How To Avoid Foreclosure
By Bock | November 20, 2008
Today, a large number of homeowners are facing foreclosure and many wonder what steps they should take. Those facing foreclosure should be well educated on the subject. For example, homeowners should familiarize themselves with their local and state foreclosure laws, their rights as homeowners, and so forth. With that said, it is important to remember that foreclosures are preventable.
The easiest way to avoid foreclosure is to make your monthly mortgage payments and do so on time. Some financial lenders will prepare for foreclosure after only one or two missed payments. While you will not be removed from your home right away, just know that the process is easy to get started, so never fall behind in your payments.
Of course telling you that you should make on time monthly mortgage payments doesn’t mean that you will or that you even can. If you see financial trouble in the near future, such as being laid off from work or being out of work due to an injury, speak to your lender. If a lender knows that your financial troubles are only temporary and if you have a history of on time payments in the past, they may be willing to work with you. This may involve smaller payments for the time being.
Even if you cannot get your financial lender to lower your mortgage payments, even just temporarily, there are still ways that you can avoid foreclosure. First and foremost, never ignore warnings and phone calls from your lender. Even if you do not intend to keep your home, it is important to be in constant contact with your mortgage holder. You will need to know what happens next and when you should leave the property.
If you have jewelry, a second car or other belongings that can be sold, you are encouraged to do so. This may give you the money needed to get your mortgage up-to-date and in good standing. Even if not in one hundred percent good standing, it shows your financial lender that you are trying your hardest to keep your home. As easy as selling some of your belongings are, know that acquiring a second job is often your best chance of success.
Increasing your income and temporary cash flow are just two ways to avoid foreclosure and keep your mortgage payments up-to-date. With that said, many homeowners facing foreclosure are surprised to learn just how much money they can save up by prioritizing their spending. Due the recent rise in gasoline, food, and entertainment, consumers who never had to worry about using coupons or having a monthly budget need them now. All homeowners, especially those facing foreclosure are encouraged to track their spending habits and eliminate unnecessary purchase. The money saved should be applied towards mortgage payments.
Another easy way to reduce the risk of foreclosure is to seek professional assistance when needed. In some states, local governments and even mortgage lenders occasionally provide free foreclosure assistance to homeowners in need. As soon as you suspect that foreclosure may be an issue, you should meet with an attorney specializing in foreclosures or a HUD (United States Department of Housing and Urban Development) approved counselor. These are individuals who can advise you of your rights, help you understand your state’s foreclosure laws, as well as help you develop a plan of action. Homeowners facing foreclosure often report an overwhelming feeling that just cannot and will not go away. This is the time to seek professional help.
Finally, the United States Department of Housing and Urban Development (HUD) advises homeowners to not fall for foreclosure scams. These scams are often referred to as foreclosure recovery scams. Never believe the claim of an individual or company who says they can stop foreclosure proceedings with one signature. If you are not careful, you could still lose your home. What you may become instead is a renter who can’t afford the new rent. Never sign any documents pertaining to your home without first having a trusted and reputable attorney review them.
Topics: Real Estate | No Comments »
Getting Started In Real Estate: Think First!
By Bock | November 12, 2008
It’s often been claimed that Real Estate investing is one of the easiest ways to make money. In one way, that’s true. With a modest financial investment and a fair amount of sweat equity, a property can be bought and sold for a healthy profit and the future still looks pretty good.
But easier is not the same thing as easy.
The biggest barrier to success in real estate investing for those starting out is the steep learning curve. Real Estate investing, no matter where you live, is a complicated business and you can lose big money quicker than you can say ’stock market crash’ if you haven’t done your homework.
So, to simplify the process, here are some things to consider when getting started.
Before investing money, invest some time. Think about what financial goals you want to achieve and over what time frame. Be realistic. Easy to say, hard to do — especially when home prices have been rising for several years and still are. But like any market, real estate values may go down, and when they do it’s usually a sharp, steep drop.
Once you’ve decided how much of a time and money commitment you want to make, write it down. Make a one year to five year business plan in as much detail as you can, and then review it after six months and again after two years.
Part of that plan should be an estimate of how much capital you’ve got to invest, which will differ depending on whether or not you plan to use your primary residence as your first investment. Just as one example, if you have less than $10,000 to start with you are definitely looking at either using your own home or buying a ‘fixer-upper’ as your first venture.
It’s true you can get into a secondary property with no money down and just a couple of thousand in closing costs if you have good credit. But the market would then have to rise quickly, and you would have to sell right away.
That’s risky and has serious tax and legal consequences. The alternative would be to take on high monthly payments and maybe additional expenditures on repairs. Again, risky and potentially expensive. You stand a high chance to lose more than your initial investment, because even though you only put in a small amount, you’re still legally bound for the entire package.
Unwise move for the newbie.
Another part of that plan should state how much risk you’re willing to take. Be especially honest and consider your personality type. Some investors favor capital preservation, others lean toward maximum return in the shortest time. People differ in their tolerance for risk. Be sure you know yours.
You’ll need to consider your available time commitment, establish a relationship with a lender, learn about the market, contracts, insurance, legal rights and requirements, tax consequences, and many other aspects of real estate investing.
If you still want to take the plunge — bravo! You can make a healthy additional income, or even a full time living, in what remains one of the soundest investments available. And, apart from what can be serious money — it’s a great adventure!
Topics: Investing | No Comments »
A Guide For Buying Properties At Government Auctions
By Bock | October 29, 2008
There are many government agencies selling foreclosed homes to the public. Government foreclosures on properties can be for one or more of a variety of reasons. Generally speaking the most prevalent reasons for foreclosure are the inability to make mortgage payments and the non payment of Federal, state and local taxes or all three of these. However the government is also able to foreclose on a property for non payment of assessments, homeowners’ association fees, utility bills, and believe it or not mechanics liens.
The major government agencies who have thousands of foreclosed homes on their inventory, include HUD, VA, IRS, FDIC, and CBP, but there are also many others. These homes are dead weight just sitting in their inventories and have to be liquidated into cash flow. Government agencies such as the IRS, US Customs seize the property of people who have violated the law in some way or other. The way these properties are sold is through government auctions.
If you are new to this market never buy at your first government auction, first gain a little experience of the auction process before you buy. Attending auctions is a really good way to learn about the systems and processes before you dive in the deep end. Once you do decide to buy a property on sale at government auctions, don’t buy unless you are able to make at least 10% profit when you have deducted all relevant expenses. Set a budget limit for yourself, do not get auction fever, stick to your limit!
If you are buying a property from a government auction that you want to live in yourself, it is a simple matter buy one requiring extensive repairs. You obtain the property cheaply and it can be gradually fixed or redesigned while simultaneously living in it, this allows for tremendous savings. Remember to immediately change the locks and obtain insurance as soon as you receive the title.
When buying a property on Government auction to re-sell, bear in mind the market is not really a seller market at present. But if you think you can do it at a good profit, then don’t buy a property that requires more than just cosmetic repair. If fixing the leaking faucets and a good lick of paint will do it, then that is what you need to invest in. If anything more serious is required, you might find that you have landed a money pit.
Buying multi family units are a great way of investing in properties for leasing purposes. But you will have to ensure that you have enough money available to work with a handy man or maintenance contractor to have the property ready for renting.
Bear in mind that tax liens have a redemption cycle of 120 days. You have to obtain title insurance to protect your interest in case the IRS decides to exercise its option. Many title insurance companies want you to wait out that 120 days before they will issue insurance.
Topics: Investing | No Comments »
Which half of the island? Vacation villas in St.Martin
By Bock | April 22, 2008
St Maarten has an odd history, having been divided into two nations by colonial Dutch and French settlers. This division was however only geographic, the islanders and their two different colonial masters lived in harmony for hundreds of years until gaining their independence. These days it is just a matter of making the difficult choice of which side of the island you would like to stay in a luxurious vacation villas in St.Martin.
The same still holds true with the border that separates the two tiny Caribbean nations, it is little more that a line on a map. Visitors would only know which country they are in because of the differing architectural styles, and customs favored by each country.
Choosing St Maarten vacation villas depends on which side of the island you would favor, you either have a preference for Dutch or French styles, but the island is so small it is never a long trip to the other side.
St Maarten vacation villas only offer one standard, luxurious; here the only choice is just how high you want the quality of your accommodations to be. St Martin can offer unrivalled standards, even by the already extremely high quality levels of this area of the Caribbean.
Vacation villas in St.Martin raise the bar as the island caters for the tastes of the most discerning of ‘high end’ visitors from across the globe. If the ultimate in Caribbean taste and style is what you desire then St Maarten vacation villas can deliver in abundance.
Topics: Rentals | No Comments »
The growing popularity of Modern Eco Homes
By Bock | February 24, 2008
The popularity of Modern Eco Homes stems mainly from, the reality that many have become responsive to the environmental hazards, that normal homes pose. This awareness has resulted in developers transforming their approach adopted toward constructing new homes by steering them to strike a healthy balance between modern construction and environmental favorability.
Architects like builders are including the concept of eco friendly designs to modern structural styles by implying energy saving methods . Eco friendly furniture and materials truly complement the “eco friendly” venture.
In the past, architects took on designs analogous to those of the country homes. Today there have been main developments in this field and this has resulted in exclusive deviations in both the arrangement and the location of the house. Passiveness in these homes makes eco homes even more preferable these days. The materials used in eco friendly homes utilize solar energy to the maximum.
This is achieved by strategically constructing the homes in areas where not only solar energy, but wind energy can also be easily harvested . Secondly, positioning doors and windows of the house, enable it to receive the appropriate amount of light. Eco friendly homes are insulated in such a way, that it reduces the pressure on heating systems as well as your wallet. A rising number of eco homes are constructed with modern wind turbines, a blend of airing systems and air conditioners and water treatment elements.
Topics: Prefab Homes | No Comments »
Make Owning a TimeShare One of Your New Years Resolution!
By Bock | February 11, 2008
A great way to ring in the new year is with the goal of having more fun and taking more vacations! What better way to keep that new years resolution, than with the goal of buy a timeshare, that way you can enjoy a fabulous resort vacation every year, while having fun and reducing your vacation cost.
The cost saving advantages that a timeshare owner experience is significant.
Timeshare owners can vacation year in and year out, and there vacation isn’t dependent on hotel pricing fluctuations because their vacations are already paid for.
Timeshare owners benefit by taking small stress-free vacations year after year with no more worries about room availability or ever changing room costs due to seasonal holidays or local events.
Also, there are tax advantages of owning a timeshare! A timeshare can qualify as a second home and the mortgage interest can be deducted
A carefully researched timeshare purchase can be a great investment when compared to the cost of renting alternative comparable accommodations.
Even though there are maintenance fee’s involved, timeshare owners benefit by vacationing in often larger more luxurious accommodations with more amenities for considerably less than comparable hotels and resorts.
Timeshare ownership is an investment in quality vacations.
For more information about owning a timeshare, start researching your options today at the Timeshare Marketplace, Feel free to voice your opinions and suggestions at the Timeshare Forum or get updated on the latest news at the Timeshare Blog.
Topics: Investing | No Comments »
The ABCDE of Flipping Houses
By Bock | December 27, 2007
All new things can be a little frightening or intimidating at first glance. The same is definitely true when it comes to flipping houses. Many people feel several times during their first flip that they have gotten in over their heads. The truth is that it will take more than a few flips to feel comfortable with the process. Most people make very little, if any real profit on their first flip and write it off as a learning experience only to enter into the next flip with newly learned lessons and a positive attitude. Learning the ABCs of flipping houses is a great place to begin and can help you avoid costly mistakes made by many first time flippers.
1) Appraise. You need to have a proper appraisal performed on the house you intend to flip and compare it to other houses in better condition and of similar size and style within the neighborhood. You do not want to buy the best house in the neighborhood, in fact it is best if you can find the neighborhood eyesore and turn it into a competitive house for the neighborhood in order to get the most for your money. More importantly you want the appraisal to reveal the actual value of the home now as compared to the price you are paying and talk to the appraiser about what the home would be worth the with improvements you are planning to make.
2) Bold Moves. Sometimes it takes bold moves to make the impression you want to make. The decision to flip houses is a bold move in and of itself and while you do not want to necessarily enter into risky waters you do not want to play it too safe either. Be cautious with your financing and guard your expenses and your budget well but make the changes that will catch the eye of the next owner for the property.
3) Can do Attitude. You absolutely must believe you can do this in order to get it done. A house flip is not an undertaking for the timid or those that lack self-confidences. You will need to stand up to your contractors, inspectors, and even some vendors in order to get the best price and the most bang for your buck. In other words you need to believe in yourself and what you are doing in order to get it done. This doesn’t mean you shouldn’t listen to the advice of those with more experience and expertise, especially when it comes to structural issues within the home and bringing the property to code but you also need to stand up for yourself to insure that you aren’t paying for things you aren’t getting.
4) Determination. You must also be determined to see your project through to completion. It takes a certain sort of pigheadedness to get through the first few flips. It should be stated here that flipping houses is certainly not an easy way to make a living. It does have the potential however, to be a highly profitable way to make a living and that is what most potential flippers are looking for. If you want those profits you are going to need to push yourself out of bed even on those mornings when you feel as though looking at the property in question is going to make you wail and moan and pull out your hair.
5) Excitement. This may be the most necessary of all ingredients. You will find that excitement is in short supply many days but it if you can recapture that initial excitement over your decision to flip houses then it will sustain you on those days when the plumber brings bad news or you just learned that a solid weak of rain is forecasted for the weak the roof was to go on.
This is a small start on the ABCs of house flipping and real estate investing but I think you get the picture. Good luck!
Topics: Flipping Property | No Comments »
Do You Need Quick Cash For Christmas?
By Bock | December 15, 2007
Do You Need Quick Cash For Christmas?
Do you need extra cash this Christmas? You can get $1500 in your bank account tomorrow with a Payday loan from Cash Advance Loans!
What is a payday loan you ask?
A payday loan or cash advance is a quick and easy way to bridge your cash needs between pay days without a credit check. It is a small short-term loan that can range from $100 up to $1,500. The money can be electronically deposited and repaid from your checking account on mutually agreed upon dates.
What is the difference between a payday loan and a cash advance?
The terms payday loan and cash advance are used interchangeably to mean a way to bridge your cash needs between pay days without a credit check. A payday loan or cash advance can give you the money you need to cover emergencies, unexpected bills and other unforeseen costs until you receive your next paycheck.
How much money can I borrow?
Payday loans can range from $100 to $1,500. The lender will determine the loan amount based on the information you provide during the application process.
Do they perform a credit check?
Cash Advance Loans don’t perform a credit check, but your information may be verified with several national databases.
How do I apply for a payday loan?
To apply for a loan you must be at least 18 years of age and need to have a job or another regular source of income. You must also provide your email address, home phone number, home address, driver’s license, social security number, checking account and one personal reference.
After you submit your initial application you will be connected with a specific lender who may request additional information to complete their approval process.
How do I get a payday loan?
Simply complete our online application and submit it from our web site - no faxing required. You will be contacted by a lender online within seconds, and you may be asked to provide additional information prior to approval. Once approved, usually within minutes, you will electronically sign and agree to the terms of the loan.
Typically the proceeds of your loan will be electronically deposited into your checking account the next business day. You can check with the ACH Department of your bank to verify the deposit to your account.
You will typically have the choice to choose the payment option that works best for you. All payments are made by electronic transfer from your checking account.
Topics: Debt | No Comments »
What is a Reverse Mortgage?
By Bock | December 1, 2007
Reverse mortgages are government insured home loans specifically designed for senior homeowners. This type of loan allows a homeowner to payoff their existing mortgage along with a combination of the following: establish a credit line, receive monthly checks, or withdraw cash. The amount of cash available depends on many factors, which we will discuss shortly.
If you choose to get cash with your reverse mortgage loan, you can choose from the following methods:
Tenure – equal, monthly payments.
Modified Tenure – line of credit combined with monthly payments.
Term – equal, monthly payments for a fixed period.
Modified Term – line of credit combined with monthly payments for a fixed period.
Line of Credit – payments or installments at the borrower’s discretion (much like a standard credit line – use the money only when you choose to).
Perhaps the most worthwhile benefit of a reverse mortgage is that the borrower will not be required to make any mortgage payments for the duration of their stay. That’s right: zero payments for the rest of their life or until they move from the home. As you can imagine, zero house payments could drastically alter a person’s lifestyle in a positive manner and could do so almost overnight.
In regards to qualifying for a reverse mortgage, there is yet another benefit that is often over-looked: you do not need to verify your income since the loan is based on your home’s value. There are no payments to be made, remember? Essentially, you do not need any income nor do you need an outstanding credit report.
When reverse mortgages were first introduced, they allowed the lender to have a stake in the future value of the home. In essence, the lender would profit from your equity even if it extended beyond the original loan amount. Fortunately for seniors, times have changed for the better: regardless if your home goes up or down in value, you will never owe more than the loan amount or your home’s current value, whichever is lower.
Another question often asked is: can I outlive my loan? You can never outlive a reverse mortgage loan. So long as you are alive and living on the property, you will never have a mortgage payment for your reverse mortgage. Nor can a lender take your home away from you. As long as you live in your home, pay your taxes and insurance, you can live indefinitely in your home without making a single payment.
The amount of money that can be borrowed with a reverse mortgage is dependent upon many factors, including but not limited to: the age of the borrower, the amount of money currently owed on the home, the interest rate, the value of your home, and FHA’s lending limits for your area. Typically, the older you are and the less money you owe on your home, the more you can borrow. However, every situation is unique. To get an accurate, approved loan amount, you should speak with an approved reverse mortgage lender or broker in your local area. Do not be intimidated about contacting a loan broker! HUD requires that you speak with an approved, HUD counselor prior to any loan funding to ensure that you are fully aware of how a reverse mortgage works. You may call 1-800-569-4287 to acquire a list of FHA approved lenders for your particular area. They can also give you names and phone numbers for HUD-approved counseling agencies.
Reverse mortgages are truly designed to help seniors live a higher quality life. If you or someone you know is 62 years of age or older, you should take the time to find out about a reverse mortgage.
Topics: Financing | No Comments »
Payday Cash Loan Secrets Revealed
By Bock | November 28, 2007
It’s not common knowledge but a poor credit score will never prevent you from getting a guaranteed payday cash loan. With cash advance payday loans, there is never any credit check. You can find a cash advance store locally or even faster you can get a payday cash loan online.
Once you’re approved for a payday cash advance your money will be directly electronically deposited into your checking or savings account. A paperless payday loan just means there is no paperwork involved for the application process. The payday cash loan companies help thousands of people every day with their short term money problems and they can become your new source for immediate cash but proceed carefully.
Today there are many companies offering to make no credit payday loans, check loans, or payroll advance loans, often they mean the same thing. If you find yourself in need of just enough money to take you to the end of the month when you get paid it can be the perfect loan option providing you can pay it back with ease. 24 hour payday loans can be helpful when you’re having temporary cash flow problems or are facing a financial emergency and need money on a short-term basis that you can pay back relatively soon.
Same day payday loans and cash advance loans are available and especially useful in a variety of situations. This type of loan may be right for you if you need some money for a short time and don’t mind paying a high interest rate. People who are unemployed, but receive social security payments or other verifiable steady income can also apply free for online payday loans.
You don’t want to have two or more of these loans going at the same time. When you have more than one of these emergency payday cash loans outstanding, you may find it very difficult to pay the required finance charge payments, much less paying all or a portion of the amount financed when the loan comes due. Most of the online companies offer instant faxless payday loans, which means obtaining the loans without having to fax any information. It’s important to pay particular attention to the interest rate on quick payday cash loans.
All you need to do is fill out a simple loan application form online. Save yourself some time by applying for a cheap payday loan online. A good reason to query the online choices is that you can compare rates easily between lenders and you can maintain privacy which is harder to do if you have to go into a store in person. You also will be limited to the quotes from that store. Get several quotes and compare the interest rates, payback times and fees and possible penalties and completely understand what is expected of you. Also find out what will happen if you can’t pay the loan back on time. Make sure to get this all upfront.
When you apply for a fast, easy payday cash loan, the money can be used for anything you choose, there are no limitations on what it can be used for.
Once your application is approved the lender will instantly deposit the loan amount directly into your account. Most payday loan providers will deposit your payday cash advance loan into your checking account via the direct deposit method. Very few payday loan services require documents to be faxed, most do not.
When you apply over the Internet for a no fax payday loan, you can get approval in as little as 30 seconds most of the time. If you are a returning customer you’ll be able to receive even higher loans in the future. The rate on a loan may be 500% per year or more, make sure to ask what the interest rate is and compare with others.
If you’ve ever considered applying for an online payday cash loan, it’s really a simple process. It can be a good solution for anyone who needs a fast, easy and confidential way of getting emergency cash. Some people can find themselves having difficulties with paying back the money, so it’s very important to keep the terms and conditions of the loan in mind and to only use these loans when they’re absolutely needed.
Topics: Financing | No Comments »
