Aidpage

Hi all, this is very new to us so bare with me.

My wife and I have been married 9 years and have 2 sons, 16 and 8. I was laid off as a crane operator and dont have my certifications to get much work. My wife has always been a stay at home mom until I was laid off. She went to work to help with my unemployment, and was laid off or let go due to downsizing. We have sold everything that isnt needed including our second car. We couldnt afford the payment with our mortgage. We now have 1 car, a 1999 Honda Accord which I own clear and free. My brother helped our oldest son buy a truck so he can do lawnmowing and odd jobs to help with our bills. Our youngest started gardening with us and will take what we grow to the local farmers market, he has everbearing strawberries that are delicious. He even started selling some of his old toys and video games he doesnt play to help out. I wouldnt let him sell his PS3 because he loves it and we use it to get online since selling our computer. Both of our boys are in sports which gets as expensive as you let it! 

We are very behind on our mortgage payments. The bank is working with us as much as they can. My wife has Chrones and ulcerative colitis. Neither of us have health insurance and medical bills have piled up, as well as the cost of the medicines she needs. 

I guess what I am asking for is help. Can someone help us out or point us in the right direction? I am 35 years old and have worked since I was 16. I have never needed help like this nor have I ever asked for help. But I am now, for my family. I dont want to lose our home, we have lived here for almost 10 years now and we need to live here for another 10 or so years. 

So please, if you can help, please do. Your help will never be forgotten and when we get back on our feet we will return the help as much as we can.

Thank you for reading and for any help and or suggestions.

I have been willed my brother's property.  Bank states that my brother had apllied for bankruptcy prior to his death so foreclosure had been delayed.  Now, upon his death, bankruptcy is dismissed as of October 15th, 2009 and foreclosure proceedings will proceed.  Balance of $10,600 remains unpaid. I have poor credit and have been denied any type of loan from different financial institutions.  I do not make much from my employment but receive money from rental (property willed to me). Does anybody know what I can do? Who can I get a loan from?  Where do I go from here?...I only have until next Wednesday (I appear in court Thursday). Help please.

I am writing because I have no where else I can go.  I have been praying for a way to save my home and pray this is how I can receive his blessings. 

My family has been struggling with the loss of a child, a financial mountain that has been consuming my life my faith and our love; and now tax debt that I have been struggling to pay.  I had the core belief I could find a way to overcome all these but they have combined to consume everything I have. 

In the past several years we have struggled with several crushing blows; worst is my wife and I lost our second daughter.  She was still born at full term.  For years after her death, my wife struggled with grief and the desire to have a baby.  We spent thousands on infertility and was blessed with a baby boy.  None of the infertility was covered by our health insurance.  One week after he was born she was in the ICU fighting a blood-born infection following her C-section.  The hospital bill alone was $70,000.  Thank god we had health insurance but we were still struck with 20%; plus bills from 7 different doctors.  Months of medical leave after her hospitalization made us behind on everything and destroyed my 401K. 

We are still bless with good jobs, but garnishments have made our income much smaller. I have also been told I could be on the next layoff list in October.  I have struggled to keep up and am now loosing my battles.

I have now received notice that I house will be sold at action unless I can pay the full amount of my mortgage leans, foreclosure legal fees, and the payments I am behind on my home mortgage.  I cannot get a home refinance because of our financial history even though I have/had some home equity.   

I don't know where to turn.  If enough people could pray maybe god can bless me with cash to save my family. 

Should we have filed bankruptcy?  Probably but I have a good job and believed I would have paid this off in time.  I know there are some that believe this fool has gotten what he deserves.  I don't need to hear you condemnation; I have been doing enough of that to myself.  I ask for your prayers that anyone could give.

I am not saying I am deserving over anyone else.  In fact normally, I would turn to my family but both of my brothers are unemployeed so my parents have too much to handle.  My parents said they cannot help because their savings is now gone. 

I am asking for your prayers that anyone could give.  Please leave me alone if you are someone trying to scam me; I have had years of bad luck and don't need anymore.

May god bless you.  Pray he blesses me. 

$500 for your own home? WOW! What a bargain!!! Well, if it sounds too good to be true, it usually is. Before you get too excited about buying your home for mere pennies on the dollar. Read the following article. $500 is just the beginning....

Hard Times, Hard Choices

Buying a Home in Foreclosure: What You Need to Know

By Fred Yager
ConsumerAffairs.com

April 23, 2007

After years of steadily rising, home prices are starting to come down nationwide, while the foreclosure rate is rising dramatically. Meanwhile, over a million foreclosures are expected to be recorded this year. 

That means a would-be homeowner could potentially save even more money by buying a home that's been taken over by a bank or lender seeking to recover money still owed on the property. 

According to realtytrac.com , a real estate website that tracks trends including foreclosures, as recently as last year the national average when buying a foreclosure home was about 25 percent below the full market value of a home. 

But that average may not be quite as eye-popping this year since many of the new foreclosures stem from problems in the subprime mortgage market. Many people are losing their homes after being hit with a huge jump in monthly payments once initial low interest rates adjusted up, sometimes to double digits. 

Many of these foreclosures are new homeowners who had built little or no equity in their property; therefore, the amount the lender is trying to recover may be close to the full market value of the house or at most only a 10 percent discount. 

Zalman Velvel, of Fort Myers, Florida, a Certified Commercial Investment member (CCIM), trainer, auctioneer and author who has been buying and selling foreclosure properties for over 20 years cautions novices to the foreclosure market to be aware of all the "land mines" involved. 

If you're a homeowner in trouble, this article isn't for you. A few weeks ago, we wrote about what you can do to avoid foreclosure. We have nothing but sympathy for homeowners in trouble and nothing we say is intended to victimize them or worsen their situation.

However, let's be realistic. In any kind of market, there are buyers and sellers. If you've been priced out of homeownership the last several years, this may be your chance to get a home of your own. You shouldn't feel guilty about buying a home that's been foreclosed -- you didn't make it happen and if you don't buy the home, someone else will.

Having said that, let's get back to the nuts and bolts of buying a foreclosed home.

Land Mines

"You have to know how to do a title search," says Velvel, "or you could end up thinking you've just bought a home by paying off a $100,000 mortgage only to find out that was just the second mortgage and you have to pay another $200,000 to take ownership. 

"Suddenly that great buy isn't such a good deal. You also have to be aware of [any] liens on the property because you're going to be responsible for those as well." 

On top of that foreclosure homes are sold "as is" which means that the 25 percent you just saved on the purchase price can easily be eaten up by unforeseen expenses such as repairs not immediately apparent in an exterior inspection. That's because when you buy a home in foreclosure, you may not be able to look inside let alone have an inspector detect structural problems that you'll need to fix before moving in. 

Something else to think about -- people who lost their home in foreclosure very likely couldn't afford to maintain their property. 

So be prepared to pay for any problems such as electrical or plumbing repairs, leaky roofs, or even vandalism by angry homeowners who break things or punch holes in walls and doors, an unacceptable but not that uncommon way that some homeowners deal with the angst of losing their home to foreclosure. 

Just remember that they're losing a home and you're benefiting from their loss so they may want to take out some of that rage on the new buyer the only way they can, by trashing the home that they've lost. 

Three Ways to Buy

There are three ways you can buy foreclosures and each one has its own distinct discipline. 

They are:

• Pre-foreclosures, where you buy directly from a homeowner before the bank forecloses;
•At auction, where you place a bid, possibly in competition with others;
•From a real estate company. This is called an REO. 

Pre-foreclosures "Pre-foreclosures are appealing because they require the least amount of capital, and almost all the information you need is available," explains Velvel. 

"You can inspect the house and conduct a title search so you won't have any surprises. With a pre-foreclosure, the owner signs a deed and gives you the property. 

In return, you acquire the mortgage that comes with it. Plus you have to make the mortgage current by giving the bank any back payments. 

The key with pre-foreclosures is to make the sale 'subject to mortgage.' On average you might make ten to 20 percent." 

At Auction The exact mechanism varies from one state to another. Auctions can be held on courthouse steps, in the county clerk's office, or in front of the foreclosed house. 

"Auctions also carry the most risk," notes Velvel. "At the same time, they can also offer the greatest reward. Sometimes you can make as much as 40% on an auction foreclosure. But you have to know what you're doing." 

In an auction, buyers can't inspect the home in advance of the auction, they have to pay in cash, usually with a cashier's check, and sometimes the current homeowner simply refuses to move out. It then becomes the buyer's responsibility to evict the old owner. 

Auctions also tend to attract real estate investors seeking a great bargain that they intend to flip (resell) for a quick profit.

If you're looking for a home to live in, an auction is probably not the way to go, in Velvel's view.

REO   Real Estate Owned properties or (REOs) represent the third way to buy foreclosures. 

"Reo is least risky in terms of what you're buying," says Velvel. "You get to fully inspect the property, demand a clear title, and the sale can be subject to getting a mortgage.

Most banks sell foreclosure properties through a broker. They are considered the safest and also the least financially rewarding of all foreclosure buying options. But properties sold this way also tend to be in better shape. 

The downside is that you probably won't get as good a deal as you would with an auction or dealing directly with homeowners who are in a pre-foreclosure category. 

Financial Considerations

When considering buying a home that's gone into foreclosure there are a number of financial considerations that have nothing to do with the property but which could put you between a rock and a hard place. 

For example, when you go to an auction, you may need a letter from either a bank or lender that you have the money to buy the property. 

On the other hand, many banks and lenders will refuse to even give you a mortgage on a property being sold "as is" because that means their appraiser can't inspect it first. 

Meanwhile, some states have redemption periods whereby the original homeowner can buy back the property by paying whatever money he or she still owed. In Tennessee, that period is two years. 

If the amount owed is less than what the buyer paid, and if the buyer bought the property by bidding on it at auction, and he probably did, then the buyer loses that money. He also loses any money spent on repairs or upgrades. 

But you may be able to have this redemption right waived, so make sure you check into the situation in the state where you are purchasing the foreclosure. 

Another possible complication is something mentioned earlier, a "lien." A lien is a legal claim against a home. 

There's a fairly good possibility that someone who can't make mortgage payments may owe money elsewhere. Therefore, you have to conduct what's called a "title search" that should uncover any liens. 

Common liens stem from unpaid taxes -- either property taxes or income taxes -- in which case the federal, state or local government could have a claim against the foreclosed property. 

Other liens include unpaid contractors or loans borrowed against the property. 

These liens remain intact until the money is paid which means that you will have to pay off the liens on the foreclosed property you are buying, even though it wasn't your water heater the plumber repaired, and even though you're not the one who didn't pay the property taxes the last few years. 

Be forewarned -- you won't be able to get title insurance that provides protection against anyone challenging you for ownership of the property. 

Still interested? 

If so, here are some tips to help you to safeguard against foreclosure headaches that may come with the territory. 

•If possible only consider houses owned by people who have lived there for a minimum of two years. The longer someone has lived in a home, the more equity will be built in, even if they made interest only payments because property values have risen steadily over the last two years. 

•Stay away from owners who bought their home with "no money down." This cuts into the equity that's been built up.

To obtain lists of foreclosures in your area, Velvel recommends contacting the local office of the Real Estate Investment Association. 

"You can get everything you need there from lists of foreclosures, to other services such as the best Title company or the best bank for mortgages," says Velvel. 

Foreclosure laws vary by state so check yours by going to www.realtytrac.com or contact the county clerk's office. 

Default Letter

The foreclosure process starts when the lender sends the homeowner a letter regarding the default, usually after the first missed mortgage payment. Thirty days must be given for a person to pay the past-due amount, and lenders must give the homeowner a date by which the money is due. 

Only one letter has to be sent. 

If the homeowner doesn't respond or "cure" the default, the lender can post a notice of sale at the courthouse. The notice must be issued at least 21 days in advance of the auction, which in many states is held on the first Tuesday of the month at the county courthouse. 

The auction happens outside, rain or shine. "If you're an investor, the three best places to go for foreclosures," says Velvel, "are Ohio, Indiana, and Michigan."

Reason? "They're all losing jobs and studies have shown a direct correlation between rising unemployment and lower real estate values."

One county in Ohio had 10,000 foreclosures leaving 30 percent of all the houses in that county vacant. 

What's Required

If you are thinking about becoming a professional real estate investor, Velvel says you need five abilities to succeed. 

"You need to be able to do your own title searches," he says. "You need to be able to price or appraise property to determine any equity. You need to know how to fix up a property and then how to market it. And finally, if you're buying at auction, you need to have enough cash." 

To put it simply, buying a foreclosure is not just risky business, it's one gamble where the house doesn't always win. So we'll leave you with one last piece of foreclosure advice from real estate expert Velvel. 

"If you're looking to live in a house, it's more important to find an area that you like than to find a good foreclosure deal. But then, if there are foreclosures in an area you like, buy the foreclosure."

Read more: http://www.consumeraffairs.com/news04/2007/04/buying_foreclosure.html#ixzz0OIeDEwyQ

I lost my job 6 months ago and have been unable to find employment. I need help. I am falling behind on my bills and could loose my house in the next six months unless I get some help or find a new job that pays well enough for me too support myself and my two children. I am in trouble and need help. Please help me, I don't were to turn. Thanks.Tommy