Seeking Professional Foreclosure Assistance and Advice
Are you one of the millions of homeowners who are now facing foreclosure? Unfortunately, the fact that you are not alone is not comforting. What may be comforting is the professional assistance that is available to you. In fact, many homeowners facing foreclosure are surprised to see what their options are. Many are also surprised to learn that help is even out there for them, but it is.
If you are facing foreclosure, the first thing you need to do is sit down and look at the situation. How far behind are you on your mortgage? Is there anyway that you can make an immediate payment? Chances are you don’t have the money just laying around or else you would have used it already. What you can however do is rely on the help of close friends and family members. If you owe a small amount, such as around $1,000, can you borrow the money and repay it in small increments?
Making timely payments on your mortgage is one of the best ways to stop foreclosure in its tracks, but that may not be an option for you. What you will want to refrain from doing is automatically tossing in the towel. Preparing to move is a step that should only be used as a last resort. First, talk to your bank. When doing so, be sure to make an appointment in person. Yes, it may be embarrassing to show your face at the bank when you owe money, but it is a step that you must take. Speak with the loan officer or even the bank president. Determine what they are willing to accept to keep you in your home. See if alternative payment arrangements can be made.
If you do not find success by speaking with your mortgage holder, your first step should involve contacting the United States Department of Housing and Urban Development (HUD). The purpose of HUD is to increase home ownership. They accomplish this goal by fighting discrimination against homeowners and by working to keep housing affordable. HUD is often considered the starting point for seeking help or avoiding foreclosure altogether. They will point you in the right direction.
As for which direction you will be pointed in, it depends. For starters, the state in which you reside in may have an impact on the professional assistance received. Each state has trained housing counselors that are knowledgeable on the laws, rules, and restrictions concerning foreclosure in their assigned state. Foreclosure counseling is usually offered for an affordable fee or free of charge. Due to the high rate of foreclosure scams, it is recommended that you only speak with a HUD approved housing counselor.
There is also special assistance for veterans. This includes active service members. The VA Loan Guaranty Program is designed to help eligible men and women buy homes. However, they are occasionally known to provide assistance to those facing foreclosure.
There are also times when legal representation or legal advice is recommended. Have you made payments that put your mortgage in good standing, but are still facing foreclosure? Are you not a homeowner, but a renter who is being threatened with eviction? If so, it is imperative that you seek legal advised. The United States Department of Housing and Urban Development (HUD) can connect you with affordable or pro bono lawyers in your area, namely those with a specialty in housing or foreclosures.
There is also the option of filing a complaint with your state’s Department of Consumer Affairs. This should be done if you feel as if you are being scammed or given the runaround. Do you suspect that your mortgage holder isn’t as reliable and dependable as they look? Have you fallen for a foreclosure scam? If so, file a complaint.
As you can see, there are numerous places that you can turn to seek professional foreclosure help and assistance. As a reminder, the best way to get started is with HUD.
Questions To Ask Before Investing In Real Estate
Real Estate is a complicated business. Every facet is controlled, in most countries, by numerous legal restrictions and requirements and there are many people involved in any deal, some with vested and competing interests. But you can also make a lot of money and, in some ways, a lot easier than in many other businesses.
Before you take the plunge, ask yourself — and try to answer — some of the following questions.
1.How much capital do you have?
Real estate investing is first and foremost just that — an investment. It requires money. Sometimes a relatively small amount, sometimes big sums. But whatever you layout initially, once you sign the papers, you’re legally liable for a serious chunk of change. That suggests you should have enough capital to invest — either in the form of savings or ability to finance which means carrying debt and paying interest. ‘Enough’, obviously, depends on your personal circumstances. How much savings do you have?, how much can you afford to lose?, how much debt can you carry and how much interest can you afford to pay?
2.What’s your tolerance for risk?
Capital and risk are inseparable partners. A person with five million in the bank can absorb a risk of five hundred thousand without serious, though maybe painful, consequences. Someone who is putting up their hard earned five thousand, hoping to turn it into fifty, is in a different situation. I’m not suggesting the one with five should stay home and watch television. Taking risks is admirable and exciting. But you should estimate realistically how much actual money you can put into an investment. The mirror half of that is to be honest with yourself and think about how much risk you can live with emotionally. Some people are natural adventurers, others prefer a cautious approach.
3. What are your long-term financial goals?
Some individuals are interested in capital preservation, others want maximum return in the shortest period. Each carries a level of risk, and also an implied time commitment. Each demands a particular level of investment of time and money. If you’re looking for a ten percent profit on your investment in a matter of weeks, real estate isn’t for you. If you’re after high percentage gains, that’s possible but risky and usually requires a year or more commitment. During that year, your investment is not liquid apart from the ability to borrow against it. Along with having your funds tied up for other potential uses, property values can change dramatically in a short time frame. The last few years have been steadily up in most areas, but with changes in interest rates, that can (and probably will) change.
4.What kind of person are you?
Real estate investment, unless you just enjoy losing money and enduring stress, requires a tolerance for risk, a commitment of time and effort, and an interest in details — especially legal details. Beyond all that, the more basic requirement is an interest and aptitude for learning. Market study, advertising, contracts, construction, property law, even a fair amount of psychology, all form a part of real estate investing. You don’t have to become an expert in these, and other, areas before making a move. But if you don’t enjoy learning about these and the host of other subjects that are part of the business — well, come on in because the sharks love fresh meat.
If you still haven’t been scared away — bravo! You stand to make a lot of money in one of the oldest businesses and biggest adventures still around in the modern world.