Archive for the ‘Advice’ Category

How You Can Prevent Foreclosure Scams

Monday, January 30th, 2012

Several homeowners in foreclosure feel lost and completely uneducated about how the foreclosure process works and how they can save their homes. Receiving enough foreclosure advice to fully comprehend the situation should be their first step, even just before they are formally served with foreclosure papers. It can be only when foreclosure victims know what to anticipate that they can prevent the numerous scams operating in the industry and find a real answer to avoid losing their houses.

Far too quite a few of these operators trick homeowners into sending them hundreds of dollars at a time in exchange for vague promises of “foreclosure support services,” or “loss mitigation options.” These businesses collect all of their fee just before performing any work for the foreclosure victims, and then deliver absolutely no services to their clients, only to recommend that they file at the last minute. This can be usually done when the sheriff sale date is coming up extremely shortly. When they are turned down in the last minute, the homeowners may possibly have no other options to stop the sheriff sale from taking their home.

This really is one of many principal reasons that homeowners should educate themselves concerning the fundamentals of the foreclosure process and what approaches may be utilized to prevent foreclosure. They should really not trust anybody just to offer them with this information in exchange for nothing, so it can be essential for homeowners to analysis whatever they are able to on their own. Remaining ignorant of the foreclosure process puts the foreclosure victims in a lot greater danger of falling prey to a foreclosure scam who may leave them even worse off than once they started, in addition to wasting useful time and money that could possibly be used in the pursuit of a legitimate method to keep away from foreclosure.

Every single homeowner facing the possibility of foreclosure needs to gather as significantly foreclosure details as possible and evaluate what solutions are accessible for saving their house. Then they can make just about every attempt to eliminate themselves from the foreclosure process. Foreclosure victims can educate themselves on the best way to put together a forbearance agreement, tips on how to qualify for a foreclosure loan, and every other option. The banks won’t supply the homeowners with this facts, so it can be wise for homeowners themselves to acquire the education necessary to .

Missing a scheduled mortgage payment is actually a enormous deal for homeowners: they’ll receive collection calls incessantly, foreclosure scammers will crawl out from the woodwork offering magical potions, along with the situation can spiral downward from there. Homeowners, although, can take back manage in the situation and end their reliance on receiving help from everybody else besides themselves. The best way for any homeowner to stop foreclosure is basically to discover how foreclosure works and what solutions are out there, after which work on a remedy until the residence is saved or you will discover no solutions left.

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Vultures – An Essential Part of the Real Estate Ecosystem

Monday, November 7th, 2011

In the animal kingdom it’s ironic that we glorify predators, like the lion, while we vilify scavengers, like the vulture, that clean up the mess left behind. Even the great Benjamin Franklin was unable to fight this prejudice in his preference of the turkey over the eagle (a predator) as a national symbol. If you encounter a lion on the savannah, it will kill you. If you run across a vulture in the process of cleaning up the carnage caused by the lion, you will be perfectly safe.

Unlike lions and other large predators, vultures don’t need to kill to survive. They serve a useful purpose by disposing of dead and decaying animal remains, cleaning up in areas with poor or non-existent sanitation. This, however, does not make them popular and it is doubtful that any major league sports teams would ever choose a vulture as a mascot.

Let’s bring this scenario home to the concrete jungle.

In almost every housing market that is plagued by negative equity and foreclosures you will find the decaying remains of houses, and sometimes entire neighborhoods. Despite the big lie to the contrary, . Communities struggle to keep up with the mess they left behind. Now even those protesting Wall Street are adding to the carnage by .

And who comes along to reverse the decay and clean up the carnage created by the predator? Real estate investors, often referred to as the vultures of the real estate industry, and like the vulture, unappreciated for the service they perform and the value they bring to these devastated communities. These investors are not only infusing the local economy with jobs but they are also working to create new homeownership opportunities, by bringing these properties back to marketable condition – a function that is a critical element in our housing recovery.

The average investor typically spends $10,000 to $15,000 rehabbing a property, which directly results in local jobs for contractors and other vendors. Plus most “vultures” will resell the property, resulting in real estate commissions, lending fees, title fees, inspections, appraisals, advertising and more… ALL of which creates jobs and supports the local economy. Finally, the sale and clean up of the property also means that past due property taxes will be paid, which is revenue our local counties and schools desperately need.

Real estate investors are not predators. They do not cause foreclosures. To the contrary, they are an integral part of helping to clean up this housing disaster. Call them investors, speculators, opportunists or even vultures but make sure that you realize the important role they play in the real estate ecosystem.

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