold off before contacting a lender.

"We can look at a borrower and say, 'You're not a good candidate for a work-out right now,'" said Morgan. "'Take three months to repair your credit score, find some extra income.Then, you can go back to the lender in a much stronger bargaining position.'" You can also get a loan regardless of your credit.Or even a quick $1500 loan will help get you on track, with no credit check you can have the money in 30 min.

There are lists of HUD-approved, non-profit counseling services available on the HUD Web site. The services are free of charge

noreply@blogger.com (WorldWideClasified.com) — Thu, 04 Oct 2007 00:12:00 +0000

Should I consider an Interest-Only loan?
Interest-Only loans are a good means of either increasing your home purchasing power or maximizing your flexibility to control cash flow.

You can save significant amounts of cash for investment, savings, or other expenditures during the first ten years of your loan. This is also a solid strategy to maximize tax deductibility, with more funds available for paying down higher cost, nondeductible consumer debt.

With these loans, the minimum payment required covers interest only — you decide how much or how little of the principal to repay each month. These loans should not be confused with negative amortization loans. With Interest-Only, the principal balance NEVER increases.

What Can I Do To Not Pay The Points

noreply@blogger.com (WorldWideClasified.com) — Thu, 04 Oct 2007 00:06:00 +0000

Home Finance FAQ
When does it make sense to pay points?
Points are a one-time fee that a borrower pays to lower the interest rate. Points are defined as a percentage of your loan amount, with one point being equal to one percent of your loan. For example, if you borrow $200,000, one point would be equal to $2,000. Paying one point will generally reduce your interest rate by approximately .25%.

An alternative to paying points is to receive a "credit" from the lender in exchange for a higher interest rate. Whereas points are added to your closing costs, a credit is used to reduce your closing costs. Once again, you can receive a credit of approximately one point by raising your interest rate .25%.

Whether you choose to pay points or receive a credit, this amount will be applied to your closing costs when your loan funds.Get All Your Finance Questions Answered Here

Free Real Estate Education Learn How To Profit From Forclosures

noreply@blogger.com (WorldWideClasified.com) — Tue, 02 Oct 2007 18:23:00 +0000

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Our new online course, Real Profits™ in Real Estate, will teach you the techniques you need to become successful! Updated in real time, this step-by-step online program will show you how to generate an extra monthly income, increase your net worth, and achieve lasting wealth. And best of all, you get access to the full online course for FREE! Buy Your First Property This Week!! If You Wanted To Prosper Off Of The Recent Crash Of The Housing Market We'll Show Yopu How...And We'll Do It For FREE!!

How You Can Avoid Being A Victim Of Loan Fraud

noreply@blogger.com (WorldWideClasified.com) — Sun, 30 Sep 2007 23:20:00 +0000

Don't Be A Victim Of Loan Fraud

Protect Yourself from Predatory Lenders Buying or refinancing your home may be one of the most important and complex financial decisions you'll ever make. Many lenders, appraisers, and real estate professionals stand ready to help you get a nice home and a great loan. However, you need to understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud.
Don't let this happen to you!

11 Tips On Being A Smart Consumer

Before you buy a home, attend a homeownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit counseling agencies. Interview several real estate professionals (agents), and ask for and check references before you select one to help you buy or sell a home.

Get information about the prices of other homes in the neighborhood. Don't be fooled into paying too much.

Hire a properly qualified and licensed home inspector to carefully inspect the property before you are obligated to buy.

Determine whether you or the seller is going to be responsible for paying for the repairs.

If you have to pay for the repairs, determine whether or not you can afford to make them.

Shop for a lender and compare costs. Be suspicious if anyone tries to steer you to just one lender.

Do NOT let anyone persuade you to make a false statement on your loan application, such as overstating your income, the source of your downpayment, failing to disclose the nature and amount of your debts, or even how long you have been employed. When you apply for a mortgage loan, every piece of information that you submit must be accurate and complete. Lying on a mortgage application is fraud and may result in criminal penalties.

Do NOT let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.

Never sign a blank document or a document containing blanks. If information is inserted by someone else after you have signed, you may still be bound to the terms of the contract. Insert "N/A" (i.e., not applicable) or cross through any blanks.

Read everything carefully and ask questions. Do not sign anything that you don't understand. Before signing, have your contract and loan agreement reviewed by an attorney skilled in real estate law, consult with a trusted real estate professional or ask for help from a housing counselor with a HUD-approved agency. If you cannot afford an attorney, take your documents to the HUD-approved housing counseling agency near you to find out if they will review the documents or can refer you to an attorney who will help you for free or at low cost.

Be suspicious when the cost of a home improvement goes up if you don't accept the contractor's financing.

Be honest about your intention to occupy the house. Stating that you plan to live there when, in fact, you are not (because you intend to rent the house to someone else or fix it up and resell it) violates federal law and is a crime.

What is Predatory Lending?

In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who:

Sell properties for much more than they are worth using false appraisals.

Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan.

Knowingly lend more money than a borrower can afford to repay.

Charge high interest rates to borrowers based on their race or national origin and not on their credit history.

Charge fees for unnecessary or nonexistent products and services.

Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.

Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems.

"Strip" homeowners' equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower.

Use high pressure sales tactics to sell home improvements and then finance them at high interest rates.

What Tactics Do Predators Use?

A lender or investor tells you that they are your only chance of getting a loan or owning a home.

You should be able to take your time to shop around and compare prices and houses.
The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better.

You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.

You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.

The cost or loan terms at closing are not what you agreed to. You are told that refinancing can solve your credit or money problems.
You are told that you can only get a good deal on a home improvement if you finance it with a particular lender.

Remember:
If a deal to buy, repair or refinance a house sounds too good to be true, it usually is!lnhf

Housing counselors working at HUD-approved agencies can help you be a smart consumer. To find a counselor near you, call (800) 569-4287 or go to HUD's housing counselors list online

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203 FHA MORTGAGE EXPLAINED

noreply@blogger.com (WorldWideClasified.com) — Sun, 30 Sep 2007 23:09:00 +0000

203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount.

203(k): this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.

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How To Use The IRS To Your Benifit When It Comes To Buying Forclosures

noreply@blogger.com (WorldWideClasified.com) — Sun, 30 Sep 2007 22:55:00 +0000

Real Estate Investing

LET THE IRS MAKE A BETTER DEAL FOR YOU!

Some of the best foreclosure deals are the properties with a Federal or IRS Tax Lien against the owner/Trustor. Most foreclosure buyers shy away from properties with tax liens against either the property or the owner/Trustor. However, these are often the best deals!

When the IRS places a tax lien against an individual (owner or Trustor of a property), that lien attaches to any "real property" that the individual owns anywhere in the United States. While the lien may not appear against any particular property itself, it still attaches to any property that the individual owns.

You not only need to verify the liens against a foreclosure property, but you also must verify if there are any liens against the Owner/Trustor. Otherwise, you might inherit his tax lien(s). Many buyers fail to do this, and some find out the hard way that they should have.

Try this example: A property is worth $200,000 and it only has a $100,000 mortgage balance; but it also has a "junior" tax lien against the owner/Trustor for $150,000 (more than the value of the property when combined with the mortgage). Now, let's say the owner/Trustor is in default on his mortgage and can't bring it current. He cannot sell the property and pull out his equity, since any surplus over the amount of the mortgage balance would go to the IRS, and with the net proceeds the owner/Trustor won't even have enough to pay a realtor a commission to sell the home. The owner is stuck, and in many cases, he is so depressed, he doesn't even want to try to save his equity. Although he will still owe the IRS, with or without his house, most debtors figure, "Heck, why bother, when they aren't going to see a penny out of it?"

The house sells at auction, and the IRS has by law, a 120 day "Right of Redemption" (that is an automatic right to buy the house back from whoever purchased it at auction for what they paid for it, plus reasonable interest). But, the IRS rarely redeems their position or Right of Redemption. There are simply too many properties and too many debtors to track. In fact, the entire nationwide budget for redemption's is only $10,000,000. That doesn't go very far when you're buying houses. It's used for the special cases. The ones they really want to get!

So how can you take advantage of this information? In many cases, the properties with the big "tax liens" are the best deals. Why else would someone let a property with 50% equity go to foreclosure? Find the properties with IRS tax liens against the owner/Trustor. Be sure it has significant equity, and make sure the lien is "Junior" to the lien you are buying (e.g. that it was recorded after the date of the loan/lien that is in foreclosure at the County Recorder's office). Then, buy the property at auction. NOTE: EVEN A JUNIOR LIEN (TAX OR ANY OTHER) DOESN'T GET WIPED OUT UNLESS YOU GO THROUGH THE TRUSTEE'S OR SHERIFF'S SALE! If you buy the property under the Notice of Default stage from the owner/Trustor, you will need to satisfy all of the liens against the property, including the IRS, if a lien was recorded against the owner (senior or junior).

Then, wait out the 120 days (don't make any improvements during this period, because the IRS won't reimburse you for that) and on the 121st day, if they haven't redeemed, the property is all yours! You pick up the owner's/Trustors original surplus equity, which in this example was 50% of the property's value! The worst case is, they do redeem and you get all of your money back, plus interest. It's worth the risk for the potential increased reward.

Beneath that tax lien can be the biggest profits of all. But, be certain the Federal Tax Lien is "junior" to the mortgage or loan being foreclosed on. IF IT IS SENIOR, THEN THE FEDERAL LIEN MUST ALSO BE PAID OFF. Don't worry, it's rare that a Federal Tax Lien will be senior to a conventional or "institutional bank" mortgage. Institutional lenders won't loan on a property where the owner/Trustor has a tax lien. Those people are not considered good credit risks. By the way, in most states a local state tax lien is wiped out at auction, if it's junior of course.

Research the County Recorders office, you need to quickly determine all of these liens, variables, and check out every item before you buy. Look for the IRS liens. They may just be the best deals out there. We hope this tip was helpful in your foreclosure buying efforts.

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What Do I Need To Know About Pre Forclosure? How About (DTV)

noreply@blogger.com (WorldWideClasified.com) — Sun, 30 Sep 2007 22:47:00 +0000

Real Estate Investing

DEBT-TO-VALUE RATIO IS THE NAME OF THE GAME!
Buying foreclosure property is purely and simply boiled down to "buy low, sell high". The question is, what are you buying? Most properties go to foreclosure because the owner either became unable to make his monthly payments, or the property had no equity in it, worth saving it from the foreclosure process. The answer is, finding those properties with significant equity still in them!

The key is the Debt-to-Value ratio (DTV). To determine this, you divide the amount of the current debt (all debts including any tax, mechanic liens, and judgments), by the current market value of the property. The resulting number is the DTV ratio. The best deals are those with a DTV ratio of less than 70%. This means the property has 30% equity still in it. If you can purchase that property for its current debts amount, you will pick up that 30% equity for yourself.

Some investors say, they don't care what the DTV ratio is, so long as they can make $10,000 to $15,000 on each deal. That's fine if the investment is under $100,000. But what if the total investment is over $250,000 or even $400,000, then, your return on investment is very low, and your risk is very high. You must look to the DTV ratio for each property, and each potential deal.

If you pay, 70% of the market value, (e.g. the property is worth $100,000 in its current condition and you only pay $70,000) then you have some room to profit. On top of your $70,000 investment, you can expect to pay $5,000 to $10,000 to fix it up, or make necessary repairs and cosmetic improvements. You can also expect miscellaneous expenses, holding costs, costs of funds, etc. to run about $3,000 to $5,000 over a 3 to 6 month holding (flip) period. And, you will need to pay broker's and either an escrow officer or attorney fees and commissions to help you sell the property. Those fees usually run about 7% (combined), for a total amount on our hypothetical deal above, of $7,000. In total, your cost will add up to $92,000 on the higher end. You'll make a net profit of $8,000 on your $70,000 investment. And on the lower end of these assumptions, your cost would be $85,000, for a profit of $15,000. If you paid more than 70%, there may not be much profit left, if any!

Obviously, not all properties will work out as nicely. Some will need more repairs, and some will have significant added market value from your improvements, that will go directly to your bottom line profit.

The problem is from the start, how do you determine what the debt, and what the value is for each foreclosure property, or opportunity? In most major cities, there are hundreds to thousands of foreclosures each month. You will burn a lot of tire rubber and shoe leather running around evaluating each potential property.

you need to determine quickly what the DTV ratio is, and which properties are worth your time (often more valuable than money) and your investment. Buy low, sell much higher!

We hope this tip was helpful in your foreclosure buying efforts Now Heres The Help Youll Need To Detarmon Your Next Move

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Forclosure Tips Facts And Secrets Exposed

noreply@blogger.com (WorldWideClasified.com) — Sun, 30 Sep 2007 22:41:00 +0000

Real Estate Investing

DON'T ALLWAYS BUY THE BIGGEST HOUSE
When reviewing new foreclosure properties notices or records, compare the square footage of each subject property with the average of all other properties within the same neighborhood. Look for the properties that have a total square footage equal to, or less than the "average for the neighborhood" that the subject property is located in.

It is always best to buy the smaller or smallest home within a neighborhood, rather than the largest. Larger homes may be indicative of the "Taj Mahal" syndrome, wherein the structure has been overbuilt for the neighborhood, e.g. a larger than normal addition or second level. The smaller properties within a neighborhood will tend to hold down the value of the "largest". This can often cause a property to end up in foreclosure, wherein the owner obtained a loan from a unwitting bank/lender to build or expand his structure, and then when it came time to sell, or when he faced tougher economic conditions, he was not able to sell the property for what he put into it. He is upside down!

Those properties will usually go back to the bank/lender since they are not worth the value of the loan(s).

Buying the smaller or smallest home in the neighborhood, will provide you with a higher "ceiling" market value, established by the larger homes. With a little cosmetic fix-up or needed repairs, you can typically enhance the value of the property and yield a greater return on your investment, by selling the home near the top of the market value.

We hope this tip was helpful in your foreclosure buying efforts

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How To Stop A Mobile Home Foreclosure

noreply@blogger.com (WorldWideClasified.com) — Sun, 30 Sep 2007 22:35:00 +0000

Mobile Homes

In a mobile home foreclosure, if the borrower has taken out a personal property loan, which usually does not have foreclosure protection, then the bank can repossess the mobile home without notice to the borrower. See about getting legal representation, and about having the case go into judicial foreclosure, in which the lender has to go to court and obtain an action, which allows them to go into the mobile home foreclosure. If this happens, then the borrower has the ability and opportunity to defend themselves and their property.

Unfortunately, most mobiles homes can be repossessed, like a car or other moving property. In order to avoid mobile home foreclosure, it would be best to work with your lender, family or friends, or gain representation to avoid having your home taken away.
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How To Buy a House with Bad Credit

noreply@blogger.com (WorldWideClasified.com) — Sun, 30 Sep 2007 05:02:00 +0000

Buy a House with Bad Credit”
“Buy a House with a Bankruptcy”

My credit was terrible due to a bad divorce. Previously, I had tax liens, charge-offs and collections. I'd been turned down several times for
a loan... I was able to buy a large,
two-story house with a sweeping
view of the water. After I update
the house, it should be worth over a
million dollars. So thanks a million!
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HOW FORECLOSURE WORKS AND HOW CAN I PROFIT FROM IT

noreply@blogger.com (WorldWideClasified.com) — Sat, 29 Sep 2007 22:32:00 +0000

HOW FORECLOSURE WORKS
Foreclosure is the extinguishment of ownership and rights over a property in order to sell it for the purpose of paying a debt. For this to happen, the following must be true:

1. The debt must be collateralized by the property to be sold.
2. The debt must be in default. This means payments are not up to date. 3. The creditor must fulfill the legal requirements of the state were the property is located.

Contrary to common homeowner belief, the bank does not own the home. Unlike an auto or boat loan (where the bank's name is on the title), real estate is owned by the borrower. The property is collateral to the loan. "Foreclosure" is not "repossession". Foreclosure does not happen immediately after an owner is late on the mortgage payment. The foreclosing creditor must take specific legal steps. Each state has different laws governing the foreclosure process.

Foreclosure is the culminating event of a legal process. This is the foreclosure process. A property is not foreclosed until it is sold at auction and as per the state's foreclosure process. That "the lender is foreclosing" or that a "property is in foreclosure" really means that the lender has initiated and is proceeding through the legal process to foreclose a property.

Typically, as soon as there is a default, the lender initiates a collection process. This is known as the collections period. This is the best moment for a homeowner in default to reinstate and bring the payments up to date. The length of this collections period varies with each lender. However, generally speaking, if after three months the homeowner has not resolved the situation, the lender takes more drastic steps.

The foreclosure process starts if the creditor fails to collect. The foreclosure process always starts with a legal notice to the owner stating that if the loan is not paid or reinstated within a period of time, the property will be sold at auction in order to pay the debt. This period is known as pre-foreclosure. The length of the pre-foreclosure stage depends on the state's law. The owner has until the foreclosure date to resolve the default. Solutions for resolving the default range from reinstatement (bringing the loan current by catching up on past due payments), refinancing, paying off the debt in full, or the selling the property to another party in order to satisfy the debt. If none of the above happens by the auction date, the property will be sold to the highest bidder. Foreclosure is this short and specific event. The proceeds from the debt are used to pay the creditors. Anything left belongs to the owner of the foreclosed property.

Troublesome foreclosures happen when properties are over-mortgaged. In other words, the amount of money owed exceeds the value of the property. In these situations, the only way for the property owner to get out of debt (other than paying the debt) is for a short sale to happen prior to foreclosure.

Over-mortgaged properties are common. This usually occurs when second, third and sometimes fourth mortgages are taken out on a property. Liens are another reason. 100% financing is another source of this problem. 100% financed properties rapidly become over-mortgaged if there is a default, because if the owner stops paying, the debt on the property will usually increase faster than the property's appreciation. In addition, once the owner is in default, usually taxes, homeowner association fees and even utilities get neglected. Furthermore, and very commonly, maintenance is deferred and the property quickly starts becoming less valuable.

Sometimes accumulated debt can exceed 130% of the property value. In a pre-foreclosure situation, these secondary mortgages are at the mercy of the lender who is in first position. They worry about the chances of recovering their money if the first mortgage holder forecloses and the property sells at the auction for a low amount. The subordinate lenders are often willing to negotiate discount prior to foreclosure in order to mitigate their losses.

Knowing the foreclosure process is a critical component in pre-foreclosure investing. Our Short Sales A-Z seminar provides detailed knowledge on every aspect leading up to foreclosure. This knowledge is invaluable for investors, real estate brokers and mortgage brokers engaged in short sales.

WHAT IS A SHORT SALE?

A short sale is the sale of a property, with the authorization of the creditors, for less than what is owed on it. Short sales are done all the time. Whether it is the forgiveness of debt owed by a nation or an individual, it simply means that someone is willing to settle for less than what they originally anticipated. It's part of business. All lenders know that they will not win all the time. Risk and loss of capital is an anticipated cost in the lending industry. Changing economic conditions, conflicts, and Mother Nature are among some of the many causes of unforeseen situations that turn good lending contracts into bad. In the context of foreclosure on secured assets, a short sale occurs when debtors agree to settle their liens for a known amount of money as opposed to taking a chance at auction. Auction prices are often unpredictable and usually greatly discounted. Many lenders are willing to mitigate further risk of loss by making deals before auction. Bad debt is sold by lenders all the time. For instance, there is a huge market for unsecured credit card debt that is sold for pennies on the dollar to collection agencies. That's self-effectuated short sales. Lenders are more than happy to discuss resolution of aged debt. Their business is to lend capital, not dispose of foreclosed assets.

HOW CAN EVERYONE WIN?

Bad feelings are often associated with respect to people making money over the misfortune of others. There are countless scams in the finance industry that prey on vulnerable people. These scammers rush in and get out quickly. They don't build long term viable businesses that are good for a community. Contrary to what many think, there does not have to be a big loser in order to make money in the foreclosure business. It is a matter of choice. A valuable service can be provided that benefits both the property owner and lenders. People with predator mentality do not last long in this business. Oscar's teaching is about being rewarded for helping others, not about taking advantage of people in distress.

Undoubtedly, the issues leading up to foreclosure are stressful and potentially volatile for all parties. Unforeseen underlying problems often exist. A professional in the foreclosure business mediates a settlement that all parties can move on. In a short sale, the lender has agreed to settle the matter without further claims, and the property owner clears their obligations without the lingering negative effects of a foreclosure and subsequent garnishment of additional monies that auction did not bring. The professional will be thanked by all of the parties involved. Most importantly, the professional will earn a good financial reward.

WHAT'S IN IT FOR real estate brokerS?

Knowledge of pre-foreclosure investing can greatly expand a real estate broker's earning potential. In today's markets, it is critical to understand properties in foreclosure.

The benefit of becoming well versed in foreclosure is being one of the few who are able to understand such transactions. Most real estate brokers do not want to work with or do not understand such listings. Because of this, it is easier to directly obtain listings or obtain listings referred by other real estate brokers. Many successful careers have been made out of this misunderstood market segment

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Foreclosure “Rescue” Scams Becoming More Common Trust The Sites That Work FOR YOU

noreply@blogger.com (WorldWideClasified.com) — Sat, 29 Sep 2007 21:50:00 +0000

Foreclosure “Rescue” Scams Becoming More Common
More and more Americans are losing their homes to equity-stripping foreclosure “rescue” scams, a form of fraud that targets already vulnerable homeowners who are behind on their payments.

Many of these rescue companies keep lists of impending foreclosures that they find through public records. Then they advertise services such as “fast cash” or “equity funding.” Some of these companies contact the homeowner directly—sometimes even showing up on the homeowner’s doorstep—to lure the homeowner into signing over their home with promises of a simple solution.

Many homeowners today are strapped for cash due to increased costs of health care, education, and housing. When you combine this with the daunting task of saving your home from foreclosure, many homeowners are left open to the unfound promises of foreclosure rescue scams.

According to data from RealtyTrac, more than one million homeowners have faced foreclosure this year, 27 percent more than this time last year. With defaults and foreclosures increasing, experts say the number of fraud cases will likely go up, too.

In preparation, many states are working on laws to offer homeowners more protection from these types of scams. In fact, 10 states have already passed such laws, including California, Georgia, Missouri, Minnesota, Maryland, Colorado, Rhode Island, New York, Ohio, and Illinois.

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Heres A Simple Formula So You Know How Much House To Look At

noreply@blogger.com (WorldWideClasified.com) — Sat, 29 Sep 2007 03:38:00 +0000

How Much Home Do I Qualify For? Determining how much home you can afford will greatly affect your home buying decision. Even if you have been pre-qualified for your home purchase, you may want to have your information reviewed by your mortgage lender to determine if there are ways you can be qualified for a higher amount or a lower interest rate.

The major factors that determine your home mortgage qualifying amount are:

Your Income
Your Monthly Expenses
Your Credit Score

In order to give yourself a snapshot of what you qualify for, multiply your annual household income by a factor of three and add $10,000.00. For example, if your annual household income is $50,000.00 multiply that by three giving you $150,000.00. Add $10,000.00. You qualify for a $160,000.00 mortgage.

This home mortgage amount is not representative of any debt that you may have such as car payments and credit card debt. Remember, only recurring debt counts against your qualifying amount.

By pre-qualifying online, your mortgage lender will review your credit reports free of charge and ask you a few questions about your monthly expenses and income. In some cases you may need to provide information about a co-signer or clean up your credit to increase the amount of home for which you qualify.
You will be required to gather past tax information, pay stubs, receipts, or other documentation. Talk with your mortgage lender about what information he will need to get the ball rolling on the purchase of your home.

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Some Things Youll Need To Know About Adjustable Rate Mortgages (ARM) and Your Foreclosure Home Purchase

noreply@blogger.com (WorldWideClasified.com) — Sat, 29 Sep 2007 03:26:00 +0000

Adjustable Rate Mortgages (ARM) and Your Foreclosure Home Purchase
If you qualify for the particular home you wish to purchase with a fixed interest rate, then you should choose the fixed rate mortgage 99% of the time. In this article you will learn why the ARM can be such a bad idea and how you can overcome the anxiety of your decision based upon the facts. Because the current interest rate is so low—and has been that way for sometime now—making a choice with regard to an adjustable rate mortgage versus a fixed rate mortgage is not difficult.

You may be apprehensive of mortgage payments now, but within a very short period of time you will become comfortable. Generally, the first monthly mortgage payment is the most intimidating. After the first payment, the mortgage payment becomes just another monthly payment.

The bank would not have qualified you for the foreclosure home you are interested in if they had not already determined you were capable of sustaining the payment. Don't forget that banks are pretty clever about what they do and don't often lose money. Because the bank is safe, you are safe.

Only use an ARM for qualifying reasons. The current rate rotates between seven to eight percent. If you absolutely must go with an adjustable rate mortgage then there is no better time than when buying a government foreclosure home, as you may be able to include all points and closing costs into the loan.
Do not be misled by the erroneous loan programs that abound in the market today. CDA loans and Farmers home loans are among the many other loan programs that simply will not work when purchasing a foreclosure home. In general terms, these loans are not good for much and in with specific regard to foreclosure homes they are actually bad. The single reason that these loans are such a bad idea is that they are not compatible with the type of properties, specifically foreclosure homes, that you are interested in buying.

It is true that CDA promises a lower interest rate, as does the Farmers home loan program. However, because the wait for the funds can be 90 to 120 days, no government agency is willing to wait that long to remove the foreclosure home from their foreclosure home inventory. Additionally, the money is not guaranteed to be there when you are finally ready to purchase your foreclosure home.

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FICO Scores, What Affects Them And How Mortgage Lenders Look At Them And How Do I Get Mine

noreply@blogger.com (WorldWideClasified.com) — Sat, 29 Sep 2007 03:14:00 +0000

FICO Scores, What Affects Them And How Mortgage Lenders Look At Them
Imagine a busy lending office where a loan officer has just ordered a credit report. He hears the whir of the laser printer and he knows the pages of the credit report are going to start spitting out any second. There is a moment of tension in the air. He watches the pages stack up in the collection tray, but he waits to pick them up until all of the pages have finished printing. He waits because FICO scores are located at the end of the credit report. A FICO score above 700 will evoke a smile and perhaps a shout of victory. A score below 600 will definitely result in a frown, a furrowed brow, and concern.

FICO stands for Fair Isaac & Company. Credit scores are reported by each of the three major credit bureaus: TRW (Experian), Equifax, and Trans-Union. The credit score does not come up exactly the same with each credit bureau because the bureaus each place a slightly different emphasis on different items. The credit score itself can range from 300 to 900. The formula for exactly how the credit score is calculated is proprietary information and owned by Fair Isaac. Here, however, is an approximate breakdown of how it is determined:

35% of the credit score is based on your payment history. This makes sense since one of the primary reasons a mortgage lender wants to see the score is to find out if (and how timely) you pay your bills. The credit score is affected by how many bills have been paid late, how many were sent out for collection, any bankruptcies, etc. When these things happened also comes into play. The more recent, the worse it will be for your overall credit score.

30% of the credit score is based on outstanding debt. How much do you owe on car or home loans? How many credit cards do you have that are at their credit limits? The more credit cards you have at their limits, the lower your score will be. The rule of thumb is to keep your card balances at 30% or less of their limits.

15% of the credit score is based on the length of time you've had credit. The longer you've had established credit, the better it is for your overall credit score. Why? Because more information about your past payment history gives a more accurate prediction of your future actions.

10% of the credit score is based on the number of inquiries on your report. If you've applied for a lot of credit cards or loans, you will have a lot of inquiries on your credit report. These are bad for your credit score because they indicate that you may be in some kind of financial trouble or may be taking on a lot of debt (even if you haven't used the cards or gotten the loans). The more recent these inquiries are, the worse for your credit score. FICO scores only count inquiries from the past year.

10% of the credit score is based on the types of credit you currently have. The number of loans and available credit from credit cards you have make a difference. There is no magic number or combination of types of accounts that you shouldn't have. These actually come into play more if there isn't as much other information on your credit report on which to base the score.

The credit score is actually calculated using a "scorecard" where you receive points for certain things. Creditors and lenders who view your credit report do not get to see the scorecard, so they do not know exactly how your score was calculated. All that the creditors and lenders see are the final scores.
Basic guidelines on how to view the FICO scores vary a little from lender to lender. Usually, a score above 680 will require a very basic review of the entire loan package. Scores between 640 and 680 require more thorough underwriting. Once a score gets below 640, an underwriter will look at a loan application with a more cautious approach. Many lenders will not even consider a loan with a FICO score below 600, some as high as 620.

FICO Scores and Interest Rates
Credit scores can affect more than whether your loan gets approved or not. They can also affect how much you pay for your loan, too. Some lenders establish a "base price" and will reduce the points on a loan if the credit score is above a certain level. For example, one major national lender reduces the cost of a loan by a quarter point if the FICO score is greater than 725. If it is between 700 and 724, they will reduce the cost by one-eighth of a point. A point is equal to one percent of the loan amount.

There are other lenders who do it in reverse. They establish their base price, but instead of reducing the cost for good FICO scores, they "add on" costs for lower FICO scores. The results from either method would work out to be approximately the same interest rate. It is just that the second way "looks" better when you are quoting interest rates on a rate sheet or in an advertisement

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Creative HUD Home Financing Tricks To Making Money From Others Losses

noreply@blogger.com (WorldWideClasified.com) — Sat, 29 Sep 2007 03:09:00 +0000

Creative HUD Home Financing
What’s the easiest way to make money on a foreclosure home? Purchase a foreclosure home that needs some repairs (over $5,000.00) and apply for a 203k loan. The FHA (Federal Housing Administration) insures 203k loans and allows you to borrow a predetermined amount of money to finance repairs to your foreclosure home.

The Pros of 203k Loans
203k loans are the most flexible way for you to customize your foreclosure home to meet your specific needs. Floor plans can be changed or updated, kitchens can be modernized and almost any other feature of your new foreclosure home can be improved using a 203k loan.

By taking advantage of a 203k loan, you can skip up to eight months of mortgage payments on your foreclosure home.

A 203k loan allows you to bill yourself for hours worked on your own home and MAKE MONEY!

The Cons of 203k Loans
203k loans are slightly more expensive than the usual FHA loan.
203k loans are slightly more complicated than the usual FHA loan.

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How Do I Buy A Home With Bad Credit?

noreply@blogger.com (WorldWideClasified.com) — Sat, 29 Sep 2007 03:04:00 +0000

Buying A Home With Bad Credit: How To Clean Up Your Credit Score

Repos, bankruptcies and even late payments on your phone bill can be the difference between being qualified to buy a home or not.

Negative items on your credit can be removed quickly and easily if you know how. The only reason credit problems ever become an issue is when they are ignored. By hiding from the issue you allow the credit problems to gain momentum and the cycle of ignorance continues to grow.

It is not difficult to understand that when a credit reporting agency annotates that you have paid late on your car payment that they do not actually gain financially by doing so. These credit agencies merely post information that was given to them by the creditor. This is important to understand in order to appreciate how and why the system discussed here has been so successful.

By disputing the accuracy of the negative credit item through a series of challenges to the credit reporting agency you are challenging the reporting agency to defend their information. If the credit agency elects to meet the challenge and go to court they may be found to be accurate, but what have they gained?

The credit reporting agency will have lost because the process of defending the credit report in question is costlier to them than any financial reward they could possibly receive. Remember that the credit reporting agency is not a creditor itself, therefore win or lose they lose because of the cost involved. This is why so few challenges are taken up by the credit reporting agencies. Fewer than one in one hundred challenges to a credit report are fought when the challenger has done the appropriate paperwork and done it correctly.

In order to properly challenge each credit agency a professional service is recommended. You can challenge a credit agency on your own with some prepackaged programs, but the likelihood of success is magnified 100 times by using a credible firm that is well versed with this segment of the credit industry.

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How To Buy A House For $278.00 Must Read Secrets To Wealth

noreply@blogger.com (WorldWideClasified.com) — Sat, 29 Sep 2007 02:37:00 +0000

If you're looking for a fast, easy and effortless way to make a killing in Real Estate... this letter will change your life. Let me explain:

I’ve discovered (through tragedy) a "secret way" to purchase homes for pennies-on-the-dollar... and in many cases... less-than-pennies-on-the-dollar!

Can this really be true? The answer is, “YES”... and here’s secret: What Most People Don't Know Is When A Homeowner Fails To Pay Property Taxes, The County Will Place A Lien On The Property For The Back Taxes Due.

All homeowners in America are required by law to pay property taxes. If a homeowner is unable to satisfy the County’s tax bill... the County is forced to lien the property for whatever the homeowner owes in back taxes.

If The Homeowner Doesn’t Satisfy The Tax Bill, The County Will Sell The Property...At Auction To Recover The Past Due Taxes Plus Interest.

The County relies on property taxes to keep the Police Department... the Fire Department... the public school system and other municipal offices up and running. Since the County needs tax dollars to survive, they actually sell the liened Real Estate for just the back taxes and plus interest! Why homeowners don’t just pay the back taxes instead of allowing the County to sell their homes, I’ll never know. They could have died... could have just moved... or maybe they went crazy!

But Savvy Entrepreneurs Purchase These Homes At Little-Known County Auctions... Many Times For Pennies-On-The-Dollar!

These “under-wraps” auctions are virtually unadvertised. Not too many people know about them... but astute investors are literally STEALING Real Estate, buying homes for pennies-on-the-dollar.

All the County cares about is recouping their back taxes. They’ll sell $30,000... $40,000... $50,000 homes for $500!

Do You Want Some SOLID PROOF?

I didn’t expect you to just believe this is true. That’s why you'll see periodically through the site actual real-life deals that people have picked up up for pennies on the dollar.

Sure... some people may even consider these homes DUMPS! But what you have to focus on is that they are worth $30,000... $40,000... $50,000 and more and you can buy them for just a few hundred dollars. These homes are easy to resell and the profit margins are unreal! Where else can you turn $500 into $45,000 virtually without risk?

If You Have More Money To Invest... You Can Buy $275,000, 3,200 Square-Foot Homes For As Little As $8,000!

If you’re looking to purchase a home for yourself, or if you want to invest in bigger, better, cleaner homes- you can! People in all different types of neighborhoods fail to pay property taxes. !A 3,200 square-foot luxury home just sold for $8,000- that’s an immediate $267,000 profit

Here’s What You Can Do With Your Properties:

OPTION A: You can rent your houses and re-coup the home’s entire cost in the first month’s rent payment! Maybe add a fresh coat of paint and maybe steam clean the carpets. Renting is great for building a HUGE monthly Positive Cash Flow!

OPTION B: You can resell your homes for insane profits! Want to build up a HUGE CASH FORTUNE? Here’s how to do it: resell your acquired properties for 100’s (if not 1000’s) of times more than you paid for them!

OPTION C: You can buy yourself an incredible vacation home in a far away state- OR ISLAND! There’s Tax Auctions in Canada... Hawaii... Puerto Rico... and even the US Virgin Islands! Too exotic for you? How about Phoenix... or Las Vegas... or Miami? For what you’d pay on a hotel... you can OWN the property FOREVER!

OPTION D: If you have children, you can buy their first home. Allow your children to put their hard-earned dollars towards better things than rent or mortgage payments. New families have it rough. Financial stresses can kill a marriage. You can ease all that tension by gifting your children with a free and clear home.

OPTION E: You can buy a retirement home for your parents so they can spend their Golden Years free of mortgage worries.

OPTION F: You can simply buy yourself a home and live in it free and clear and live “stress-free” knowing YOU OWN IT!

Here Are The Eight Most Common MYTHS
About Getting Rich With My Information:

Myth One:

You must have a lot of money to do this: FALSE!Smart Entrepreneurs are buying properties for as little as $140! Seriously, if you can set-aside a day or two’s pay... you can literally buy your first property. Take a look at the Deeds I’ve enclosed, most of the properties have been purchased for $1,000 or less.

Myth Two:

There’s too many people buying-up all the good properties: FALSE!
Let me put it to you this way: There’s over 3,000 counties in this Country and Canada that have Tax Deed Sales. At just ONE recent Tax Deed Sale... in just ONE County... in just ONE state, there were over 26,000 properties for sale! There’s plenty of properties to go around.

Myth Three:

I have a full-time job, there’s no time to invest in Real Estate: FALSE!
Tax Deed Sales take just a day. You can easily do any research you need to do on the weekends or on your off-hours. But let me ask you this: When you purchase and sell 4 or 5 homes and make 6-figures... are you going to keep your job anyway?

Myth Four:

You can’t really buy homes for a few hundred dollars: FALSE!This is probably the BIGGEST hurdle I have. For some people, it’s real hard for them to believe homes can be purchased for this low... but I’ve included a few Tax Deeds to prove it’s true.

Myth Five:

I’m too young/old to do this: FALSE!People of all ages are getting rich buying Tax Deeds. There’s nothing high-pressure about this process.

Myth Six:

I can’t buy homes because I have poor or little credit: FALSE!What do you need credit for? There’s no Mortgages to apply and qualify for. CASH IS KING... and we’re only talking about a few hundred dollars!

Myth Seven:

All the homes are run-down shacks: FALSE!Like I said before, I probably wouldn’t want to live in any of the homes I’ve shown you in this letter. But these smaller, cheaper homes are easier to come by... they’re easier for the beginner to buy... they’re easier to resell... and the profit margins on them are insane! If you want bigger, newer, nicer properties- all you have to do is invest more money.

Myth Eight:

With my luck, I’d probably end up with a crack house: TRUE!
Yes- this Myth is TRUE! If you don’t know what you’re doing... you can end up with a worthless property. One that is going through a bankruptcy or has IRS liens or things even worse! You can’t expect the County Officials to assist you. Officials are usually overworked... and usually underpaid. They are not putting on Tax Deed Sales to educate you. That’s where I come in.

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New Steps to Help Homeowners Avoid Foreclosure

noreply@blogger.com (WorldWideClasified.com) — Sat, 29 Sep 2007 02:24:00 +0000

Fact Sheet: New Steps to Help Homeowners Avoid Foreclosure
On Friday August 31, 2007, President Bush Announced Steps At The Federal Level To Help Homeowners In Need Of Assistance Avoid Foreclosure. These steps will help homeowners having difficulty paying their mortgages and ensure that the problems now disrupting the housing industry do not happen again. The fundamentals of America's economy are strong – economic growth is healthy, wages are rising, and unemployment is low. The markets are in a period of transition as participants are re-assessing and re-pricing risk. One area that has shown particular strain is the mortgage market, particularly the subprime sector.

The President Announced The Following Steps To Help American Families Keep Their Homes

1. The President Calls On Congress To Pass Federal Housing Administration (FHA) Modernization Legislation. The President's FHA modernization proposal would lower downpayment requirements, allow FHA to insure bigger loans, and give FHA more pricing flexibility. These reforms would empower FHA to reach more families that need help – first-time homebuyers, minorities, and those with low-to-moderate incomes – and offer more options to homeowners looking to refinance their existing mortgage.

The Administration Will Also Launch A New FHA Initiative Called "FHA-Secure." The President has asked Secretary Jackson to pursue important administrative changes to give FHA the flexibility to help more families stay in their homes during this time of transition in the mortgage market. The FHA-Secure program will help people who have good credit but who have not made all of their payments on time because of rising mortgage payments. For the first time, FHA will be able to offer many of these homeowners an option to refinance their existing mortgage so they can make their payments and keep their homes. FHA will also charge mortgage insurance premiums based on the individual risk of each loan, using traditional underwriting standards, so it can expand access and help even more families.

Since 1934, FHA Has Helped Close To 35 Million People Buy A Home And Stay In Their Home. FHA is a government agency that provides mortgage insurance to borrowers through a network of private sector lenders. It also offers options to homeowners looking to refinance their existing loan. The President's FHA modernization bill was first sent to the Hill in April 2006, and it passed the House last Congress with over 400 votes. The President has once again asked Congress to send him a clean FHA modernization bill as soon as possible so he can sign it into law.

2. The President Calls On Congress To Change A Key Housing Provision Of The Federal Tax Code So It Does Not Punish Families Who Are Forced To Sell Their Homes For Less Than Their Mortgage Is Worth. Current tax law counts cancelled mortgage debt on primary residences as taxable income. For example, if the value of a home declines and $20,000 of the homeowner's loan is forgiven, the tax code treats that $20,000 as taxable income. The President proposes temporary relief to ensure that cancelled mortgage debt on a primary residence is not counted as income.

The President Is Working With Congress In A Bipartisan Fashion To Make This Important Change. Senator Debbie Stabenow (D-MI), along with Senator George Voinovich (R-OH) and others, has introduced a bipartisan bill that would protect homeowners from having to pay taxes on cancelled mortgage debt. In the House, Representatives Rob Andrews (D-NJ) and Ron Lewis (R-KY), along with several of their colleagues, have introduced similar legislation. The President looks forward to working with Congress to reach agreement on a bill, so we can deliver this vital tax relief to American homeowners.

3. The President Announced That The Administration Will Launch A New Foreclosure Avoidance Initiative To Help Struggling Homeowners Find A Way To Refinance. Housing and Urban Development Secretary Alphonso Jackson and Treasury Secretary Henry Paulson will reach out to a wide variety of groups that offer foreclosure counseling and refinancing for American homeowners. These groups include community organizations like NeighborWorks, mortgage lenders and loan servicers, FHA, and Government-Sponsored Enterprises like Fannie Mae and Freddie Mac. The goal of this initiative is to expand mortgage financing options, identify homeowners before they face hardships, help them understand their financing options, and allow them to find a mortgage product that works for them.

The President Supports Actions To Protect Homeowners And Prevent These Problems From Happening Again

Federal Banking Regulators Are Improving Disclosure Requirements To Ensure That Lenders Provide Homeowners With Complete, Accurate, And Understandable Information About Their Mortgages. Many borrowers did not receive clear and complete disclosure regarding the terms and conditions of their mortgages. To help protect homeowners in the future, Federal banking regulators recently issued new disclosure guidelines for lenders, and they continue to consider new rules. Homeowners must have complete, accurate, and understandable information – including on the potential increases in their monthly payments.

Federal Banking Regulators Are Working To Strengthen Mortgage Lending Standards. Questionable underwriting standards enabled mortgage lenders to place some borrowers in sophisticated products they could not afford. The Federal banking regulators recently set forth new guidelines to address lending standards, and they will continue to examine new rules. Lenders have an obligation to ensure that their standards accurately measure whether borrowers can afford their mortgage.

The Administration Is Working On New Rules To Help Consumers Shop For The Best Loan Terms. This fall, HUD will propose reforms to the Real Estate Settlement Procedures Act (RESPA) that would promote comparative shopping by consumers for the best loan terms, provide clearer disclosures, limit settlement cost increases, and require fee disclosure.

The Administration Supports State-Based Efforts To Create A Comprehensive Mortgage Broker Registration System. The President has also asked Secretary Paulson to examine the broad issues surrounding mortgage brokers and originators.

The Administration Is Committed To Pursuing Fraud And Wrongdoing In The Mortgage Industry. Some lenders deceived their customers – and pushed them into taking out loans they knew these home buyers could not afford. Federal agencies, such as HUD, the Department of Justice, the Federal Trade Commission, and others, are aggressively pursuing wrongdoers and predatory lenders to ensure they are punished. This will send the message that these practices will not be tolerated.

The President Will Create A Presidential Council On Financial Literacy Composed Of Leading Private Sector Individuals Who Can Help Promote Financial Literacy. This Council will work closely with the Treasury Department, HUD, and the Department of Education to make sure that we are raising awareness of these complicated issues.

The President Supports The Efforts Of Public and Private Sector Groups That Are Promoting Financial Literacy And Providing Foreclosure Counseling. For example, the President's Budget proposes $120 million for NeighborWorks, which provides foreclosure workshops and counseling to borrowers. The President's FY 2008 Budget request includes $50 million for HUD's housing counseling program.

The President Has Asked Secretary Paulson To Lead The President's Working Group On Financial Markets In Examining Some Of The Broader Market Issues Underlying The Recent Mortgage Problems. The President's Working Group on Financial Markets is led by Treasury Secretary Paulson and is composed of Federal Reserve Chairman Bernanke, Securities and Exchange Commission Chairman Cox, and Commodity Futures Trading Commission Acting Chairman Lukken. The group will examine:

The role of credit rating agencies and how their ratings are used in lending procedures, and How securitization, the repackaging and selling of assets, has changed the mortgage industry and related business practices.

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