Helpful Articles:Title:
Foreclosure Avoidance 101 - The Real Estate Short Sale
Author: Brandon Cornett
Article:
I probably don't need to waste your time talking about the record numbers of home foreclosures across the United States. If you've read a newspaper or watched the nightly news at all lately, you've heard all about it.
So instead of spending time on the back-story, let's get into the crux of this article. Let's talk about the ways that homeowners can avoid foreclosure in the first place.
Specifically, let's discuss the real estate short sale and how it could help you avoid having your home foreclosed upon.
Let's start with a definition:
Short sale -- The sale of a home (by its owner) for less than the amount owed on the property.
The first question most people ask is this: "Why would somebody sell their home for less than market value? And for that matter, why would the lender be willing to accept less than what is owed by the homeowner?" These are good questions. So in order to
understand the process at work here, we must tackle both questions in turn.
When homeowners can no longer afford the mortgage payments on a home, they face a possible foreclosure. The mortgage lender will foreclose on the home and sell it as quickly as they can. This usually happens at a real estate auction.
In many cases, however, the lender wants to avoid this process as much as the homeowner wants to avoid being foreclosed upon. The process can be expensive for lenders, because they have to pay an attorney, promote the property, auction it off, etc.
On top of that, many properties will not sell at the first auction, so the lending institution will have to take the home back, perform any necessary repairs, and hire an agent to market the home. Meanwhile, they still have that non-performing loan on
their books!
For obvious reasons, the homeowner wants to avoid this entire process as well. For one thing, it can wreak havoc on your credit score. This makes it harder to get loans in the future. Also, the lenders losses could come back to haunt the homeowner.
One Way to Avoid All This
This is where the real estate short sale enters the picture. Through this process, the lender will often give the borrower a reasonable amount of time to sell the property prior to foreclosing on it, and they will often agree to accept less than what is owed on loan. Remember, a full-scale foreclosure can cost a lot for the lending institution, so it's usually in their interest to be flexible on the sale of the property.
In this regard, you can think of the short sale as the nearest thing to a win-win situation as possible, given the circumstances. The lender gets some of their money back and avoids further losses. The homeowner avoids foreclosure and the
credit-damaging effects it can bring.
About the author:
Brandon Cornett writes on behalf of DTR Realty, which provides
real estate short sale services to homeowners in Utah.
Title:
Moving House Checklist for Your Emergency Move
Author: DJ Bankey
Article:
There are so many reasons a family or individual would need to
move in a hurry. There are a few areas in this country that are
having a lot of house foreclosures. You may not have heard, but
if you are renting a house that goes into foreclosure you will
find yourself suddenly evicted without much warning. This is
just one reason you might find yourself having an emergency
move, but there a numerous other ones to.
Moving can be really complicated, but it doesn’t have to be.
If you look at the big picture you really only need to do a few
things to be ready to move, besides find a place to move to.
When you look at each item that must be done think of what you
absolutely have to do and let what you would normally do if you
hade the time go. A list of things of what you must do.
You Must Move Your Stuff Whatever you leave behind you will likely never see again. Grab
some boxes and start throwing the things that you would really
hate to loose in them first. If time permits you can go to the
next stage of what you are taking with you. The next stage being
what you would like to keep, but isn’t absolutely necessary.
Things that I would keep in mind would be furniture, important
personal records and documents, photos, your favorite clothing,
and keep sakes.
You Must Have What’s Left Hauled Off
If you are in a big hurry then there will be a point that you
will need to decide that what you haven’t packed will need to
be gotten rid of. Call your friends and family to come take
anything that they want. At least you will know your things will
be going to a good home. You can then have the rest hauled off
to a charity and the dump. Get as much help with this as you can
to get it done quickly.
You Must Forward Your Mail As soon as you know that you have to move go to the post office
to forward your mail. If you don’t know where you will be
living yet then ask a friend or family member if you can have
your mail forwarded to them temporarily. You do not want your
mail getting into the wrong hands.
You Must Take Care of Your Utilities
You will need to call all of the companies that provide your
utilities and other services to this home to schedule when the
services will end. These will likely not be turned of the day
you call, so call as soon as you can. You don’t need to pay
for days that you did not live there.
Take a deep breath and get started. If you find that you could
not do everything that you feel that needed to be done before
you left, then let it go. Except for the mail forwarding and
ending your utilities, the rest should not be worried about once
you are done. You did the best you could.
About the author:
Moving doesn’t have to be hard. Visit http://moveyoursocks.com
to learn more about your
moving options.
