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Archive for March, 2009

Put an End to Boom or Bust in the Property Market

With the current state of the property market in the UK its clear that these are not good times at all if you are looking to buy or sell your home. House prices falling meaning if you are selling your house you aren’t getting as good a return on your investment than say 12 months ago. In the worst cases the plummeting prices can force some home owners into negative equity. This means they owe more money that their house is actually worth. This is forcing more and more people into renting or extending their rental agreement until they can buy a house. This is of course good news for the rental market. People are understandably worried about the state of the industry at the moment it’s just a matter if they can hang on in there until things improve.

Let look at why the boom or bust culture happens within this industry and how it can be improved upon. A Politian recently commented on that the bank of England should take into account house prices when calculating inflation as they currently don’t.
When the bank of England calculates inflation they use the customer prices index (CPI) which does not include house prices. This politician when on to say that it would be better if the retail price index (RPI) was used which does include house prices.

This was welcomed by some sectors, however whether the monetary policy committee stand up and takes this into consideration we will have to wait and see. The rental property market is seeing great gains and if you are looking for property to rent in Liverpool I would try here or even if you need houses to rent in Bristol. There are many properties available.

I think that we do indeed need to look into how we can avoid similar things happening in the future. When the market recovers and it will, there would be no point in going back to the boom or bust method as the end result will just be the same in a few years. I do think this is a global problem and if country’s can come together a discuss this and develop a solution then the future will bring more stable house prices. The first thing we need to do is get the confidence back into the banks to borrow money from each other which will help people get a mortgage more easily. This will also help boost the construction industry which seems to be barring the brunt of this downturn those who don’t learn from history are doomed to repeat it.

Put an End to Boom or Bust in the Property Market / Author: sam lowe

Is The Short Sale Option For You?

If you are a homeowner who is facing a possible foreclosure, you are most likely searching for options that will help you avoid this blemish on your credit record and injury to your pride. When the American dream of homeownership goes bad, there is a lot of damage all the way around, but with the acceptance of short sales by more and more lenders, there is a slim chance that you can avoid this problem.

A short sale is essentially an agreement entered into by yourself, the homeowner, and by your lender. In the course of this agreement you agree to sell your home for as much money as the current real estate market in your area will bear. The lender agrees to accept the price you can get as a payoff of the outstanding mortgage in full. Thus, even if you sell the house for less than you owe, you still walk away mortgage debt free.

For example, if your current mortgage is $500,000 but the real estate market in your area has softened and you can only get $450,000 for the house, your lender will accept the $450,000 as payoff of the loan. The remaining $50,000 is forgiven and you are not required to pay back the bank, neither will you be receiving an adverse notation on your credit record.

Banks prefer the short sale option since it prevents them from having to deal with the lengthy and costly foreclosure and subsequent auction proceedings. Borrowers find that this is the best way to cut ties with a piece of real estate they cannot afford and a loan they can no longer repay, all the while keeping their credit profile safe from the blemish a foreclosure would have on it.

It is not surprising that this procedure is getting more attention and many more homeowners are now investigating this as the potential for getting out from under a loan that has become overwhelming. It bears mentioning that this solution is not for everyone. Homeowners whose mortgage has not defaulted and who are not anywhere near foreclosure will not be accepted into a short sale program; banks are cautious when extending permission for a short sale simply because they are safeguarding their assets.

Permitting those who simply want out of their real estate but live in an area where the real estate market has significantly softened to the point of making a profitable sale next to impossible is not the intention of the program. At the same time, those who have defaulted on their loans but have assets that could be converted to cash in order to meet the obligations of the mortgage will not be considered eligible. Banks insist that prior to applying for a short sale option, the borrower needs to have exhausted all reasonable means of curing a default.

If you are in the position that your back is to the wall financially, you cannot sell your property at a price that will cover the outstanding mortgage loan on it, your mortgage is headed for foreclosure default, and you have no assets you can cash in at your disposal, it is time to contact your lender and discuss the short sale option. You can find out more about short sales and loan modifications on the site that we recommend: www.loan-modification411.com.

Is The Short Sale Option For You? / Author: Lender411

Understanding Your Foreclosure Rights

Figuring out your foreclosure rights can be tricky, especially because every state has different laws that govern how foreclosure works in that state. There are no hard and fast rules that apply to every person in every situation but there are some things that you should look for.

Foreclosure timelines. This is one of those things that varies widely by state. In some information, it lists some states with a foreclosure process period of only 27 days and some with a process period of up to 300 days. With this kind of wide variance among states, this is a critical piece of your foreclosure rights that you need to understand. To be sure of what your foreclosure timeline will be, check with your county’s office.

Another piece of the foreclosure timeline that you need to understand is the redemption period. The redemption period is essentially the amount of time after your home has been sold at auction that you have to come up with all of the money that you owe your mortgage company. Some states do not have a redemption period at all and one state is reported to have a redemption period of 1825 days. This is an important piece of your foreclosure rights to know because it may allow you to save your home even after it has been sold at auction. Again, your county’s office is a good resource to find out whether or not you will have a right of redemption.

Find out if you have a right to cure the loan and what that procedure is. A right to cure is essentially the right to come up with all back payments, late fees, attorney fees, court fees and any other fees for your loan. I can only speak from experience here but I had a right to cure on my home. I had to file some very basic paperwork with the public trustee’s office where the deed of trust for my home was filed. This paperwork had to be filed with them at least 15 calendar days before the scheduled sale date. It gave me until noon on the day before the sale date to come to the public trustee’s office with a cashier’s check for the full amount to cure the loan. This is an important part of your foreclosure rights that you need to fully understand.

Want more free information about your foreclosure rights from someone who has been through the foreclosure process? Get more free help at: http://www.Stopping-Home-Foreclosure.com/ForeclosureRights.html

Understanding Your Foreclosure Rights / Author: Jill Borash