Archive for October, 2011
Oct
26
Your Option To Sell Your Home And Rent It Back
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Anyone who has a mortgage to repay over a period of thirty or more years has the possibility of repossession due to mortgage arrears somewhere in the back of their mind. The possibility of being unable to meet this major repayment over such a span of years is a cause for concern. An accident or illness or simply becoming unemployed can happen to anyone at anytime, and with no income, there is nothing to bargain with in order to negotiate a new agreement with the lender once you’ve fallen behind on mortgage arrears. There is then a very real chance that you may never be able to catch up, leading to repossession and losing your home.
If you have concerns about arrears in your near future, or if the problem of mortgage arrears is already upon you, don’t avoid the problem and live in denial, hoping things will get better by themselves. You need to take charge and there are steps that can be taken if repossession is on the way. The steps you don’t want to take are being escorted out through your door by the bailiffs who are evicting you along with your family.
Of course your options are limited, but you do have some. One to think about is contacting a company that specializes in situations like yours, and will pay cash for your home and then rent it back to you. The rent they will charge you will be somewhat less than the mortgage that you have had trouble paying. A rent back option also gives you an opportunity to possibly buy your home back in the future, if there is an improvement in your financial picture. The price you would then pay is set ahead of time when the company buys your property, and does not change with fluctuations in the economy. The company will collect certain information from you, including where you live, what sort of dwelling your property is, and how much it is worth. They will then get back to you promptly, possibly in 24 hours, with a verbal offer of what they will be willing to pay for it. If you agree and give the go ahead, a valuation of your home will be made, followed up by a written quotation, and the sell and rent process will move forward. Information will be provided by us about how to sell this way and also how to halt any court proceedings which may have begun.
Applying to sell and rent back costs you nothing, and it could keep you living in your home as a tenant instead of losing it and leaving it. Mortgage arrears are generally not your fault, but happen when you become unable to work or due to redundancy. Mortgage arrears can have a destructive effect on your life, but you can bypass them. Selling, renting, and then possibly buying back your property can enable you to work on improving your financial situation so that you can become a homeowner again.
Sell and Rent Back
Oct
25
Non payment of council tax bailiffs coming?
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My friend has had a real trouble this year paying all bills mortgage as in arrears with everything the council have passed the council tax on to baliffs and she phoned them to arrrange payment but they said has to be done at her house. Will they come round and make a list of all possesions and then take them or will they actually let her pay in monthly payments? She is desperate with any real help?
Quick Property Sale
Oct
25
I just made a mortgage payment on 4/29/08. Is that for April or May?
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Basically I want to know if mortgage payments are made in arrears or paid ahead? And we also pay into our escrow account at that time, is that the same as the principal & interest in terms of paying in arrears or ahead?
Well, now I’m thoroughly confused! Here’s my situation in full:
Closed on a new house May 2. We received a credit for 2 days of interest. Our first payment on the new home is due June 1.
Our current condo is sold and will close on May 28. So, what I’m trying to figure out, is will we need to make another payment on May 29 like we normally would? Sounds like the answer is yes?
Hope that last detail add is clear - I know when our new house mortgage is due, I’m trying to figure out when we owe our last payment on the condo we are selling that closes on May 28!
Quick House Sale
Oct
24
Wells Fargo vs. Chase Home Mortgages - What You Need To Know
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For an overview of both Wells Fargo home mortgages and Chase mortgages to learn more about the services each offer, keep reading.
WELLS FARGO
Wells Fargo is one of the United States’ most versatile mortgage lenders. They offer a range of refinancing products, mortgage programs, types of mortgages and arrangements for borrowers of all stripes and colors.
Home Buying Tools
The Wells Fargo website (http://www.wellsfargo.com/mortgage) is flush with a full guide on the home ownership process - from finding a home to applying for a mortgage, choosing financing and even closing the deal.
For the first-time home buyer or the seasoned real estate pro, their tools are invaluable. Registrants can track home selling prices by email, pick a loan based on personal criteria, calculate the benefits of renting versus buying, and even get pre-approved.
Special Financing Programs
As a versatile and flexible lender, Wells Fargo offers a number of specialty financing programs. They offer special programs for borrowers with less than perfect credit, people building their own homes, military personnel and veterans, and even reverse mortgage programs. They even offer special rates and consideration for Wells Fargo customers.
Better Payment Plan Options
Tired of having your mortgage payment always coming out two days before your pay check gets deposited? With Wells Fargo, you can set up a preferred and personalized payment schedule that makes your payments match your payday schedule.
Personal Support
With hundreds of branch locations, all staffed with local mortgage experts, you’re guaranteed to get ongoing, personalized, quality customer support. That kind of mortgage counseling and personal service isn’t easy to come by.
Not only do they provide ongoing support, but their hours are open until 11pm CT during the week and all-day Saturday.
Renovation and Construction Financing
Along some other lenders, Wells Fargo does offer additional financing for home construction and planned renovations on new properties. Alongside documentation of your project plan, budget, and estimated completed dates will be your loan application for the property.
CHASE MORTGAGE
Chase Bank and its mortgage division are one of the largest mortgage lenders in the United States. By offering home buyer’s guides, loan calculators, and fast closings, they’ve attracted a lot more customers over the past decade.
Reduced Closing Costs
Chase Mortgage offers what it calls its “Closing Cost Advantage.” By not charging commitment fees, appraisal fees, underwriting fees, flood certification fees, credit report fees or origination fees, they promise to save you as much as $200.
Though helpful, however, you must remember there will still be fees and costs associated with your mortgage, including a $395 application fee.
Fast Closing Guarantee
Chase Mortgage promises its customers it will close their house sale on time or they’ll give you $300. Unfortunately, this program - Purchase Promise - is only available on purchase mortgages and not for refinancing loans.
Also, to qualify for the Purchase Promise you need to submit a full loan application with documentation at least 30 days prior to your closing date. You then must meet the underwriting conditions of your loan as quickly as possible.
Finally, you need to sign and date the Purchase Promise form. While the promise is there, actually getting the $300 guarantee is harder than it looks.
Options for Poor Credit
Chase Mortgage offers a number of loans for a variety of home buyers, including those with less-than-perfect credit. According to Chase, if you can prove the financial problem is in the past and behind you, they’re willing to work with you to find the right home loan.
However, that home loan will cost you in interest rate points and closing costs, so be prepared to get a rate that’s a few points higher than the mortgage rate advertised in the paper.
Home Connect Service from Chase
Home Connect is a service offered by Chase that’s designed to make the house selling and buying process a whole lot easier. Their Home Connect service provides homeowners with mortgage prequalification and early financing, a personal assistant, real estate expert guidance, recommendations for real estate professionals, guided service and even cash-back when you buy or sell your home.
The service is free to everyone, while Chase offers bonuses of between $175 and $2500 when you sell your home through the Home Connect service.
Remember, when you decide to put your business with a mortgage lender, you’re basically saying that you’re ready to be this lender’s customer for the next 30 years.
Whether you wind up needing an extra day on a payment, a break on a refinancing deal, or simply quality customer service, is that 30-year relationship really something you want to jeopardize by opting for a mortgage company that doesn’t offer renovation financing, personal support, extended hours, flexible payment plans, varied financing and customized tools?
Passive Income
Oct
24
First Direct Withdraws Mortgages for New Customers
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Mortgage lender First Direct has temporarily stopped offering mortgages to non-customers in order to process the unprecedented number of applications it has had in recent weeks.
The lender will still allow existing customers to apply for Mortgagesand will resume offering mortgages to non-customers as soon as the backlog of applications has been dealt with. In the interim, HSBC – the bank’s parent lender – will offer new customers a two-year fixed-rate mortgage on similar terms to First Direct’s best-buy mortgage.
Chris Pilling, chief executive of First Direct, said: “We’ve seen unprecedented demand for our mortgages since January thanks to our highly competitive pricing and the decision of other lenders to raise rates. As a result, we’re currently seeing applications running at five times our normal volumes.
“The flood of interest in our mortgages has meant we’re taking longer than we’d like to handle applications, especially from non-customers. Rather than increase interest rates dramatically to discourage new applications, we’ve decided to withdraw temporarily from offering mortgages to non customers until we’ve cleared the backlog.
Some mortgage lenders may have failed to comply with the Financial Services Authority’s (FSA) conduct of business rules surrounding mortgage arrears, according to the FSA.
The FSA’s mortgage conduct of business rules are designed to encourage mortgage lenders and brokers to set business standards for various aspects of their relationships with customers. The second part of the FSA’s Effectiveness Review investigated the effectiveness of the rules in the sub-prime and lifetime mortgage markets.
The FSA’s research into how mortgage arrears were handled, indicated that not all lenders and/or brokers, were in compliance with the conduct of business rules that apply to mortgage arrears.
Richard Farr, director of the Association of Mortgage Intermediaries, said he was disappointed that the FSA has found areas of non-compliance by firms with the arrears rules.
He said: “We are calling for all lenders to invest in their arrears management process, and consider involving the original intermediary. In times of financial crisis, we believe it is important for lenders and intermediaries to work together to help borrowers.””
Rent Back Fast
Oct
23
Will Ed McMahon literally be on the street?
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First, he gets put into arrears for his mortgage, totalling over 640,000 dollars. Now, he can’t pay his divorce lawyer close to 250,000 dollars! That’s a sure sign of being broke. How will the man eat? And I mean that!
Sell and Rent Back
Oct
23
Cash for House Quickly is it Possible? Yes it is Have You Heard of Sell & Rent Back?
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If your in mortgage arrears and are facing repossession then you may be inclined to go to an estate agent in order to sell you property fast and settle your outstanding debts.
This of course is a possible solution, thought it may not be quick enough to save you from repossession if you are at or close to 3 months arrears with your mortgage. The other problem of course is that you would have to leave your house and solutions do exist that allow you to live in your property.
These solutions are often referred to as “Sell & Rent Back Schemes” they allow you to make a quick sale to avoid repossession even if you are the eviction period, and then allow you to rent back the property form the company that has purchased it. In some cases they will even be able to offer you the ability to buy back the house at a later stage if your situation improves.
So what kind of process would I have to go though when dealing with one of these company’s that deal with repossession?
After speaking with them by phone or in person they will assess your situation and will give you a quote their and then for the property. If you wish to rent the property back with the option of buying it back in the future they will give you a quote for this also once you agree that you are happy with the offer then the sale can be finalized in as little as 5 - 14 days in most cases it can be processed as quickly as it takes to get your home valued. The important thing to remember that once a deal is reached your repossession will be halted as the lender will be aware that someone is buying the property and their will be no benefit for them to continue the expensive process of repossession.
Sell & Rent Back Schemes are an option in a variety of events were its necessary, obviously repossession is one situation were it can work particularly well.
If you are struggling to keep up the payments on your mortgage in the short term and it is possible for you to come to an arrangement with your lender than of course this is not a viable option.
go now to http://www.avoidhomerepossession.co.uk/
Quick House Sale
Oct
22
Buying a Home Guide
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Advantages of owning a home:-
Owning a home brings with it many advantages. Some of these advantages are:
* If you own real estate, your financial credibility goes up considerably in society.
* Your own home gives you the freedom to do what you like with it. For example, you can paint walls, keep pets and do many other things that you may not be able or willing to do in a rented apartment/villa/house. Remember, you can carry out any kind of home improvements in your own home, whereas you will not be willing to improve upon a rented home.
* Investment in real estate always appreciates with time. One of the main reasons for the appreciation is that there are far too many people and our world and far too less built space available to accommodate them. The market value of your real estate may bring you windfall gains in case you decide to sell it at a later date. Plus, owning a home will guard you against real-estate inflation.
* Owning a piece of real estate in any form secures you emotionally – Your home-ownership will fill you with pride and satisfaction.
* Over and above all these, you may enjoy some tax advantages because you own a home.
Searching for a home:-
Before you start your search for a home, you must at least make up your mind about the neighborhood you want to live in. If you’re migrating, then you must choose a neighborhood that is close to your workplace or your child/s’ schools. There are so many different factors that can influence your choice and ultimately it all depends upon you. Once you make up your mind where you’d like your real estate to be located, here’s what you must do:
* Always look up real estate online classified listings on real estate portals first. The online classified ads on the Internet cover a vast area and real estate portals such as ours’ – www.GO-Globe.com – cover numerous localities in different countries. You can try out niche neighborhood online classified ads too by running up a search on your favorite search engine. These online classified ads will not only give you an idea of the real market value in an area, they may land you with a super deal. On web portals, you can see the pictures of the property and you can figure out their location in a jiffy because the map will be given – this feature is missing in newspapers.
* Newspaper ads are a good source of information and many newspapers publish property pullouts or supplements, which clue you on to registration fees, taxes, mortgages, etc.
* Plan your finances well in advance. If you’re taking a loan, choose your preferred lender beforehand.
* Next in line are real estate brokers. If you run a scan on the Internet you will most likely find a reputed real estate broker who has published his listings online. Contact him and dig for more information.
* Now make a list about things to ask when you actually establish telephonic or Internet
contact: these would be location, price, pictures, utilities, amenities, taxes and whether the property is mortgaged, the kind of community (schools, shopping), the construction nitty-gritty (electric, plumbing, heating/cooling, etc.).
Home inspection tips:-
Okay, now we assume you have frozen on your neighborhood and you have started looking at some real estate. Here’s what you must check:
* Check the toilets, sinks, tubs, tiles and the plumbing in the bathroom. Look for breakages, ultra-used equipment and leakages. Similarly, check the kitchen’s sink.
* Check the woodwork in the house and look for termite-invasions, excessive use, poor
quality of wood, etc.
* Do a general check on electrical appliances, windows, electrical outlets and the garage.
* Take a close look at the exterior of the house: look for cracks, damaged gutters, water seepages and the ventilation.
* While inspecting the interiors take a hard look at the quality of the flooring, cracks inside the house, loose tiles and water stains. It is important to ensure that your home is well built and in top habitable condition. You may also think of appointing a home inspection specialist who may find more faults than you.
Final paperwork:-
Once you have selected your home and have completed all the inspections needed, you are now ready to buy it. Every country has a different set of property laws and it will be prudent that you see your lawyer for all the paperwork involved for the closure of the deal. A wise man once said, “A house is made of walls and beams; a home is built with love and dreams.” and a wisecrack once remarked, “Home is where you can scratch where it itches”. Both these statements are oh-so-true and so relevant, that their importance cannot be overemphasized. If you’re planning to buy a property, go ahead and follow our guide – it will pay you rich dividends.
This Home Buying Guide is brought to you by www.GO-Globe.com , an international free online classifieds real estate portal, developed in Dubai, Europe, India.
You can save yourself a whole lot of cash when you register your property or when you search for your dream home on our site. We currently have over 4000 properties listed on our site.
Rent Back Fast
Oct
22
Repossession UK - a Look at How People are Avoiding Repossession by Using
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If you are already in the position were you home has actively been repossessed it still may not be too late to get help, even if you moments away from being evicted. In this situation if you have not managed to come to any agreement with the lender that will allow you to stay in your own home you can still approach company’s that specialise in dealing with repossessions, this can be a good alternative if faced with loosing your home completely and could help you stop repossession in its tracks.
If you were to approach one of these company’s they will likely be able to delay the eviction giving you more time to find the best solution to your current circumstances. The organisation will normally provide you with no obligation alternatives to help you avoid your repossession, most of them do not charge fees for assessing your situation, and will work very fast to help ensure that you are able to resolve your dilemma.
How they are able to resolve this for you is by being able to buy your home from you and allow you to rent it back from them which means that you wont have to leave the property.
Another option you may sometimes be offered is rent and buy back, were they will buy your home and rent it back to you at the market rate and if your situation improves you will have the option to buy it back from them
go now to http://www.avoidhomerepossession.co.uk/
Rent Back
Oct
21
Repossession Advice - It’s Never Too Late to Act
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The property market in South Africa has already started to experience great falls in house prices, many people are unfortunately being hit by this and many more stand the risk of losing their homes. Despite the tough times we are currently facing, solutions to these problems are already being offered to home owners in South Africa by companies who are able to purchase houses for cash and allow the home owner to remain in the property after the sale. This is known as a ‘Sell And Rent Back’ scheme.
‘Sell And Rent Back’ is the most utilized service which aids in preventing repossession and eviction when as a home owner you are not able to meet the mortgage repayments on a monthly basis. The great part about these schemes is that you will be allowed to stay on your home and not have to worry with being kicked out of the property out of the sale. You can simply carry on with your life as it was before and rid those sleepless nights.
Essentially this now means that the original owner (who is now renting the property back from the company), no longer will be responsible for paying rates and taxes as this is now the responsibility of the new owner. This is a great benefit as it helps in reducing the previous home owners extra outgoings which is where the problem started in the first place. The less outgoings for the home owner, the better. Another great thing that these repossession services offer is a buy-back option. This is where the repossession service gives the home the owners the option to buy the property back at a later date if their financial situation proves to be healthy enough to do so. Ideally the home owner would rent the property back from the repossession service, save money for a deposit while living in the property, and then buy the property back say 5 yrs down the line when market conditions have improved, as well as the home owners financial situation being in a better state.
In order to sign up to a deal like this, the home owner simply needs to source one of these companies that has the ability to buy houses for cash. These repossession services don’t normally charge anything for their service so its great for the home owner as they don’t need any upfront cash in order to enter into an agreement like this. The home owner will also be under no obligation what so ever which takes the pressure off the home owner completely. These companies are able to prevent repossession days and even hours before the actual repossession of the property. They really do provide a valuable and life changing service which is well worth looking into.
Sell House Quick
