Two-thirds of home sales are either foreclosures or banks taking a loss on the mortgage. This is an amazing statistic right now. Of the remaining 36%, only 10% are as a result of something we could call a normal selling process. And that is nationwide. Look at the chart below from Rick Sharga at RealtyTrac. [...]
Forbearance or Workout Plan with the Lender
Lenders will sometimes give homeowners the option of catching up missed payments by adding the amount owed to their original monthly mortgage bill. The Homeowner must qualify for this and deliver all necessary paperwork to the bank in order for them to approve a forbearance plan. So, as an [...]
Below are the most common solutions for Homeowners who are facing foreclosure. Each Homeowner has a unique situation with various circumstances. This section provides you with a definition of the most common solutions.
Websites and other resources that may be helpful are:
Federal Housing Administration:
http://portal.hud.gov/portal/page?_pageid=73,1827458&_dad=portal&_schema=PORTAL
Minnesota Home Ownership Center:
http://www.hocmn.org/
Tips for Avoiding Foreclosure:
http://www.hud.gov/foreclosure/
The Mortgage [...]
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