California Law Protects Tenants from Foreclosure

In the unending saga of he foreclosure crisis, more and more tenants are becoming innocent victims. Even though they have no mortgage payments to worry about, they still lose their homes to foreclosure. Of course, when this happens, the lives of these tenants are seriously disrupted.

Good thing that California government official have finally taken notice of the plight of these tenants and proposed a bill that will protect them from harassments and sudden eviction due to foreclosure.

According to the existing legislation governing tenant-landlord agreement, the tenants are allowed to enjoy a 30-day notice before being evicted. The same law prohibits the landlords from cutting utility services and also changing the security locks.

The proposed Assembly Bill 2586 will clarify the other provisions of the old legislation that tackles tenant-landlord relationship in the event of foreclosure. For example, it will require the landlord to transfer the security deposit to the tenants or the new owner of the property, which in this case is the bank or lender. If the previous landlord fails to do this, the new owner is not allowed to require a new security deposit. Other provisions of the proposed bill tackle the issues of utilities, notices and rent adjustments.

Although the proposed bill in general will not be able to protect the tenants from being evicted due to foreclosure, it will somehow protect their rights. If you are renting out a place, it will probably be wise for you to check your rental agreement. In any case, you can always ask your landlord regarding policies about foreclosure-related evictions.

The foreclosure crisis has already left millions of Americans homeless and more are expected until next year. According to the latest data gathered by RealtyTrac, foreclosure rate nationwide jumped 55 percent from last year, clearly showing that the market has yet to hit rock bottom

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Arizona Hopeful by Phoenix’s Small Ray of Hope

Prices of houses in Phoenix have fallen more than 20 when compared with 2007 according to the Arizona State University–Repeat Sales Index. Karl Guntermann, Professor of Real Estate Fred E. Taylor, and Alex Horenstein, a research associate, put together this report. Guntermann said that with prices of houses waning for 15 months now, the housing sector now is getting to the stage where it would resemble the duration that was experienced in the beginning of the 1990’s. This, for Phoenix foreclosure homes, will not be good.

Even though costs of houses have been declining for more than a year, figures for the last two months are especially alarming. March-2008 has displayed a rate decline of -13, the first double digit drop for this cycle.

A greater part of the well recognized indices computed median home-prices. The basis ASU-RSI index is repeating sales, said Horenstein. Making use of data of repeat sales for same houses is considered to be the most precise way to gauge the transformation of costs in the housing industry, because the house is a constant.

What this means is that with repeat sales, the cost of a house is evaluated against itself, without having to worry about ‘quality’ factors of dissimilar houses.The method employed to compute indices by the ASU-RSI is the same as the one used by the S&P/Case-Schiller Index to compute indices for houses. The one dissimilarity is that with the data used by ASU-RSI, transactions where values of houses have risen more than 60 annually and where sale prices are less than 5,000 are given a miss.

Guntermann said that one positive thing that the ASU-RSI May figures displayed, was that this declining rate has reduced in paces in comparison to a month back. Costs of houses in metropolitan Phoenix, if April and May figures are to be compared, have seen a -3 fall. Costs of houses reduced from March to April at a -6 dip.

For foreclosure homes in Phoenix, this could be the start of better news to come.

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Freddie Mac Reports Homeowners Late in Seeking Foreclosure Assistance

According to a report recently published by the Federal Home Loan Mortgage Corporation or Freddie Mac, very few distressed homeowners contact their lenders when having problems with their mortgage debt. The reason behind this lack of action is their belief that lenders are only after their homes.

On the contrary, many lenders would rather work out an agreement with the troubled borrowers than foreclose. In addition to the savings in foreclosure costs that the lenders will enjoy, it will also be less inconvenient for them.

If you are among the millions of homeowners who are laboring under this false belief, it is time that you put your mortgage problem in perspective. There are actually many alternatives to foreclosure that you can consider including:

• Re-instatement
• Forbearance
• Repayment Arrangement
• Loan Modification
• Deed in Lieu of Foreclosure
• Short Sale

All these options will effectively stop foreclosure. However, you should make sure that all terms and conditions of the agreement will be in writing. This will protect you from any misunderstanding and confusion.

You should also keep in mind that many lenders will have to agree to all the terms and conditions included in the agreement. This means that during the negotiation, things like junior liens are discussed.

For the short sale option, you should know that there are certain requirements that should be met before the lender agree to this particular option. These include missed mortgage payments for at least two months and proof of financial difficulty.

Since facing foreclosure means being under time pressure, you will have to determine as soon as possible which option is ideal for your situation. It would be best if you scrutinize your finances and prepare the necessary documents before you head to your lender to discuss your foreclosure options. Lastly, you should not wait until the last minute to communicate with your lender.

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Foreclosure Investing: Judgment Liens

Considering that current market conditions have made it favorable to invest in foreclosure homes, buyers and investors alike should do their homework in order to determine whether or not a property is worth buying. The most important thing that you should check is whether the property has a judgment lien attached to it.

Simply put a judgment lien is a claim against a property that comes with an Abstract of Judgment. This judgment has been issued by the court so that the creditor can finally collect. The only way this particular lien can be satisfied is when the creditor will file and record a Satisfaction of Judgment.

If the distressed homeowner decided to refinance, the loan proceeds will be first used to satisfy the judgment lien. Lenders will usually require this as a condition of the loan.

On the other hand, if a buyer is purchasing a pre-foreclosure property with a judgment lien attached, it should be understood that the lien should be satisfied by the buyer in exchange for the Satisfaction of Judgment.

In order to convince the judgment creditor to agree, the buyer should emphasize the speedy transaction and easy payment. Most creditors agree with the buyer’s offer to satisfy the judgment lien since the lien could be lost in the event of foreclosure filing or bankruptcy.

For these reasons, foreclosure buyers and investors should not feel wary about buying repossessed homes with judgment liens. You will only need to negotiate with the creditor in order for the lien to be released.

Keep in mind that judgment liens usually expire after 10 years. If the lien is quite old, you should probably wait for the creditor to renew it first before making a move. But as an investor, you will have to take this lien into consideration when making a decision to buy a foreclosed property.

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Chicago Foreclosures at Auctions: Reverting to Lenders

One of the venues where real estate buyers and investors can grab the chance to enjoy considerable savings is at foreclosure auctions. Most of the time, lenders are able to unload their inventory of foreclosed properties in these auctions with very good outcome. But lately, things have not been going well for many lenders as the number of repossessed properties end up reverting to their lenders has increased considerably.

According to a report published by the Woodstock Institute, the number of Chicago foreclosure filings that ends up in auctions has actually risen by 98 percent from 2006 to 2007. The sudden growth in inventory without the increase in demand will certainly mean that most of these distressed homes will remain unsold during the foreclosure auction. In fact, by 2007, 94 percent of the Chicago properties sold at auctions are reverted to the lender.

For most lenders, this is a big problem especially with the costs incurred in keeping these foreclosed homes. Aside from this, Chicago communities and neighborhoods are worried that the abandoned houses will only attract undesirable individuals such as vandals and burglars. Not to mention the fact that they can be eyesores, driving down home values of neighboring properties.

Many lenders are also ill-equipped to deal with their growing inventory of foreclosure homes, making it even more difficult for them to provide care and maintenance.

Of course, not all distressed homes end up in the foreclosure auction block. Some of them are sold via a short sale transaction while others are redeemed by the original owner via a new mortgage repayment plan or loan modification program.

Local officials are urging both lenders and homeowners to work out a deal in order to avoid foreclosure filing. Both parties will surely benefit from a successful negotiation as well as the community.

Start your search for Foreclosed Homes in Illinois Top Cities:

• Chicago Foreclosed Homes
• Rockford Foreclosed Homes
• East Saint Louis Foreclosed Homes

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Home Sales Activity in South California Jumps 13.8%

Last month, home sales activity in Southern California rose for the very fist time since 2005. The said increase is believed to be the result of the huge discounts being offered for both existing and foreclosure homes. Across this region, home values have plunged 31 percent in the last twelve months.

Compared to the same period last year, home sales volume increased by 13.8 percent. Riverside County leads the pack with a 48.6 percent jump while Los Angeles was not fortunate enough since it posted a 3.2 percent decline in sales activity.

According to local market experts, the considerable jump in sales activity can be attributed to the growing buyer interest especially with the offers of huge discounts floating around everywhere. In addition to this, the large inventories of homes that include foreclosure properties are certainly attracting buyers who will like to enjoy such great home buying opportunities.

Most of the buyers lured in the South California market are those looking to enjoy considerable savings and are more likely to purchase the real estate property for their own use. These buyers are no longer concerned whether or not home prices will further decline since they are buying properties that they will live in and not sell once again for a profit.

Real estate experts are predicting that the current decline in home prices has not yet hit bottom. According to them, it will still be a couple of months before this happens if you take into consideration the still increasing number of foreclosure filings as well as the tightening lending guidelines, which have are discouraging many potential buyers.

On the other hand, the home sales activity decline in Los Angeles County can be due to the relatively smaller inventory of cheap homes for sale. The county is also not among the areas hit hardest by the foreclosure crisis.

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Bill Young

If you have been blocked from buying your own home or investment property because you could not qualify for a bank mortgage?The answer is Seller Financing!

Seller financing is perfect for the self employed, small business owner, foreign nationals and people with Really Bad Credit!

Most seller financing programs will provide up to 100 year mortgage terms, fixed or adjustable; or even interest only mortgages for buyers who cannot or don’t want to bank qualify!

All the joy of home ownership are yours immediately without; producing bank statements, credit or FICO score requirements, debt ratios, income tax returns or financial statements!

Imagine the pride you will feel announcing to your family, friends and co-workers the great news that you finally bought a house!

See their warm, admiring smiles as you walk them through your new home or investment property. Catch their approving nods and winks!

With seller financing, you will have the option of having all the financial benefits of owning real estate immediately available to you:

* Mortgage interest and real estate Tax write offs. These could reduce your net monthly payment to less than you would pay to rent the property!

* Property appreciation, get rich while you sleep in your new home!

* Equity buildup resulting from the pay-down of the mortgage

* The right to rent out the property for income

* Income-Shielding Depreciation on income property.

Properly structured, seller financing programs can also provide you with
bullet-proof asset protection!

The same type Bill Gates, the Rockefellers, Buffetts, etc. and other wealthy owners of real estate use to maintain privacy and to prevent their property from falling prey to creditors, judgments, lawsuits and liens even IRS liens!

How do you locate properties you can purchase with seller financing? You can get started looking for your dream house today!

We suggest that you locate 7-10 properties in your area that you would love to own. They can be sold by Owner, (http://www.fsbo.com/) or are for rent (http://www.rentals.com/). Or check your local newspapers.

Contact the owners of the properties you are interested in. Take a look at the house and if you are interested, find out what the sale price or monthly rental is, then ask the owner one question:

If he could sell it for his full asking price, as long as it is not more than the market price, could he afford to take his equity, if any, in monthly payments?

Equity is the amount of the value of the house that exceeds his mortgage.

For example, if the house is worth $100,000 and he owes $80,000, he would have $20,000 equity. the plan would pay out this amount to him on a monthly payout over several years.

Or if it is a rental, ask him if he would be interested in a long term, 3 year or longer lease purchase, at the end of which the balance of the purchase price would be paid off.

Submit the names, telephone numbers and email addresses of the owners along with details of the property to the Seller Finance Center, http://www.sellerfinancecenter.com/ where it will be distributed to various seller finance sources.

They will verify the information with you and contact the owners of the property and attempt to negotiate a deal to allow you to buy the house with seller financing.

To qualify for seller financing,you must have enough up-front cash to offset the risks of offering you 6 figure financing without the benefit of the stringent safe guards demanded by banks.

You will also have to demonstrate that you are able to carry the financing and the other costs of owning the home. Unlike with banks, there are no set scores or ratios that you will have to meet. Weaker situations, or larger purchase prices will simply require more cash up front.

Seller financing could be the big break you and your family were looking for that will enable you to finally buy that dream home or investment property today!

Copyright 2006 Bill Young. Bill is a former bank mortgage officer and a licensed financial consultant. He is an active real estate investor, author and consultant. His company Metropolitan Business Council, offers a free-5 part Stop Foreclosure program to those facing foreclosure. http://301url.com/StopForeclosures

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Jessica Elliott

Maybe you?re buying your first home in North Carolina, or perhaps you?re relocating to North Carolina from another state. Either way, it?s important that you educate yourself on North Carolina home loans before shopping for a home and mortgage. This article explains what you?ll need to know before buying a home in North Carolina:

The median price of a home in North Carolina is $108,300. The price of homes in North Carolina varies widely between zip codes. For example, in Outer Banks, North Carolina, the median price of a home in the summer of 2005 was $375,000; however, in Raleigh, North Carolina, the median price of a home was $197,000, and in Charlotte, North Carolina, it was $168,000. Average interest rates in North Carolina are above the national average, and job growth rates just below the national average. Homes in North Carolina appreciate at a rate less than half of that of the national average.

In 1999, North Carolina was the first state to enact anti-predatory lending laws. These laws place limitations on high-cost home loans and require that would-be borrowers of high-cost home loans receive financial counseling before entering into the transaction.

North Carolina state law prohibits prepayment penalties on home loans less than $150,000, and it does not allow balloon loans. It also prohibits flipping — the practice of lending in which a lender repeatedly refinances an existing home with no obvious benefit to the borrower. North Carolina law also prohibits the financing of upfront single premium insurance. However, monthly payment insurance is allowed.

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Anonymous

May 27, 2004 — “We have retained Camelot Marketing to design, implement and maintain an internet mortgage lead generation system for us,” states Al Arroyo VP of GoldMedalMortgage.com

GoldMedalMortgage.com is a nationwide mortgage lender powered by Desert Valley Properties and First Source Financial.

“We have been disappointed with our website traffic so far, and always felt that our mortgage lead generation system could be improved. As this is not our area of expertise we felt it beneficial to partner with Camelot Marketing,” continues Arroyo.

“We are looking forward to working with GoldMedalMortgage.com and the challenge of providing them with exclusive mortgage leads,” states Keith Hunt, VP Camelot Marketing.

Southern California based Camelot Marketing, is a full service agency specializing in creative and original concepts that meet the exact promotional needs of clients.

“Service oriented companies like GoldMedalMortgage.com are missing out on huge revenues through lack of online visibility. But we will correct that.”

“Consumers have so many choices online that it is imperative that a website is featured on the first page of the search engines to stand any chance of generating an internet mortgage lead.”

“Brokers have certain misconceptions about how the Internet really works and also neglect the fact that thousands of others are competing for the same 15-20 top positions in the search engines.”

“The “build it and they will come approach” does not work. The website has to be promoted,” concludes Hunt,

“We are specialists in mortgages and not marketing. So we feel this strategic partnership with Camelot Marketing can only help grow our online business. They have already shown us what they can do to generate internet mortgage leads, and the future looks good!” concludes Arroyo.

About GoldMedalMortgage.com
GoldMedalMortgage.com is a nationwide mortgage lender powered by Desert Valley Properties and First Source Financial.

GoldMedalMortgage.com offers home improvement loans, home equity loans, debt consolidation loans, and refinancing. First time home buyer programs are also available.

For more loan information please call 1 866 711 4636.

About Camelot Marketing
Southern California based Camelot Marketing, is a full service agency specializing in creative and original concepts that meet the exact promotional needs of clients.

Small to medium sized companies that do not already have an in-house marketing department will benefit from the personal service provided.

Camelot Marketing also represents a computer manufacturer, a nationally syndicated radio show, and several athletes.

For more information on Camelot Marketing please contact Keith Hunt at 909 987 1233, or email Keith@CamelotMarketing.net

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