Receiving notice that your house is about to be foreclosed upon is one of the most traumatic things you can go through. However, when you sign your mortgage or deed of trust at the real estate closing and it is recorded in your County’s Land Records office, you give your lender the right to foreclose on the property if you default on the loan or fail to repay the loan according to the terms of the loan.  A new foreclosure law went into effect in Maryland on April 4, 2008 and any foreclosure action filed after that date must comply with the new law.  The foreclosure process and your rights in that process under the new law are outlined below.

What Will Happen if my Property is Going Into Foreclosure?

Before the foreclosure is filed
Before a foreclosure action is filed, you as the borrower and property owner should have received notice from the lender that there is a problem with your loan account and from the lender’s attorney that there is a default under the terms of the loan. Many mortgages require the lender to give notice of the default and of your right to remedy the default before filing foreclosure. Do not ignore or delay in responding to any written communication from your mortgage lender. The sooner you contact your lender, the greater the chance you can work out a solution to your situation.

In Maryland, before the lender can file a foreclosure case against your property, the lender must:

-Wait 90 days from the date that your loan is in default; and -Send you a Notice of Intent to Foreclose 45 days before the foreclosure case is filed.

-The Notice of Intent to Foreclose will provide you with important information about why your loan is in default, the amount you owe to bring your loan current, the last payment received, contact information for the lender or secured party, for the mortgage servicer that collects your mortgage payments and for the department that can help you work out your default (the loss mitigation department).

Filing the foreclosure case
To begin a foreclosure case, the lender must file the foreclosure with the Circuit Court in the county in which the property is located.  The lender must file the following documents with the court:

-Statement of debt, under oath, which itemizes the entire amount the lender claims is due under the loan. This will usually include principal, interest, late charges, attorneys’ fees and all other charges that the borrower is responsible for under the mortgage;

-Certification that the property owner is not a member of the military service. Under a federal law, commonly known as the Soldiers’ and Sailors’ Civil Relief Act, members of the military service have specific rights when lawsuits are brought against them (including foreclosure proceedings) since they may not be in the U.S. due to a military assignment and unable to adequately defend their interests;

If you are a member of the military service and find a property owned by you is the subject of a foreclosure action, you should ask an attorney what additional rights you may have as a result of this federal statute.

-Statement, under oath, that indicates the date of default, the nature of the default and the date the Notice of Intent to Foreclose was sent;

-A copy of the Notice of Intent to Foreclose;

-Original or certified copy of the mortgage or deed of trust;

-Copy of the debt instrument and an affidavit of ownership;

-Original or certified copy of the assignment of the mortgage if applicable;

-The mortgage lender and originator’s license number if applicable; and

-A uniform Notice regarding the filing of the foreclosure action

Serving the Property Owner
The lender must personally serve you with all the papers filed when the case was docketed with the court.  If the lender is unable to serve you after two good faith attempts on two separate days, the lender may file an affidavit with the court describing the attempts made to serve you and the lender may then serve you by sending you a copy of the court papers, by both certified and first class mail AND by posting the court papers on the property.

Before a Foreclosure Sale can be held
Before a foreclosure sale can be held, the lender must:

-Wait 45 days from the time the defendant was served.

-Publish a Notice of Sale for three successive weeks in a newspaper of general circulation in the county where the action is pending. The first advertisement should be published not less than 15 days prior to the date of sale and the last advertisement should be published not more than 7 days prior to the date of sale.

-Send a notice of the date of sale to the homeowner by certified and first class mail of the time, place, and terms of the pending foreclosure sale. This notice must be sent no later than 10 days prior to the scheduled sale date. Failure to receive the notice or to sign for it will not stop the foreclosure.

-Accept from the homeowner payment of the funds due to cure the default up to one business day before the sale.  Payment of this amount which includes missed payments, late fees and costs will stop the foreclosure sale if it is made one business day before the sale.

-Note: The secured party or the agent must provide, upon request, the amount necessary to cure the default and reinstate the loan and instructions for delivering the payment

IS IT TOO LATE TO PREVENT THE SALE OF MY PROPERTY?
When you are facing foreclosure, it does not mean that all hope of saving your property is lost.  If you have not spoken with your lender, contact your lender immediately and ask for the loss mitigation department of your lender to determine if your default can be cured under a plan.

Before the sale occurs, you have the right to go before the court to prove that you did not default on your loan and stop the sale. You may also go before the court to ask that the sale be stopped if you can prove that the lender committed fraud in obtaining the mortgage or they have violated certain laws when your mortgage was made.  You may also have rights and defenses if the lender fails to follow the requirements of the foreclosure law.  You should consult an attorney for advice and assistance if you believe you have a defense to the foreclosure.

If your lender is unwilling to work with you, filing a Chapter 7 or 13 petition in bankruptcy may be beneficial. A bankruptcy filing before the sale will stay or stop the sale.  Filing bankruptcy after the hammer comes down at the auction will lose the house unless the sale was improperly conducted and you timely object to ratification. Generally, a Chapter 7 filing will provide you with a three-month opportunity to cure your default and, if you can afford your mortgage and a plan payment, a Chapter 13 filing will give you up to five years to bring your mortgage current and pay other debts once the plan is confirmed. Filing a bankruptcy petition is complex; credit counseling is required and most attorneys need three or four days to do so.

If someone approaches you to help stop your foreclosure, have any documents given to you reviewed carefully before you sign them or before you give any money to anyone.  If you need help, contact the State’s HOPE hotline at 877-462-7555 to get help from its foreclosure prevention assistance network and nonprofit housing counselors throughout the state.

SALE OF THE PROPERTY
If a sale does take place, the property will be sold through a public auction open to anyone who desires to make a bid. Public auctions are usually held on the property or at the courthouse in the county where the property is located.  The trustee must make a report regarding the sale to the court including an accounting of the sale.  After the sale has taken place, but before the court has ratified the sale, you may file objections if the sale was improperly conducted.  Only after the court ratifies the sale can the new owner petition the court to have you evicted from the property if you are still living there.

The Federal Deposit Insurance Corporation (FDIC) has compiled information from different sources on the rate of foreclosures in America and the outlook is not promising. According to the report, the Mortgage Bankers Association (MBA) reported that every three months 250,000 families enter into foreclosure in the U.S. That translates into one out of every 200 American homes. Mortgage default has reached epidemic proportions in our country and an ever-increasing number of families are facing homelessness or at least the loss of their homes and financial uncertainty.

HUD Suggestions to Avoid Foreclosure

U.S. Department of Housing and Urban Development (HUD) offers some tips to try to avoid foreclosure, they include:

• Do not ignore the problem – The further behind a borrower gets in their mortgage payments, the harder it will be to reinstate the loan and the more likely the borrower will lose his/her home.

• Contact the lender as soon as possible – When a borrower realizes he/she will have a problem making the mortgage payments he/she should let the lender know immediately. Lenders can offer options to help borrowers through difficult financial times. They do not want to repossess a home.

• Open and respond to all correspondence from the lender – Lenders usually include information that may help a borrower keep his/her home in the first notices they send out. This information could help the borrower avoid foreclosure and it usually includes default prevention options.

• Know the rights afforded to a borrower – A borrower should review the loan documents so he/she may have a clear understanding of the lender’s options if he/she cannot make the mortgage payments. Learn the local foreclosure laws and action timeframes of the jurisdiction where the residence is located.

• Understand the foreclosure prevention options – A borrower can contact his/her lender to find out what loss mitigation or foreclosure prevention options are available to help them avoid foreclosure.

HUD suggests that a borrower prioritize his/her spending if they are having trouble keeping up with their mortgage payments. They recommend that the borrower’s first order of priority should be healthcare and after that, it should be to keep his/her home. They should review their finances to see where they can cut spending in order to make the mortgage payments. The individual should make a budget and sacrifice nonessential spending until he/she can catch up with the mortgage payments. HUD also recommends sacrificing assets in order to keep the home. The liquidation of assets such as a second car, jewelry, or a whole life insurance policy can help reinstate the loan.
Steps to Foreclosure

If a borrower defaults on his/her mortgage, the mortgage holder can typically initiate foreclosure according to the timeframe specified in the mortgage agreement. That period of time can vary but it will be specified in the mortgage agreement. There are two basic types of foreclosures recognized across the country but there are also regional foreclosures that are used in some jurisdictions. Most foreclosures are conducted in state or local courts but a few are conducted in Federal courts. A foreclosure is a legal action and all parties involved must be notified, even though requirements for notification vary from one jurisdiction to another.

Any profits from the sale of the property are used first to satisfy any outstanding taxes then to pay the outstanding mortgage and any legal costs of the lender. After that any funds that are left are use to compensate other liens against the property. The borrower is allowed the remaining proceeds if there is any money left after all debts are satisfied.
Types of Foreclosures

The different types of foreclosures include:

• Judicial Foreclosure – This type is available in all fifty states and it requires a court-supervised sale of the mortgaged property. A Judicial Foreclosure allows the borrower a one-year “right of redemption” where he/she can buy the property back from the bidder. This type of foreclosure allows the lender to file a deficiency judgment against the borrower for the balance of the money owed if the proceeds from the sale fail to cover the mortgage.

• Foreclosure by power of sale – This type is allowed in twenty-nine states if a power of sale clause is included in the mortgage agreement. Foreclosure by power of sale involves the sale of the mortgaged property by the mortgage holder without court supervision. Typically, this is a more expedient way of foreclosing on a property. This type of foreclosure does not allow the mortgage holder to seek a deficiency judgment against the borrower.

• Strict Foreclosure - This type is handed down through a decree and is only available in a few states. In this type foreclosure, the property is not sold but the borrower is ordered by the court to pay the amount owed within a specified period. If the conditions are not met, the lender has the right to take possession of the property. Once the lender has the title, the property can be sold to satisfy the loan. If the profits from the sale do not satisfy the amount owed, the lender can file a deficiency judgment against the former borrower.

• A Trustee’s Sale – This is an easy form of Foreclosure and a trustee under the stipulations of a Deed of Trust performs the sale. In this process, the borrower grants a trustee the power to sell the property through a trustee’s sale if the borrower defaults on the mortgage. Any proceeds from the sale are dispersed according to the priorities outlined in the deed of trust. This is a quick and economical way of foreclosing on a property but it does not allow for a deficiency judgment against the borrower.

Reasons for Foreclosure

Hundreds of thousands of U.S. families are losing their homes to foreclosure every fiscal quarter making this a foreclosure and financial plague on our society that will be reeling for years to come. The FDIC published information from a study conducted by the Homeownership Preservation Foundation (HPF) on some of the reasons for the high rate of foreclosures in America. The study suggests that many U.S. households are at a financial tipping point and many families are on the verge of losing their homes.

The economic tipping points for American families in danger of losing their homes outlined by the HPF include:

• Thirty-two percent are because of the loss of employment.

• Twenty-five percent are because of a healthcare emergency in the family.

• Eighty-five percent of households are behind one mortgage payment.

• Fifty percent of households are behind two payments.

• Most Americans households do not have any savings, do not have any credit available, and their extended families are in a similar situation.

• Most U.S. homeowners are first-time mortgagors, and most home mortgages are less than three-years old.

• Many American households have refinanced their homes two or three times.

The HPF estimates that forty-three percent of U.S. households live beyond their means and that almost half of all homeowners in this country spend more than they earn. The foundation calculates that approximately fifty-two percent of American employees live paycheck-to-paycheck and that roughly forty-two percent of Americans do not have enough liquid assets to support themselves for the recommended three months should they have a financial crisis.

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Where to find and receive the best foreclosure listings? This is what most Real Estate Investors, Realtors, loan officers and the general public wants to know and more detailed information can be found on my site “RealEstateInvestorsLife.com. Foreclosure and pre-foreclosure inventory is at an all time high and everyone is looking to get accurate and fast information on properties in default or in foreclosure within their local market. In the present Real Estate market, to become rich or stay poor is often determined by a mere scrap of information. If you can receive accurate foreclosure data then as an investor you are able to make accurate analysis in the purchasing of a property. There are many online foreclosure services of which some do a great job in providing accurate information. I will be reviewing and have personally used the following foreclosure listing services: RealtyTrac, Foreclosure.com, and Bargain Home Network .

1.RealtyTrac – This online foreclosure service provides an adequate amount of property information along with all pertinent foreclosure and default information. I personally have used this service many times with successful results and actually have purchased 3 properties listings provided by them. RealtyTrac lists properties in various stages of the foreclosure process; additionally, they include homes for sale by owner and general resells. RealtyTrac has listings from all fifty states including Washington D.C. You can search for properties based on city, state, zip and county. Although RealtyTrac doesn’t have quiet as many listings as the #2 service, Foreclosure.com, RealtyTrac includes almost all the information an investor or first time buyer needs to know about a property like publication date, price, status, beds, baths, default amount, taxes and more. Additionally, listings are updated daily. Although RealtyTrac includes a considerable amount of information, the addition of equity percentage, legal information and sales history would have given this site a perfect score. Not only does this site provide you with current foreclosure listings, it is also a great resource for those looking to learn more about the foreclosure process, state specific laws and community demographics. They also include Google maps in most of their posts.

2.Foreclosure.com – This is the foreclosure listing service which I also use and it will provide for all your foreclosure needs. They include one of the most complete and informative selections of listing types and the most search features we reviewed. There are more than one million properties available nationwide within their databases. Foreclosure.com was edged out by RealtyTrac because that they do not include the date the property was listed and they are lacking some additional information like the property’s default amount and informational articles. Foreclosure.com includes one of the most informative and comprehensive lists of pre-foreclosure and foreclosed properties I have come across. With more than one million properties nationwide, including D.C. and Puerto Rico. They include listings for properties in REO, NOD, Notice of Sale, Auction or those repossessed by the government like HUD, VA or Fannie Mae. Foreclosure.com has is one of the best foreclosure listing services around. Whether you are a home buyer or a serious investor, the information Foreclosure.com provides is invaluable. The only thing holding this site back is that it does not list the date the property was posted. We would like to assume all information is up to date and current.

3.Bargain Network Homes – I have used this service occasionally and have found it to be accurate, informative and fast, it has a high concentration of foreclosures and government listings. Searches for properties are based not only in a state or county, but also those with a certain price range, beds or baths. They also include a comprehensive list of property details including status and publication date. Bargain Network Homes is an investor friendly foreclosure listing service. They include how-to guides, various reports and laws by state. The one and biggest difficulty with this service is you can only cancel your account through the telephone. This can be an annoying and inconvenient method especially for those trying to contact the company during off hours. Bargain Network Homes provides foreclosures in all stages of the process including those that have gone to auction online. They list properties in all 50 states including Washington D.C. and you can search for listings based on price range, beds, baths or property type. Details include the property’s status, the date the listings was posted, loan information, tax information, assessed value and more. Although Bargain Network Homes is a great site for searching for foreclosed properties and foreclosure related information, we found in today’s day and age there needs to be more options for the consumer to cancel their subscription.

I use all of the above services and generally am

happy with all. RealtyTrac is my preference and the one which I use daily and if I were to recommend one, it would be RealtyTrac hands down.The reason

I have all three and that is because each provides a different variety of information and the more information gathered from different resources the more more accurate my anaylsis to determine if a deal is worthy or not. As an successfully real estate investor the more tools to help you in your decision making process the better. Real estate is a competitive business.

Foreclosure listing services give investors the edge they need to be successful when time is of the essence. Online listing services provide you with all the information you need to know at the click of a mouse, including the property’s stage of foreclosure, it’s specs and who to contact. Traditionally, a foreclosure real estate investor would have to go down to their county courthouse and request a list of foreclosures in their area. With an online foreclosure listing service, you can get all the information you need without leaving your office and spend your time on more important details, like closing the deal. For more detailed information go to www.RealEstateInvestorsLife.com.

The scenario regarding foreclosures is evolving daily. Many of foreclosures are occurring due to the economic downturn. There are a lot of unique foreclosure situations such as land foreclosure, bank foreclosure, home foreclosure, property foreclosure etc. A regional real estate agent can aid you with the foreclosure process -and your options.

Many real estate services can also provide foreclosures info and foreclosure listings, advice on how to stop foreclosure and the foreclosure process in general. As many experts will confirm, foreclosure homes often create perfect investment property. Some experts can advise individuals on bank owned, short sale, HUD foreclosures, real estate investing. A few ineligible for refinance will go into foreclosure with bankruptcy. And, tax foreclosure type questions for may be answered too. Foreclosure listings are usually comprehensive and often evolving.

Free real estate foreclosure listings, foreclosure information are offered from many local real estate agents. Finding data has never been more simple or more needed. Many need info on confusing subjects such as foreclosure sales, government foreclosures, real estate foreclosure, bank foreclosures etc. Foreclosure prevention will go a good way to avoiding foreclosure, which is not a fun topic, while it is incredibly pertinent. Real estate foreclosures have unique regulations in each state, isn’t different. Foreclosure services will allow you make sense of it all.

Seized homes or seized real estate are not infrequent. Many seek to avoid this result, announcing “buy my house!” to those that advertise, “I buy houses”. You are probably aware of these advertisements. Short sales will be a type of  loss mitigation too. There are different ways through the situation if you know who to consult with, namely a foreclosures expert.

To invest well in foreclosures, you’ll need data, info sources and expertise.  Maybe locate a local investment club, inquire where and at what time they get together, attend the majority of meetings, absorb all that possible and make contacts.  Look through the books and info you have seen, pick a source and start reading.  Read the web forum groups, magazine articles that include references and real data and save them.  Check out all the sources you may find on various web pages, it will of course increase your knowledge.

Most significant real estate companies offer paid Real Estate schooling.  It’s an excellent method to be an excellent foreclosure investor. If you do not have a history in the field, this is a fairly cost effective way to get skill regarding the intricate procedures included, whats necessary to purchase a home plus all kinds of  additional knowledge.  Many companies demand a larger fee if you do not get the license and work for that company, do plan to shop around, the school might be inexpensive.  Look in the phone book in Real Estate Colleges.  Remember that when you actually obtain your license, you have various legal considerations than when you’re with no license.  Just because you don’t actively sell real estate full-time, when licensed, you’re considered as a real estate professional.

If you think that you are going to be involved in foreclosure in some way -whether through purchasing hoses or going through the proceedings- meet with a city foreclosure consultant or real estate specialist to fully appreciate the choices. Since this is an especially detailed process, it is a worthwhile investment to meet with an expert.

Free foreclosure information _ShortSaleOnlyUS.com

Free Foreclosure information has become a commonplace. What are foreclosures? A foreclosure is a legal projection whereby a lien-holder, often a lender, gets a court order to end redemptions rights equity of a mortgagor. There are various types of foreclosures. However, there is minimal information about them. The process of foreclosure involves the lender obtaining a security interest from the mortgagor who has put in an asset as a security for a mortgage. Defaulting on the loan results in the lender getting a court order from the courts of equity. However, the courts of equity can give this borrower right of redemption if he repays the loan. With the equitable right of redemption in place, the borrower is not assured if he can repossess his property. Both the lender and the borrower need to look for free foreclosure information to undertake their responsibilities in the process.

What is a foreclosure? Since the borrower is not sure about his right to repossess his property from a bad loan, the lender seeks legal redress to foreclose the courts of equities provisions of right of redemptions. It is not easy to find free foreclosure information in publications. Besides, to get consultation on the same could be expensive. One needs to understand that a foreclosure applies in the event of a borrower failing completely to repay a loan, which he/she secured through a property as collateral against the loan. In a foreclosure scenario, the borrower defaults the principals of a mortgage by failing to honor promissory notes secured by the lender on the borrower’s property. However, there are resources and comprehensive online journals that could provide adequately, free foreclosure information to either party.

How does the foreclosure work? A foreclosure, based on a mortgage preference is a lender repossessing the collateral, often a real property that the borrower attached as the security against the loan. However, this is only in the event of the borrower failing to pay the mortgage. A foreclosure allows the lender to repossess and dispose the property to recover his money and any legal costs accrued in the process. If the returns from the sale do not suffice, he can file a claim for a deficiency judgment in court compelling the borrower to accept liability and pay the deficits.

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Where can one find  free foreclosure information? Mortgage experts are the best sources of information. Lawyer who practice and specialize in such cases also are the best sources of information. However, the information will vary with the type of foreclosure one is seeking information about. There is a judicial foreclosure whereby the lender will foreclose the mortgage under the supervision of the court. In the event of the proceeds from the foreclosure settling every cost and the loan, the balance is remitted to the borrower. According to free foreclosure information available online, foreclosure by power of sale is another type of foreclosure. The mortgage holder sells the property without court supervision.

Other foreclosures are not considered highly. They are regarded as limitedly available. Strict foreclosure is also a type of these less highly regarded foreclosures. It is however available in Connecticut. Indeed a foreclosure is a proper and a legitimate way to settle a debt in case the mortgagor fails to pay the mortgage.

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Foreclosure, a term very common nowadays in various countries, is a process in which a lender, or mortgagee, obtains the right to cancel the borrower’s equitable right in a property. This happens when a borrower, who has mortgaged his property, defaults his return payment to the mortgagee. Both lender and borrowers should have a thorough knowledge of whatever pertaining to foreclosure. Foreclosures from all parts of the world make a striking alarm for every house owner to have the knowledge of foreclosure. Most of the foreclosures are carried out through a court order and whatever pertaining to foreclosure should have the legal processes associated with it.

Foreclosure process can be initiated by the lien-holder if the mortgagor didn’t repay the loan within the deadline set for repayment. However, one has to careful with conditions related to foreclosures. Property owners can have a grace period, normally known as pre-foreclosure period, for repaying the outstanding amount. Until the end of the pre-foreclosure period, lenders cannot cancel the equitable rights of the property owner and whatever pertaining to foreclosure can only be taken after the pre-foreclosure period. During the pre-foreclosure period, the mortgagor can sell his property to anyone in order to repay his default amount voluntarily.

Foreclosure process is almost same everywhere but different states follow different rules for foreclosures. For example, let’s check the foreclosure laws of two different states say Alabama and Illinois. Judicial foreclosures as well as non-judicial foreclosures are available in Alabama, whereas only judicial foreclosures are available in Illinois. Alabama, like most states, allows a redemption period of 12 months, while Illinois doesn’t allow any right of redemption. Foreclosures can be carried out through mortgages or deeds of trusts in Alabama, while Illinois allows a variety of options for foreclosures. Hence, lien-holders, as well as mortgagor, should be aware of whatever pertaining to foreclosure laws depending upon their locality. It is a wise option to get the advice of a lawyer, or real estate advisor, who has been specialized in this field for many years.

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Despite facing a housing market slowdown, investing on a foreclosed property is still considered a good deal in terms of potential profit. Foreclosed properties and REOs can be bought for cheap prices, considerably lower than the market values, and can be sold for higher prices. Foreclosed properties can be bought at a much lower price because many mortgage lenders will be in a mindset to divest the properties as soon as possible. Flipping a foreclosed property by the fix and flip method is considered as one of the best possible ways to earn a profitable income.

Is there any ways to prevent foreclosure? Yes of course. Mortgagors, who wish to retain their property, can adopt some strategic measures to avoid foreclosures. Issuing a forbearance notice will enable a mortgagor to delay his payments for a short while, if he proves that he is capable of repaying the loan. Loan modification is another process in which a mortgagor can enjoy some benefits including interest cuts, period extension, and reduction in capital amount. Other methods to avoid foreclosure include reinstatement, repayment plan, and short sale etc.

A bank foreclosure is a home or a property owned by banks or lenders as a result of foreclosure and put into public auction. Foreclosure is a pocedure that has to take place when a homeowner doesn’t manage to pay the mortgage loan. When a public notice is filed for eviction, the process is called pre-foreclosure. If the property is taken by the bank and is currently vacant, then the real estate is called REO. Bank foreclosure is the most popular type of foreclosure for people which are new in the business. They consider their investment safer if they use this type of foreclosure instead of another.

Because auctions are organized frequently for the selling of foreclosed properties, the real estate has once again the chance to become REO. The selling of these REO properties can be made through a real estate agent or a third-party marketing company on the open market. If the purchase of the property doesn’t occur and if the former owner participates at the auction and has the highest bid, then the property is given back to him, but will be owned by the bank.

Bank foreclosure offers a lot of oportunities and advantages due to certain features of these properties. A bank foreclosure is easier to buy because there are no back taxes or any other problems related to the property one would normally have to deal with. The interested part can even negotiate the price. Most importantly, a bank foreclosure can be bought at a price with 10-20% less than the market value of the house and save up to 50%. Of course, there might be other expenses you might have to think about, like the price of the renovation of the property because no one guarantees the property will be good as new. If your deal is bargain, this is because the bank foreclosure is a profit loss for the owners and, by extent, a gain on the part of the buyer.

Not only individuals are interested in buying bank foreclosure. Real estate agents make a part of their income by using an updated foreclosure listing, by purchasing homes cheap and selling them for a profit. This has the effect of turning foreclosure properties into highly demanded real estate. So, if you want to become an investor in the real estate market, you have to know a few things first and do a little research in your own foreclosure listing.

“Where can I get a foreclosure listing?” comes to mind. If interested in buying a house, you can check the local bank. There are also government agencies which can provide you with one, but the most common way to obtain a foreclosure listing is the Internet. When browsing the web one will surely come across many web sites that offer reliable services and can provide an online foreclosure listing. However, this does not mean that any foreclosure list is valuable. Foreclosure lists have to be permanently updated and their information mustn’t be partial to be helpful. A good foreclosure listing is helpful for both real estate investors and interested individuals. This is why we recommend you foreclosure1.com which can supply additional data to what you already know and whose foreclosure listing is the solution for an organized search of bank foreclosure. In fact, consulting a foreclosure listing like the one we’ve just mentioned is a lot easier and better than calling banks to find out about current real estate owned properties for sale or looking through court documents and newspapers.

A foreclosure listing presents the latest properties that are now considered bank foreclosure and through an attentive search, one can find the perfect real estate before the competition does. Another advantage is that a good foreclosure listing allows one to find foreclosed real estate at any time (be it day or night). If the future investor uses a foreclosure listing, he can save money as well as time and effort because the bank foreclosure is easier to find and more accessible for the interested public. The pertinent information contained in a foreclosure listing can be a blessing for a person who doesn’t want to waste any time and who wants to find the perfect bank foreclosure as soon as possible.

Some of the reasons why a bank foreclosure can be perfect for purchase are:

- Because there are no property title issues involved, there won’t be any problem in getting the title policy when closing the contract;

- Because the bank has already paid everything, one won’t have to worry about back taxes;

- The house is vacant so it can be visited as many times as necessary before closing the deal;

- One can choose the area where he/she wants to buy the house with the help of a foreclosure listing.

- You (the person interested in buying) can deal directly with the bank, without appealing to a real estate agent

- There won’t be any arguing with the homeowner about the “correct” amount of equity.

After all these being said, buying bank foreclosure homes becomes the safest method of purchasing a property. The process is easy and eliminates or reduces many risks associated with other forms of purchase than bank foreclosure.

Advice for Homeowners That Want to Save Their Home

Facing a home foreclosure can be a very scary experience. While foreclosure laws differ from state to state, good foreclosure advice can help almost anyone in this terrible situation. In this article we will explain 5 of the most commons things you should know if you plan to stop home foreclosure and remain in your home.

Five Tips to Avoiding Home Foreclosure

1. Do Not Avoid Your Lender

It is human nature to avoid any situation we feel we are not equipped to deal with. However, if you are behind on mortgage payments and need to stop home foreclosure to remain in your home, avoiding the situation is only counterproductive. Once the foreclosure process has begun, the only thing that will stop the foreclosure process is for you to do something. If you choose to avoid your lender and do nothing to stop the foreclosure, then the foreclosure process will inevitably take your home. Stay in touch with your lender, and provide them with current and accurate contact information.

2. When You First Fall Behind on Your Mortgage Payments, Write Your Lender a Hardship Letter

Lenders are people just like you and I. If some owed you money and could not pay, you would feel much better if they communicated with you and explained their current situation and when they may be able to repay you. Lenders are no different. Many homeowners who refuse seek foreclosure advice do not realize that by writing a Hardship Letter and sending it to your lender, you may me able to delay or even avoid foreclosure. If your financial situation will be improving soon, your lender may decide to give you some additional time to catch up your payments. The best way to stop home foreclosure is to avoid foreclosure altogether.

3. Ask Your Lender if They Can Offer You About Any Foreclosure Advice or Foreclosure Alternatives

You are not the first person to fall behind on mortgage payments, and you won’t be the last. Many lenders have Workout Departments that can give free foreclosure help that can help you stop home foreclosure or avoid foreclosure altogether. Before you talk to an attorney or consider filing bankruptcy to stop foreclosure, find out if your lender can offer you free foreclosure advice and get you back on track.

4. If You Get Foreclosure Advice From a Third Party, Avoid Foreclosure Scams At All Cost

The big problem with a scam artist is that they look and sound like legitimate business people! There are more “Avoid Foreclosure” and “Pay Us To Stop Home Foreclosure” scams than ever more. As foreclosure rates rise and more and more owners seek foreclosure alternatives to help stop home foreclosure, the number of scams will only increase. The best way to avoid foreclosure scams to make sure you are dealing with a company that will at least provide an initial free consultation, references, and has been in business at least two years. Avoiding foreclosure scam artist that can ask for large amounts of money up front or promise to stop home foreclosure as soon as they receive payment can save you time and money.

5. If Possible, Keep Your Other Bills Current

There are many legitimate companies that offer financial help or loans for people in foreclosure. They can help stop home foreclosure by loaning the money you need to catch up on your mortgage payments or by refinancing your property with a new loan, thus paying of your lender and avoiding foreclosure. If you are behind on all of your bills, your credit score will most likely be too low to qualify for this type of loan, called a Foreclosure Bailout (a special type of loan designed specifically for people in foreclosure). I have seen consumers with a mortgage and several other small monthly payments (less than $20) lose their home because they stopped paying all of their bills. Avoiding foreclosure with a loan is one of the best ways to save your home, so if you can stay current on your other bills this is a viable option to stop home foreclosure and is some of the best foreclosure advice anyone can give you.

Four Tips on Spotting “Stop Foreclosure” & “Avoid Foreclosure” Scams

Unfortunately, it is a sign of the times we live in that scam artist tend to target those who are already down on their luck. One of the most obvious signs that a person is having financial problems is that they are seeking foreclosure advice on how to stop foreclosure or avoid foreclosure in an effort to save their home. As soon as the scam artist hears the words “Save My Home From Foreclosure”, the consumer becomes an instant target. This article explains 4 useful tip to spotting “Stop Foreclosure” & “Avoid Foreclosure” scams.

Four Tips to Spotting “Stop Foreclosure” & “Avoid Foreclosure” Scams

1. You are Being Asked For Large Amounts of Money Up Front

Most reputable companies who engage in the business if giving foreclosure advice will provide you with at least one free consultation. Since laws and policies vary from state to state and from mortgage lender to mortgage lender, it is very difficult to find anyone with the expertise to stop home foreclosure in every situation. If a person is not willing to speak with you, gather some basic information, and assess your particular situation without first receiving payment, it is probable another “Stop Home Foreclosure” scam.

2. Companies That Offer Good Foreclosure Advice Have References

To most people, their home is their most important asset as well as the roof over their family’s head. The most common thing most foreclosure counselors hear from anyone looking determined to avoid foreclosure is “I need to save my home from foreclosure because I have no place else to go”. If a company is giving consumers sound foreclosure advice and helping homeowners save their homes, they will be able to provide references to other people to whom they have provided foreclosure help.

3. Learn The Difference Between a Foreclosure Counselor and a Foreclosure Investor

Many of the ads targeted to homeowners trying to avoid foreclosure are paid for by companies that are actually foreclosure investors. Foreclosure investors are companies that buy and sell properties for profit. A foreclosure counselor is someone whose job is to provide foreclosure help and foreclosure advice to consumers that are determined to stop home foreclosure and remain in their home. Many, if not most, legitimate foreclosure counselors do not invest in real estate at all. It is important that you know the difference. If you are working with a foreclosure investor who promised to buy your property as a means of avoiding foreclosure, make sure he or she has the funds to buy your home or, if they are using a mortgage to make the purchase, can provide a mortgage pre-approval letter at the least.

4. Make Sure Whatever Method You Use Will Actually Stop the Foreclosure

I have seen many homeowners try to stop foreclosure by deeding the property to a friend or family member, signing a forbearance agreement, or taking money from foreclosure investors and giving them control of the property. In many cases, these methods will not prevent home foreclosure, even though the person providing you with foreclosure advice claims they will. You must make sure that whatever method you think is your best chance of avoiding foreclosure will actually stop the foreclosure process. If you don’t, you may end out of your home and still forced to face the fact that you have done nothing to avoid foreclosure.

Stockton, California reported the highest foreclosure rate among the nation’s 100 largest metro areas from Jan to Jun 2007, according to RealtyTrac, an online marketplace for foreclosure sales. Detroit and Las Vegas documented the next highest foreclosure rates. RealtyTrac’s 2007 Midyear Metropolitan Foreclosure Market Report showed the foreclosure activity in the top 100 metro areas for the first half of 2007. As foreclosure rates continue to rise, 82 out of 100 metro areas recorded year-over-year increases in foreclosures.

Stockton reported one foreclosure filing for every 27 households with a total of 8,169 foreclosure fillings on 4,239 properties. The rate of foreclosure has increased exponentially to three times more than the number reported last year, for the same period.

Detroit, with one in 29 households going for foreclosure, recorded the second highest foreclosure rate. A total of 28,705 foreclosure filings were made on 20,231 properties, which is almost double the number reported from Jan-June 2006.

Las Vegas documented one foreclosure filing for every 31 households, making it the third highest in foreclosure activity among the 100 metro areas. It reported 22,928 foreclosure filings on 13,028 properties, double the number reported during the first half of 2006.

Six of the top 20 metro areas with the highest foreclosure rates were in California and four in Ohio.

The following are the top 20 U.S. housing foreclosure markets from Jan to Jun 2007, the total number of foreclosure filings and households per foreclosure filing.

1. Stockton, California: 8,169 foreclosure filings; one foreclosure filing for every 27 households.
2. Detroit/Livonia/Dearborn, Michigan: 28,705 foreclosure filings; one filing per 29 households.
3. Las Vegas/Paradise, Nevada: 22,928 foreclosure filings; one filing per 31 households.
4. Riverside/San Bernardino, California: 41,351 foreclosure filings; one filing per 33 households.
5. Sacramento, California: 20,516 foreclosure filings; one filing per 36 households.
6. Denver/Aurora, Colorado: 23,842 foreclosure filings; one filing per 42 households.
7. Miami, Florida: 20,275 foreclosure filings; one filing per 46 households.
8. Bakersfield, California: 5,365 foreclosure filings; one filing per 47 households.
9. Memphis, Tennessee: 10,800 foreclosure filings; one filing per 49 households.
10. Cleveland/Lorain/Elyria/Mentor, Ohio: 8,844 foreclosure filings; one filing per 50 households.
11. Fort Lauderdale, Florida: 15,720 foreclosure filings; one filing per 50 households.
12. Atlanta/Sandy Springs/Marietta, Georgia: 36,502 foreclosure filings; one filing per 54 households.
13. Fort Worth/Arlington, Texas: 13,221 foreclosure filings; one filing per 57 households.
14. Fresno, California: 4,867 foreclosure filings; one filing per 60 households.
15. Indianapolis, Indiana: 11,677 foreclosure filings; one filing per 62 households.
16. Dayton, Ohio: 5,966 foreclosure filings; one filing per 63 households.
17. Dallas, Texas: 23,284 foreclosure filings; one filing per 65 households.
18. Akron, Ohio: 4,378 foreclosure filings; one filing per 70 households.
19. Oakland, California: 13,482 foreclosure filings; one filing per 70 households.
20. Columbus, Ohio: 10,706 foreclosure filings; one filing per 70 households.