If you're using the option contract in your short sales, you should always record the notice of the option contract. Why? To satisfy seasoning issues with some lenders, however, mainly to cloud the title and let the whole world know " hey, I have an option contract on this property and I plan on marketing the deal because I have equitable interest".
First, you must get the Notice of the Option contract notarized before recording it. This can be done anywhere. I prefer to meet at my title company because they have a notary there. Also, they can record my notice there. This save me from going to the court house in down town. Mainly, you'll have to record this notice at the court house, however, some title companies will do it for you.
Here's a tip. In Bexar County, San Antonio, I pay $12 per page. Try to edit your notice so that only 1 page gets recorded. You can save some money in the long run that way.
If you know anyone facing foreclosure and would like to help them, have them go to my website http://SellPreForeclosureHouse.com and download a free PDF document on how they can stop foreclosure. If they would like to speak to someone directly, have them call me at 210-625-0835. My name is Emilio Kim, your local foreclosure specialist.
Thursday, February 26, 2009
Monday, February 9, 2009
Typical action by homeowners facing foreclosure
You've Realized the American Dream of Owning a Home but Find Yourself in Default.
No homeowner ever intends to miss mortgage payments. Life, as most have learned, has the tendency to throw us a curve when we least expect it. Job loss, death or divorce can quickly throw our life and finances into chaos. Homeowners in San Antonio can’t always prevent defaulting on their payments. What’s important is how a homeowner reacts to their predicament.
Inaction is the choice some homeowners make. They may choose to deny the fact their Bexar County home could be lost and respond by doing nothing. Some will agree the default is a problem, but they don’t act to resolve the issue. If they do finally decide to act, it may be too late to avoid losing the property.
Overreaction is another choice some homeowners make. They assume missed mortgage payments revoke their rights to own a home and look for a quick way out of the situation. These homeowners, because they didn't look at their options, are the ideal prey for scam artists ready to take advantage of their response to the mortgage default.
Human beings are hard-wired to their emotions and both of these responses are examples of natural human reactions to a looming foreclosure in Bexar County. Understandably neither of these responses is ideal or helpful to San Antonio homeowners in default. Ideally, homeowners should adopt a measured response taking into consideration all the options available and act decisively to prevent home foreclosure throughout Whatcom County.
Here are a few sensible guidelines for stopping foreclosure.
Pick up the phone and contact your lender.
Once the due date for your mortgage payment has come and gone, it’s only a matter of time before your lender knows you’re in default. Act preemptively and call them right away. Leaving it up to them may leave you waiting for several months at which time it becomes much harder to resolve the situation.
When you contact the lender, be honest and to the point about your situation. Ask what suggestions they have. Lenders can usually provide solid advice as they deal with defaulted customers every day. Not wanting to take the house back, most lenders aren’t eager to spend their money and time to foreclose on a defaulted loan, so they’re open to other alternatives.
If you do manage to reach an agreement with the lender ask that they provide it in writing so that you’re protected if they don’t live up to their end of the agreement. Before you sign anything, have it reviewed by a real estate attorney or local HUD approved housing counseling agency.
Be cognizant of deadlines.
The lender will take the necessary steps to schedule a public foreclosure auction of your Bexar County property if you haven't worked out a plan of resolution. It is crucial to find out exactly how much time you have before your home will be auctioned at the Bexar County courthouse.
Consider your alternatives.
Although the options are limited, San Antonio homeowners in default have several viable options to stop the foreclosure process. Not all of these options will work for every homeowner, but all homeowners should consider the advantages and disadvantages of each option and determine which is best for them.
Restructure the loan payments
Refinance your home loan
Sell your home
Deed in lieu of foreclosure
Bankruptcy
You can be creative when working out options with the lender. Again, keep in mind they really want you to keep the home and save themselves all the trouble of taking it back and reselling it. Stopping foreclosure in San Antonio does not have to be an overwhelming experience. Act fast, act smart, and with a little bit of luck you may come out ahead in the end. If you would like to speak to an expert on how to stop foreclosure, go to http://www.SellPreforeclosureHouse.com and fill out your information to have a specialist call you or call me directly at 210-625-0835. You can also email me, Emilio Kim, at sushimellow@gmail.com.
No homeowner ever intends to miss mortgage payments. Life, as most have learned, has the tendency to throw us a curve when we least expect it. Job loss, death or divorce can quickly throw our life and finances into chaos. Homeowners in San Antonio can’t always prevent defaulting on their payments. What’s important is how a homeowner reacts to their predicament.
Inaction is the choice some homeowners make. They may choose to deny the fact their Bexar County home could be lost and respond by doing nothing. Some will agree the default is a problem, but they don’t act to resolve the issue. If they do finally decide to act, it may be too late to avoid losing the property.
Overreaction is another choice some homeowners make. They assume missed mortgage payments revoke their rights to own a home and look for a quick way out of the situation. These homeowners, because they didn't look at their options, are the ideal prey for scam artists ready to take advantage of their response to the mortgage default.
Human beings are hard-wired to their emotions and both of these responses are examples of natural human reactions to a looming foreclosure in Bexar County. Understandably neither of these responses is ideal or helpful to San Antonio homeowners in default. Ideally, homeowners should adopt a measured response taking into consideration all the options available and act decisively to prevent home foreclosure throughout Whatcom County.
Here are a few sensible guidelines for stopping foreclosure.
Pick up the phone and contact your lender.
Once the due date for your mortgage payment has come and gone, it’s only a matter of time before your lender knows you’re in default. Act preemptively and call them right away. Leaving it up to them may leave you waiting for several months at which time it becomes much harder to resolve the situation.
When you contact the lender, be honest and to the point about your situation. Ask what suggestions they have. Lenders can usually provide solid advice as they deal with defaulted customers every day. Not wanting to take the house back, most lenders aren’t eager to spend their money and time to foreclose on a defaulted loan, so they’re open to other alternatives.
If you do manage to reach an agreement with the lender ask that they provide it in writing so that you’re protected if they don’t live up to their end of the agreement. Before you sign anything, have it reviewed by a real estate attorney or local HUD approved housing counseling agency.
Be cognizant of deadlines.
The lender will take the necessary steps to schedule a public foreclosure auction of your Bexar County property if you haven't worked out a plan of resolution. It is crucial to find out exactly how much time you have before your home will be auctioned at the Bexar County courthouse.
Consider your alternatives.
Although the options are limited, San Antonio homeowners in default have several viable options to stop the foreclosure process. Not all of these options will work for every homeowner, but all homeowners should consider the advantages and disadvantages of each option and determine which is best for them.
Restructure the loan payments
Refinance your home loan
Sell your home
Deed in lieu of foreclosure
Bankruptcy
You can be creative when working out options with the lender. Again, keep in mind they really want you to keep the home and save themselves all the trouble of taking it back and reselling it. Stopping foreclosure in San Antonio does not have to be an overwhelming experience. Act fast, act smart, and with a little bit of luck you may come out ahead in the end. If you would like to speak to an expert on how to stop foreclosure, go to http://www.SellPreforeclosureHouse.com and fill out your information to have a specialist call you or call me directly at 210-625-0835. You can also email me, Emilio Kim, at sushimellow@gmail.com.
Wednesday, February 4, 2009
Short Sales Are Quickly Becoming The Default Choice To Stop Foreclosure in San Antonio
Short Sales are becoming a common practice in San Antonio these days and anyone who has successfully completed one knows that you had better be prepared for and unexpected.
The short sale, used primarily to stop foreclosure in Bexar County, is becoming a very popular field in real estate especially when interest rates are climbing. San Antonio homeowners faced with the prospect of losing their home are turning more and more to this option. Short sales are also becoming more and more popular for real estate investors in Bexar County when buying a foreclosure just because of the huge discounts they offer.
Short sales are negotiated directly with the lender, and they require the sellter to provide information sa to why they cannot find a way to make normal payments. Foreclosures are expected to increase in 2009 no just in San Antonio, but throughout Texas as many adjustable rate mortgages written during 2005 and 2006 reach their first-reset marks. Short sales are complex and likely to become more complex as lenders deal with more and more of them in the coming months and years. Many homeowners who took advantages of the inflated real estate values in San Antonio prices to dig deeply into their homes' equity are now feeling the pinch.
Lenders
Lenders konw that repossessing a Bexar County home will cost them tens of thousands of dollars to maintain, refurbish, market and well with no guarantees that it will recoup the same amount as from a short sale. Lenders want to see that the homeowners are not able to pay their bills and are in need of relief. Short sales are a last resort option and are only necessary when faced with foreclosure or bankruptcy.
Lenders want to get rid of distressed properties in San Antonio as soon as possible, but they aren't going to sell them for ridiculously low prices.
Sellers
In a perfect situation sellers want to get as much for thei homes as possible and certainly don't want to sell for less than market value or sell for less than what they paid for it. This may quickly turn into a desperate situation, however when unforseen events transpire that create financial harships. Job loss, long- term illness, or a dramatic rise in living expenses are just a few reasons why Bexar County homeowners suddenly find themselves with a cash flow problem. The fortunate seller who convinces their lender a short sale is the best way to solve their problem needs to be aware of one possible downside. Some lenders may claim whatever debt they've forgiven as a loss on their taxes and issue a 1099 form to the seller for the amount.
If you have any questions on how you can help someone avoid foreclosure, please contact me at sushimellow@gmail.com or call me directly at 210-625-0835.
To help someone avoid foreclosure, refer them to http://www.SellPreforeclosureHouse.com .
The short sale, used primarily to stop foreclosure in Bexar County, is becoming a very popular field in real estate especially when interest rates are climbing. San Antonio homeowners faced with the prospect of losing their home are turning more and more to this option. Short sales are also becoming more and more popular for real estate investors in Bexar County when buying a foreclosure just because of the huge discounts they offer.
Short sales are negotiated directly with the lender, and they require the sellter to provide information sa to why they cannot find a way to make normal payments. Foreclosures are expected to increase in 2009 no just in San Antonio, but throughout Texas as many adjustable rate mortgages written during 2005 and 2006 reach their first-reset marks. Short sales are complex and likely to become more complex as lenders deal with more and more of them in the coming months and years. Many homeowners who took advantages of the inflated real estate values in San Antonio prices to dig deeply into their homes' equity are now feeling the pinch.
Lenders
Lenders konw that repossessing a Bexar County home will cost them tens of thousands of dollars to maintain, refurbish, market and well with no guarantees that it will recoup the same amount as from a short sale. Lenders want to see that the homeowners are not able to pay their bills and are in need of relief. Short sales are a last resort option and are only necessary when faced with foreclosure or bankruptcy.
Lenders want to get rid of distressed properties in San Antonio as soon as possible, but they aren't going to sell them for ridiculously low prices.
Sellers
In a perfect situation sellers want to get as much for thei homes as possible and certainly don't want to sell for less than market value or sell for less than what they paid for it. This may quickly turn into a desperate situation, however when unforseen events transpire that create financial harships. Job loss, long- term illness, or a dramatic rise in living expenses are just a few reasons why Bexar County homeowners suddenly find themselves with a cash flow problem. The fortunate seller who convinces their lender a short sale is the best way to solve their problem needs to be aware of one possible downside. Some lenders may claim whatever debt they've forgiven as a loss on their taxes and issue a 1099 form to the seller for the amount.
If you have any questions on how you can help someone avoid foreclosure, please contact me at sushimellow@gmail.com or call me directly at 210-625-0835.
To help someone avoid foreclosure, refer them to http://www.SellPreforeclosureHouse.com .
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