Archive for the ‘12 Months’ Category

Homeowners Rights

Monday, September 17th, 2012

Remember, defending a foreclosure lawsuit is expensive. Defendants are not only responsible for , but also for other fees such as appraisals. Inquire with a lawyer about what fees need to be prepared for so more debt trouble does not occur.Always check with a lawyer about the specific foreclosure rights and laws because they are complex and confusing to most homeowners. Never attempt to defend a foreclosure lawsuit on your own unless you are experienced in law, real estate and matters of foreclosures.

We have here The basic rights for homeowners listed on

The homeowner may also discuss the possibility of a private sale with the lender. Sometimes a private sale can yield a higher selling price than a foreclosure and it can pay off the existing mortgage debts while leaving the homeowner with a profit. It is important to note that the right to redemption would not attach to a private sale.

Redemption

If an agreement cannot be worked out prior to foreclosure, then the homeowner has the right of redemption in some states. This statutory right allows the homeowner to regain ownership of the house by buying it back after the property has been foreclosed. Approximately half of the states have this right. The redemption laws allow the homeowner to regain ownership of the home paying the foreclosure sale price and a statutory interest rate to the lender. Usually, this right must be exercised within 6-12 months of the foreclosure sale.

This is why are very careful about screening borrowers and appraising the properties — they want to be sure that they can recover their money if foreclosure becomes necessary.Foreclosure is an expense for lenders, so they nearly always try to resolve past-due payments before they set the process into motion.

Taking it to court may sometimes be a little far and more expenses for you. Take chances that will not cause you any money but put in mind all the things that you have to know and the rights that you will have to embrace yourself. In we give you all the advises and care for homeowners that only wants there homes back. And we will always be grateful for such a wonderful feedback.

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What’s The Deal With Strategic Defaults And Is It A Constructive Thing?

Friday, May 18th, 2012

Hello, I am Mike Rigley, a licensed default advocate, distressed property expert and your short sale specialist. We are California’s leading short sale team and we’re here to help. Welcome to our video blog. Right now we are going to speak about strategic default. For those who’re wondering what that is, it’s when you possibly can afford to make your month-to-month mortgage payments but the property is thus far upside down that it simply doesn’t make sense to keep paying it. So, for instance you owe $four hundred,000 and your home is now worth $200,000. Based on regular appreciation, you’ll be able to expect to pay the property off before it’s ever worth what you owe. Let me say that again, you will pay the property off before it is ever worth what you owe.

Is it morally corrupt or is it simply good business? Only you possibly can determine that for yourself. I might encourage you to take a look at it as a very good business decision. If Proctor and Gamble, Chevron, Intel or another large company sold off an underperforming or a money losing asset, would not their board of directors say it was a good business decision and their shareholders reward them with a stock price increase? Absolutely they would.

So why are you any different? With the favorable tax legal guidelines permitting you normally to avoid income tax on the debt forgiveness, and the strong California legal guidelines are prohibiting the lender from pursuing a deficiency. If you’re contemplating a strategic default, now would be the time to act. Now I am not encouraging you to stroll away out of your loan however I’m encouraging you to take a look at what is sensible to you. With the tax forgiveness act of 2007 expiring at the end of this 12 months, now could be the time to act.

Once more, I am Mike Rigley your California short sale specialist and I am here to help. For a free, no obligation financial session, give me a call today, sleep better tonight, you’ll be glad you did. My number is 888-317-9376. Thanks and I’ll see you soon.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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