Wednesday, March 18, 2009
Thursday, March 12, 2009
FORECLOSURE GLOSSARY
FORECLOSURE GLOSSARY
Pre-Foreclosure
(Notice of Default or Lis Pendens)
The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice, called a Notice of Default or Lis Pendens. Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright.
Auction
(Notice of Trustee Sale or Notice of Foreclosure Sale)
If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.
Bank-owned
(Real Estate Owned)
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction property.
Pre-Foreclosure
(Notice of Default or Lis Pendens)
The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice, called a Notice of Default or Lis Pendens. Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright.
Auction
(Notice of Trustee Sale or Notice of Foreclosure Sale)
If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.
Bank-owned
(Real Estate Owned)
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction property.
Friday, March 6, 2009
Learn About the Making Home Affordable Refinance and Modification Options
The President's plan was created to help millions of homeowners refinance or modify their mortgages.
Refinancing: Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.
Modification: Many homeowners are struggling to make their monthly mortgage payments either because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.
Beware of Foreclosure Rescue Scams - Help Is Free!
There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
Never make your mortgage payments to anyone other than your mortgage company without their approval.
The President's plan was created to help millions of homeowners refinance or modify their mortgages.
Refinancing: Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.
Modification: Many homeowners are struggling to make their monthly mortgage payments either because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.
Beware of Foreclosure Rescue Scams - Help Is Free!
There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
Never make your mortgage payments to anyone other than your mortgage company without their approval.
Monday, March 2, 2009
Sunday, January 11, 2009
CAFE & BAR FOR SALE - TETON VALLEY IDAHO- TETONIA
REDUCED $497,500 Great 45 seat bar & cafe in historic downtown Tetonia, Idaho.—Teton Valley/ Eastern Idaho—40 minutes to Jackson Hole. Main Street Frontage. Loaded with character and charm. Outside dining patio. A profitable business with a great reputation, loyal clientele, and a popular tourist stop. Open 7 days serving breakfast/lunch/dinner. Plenty of parking. On main road to Yellowstone Park, near Grand Targhee Ski Resort, Driggs, and Victor. Teton Valley is growing in this direction, so grab your opportunity now. Turn-key operation or bring your own ideas. P&L available to qualified parties. Price includes misc. fixtures, furnishings, equipment, AND liquor license and the Real Estate . MAJOR PRICE REDUCTIION $497,500 Take a Look & Bring an Offer!
contact Linda for more info 208-351-4317 www.tetonvalleyrealestateguru.com
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