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When someone mentions the term “REO homes” they are referring to real estate owned homes that are usually in the hands of the financial institutions that made the initial loans for their purchase. Usually there are no longer any mortgages on the properties because they have been reclaimed by the bank or mortgage company. For example, a family that took a mortgage from a local bank and then defaulted on that loan, thereby forcing the bank to foreclose, may be living in an REO property.

As anyone in the modern economy will know, there are an ever increasing number of REO homes because of the fallout from the collapse of the subprime market and the resulting global financial woes. Many people automatically assume that this means the market is ripe with ridiculously low-priced properties and ample opportunities to get homes at bargain-basement prices. While there may be a few examples of such incidences, the reality is that banks and institutions with ownership of such homes are all looking to obtain the market value prices for them. They don’t tend to view their REO homes as liabilities, and this is something that anyone setting out to purchase one should accept. Continue reading ‘Understanding REO Homes’ »

Have you ever wondered how your lender or servicer decides what to do when you submit a hardship package to them?

Well, it’s actually pretty simple. That doesn’t mean it happens quickly or that you’ll be able to follow the process without problems, but every lender has a predetermined process to follow once you submit a hardship package to them. Continue reading ‘Foreclosure Workouts – How Do Lenders Decide What to Do With Your Hardship Package?’ »

Economic issues, such as unemployment or reduced income, are expected to be the main catalysts for foreclosures this year. Homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.

A record 2.8 million American households were threatened with foreclosure in 2009. Continue reading ‘Stop Foreclosure – Unemployment Linked to Rise in Foreclosures’ »

Whether you’re trying to qualify under one of President Obama’s Home Affordable programs or your lender’s internal program, if you’re trying to save your home from foreclosure, there’s a very high chance you’ll need to write a real estate hardship letter to explain your situation.

But why? And what’s the goal of the letter…what do you say in it? Can it save your home from foreclosure? Continue reading ‘What is a Real Estate Hardship Letter? Can it Save My Home From Foreclosure?’ »

Facing foreclosure is a difficult and often painful experience. It can raise your credit score making it impossible to get another loan for a house or a car or any other big expense. It can drain a family financially and emotionally, as the family now has to find another suitable place to live. The longer a family is in the home, the more painful a foreclosure is because of sentimental value. It can especially difficult on children as they have attended the same school as their peers and it can be painfully difficult for children to leave their friends.

There is help for homeowners facing foreclosures, one option and probably the most important one are to contact the lender and explain your situation to them. When you contact the lender the lender can offer many choices for the borrower to make an educated decision about the next steps to take. Many homeowners think the bank does not want to deal with delinquent payments but in reality, banks are more than willing to work with people that have fallen behind on their mortgages. Continue reading ‘Help For Homeowners Facing Foreclosure’ »