GOOD MORNING EVERYONE:

Welcome to this edition of My Monday Morning Message……This week we have the opportunity to focus on making good decisions that will advance us forward toward our goals. Do you realize that each small decision that we individually make adds up to the mediocre or fantastic success we will have? The small things really do matter. If we are better at making the small decisions then the big ones just become easier and easier. Let us focus on making sure that we are aware of all of the decisions we make daily, the small ones and the big ones. Let us not allow negative habits to make bad decisions for us. Rather, let us re-train and re-focus our habits to make great decisions at every level daily. If you want to have a better relationship – work on the small decisions. If you want to have better health – work on the small decisions. If you want to be more productive and have better results at your career – work on the small decisions. All of these seemingly small choices or decisions add up to who you are today. Change your decisions and change who you are for the better. Key Words this week: Discipline, Action, Decisions, Habits. Let’s make this the best week of the year.

ENCOURAGEMENT CORNER…

The Test

By: Unknown

The most destructive habit…………………….Worry
The greatest Joy…………………………….Giving
The greatest loss…………………………….Loss of self-respect
The most satisfying work………………….Helping others
The ugliest personality trait………………..Selfishness
The most endangered species…………….Dedicated leaders
Our greatest natural resource……………..Our youth
The greatest “shot in the arm”……………..Encouragement
The greatest problem to overcome……….Fear
The most effective sleeping pill……………..Peace of mind
The most crippling failure disease………….Excuses
The most powerful force in life………………Love
The world’s most incredible computer……..The brain
The worst thing to be without…………………Hope
The deadliest weapon……………………………The tongue
The two most power-filled words…………….”I Can”
The greatest asset………………………………….Faith
The most worthless emotion…………………….Self-pity
The most beautiful attire…………………………..Smile!
The most prized possession………………………Integrity
The most contagious spirit…………………………Enthusiasm

WORDS TO LIVE BY…

If you’re not using your smile, you’re like a man with a million dollars in the bank and no checkbook.
Les Giblin

Most people fail in life because they major in minor things.
Anthony Robbins

Some people die at twenty-five and aren’t buried until they are seventy-five.
Benjamin Franklin

You don’t get paid for the hour. You get paid for the value you bring to the hour.
Jim Rohn

I don’t want problems solved for me. I want the fishing rod, not the fish.
Yanni

Don’t go around saying the world owes you a living. The world owes you nothing. It was here first.
Mark Twain

Never let your memories be greater than your dreams.
Doug Ivester

What the mind can conceive, it can achieve.
Napoleon Hill

This week we have the opportunity to do something great. Let’s go do it. I am so on top of my game today, how about you?

Can i buy a home with bad credit ?Owner Carry, Owner Carryback, Seller Carry, Seller Carryback, Seller Financing, Seller Finance, Owner Financing, Owner Finance, Lease Option, Rent to Own, Lease Purchase, Lease to Purchase, Bad Credit, No Credit, No Qualifying, Easy Qualifying, No Bank TURNDOWNS HERE, I GET THE HOME YOU NEED — ROBERT HIGHSMITH WEST USA REALTY SCOTTSDALE ARIZONA www.roberthighsmith4@yahoo.com
Owner Carry, Owner Carryback, Seller Carry, Seller Carryback, Seller Financing, Seller Finance, Owner Financing, Owner Finance, Lease Option, Rent to Own, Lease Purchase, Lease to Purchase, Bad Credit, No Credit, No Qualifying, Easy Qualifying, No Bank Qualifying, CREATIVEAZFINANCING.COM CREATIVE FINANCING EXPERT

I sell homes for sale in Phoenix SCOTTSDALE MESA GLENDALE ARROWHEAD RANCH DC RANCH MCCORMICK RANCH SONORAN HILLS GRAYHAWK , Arizona areas, SELLER Financing AZ Expert

I am a full service Realtor based in Scottsdale Arizona. I specialize in owner financing, seller carry back financing, no qualifying and lease purchase contracts. I handle short sales locally and can help you with loan modifications , or outright listing and selling your home.Would you like to view GOLF COURSE HOMES IN SCOTTSDALE, PHOENIX, GLENDALE AND MESA, ARIZONA? They are available at reduced pricing throughout the Phoenix Arizona cities. I can start today.

In today’s tough real estate market, Arizona home buyers have many options to buy a home that do not require a traditional mortgage lender.

This means that if you have had some financial and credit problems in the past you, you as the buyer, may have some options available to buy a home without using a mortgage company. Often credit challenged buyers, who can provide proof of employment and have a good down payment can find a home to purchase with a cooperative seller. This is why you need my services – I know how to find and negotiate these types of home purchases.

My market areas include: Scottsdale, Phoenix, Glendale, Arizona and all surrounding cities.Owner Carry, Owner Carryback, Seller Carry, Seller Carryback, Seller Financing, Seller Finance, Owner Financing, Owner Finance, Lease Option, Rent to Own, Lease Purchase, Lease to Purchase, Bad Credit, No Credit, No Qualifying, Easy Qualifying, No Bank Qualifying, CREATIVEAZFINANCING.COM CREATIVE FINANCING EXPERT

Really , if you think about it, craigslist is being found guilty of murder, yes murder of a real estate business for realtors.So today hundreds of people in your area too, are going on craigslist, looking for homes for rent, homes for sale, homes to sell, and are able to pinpoint prices, and locations, and selections, all on there laptops. Hey thats my job, you call me for info, i do my job, research and help you along the home buying and selling process. Now , you guys out there have as much info as i do, zillow, realtor.com, homes .com, someones posted mls services for free reviews, craigslist, and many other sites, except you need us to finnish the deal .I hope to embrace the new way of real estate transactions , and move with it , but like years ago, when every client mentioned there brother, there sister, aunt , uncle , friend has a real estate license , today, i always hear , i will go to the internet , and then call you,welcome to the next era of who needs you?

What can i say, except i am sorry for buying to many houses,

There’s been much debate over the root causes of the housing meltdown that catapulted the nation into the worst financial crisis in 80 years – from lax lending and subprime loans to over-leveraging in the secondary market. A new report from researchers at the Federal Reserve Bank of New York focuses on the sharp run-up and subsequent collapse in housing prices during the 2000s.It concludes that real estate investors who used mortgage credit to purchase multiple residential properties with the intent of flipping, or reselling them within a short period of time, played a larger role in fueling the housing bubble than previously recognized.

These investors, the Fed researchers say, helped push prices up during 2004-2006, but when prices began to head south, they defaulted in large numbers, which served to intensify the housing cycle’s downward leg.Fed officials point out in their report that investors are more likely than owner-occupants to walk away from an underwater property. As such, lenders typically factor in that higher default risk by requiring larger down payments from buyers who acknowledge that they won’t be living in the house.

The expansion of the nonprime mortgage market during the 2000s, however, provided the perfect opportunity for optimistic investors to get low-down-payment credit, according to the report. “Buy-and-flip” investors, in particular, were able to make higher bids on houses, even if they had relatively little cash.At the peak of the boom in 2006, the New York Fed’s researchers found that over a third of all U.S. home purchase lending was made to people who already owned at least one house.

In the four states with the most pronounced boom-and-bust cycles – Arizona, California, Florida, and Nevada – the investor share was as high as 45 percent.

Overall, the investor share of mortgage-financed home purchases roughly doubled between 2000 and 2006, with the largest increases seen among those owning three or more properties, according to Fed data.

In 2006, Arizona, California, Florida, and Nevada investors owning three or more properties were responsible for nearly 20 percent of originations, almost triple their share in 2000, Fed officials report.

“Longstanding tradition in the mortgage lending business and the predictions of economic models hold that investors will quickly default if prices begin a persistent fall. This is what happened starting in 2006,” according to the Fed researchers.

From 2007 to 2009, they found that investors were responsible for more than a quarter of seriously delinquent mortgage balances nationwide, and more than a third in Arizona, California, Florida, and Nevada.

“We conclude that investors were much more important in the housing boom and bust during the 2000s than previously thought,” the researchers wrote in a blog post explaining their findings.

They stress that the availability of low- and no-down-payment mortgages in the nonprime sector enabled investors to make highly leveraged bets on house prices, which likely allowed the bubble to inflate further and caused millions of owner-occupants to pay more for their homes.

“In the end, even the value of the 20 percent down-payments made by responsible, prime borrowers was wiped out — leaving the housing market, and the economy, in the vulnerable state we find them in today,” according to the researchers at the New York Federal Reserve. I to was the cause as i bought several homes to flip, although i had to put down 20% , it still went south for me ,also, i have been able to keep them through renting them .

Posted by robert highsmith on 12/13/2011 08:36 AM Comments (0) seller financing owner carry loan modifications shortsales owner financing

OWNER CARRY SELLER FINANCING IN A DEL WEBB GOLF COMMUNITY-TERRAVITA -NORTH SCOTTSDALE (Draft) (edit/delete)
JUST WHAT THE DOCTOR ORDERED TODAY, AN OWNER CARRY SELLER FINANCING NO QUALIFYING HOME IN PRESTIGIOUS DEL WEBBS TERRAVITA COMMUNITY . GOOGLE OT UP , ITS A SHOWPLACE AREA IN NORTH SCOTTSDALE ARIZONA GOLF COURSE – TENNIS COURTS – FITNESS CENTER LIVE A GOOD LIFE IN THE ARIZONA DRY DESERT , YOU WILL SHOVEL SUNSHINE ALL WINTER HERE $359,000 WITH 10% DOWN ROBERT HIGHSMITH REALCORE REALTY 480-250-8020 I HAVE OTHERS WITH SELLER CARRY OWNER FINANCING IN SCOTTSDALE ARIZONA

MLS # – 4678360

NONE FINER PUTTING GREEN IN BACKYARD ALL FURNISHING AVAILABLE SEPERATELY TURN KEY MOVE IN READY -WALK ALL THRU THESE LOVELY NEIGHBORHOODS GOLF COURSE FITNESS CENTER POOL SPA – TENNIS COURTS A DEL WEBB SIGNATURE COMMUNITY OF TERRAVITA NORTH SCOTTSDALE CALL ROBERT HIGHSMITH REALTOR FOR SHOWINGS AND ALSO ANOTHER OWNER CARRY IN IRONWOOD VILLAGE IN DC RANCH AREA AVAIL DEC 1ST SAME TERMS ALSO LISTED MLS# 4660235 SPOIL YOUR SELF OR YOUR CLIENTS

Posted by robert highsmith on 11/19/2011 09:42 AM Comments (0) seller financing owner carry loan modifications shortsales owner financing LEASE OPTIONS

Home was way underwater, upside down ,loan balance way more than market value ,almost $200,000 underwater.Took on a high mortgage when everyone else was buying with easy credit.

Borrowing that much had seemed to make sense when the value of the home was still rising substantially every year, taking our net worth higher with it. But at that point, there was no way we could sell the home for anywhere near what we owed. Some of my friends were already doing short sales, where the bank agrees to let you sell the house for less than your loan balance. I was also aware you had to be three months behind in your payments before the bank would talk to you about the possibility.

At first, I dismissed the idea of a short sale. Late that summer, I sat down with a really close friend in Las Vegas, someone I looked up to. He cut to the heart of the matter right away: Why, he wanted to know, were we still making the payments?

Because I have a moral obligation, I said. You pay your debts.

He proceeded to explain that I didn’t have a moral obligation to the bank. I had a moral obligation to my family. I had a contractual obligation to the bank, along with a clear moral obligation to be honest in my dealings. What he was asking was this: Which is more important? Your contractual obligation to the bank or your obligation to your family to preserve your ability to make a living?

I had never thought of it that way. But it made sense. I summed it up to myself like this: I have a contractual obligation to the bank (as well as a moral obligation not to skirt the consequences of breaking it: losing my house and wrecking my credit score). But my moral obligation to my family trumps the contractual obligation to the bank.

Cori and I thought about this for months, but we finally decided to let the house go and stop making payments so we could pursue a mortgage modification or a short sale. The fact was, we didn’t have a choice. We simply couldn’t afford it.

I remained troubled by the ethical implications of what I was doing, but I soon started seeing some of my friend’s arguments echoed in the work of Brent T. White, a law professor at the University of Arizona. He and others were arguing that homeowners should act more like companies — taking into account legal and economic reasons for stopping a regular payment rather than “perceived moral obligations.”

That was reassuring in the dead of night while I sat in front of the computer trying to make sense of the world financial markets and my own personal situation. I remember being relieved at discovering a way to frame my decision.

But we didn’t know what would happen in the harsh light of day, and we were scared to death. Would we be kicked out of our house? What would the neighbors think? What would the children think? We worried about the stress on our relationship and even the survival of our marriage. I felt like a complete failure.

We looked into a mortgage modification, thinking it might let us keep the house and rent it out after we moved. But the offer from Wells Fargo, which owned our loans by then, was too modest. That meant we could either walk away from the house or work with the bank to do an orderly short sale.

A bank representative came to the house and met with us. He was such a nice guy. Cori had treated it like an open house, and the place was spotless. The guy said he’d never met anyone more qualified for their short sale program.

Somehow, even in that horrid market, we sold the home for $531,000. That was in late August 2010. In exchange, the lender released us from both our first and second mortgages. Today, Zillow estimates the home’s value at $505,000.

We were pretty low when we packed up to leave. We hadn’t told anyone about the short sale — not family and only one or two friends. But we sensed that people knew anyway.

We borrowed a truck from a friend who owns a wood mill to move our belongings. Back in Utah, we found a house to rent— much to my relief and after months of being terrified that we’d never be able to find a landlord willing to take a chance on us. I had to tell the owner what had happened. He looked at our personal references and let us lease the house anyway.

We love where we live now. Still, there are consequences. We lost our home. It’s not clear when we’ll be in a position to become homeowners again.

But the worst thing was my sense of complete failure and powerlessness when I realized that things were out of control and that it was my fault. These days, there is still a sense of genuine regret that I screwed up and hurt myself and other people. I still worry about what others think of my behavior, which is one reason I haven’t shared this story with many people until recently.

We have a friend who is under water on his mortgage even though he has lived within his means and done everything right. He’s sticking with his mortgage for as long as he can.

Someone recently asked me what I’d say to people like him. I guess I’m saying it now. As I was writing this article, I pulled behind a truck with a bumper sticker, “Honk if I’m paying your mortgage.”

I thought about that for a while. I guess one of the ideas behind that bumper sticker is that people like Cori and me who couldn’t afford to pay off our mortgages are to blame for the financial crisis and the bank bailouts that followed. This isn’t the place to explain the causes of the economic slump, and I’m not the guy to do it.

Still, the questions linger. As I ponder all this — and I think about it a lot — it occurs to me that we are a nation of risk-takers. Some of us were overoptimistic; some were ignorant; some were deluded; some were greedy; some just had bad timing. We erred to different degrees. Our experiences varied; each story is different. Now you know mine.

The experience has changed just about everything about how I do financial planning and the advice I give in public. For one thing, I am less quick to judge other people’s financial behavior. I’m also more inclined to take into account personal factors that determine how people behave around money.

I have a friend who is going through a tough time financially. He has a high income, but is burdened by debt from a few real estate deals that went south. He continues to take fairly expensive ski trips. That would seem irresponsible in his situation, and maybe they are.

But I now realize that it is not that simple. Maybe those trips are keeping the guy alive, or saving his marriage or keeping him sane enough to work.

I have another good friend who borrowed against his house to pay for a therapist. Unless you were walking in his shoes you might think that was stupid, but it saved his life and changed his career. It ended up being one of the best investments he ever made.

The process of making financial decisions is about more than building a spreadsheet to calculate the answer, because life rarely fits cleanly into a spreadsheet. Our decisions often appear irrational until we understand the whole story.

I’ve also learned some things about risk. Risk is an arbitrary concept, until you experience it. And I’ve noticed myself focusing more on the consequences of something going wrong than just the probability of that happening. As a result, I tend to urge my clients to make decisions that err on the side of caution.

CHECK OUT THE QUESTIONS ANSWERED SERVICE WITH JUSTANSWER.COM, I AM NOW LISTED AS A PREFERRED REALTOR FOR INFORMATIONhttp://www.justanswer.com/QuestionSubmit.aspx” id=”f”> CHECK IN TO www.justanswer.com for all your phoenix arizona real estate questions thanks Robert Highsmith

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Home › Blogs › robert highsmith › How do i buy a home with bad credit ?Owner Carry, Owner Carryback, Seller Carry, Seller Carryback, Seller Financing, Seller Financing owner carryback loan modification

How do i buy a home with bad credit ?Owner Carry, Owner Carryback, Seller Carry, Seller Carryback, Seller Financing, Seller Finance, Owner Financing, Owner Finance, Lease Option, Rent to Own, Lease Purchase, Lease to Purchase, Bad Credit, No Credit, No Qualifying, Easy Qualifying, No Bank TURNDOWNS HERE, I GET THE HOME YOU NEED — ROBERT HIGHSMITH WEST USA REALTY SCOTTSDALE ARIZONA www.roberthighsmith4@yahoo.com Owner Carry, Owner Carryback, Seller Carry, Seller Carryback, Seller Financing, Seller Finance, Owner Financing, Owner Finance, Lease Option, Rent to Own, Lease Purchase, Lease to Purchase, Bad Credit, No Credit, No Qualifying, Easy Qualifying, No Bank Qualifying, CREATIVEAZFINANCING.COM CREATIVE FINANCING EXPERT

I sell homes for sale in Phoenix SCOTTSDALE MESA GLENDALE ARROWHEAD RANCH DC RANCH MCCORMICK RANCH SONORAN HILLS GRAYHAWK , Arizona areas, SELLER Financing AZ Expert

I am a full service Realtor based in Scottsdale Arizona. I specialize in owner financing, seller carry back financing, no qualifying and lease purchase contracts. I handle short sales locally and can help you with loan modifications , or outright listing and selling your home.Would you like to view GOLF COURSE HOMES IN SCOTTSDALE, PHOENIX, GLENDALE AND MESA, ARIZONA? They are available at reduced pricing throughout the Phoenix Arizona cities. I can start today.

In today’s tough real estate market, Arizona home buyers have many options to buy a home that do not require a traditional mortgage lender.

This means that if you have had some financial and credit problems in the past you, you as the buyer, may have some options available to buy a home without using a mortgage company. Often credit challenged buyers, who can provide proof of employment and have a good down payment can find a home to purchase with a cooperative seller. This is why you need my services – I know how to find and negotiate these types of home purchases.

My market areas include: Scottsdale, Phoenix, Glendale, Arizona and all surrounding cities.Owner Carry, Owner Carryback, Seller Carry, Seller Carryback, Seller Financing, Seller Finance, Owner Financing, Owner Finance, Lease Option, Rent to Own, Lease Purchase, Lease to Purchase, Bad Credit, No Credit, No Qualifying, Easy Qualifying, No Bank Qualifying, CREATIVEAZFINANCING.COM CREATIVE FINANCING EXPERT
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BAD LOAN MODIFICATION UNDERWATER HOME LOAN UPSIDE DOWN SHORTSALE FORECLOSURE B.S FROM BANK (Draft) (edit/delete)
Do not lose your home , fight , scratch, be creative , i can get it done with a Housing angel investor to buy your home in phoenix arizona areas and lease it back to you, discreet , private , no signs in yard, no lockbox , just you and me know we took care of the lying cheating b s ing banks and lenders.Save your home get a housing angel to buy it through shortsale.lease back do not move
How to do a shortsale and stay in your home, through www.Housingangels.com investors that will purchase your home
from ROBERT HIGHSMITH REALTOR AT REALCORE REALTY www.Housingangels.com IN SCOTTSDALE ARIZONA SPECIALIST IN SHORT SALES AND KEEPING YOU IN YOUR HOME WHILE CUTTING YOUR PAYMENT
Arizona Short Sale Realtor– Arizona Short Sale Help – Arizona Short
How does Housing Angels℠ help Homeowners?
Housing Angels was designed to help people avoid foreclosure and stay in their homes. An ‘Angel’ investor purchases the home in a short sale, then allows the former owner to lease the home with an option to buy it back, without ever having to leave their home.
How much does the program cost the Homeowners?
Zero. Nothing. There are no fees to the Homeowner. All fees are paid by the Bank and the Investor. Sale Company
- Short Sale – Please visit me AT roberthighsmith4@yahoo.com REALTOR IN SCOTTSDALE ARIZONA – INVESTOR PROGRAM AVAILABLE CALL FOR DETAILS 480-250-8020
Stop Foreclosure Arizona With An Arizona Short Sale!

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•Short Sale vs. Foreclosure ROBERT HIGHSMITH REALTOR @ REALCORE REALTY SCOTTSDALE ARIZONA 480-250-8020 roberthighsmith4@yahoo.com
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How does Housing Angels℠ help Homeowners?
Housing Angels was designed to help people avoid foreclosure and stay in their homes. An ‘Angel’ investor purchases the home in a short sale, then allows the former owner to lease the home with an option to buy it back, without ever having to leave their home.

How much does the program cost the Homeowners?
Zero. Nothing. There are no fees to the Homeowner. All fees are paid by the Bank and the Investor.

See if the Housing Angels Program will work for you by filling out this form.Housing Angel’s
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If you want to be a Housing Angels Program Investor fill out this form.

An Arizona Real Estate Short Sale of a property, in its simplest form, is the process of selling your property for an amount less than what is owed to the lender, with the lender’s approval of the sale. If you are looking for ” Realtors That Do Short Sales”, you have come to the right place. We are www.housingangels.com roberthighsmith4@yahoo.com!
This process is generally used to prevent Arizona foreclosure, and a homeowner can qualify for an Arizona Short Sale if they have a financial hardship, and when their property is worth less (or can only sell for less) than the amount owed on the mortgage to the bank.
Many homeowners purchased their houses with adjustable rate mortgages, interest only loans, and even negative amortization loans. These home loans don’t provide for any payoff of the principle balance, and the monthly mortgage payments fluctuate and/or increase over time. Adding to these increasing monthly payments are property taxes and homeowner insurance.
Other homeowners have lost jobs, had death in the family or other unforeseen situations that have had devastating affects on their financial situation. With their financial situation worsening, and the declining housing market making near impossible to sell the traditional way, more and more homeowners are turning to the Arizona Real Estate Short Sale as a viable exit strategy!
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Is An Arizona Short Sale Better Than A Foreclosure?
The result of a Foreclosure in Arizona is the bank taking your house. Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus their costs for the Arizona Foreclosure Auction, this is called a deficiency judgment. In Arizona, we are an anti-deficiency state, so they can only come after you for a deficiency if you did not use the borrowed money to purchase or make improvements on your home. For instance, if you took out a mortgage loan to buy a house, you are protected ( http://www.azleg.state.az.us/ars/33/00814.htm), however, if you took out a HELOC (Home Equity Line Of Credit) and went shopping for clothes with the money, you could be at risk!
Next, if you let your house go to foreclosure, your credit report will be in terrible condition for many years to come. Future lenders will see your Foreclosure, and it will be very difficult to obtain any other kind of credit, car loan, or even rent a home. There is no upside to Foreclosure. IT SHOULD BE AVOIDED AT ALL COSTS!

___________________________________________________________________

Are There Disadvantages To Doing An Arizona Short Sale?
check with me at www.housingangels.com
Completing an Arizona Short Sale WILL STOP ARIZONA FORECLOSURE, but it also has its negative impact on your credit report. Since you are not making any payments on your mortgage, your credit report will reflect late payments on mortgage loan, lowering your credit rating by 100 to 200 points (there are ways of repairing your credit later…we use www.GenesisCreditGroup.com).
The IRS allowed the difference between the mortgage balance and the amount realized from the short sale to be taxable as income despite the fact that the homeowner never saw a dime of it. So for instance if you make $60,000 that year in salaried income, and you short sale your house $50,000 and your lender 1099’s you, it could look like you earned $110,000 to the IRS. There are ways out of it so contact your accountant and visit http://www.housingangels.com for more info.
There is new federal legislation called the Mortgage Forgiveness Debt Relief Act 0f 2007 that went into effect on January 1st, 2008. The new act essentially eliminates this problem if it is your primary residence. Unfortunately if you are short selling your investment property, this act might not protect you! Consult a tax or legal professional to see if you qualify!
___________________________________________________________________

When To Do An Arizona Short Sale!
The best time to start the Arizona Short Sale Process is before you fall behind on payments, but anytime is better than not doing anything at all. We have successfully completed Short Sales on properties that were scheduled for auction within two weeks (we were able to get the lender to postpone the sale for 30 days!)
For the lender to complete the Arizona Foreclosure Process takes time, approximately 4 -6 months. Arizona Short Sale at the last minute could cause the lender to foreclose on the property prior to the completion of the Arizona Short Sale unless you negotiate a postponement of sale.
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Why Lenders Approve Arizona Short Sales?
The lender has to incur expenses to complete an Arizona Foreclosure and take the property back. These expenses include attorney fees, court fees, and the lack of income from your monthly payments. Lenders also face unforeseen losses from damage to the property, vandalism if the property is vacant and then the additional costs of selling the property. Along with the expenses comes the risk of the property depreciating further, and having to hold the property on the books for an undetermined amount of time. Having a non-performing asset on their books prevents them from lending out more money that will produce a return. Plus, banks are not in the business to own real estate. They have to take back, inventory, and then hire a Realtor to list the property for retail on the open market. We all know how horrible the real estate market is right now and therefore they could end up holding the property for many months, and then fire selling it for a loss anyways!
In many instances, a Short Sale Arizona is less expensive than the Arizona foreclosure process so lenders choose to cut their losses early. By hiring a successful Realtor, ROBERT HIGHSMITH REALCORE REALTY SCOTTSDALE ARIZONA you will improve your chances of getting your Arizona Short Sale accepted by the bank(s).
___________________________________________________________________
What Lenders Look For During An Arizona Short Sale!
Remember the reason a lender will approve an Arizona Short Sale is because it will benefit them, not you! The lenders need to know that if they don’t approve the short sale, they will have to Foreclose on the property and that the sale is more cost effective than foreclosing.
Every Arizona Real Estate Short Sale begins the same way with the building of a Short Sale packet. The lender(s) need certain documentation and a proof of hardship in order to complete a Short Sale Arizona request. Below is a list of items commonly found in a Short Sale package:
• Hardship Letter. A handwritten letter explaining the borrower’s situation and requesting a Short Sale. It should describe why the borrower cannot make their mortgage payments and their fear of possible foreclosure. It should be a plea for the lender to consider a Short Sale!
• Two Years Tax Returns And W-2’s.
• Letter Of Authorization (LOA). This gives your Realtor ( ROBERT HIGHSMITH ) or chosen Investment Company ( http://www.Housingangels.com) authority to talk with your lender(s) on your behalf.
• Two Most Recent Bank And Retirement Account Statements.
• Two Most Recent Pay Check Stubs.
• Current Financial Statement.
• Any Documents Supporting The Hardship.
• Current Market Analysis (CMA). Typically from a Realtor or appraiser.
• Estimated Net Sheet Or HUD-1 (Your Realtor or investment company will provide this document.
• A Copy Of The Executed Sales Contract With Buyers Proof Of Funds Or LSR.
___________________________________________________________________
Can We Negotiate Our Own Arizona Short Sale?
check with me @ www.housingangels.com ROBERT HIGHSMITH REALCORE REALTY SCOTTSDALE ARIZONA 480-250-8020
NO…not normally! Negotiating an Arizona Short Sale is an art and very difficult to do. Lenders typically do not allow a homeowner to discount their own loan(s). Plus, you need an offer to purchase the property to begin negotiating, and many homeowners are missing this important part! The best choice is to hire an experienced Arizona Short Sale Realtor with a proven track record or an Investment Company that buys Arizona S hort Sales. Obviously we favor the Investment company approach because they instantly put in an offer and manage the entire Short Sale Arizona negotiation process for you! Lastly, it could take 2…3…4 or more months battling it out with your lender(s) depending on many factors such as where you are in the Arizona Foreclosure Process, how many liens you have on your property, and how much you currently owe. This period is difficult for most homeowners because they are just sitting around waiting for an answer. It might seem like not much is going on, but in fact if, you have chosen wisely, your Arizona Short Sale coordinator is negotiating daily on your behalf! A good Short Sale Realtor or Company will give you updates weekly on the status of your file. Helping your lenders understand your homes true market value, as well as providing supporting evidence as to why the bank does not want to own your home is all part of the short sale negotiators job. If done correctly, the bank will finally listen and the Arizona Short Sale will be accepted. This is why you want to hire a good Realtor That Does Short Sales! The bank wins because they get a non-performing asset off their books, you win because you are out from underneath a huge housing burden, and your Arizona Short Sale Realtor or Investment Company ( www.Housingangels.com ) wins because they either get a commission, or a house at below market value!
___________________________________________________________________

The Best Part About All Of This Is That You Get To Live In Your House For Free During The Arizona Short Sale Process!

That’s right, so if the Short Sale Arizona takes four months to complete, that is four months you were able to save your money and live mortgage free! This is a great time to start paying off your other bad debts or just put some money away for a deposit on your next rental. This ability to save some money is just the beginning of regaining control of your situation and getting back some peace of mind. Once you get Arizona Short Sale Help and the Arizona Short Sale is completed, you will be able to move on with your life and put this mess behind you. That is the amazing power of a Real Estate Short Sale! It truly is an amazing exit strategy in today’s tough market….the key to sucess is to hire a qualified Arizona Short Sale Realtor. www.housingangels.com ROBERT HIGHSMITH REALCORE REALTY SCOTTSDALE ARIZONA roberthighsmith4@yahoo.com

What Happens if You Abandon Your Home and Let it Foreclose?
When you are facing foreclosure, it can be tempting to just give up and walk away from the home. Before abandoning your mortgage, you should consider the possible consequences of letting your home foreclose. Sometimes abandoning a house might seem like the best option, but foreclosing on your home often does more harm than good.

Besides losing your home and possibly having no place to live, allowing your home to be foreclosed will dramatically affect your credit rating and make it more difficult for you to qualify for a new loan in the future. There are also tax consequences of foreclosure that you should be aware of before you make the decision to let your home go into foreclosure.

So what happens if you abandon your home and let it foreclose? This article will help you understand what the consequences will be if your home ends up being foreclosed. It will also give you an idea of what to expect and offer some options for those who want to try to save their homes and avoid foreclosure.

The Effect of Foreclosure on Your Credit Rating
You may be wondering what happens to your credit with a foreclosure. You are probably aware that a foreclosure will hurt your credit score. How much it affects your score can vary, but keep in mind that every late payment will show up on your credit report. Also, when your home does go through foreclosure, an entry will be made in the section of your credit report that covers legal actions.

A foreclosure tends to affect your credit score more if you have very little other debts. If you have credit cards and car payments that are all up to date, this can help buffer the effect of the foreclosure on your credit rating. However, if you have few other items on your credit report, or those bills are also falling behind, the effect will usually be much greater.

The foreclosure and late payment record can remain on your credit report for up to seven years, but that doesn’t mean that you will be unable to get a loan for seven years. As soon as your financial situation improves, you should start making an effort to pay every bill you have on time. Many people find that after as little as two years of doing this, they are able to qualify for a new loan.

After going through a foreclosure, it is likely that you will need a large down payment next time you borrow money to buy a home. Your interest rate is also likely to be higher. Keep in mind that government programs such as Fannie Mae and Freddie Mac are unavailable to people who have had a home foreclosed within the past two years.

If your foreclosure was not caused by an injury or other unexpected circumstances that prevented you from being able to make your payments, perhaps you have issues with debt management that should be addressed. Companies like Freedom Debt Management can help you eliminate your credit card debt and eventually rebuild your credit so that you will be less likely to get in trouble with your debts in the future.

Deficiency Judgments
One question that is asked often is, “If my house is foreclosed, can they make me pay?” In many states, the answer is yes. This is happening much more often now that it used to. The reason is that real estate prices have fallen, so it is much more likely that your home will be sold for less than the amount of the loan. If your state allows deficiency judgments, the lender can come after you for the difference between the amount you owed on your mortgage and the price the house sold for at the foreclosure auction.

The Tax Consequences of Foreclosure
One thing many people don’t realize is that there is often a tax penalty that goes along with foreclosure. What happens is, if the house sells for less than the amount owed, the rest of the loan balance is considered “forgiven.”

The IRS looks at this as income because it is something you would have had to paid but are getting out of. As a result, you may be taxed on the difference between the amount you owed and the amount the house sold for.

It is a good idea to talk to an accountant or tax lawyer about the possible tax consequences before you allow your home to foreclose.

Other Real Estate and Property
One thing people often worry about when facing foreclosure is whether the lender will be able to take other property and real estate that they own as well. Because real estate loans are secured by the property that is being financed, that property is usually all that the lender can take. However, if you specifically listed another piece of real estate as additional security when you applied for the loan, that property can also be taken.

When your lender forecloses on your home, your personal property is not included in the foreclosure. The lender has no claim on any property that is not permanently attached to the house.

Options for Avoiding Foreclosure
Instead of walking away from the house, it’s a good idea to contact your lender as soon as you start to have trouble making your payments to try to work something out. Many lenders have programs available to help homeowners who are going through short-term financial difficulties. By working with your lender, you may be able to stop foreclosure on your home.

Deed in Lieu of Foreclosure

If it looks like you will not be able to work out a way to keep your home, some lenders will offer a “deed in lieu of foreclosure” or “cash for keys.” If you can get your lender to pay you to move out quickly and leave the home in good condition, that could help you pay the cost of moving into a new home. However, a deed in lieu of foreclosure usually has about the same effect on your credit rating as an actual foreclosure.

Short Sale

One alternative to abandoning your home is a short sale. Unfortunately, you need the bank’s cooperation to do it. When you sell your house in a short sale, the bank agrees to accept the amount that the house is selling for as full payment on the mortgage. Some banks will not do short sales at all, and those that do will make you jump through a lot of hoops and fill out tons of paperwork to get the sale approved. As a result, short sales are rare. However, if you can do it, a short sale is better that letting your house go into foreclosure.

Loan Modification

A loan modification is an agreement between you and the bank that changes the terms of the loan. It is just about as hard to convince a bank to enter into a loan modification agreement as a short sale, maybe harder. If you pursue this option, it is a good idea to have an experienced attorney or loan modification company help you through the process.

How to Foreclose on Your Home
I see a lot of people searching for how to foreclose on a house, so I’ll take a minute to address that question. Obviously, if you don’t pay on your mortgage, your home will eventually be foreclosed, but I think if you are searching for information on how to foreclose your home, what you are really asking is whether you should tell the bank that you are letting your home go into foreclosure.

The answer to that question is that it is entirely up to you. You can tell your mortgage company that you can no longer pay the payment, or you can just stop paying it. If you notify the lender, you can expect the foreclosure process to start sooner than if you don’t, so telling them may not be in your best interest. What happens when you foreclose on a house and can’t find another house to move into before you have to vacate the premises? You will need both time and money in order to move. You may find that you will be better off if you try to delay the foreclosure while you save money for rent and moving expenses.

What Happens In a Foreclosure?
So what happens when you foreclose? That’s a good question. First of all, once you have started falling behind on your payments, you will get a notice that your payment is past due. You may also start getting collection calls from the lender. The mortgage company may continue sending past due notices for two to three months before starting the foreclosure process, or they may begin foreclosing as soon as you are late on your mortgage.

Notice of Default

The foreclosure process varies from one state to another, but all states require some sort of notice before the bank begins foreclosure proceedings. This may be called a “notice of default,” “notice to accelerate,” or “demand letter,” depending on where you live. In most areas, you’ll have about thirty days to catch up on your mortgage before the lender can take further action to foreclose on your home.

Notice of Foreclosure Sale

After you have been sent a notice and the waiting period has expired, the lender can set a date to sell your house at a foreclosure auction. They may be give notice of the foreclosure auction date by mail or by posting at the home, but in most places it is done by publishing a public notice in the local newspaper. Once the notice is published or delivered, you will no longer be able to save your home by bringing your payments current. You will now have to pay the entire loan amount in order to stop the foreclosure.

The Foreclosure Auction

At the foreclosure auction, bidders will be given a chance to bid on the home. If the high bid is equal to or greater than the amount owed, the high bidder will take possession of the home following the redemption period, if there is one. Otherwise, the bank will end up taking ownership of the home.

The Redemption Period
In many states, there is something called a “redemption period” in the foreclosure process. How this works varies from one state to another, so you should check your state’s foreclosure laws to find out whether you will have a redemption period, and if so, how long it is.

If there is a redemption period, you will have a certain period of time after the home is sold at auction during which you can come up with the balance owed on the home and redeem the home. The redemption period is often between 6-12 months.

This gives the homeowner a chance to try to find a buyer for the home in order to pay off the loan balance. Even if you cannot find a buyer, you are entitled to stay in the home during the redemption period. During this time, you are basically living rent-free in the home. It’s a good idea to use this time to save money to rent another home or apartment.

What Happens After Foreclosure?
Now that you know what happens when you foreclose on a house, you might be wondering what happens after home foreclosure. Once the redemption period is over (if there is one in your state), the bank will assume ownership of the home. It becomes part of the bank’s REO, or real estate owned, inventory.

Bank-owned homes are typically listed with a real estate agent just as any other home would be. Foreclosed homes usually sell for less than other homes because they are often neglected during and after the foreclosure process. As a result, they are typically in need of some TLC by the time they hit the market and do not bring as high of a price as other homes in the same neighborhood.

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Save your home get a housing angel to buy it through shortsale.lease back do not move
How to do a shortsale and stay in your home, through www.Housingangels.com investors that will purchase your home
from ROBERT HIGHSMITH REALTOR AT REALCORE REALTY www.Housingangels.com IN SCOTTSDALE ARIZONA SPECIALIST IN SHORT SALES AND KEEPING YOU IN YOUR HOME WHILE CUTTING YOUR PAYMENT
Arizona Short Sale Realtor– Arizona Short Sale Help – Arizona Short
How does Housing Angels℠ help Homeowners?
Housing Angels was designed to help people avoid foreclosure and stay in their homes. An ‘Angel’ investor purchases the home in a short sale, then allows the former owner to lease the home with an option to buy it back, without ever having to leave their home.
How much does the program cost the Homeowners?
Zero. Nothing. There are no fees to the Homeowner. All fees are paid by the Bank and the Investor. Sale Company
- Short Sale – Please visit me AT roberthighsmith4@yahoo.com REALTOR IN SCOTTSDALE ARIZONA – INVESTOR PROGRAM AVAILABLE CALL FOR DETAILS 480-250-8020
Stop Foreclosure Arizona With An Arizona Short Sale!

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How does Housing Angels℠ help Homeowners?
Housing Angels was designed to help people avoid foreclosure and stay in their homes. An ‘Angel’ investor purchases the home in a short sale, then allows the former owner to lease the home with an option to buy it back, without ever having to leave their home.

How much does the program cost the Homeowners?
Zero. Nothing. There are no fees to the Homeowner. All fees are paid by the Bank and the Investor.

See if the Housing Angels Program will work for you by filling out this form.Housing Angel’s
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An Arizona Real Estate Short Sale of a property, in its simplest form, is the process of selling your property for an amount less than what is owed to the lender, with the lender’s approval of the sale. If you are looking for ” Realtors That Do Short Sales”, you have come to the right place. We are www.housingangels.com roberthighsmith4@yahoo.com!
This process is generally used to prevent Arizona foreclosure, and a homeowner can qualify for an Arizona Short Sale if they have a financial hardship, and when their property is worth less (or can only sell for less) than the amount owed on the mortgage to the bank.
Many homeowners purchased their houses with adjustable rate mortgages, interest only loans, and even negative amortization loans. These home loans don’t provide for any payoff of the principle balance, and the monthly mortgage payments fluctuate and/or increase over time. Adding to these increasing monthly payments are property taxes and homeowner insurance.
Other homeowners have lost jobs, had death in the family or other unforeseen situations that have had devastating affects on their financial situation. With their financial situation worsening, and the declining housing market making near impossible to sell the traditional way, more and more homeowners are turning to the Arizona Real Estate Short Sale as a viable exit strategy!
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Is An Arizona Short Sale Better Than A Foreclosure?
The result of a Foreclosure in Arizona is the bank taking your house. Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus their costs for the Arizona Foreclosure Auction, this is called a deficiency judgment. In Arizona, we are an anti-deficiency state, so they can only come after you for a deficiency if you did not use the borrowed money to purchase or make improvements on your home. For instance, if you took out a mortgage loan to buy a house, you are protected ( http://www.azleg.state.az.us/ars/33/00814.htm), however, if you took out a HELOC (Home Equity Line Of Credit) and went shopping for clothes with the money, you could be at risk!
Next, if you let your house go to foreclosure, your credit report will be in terrible condition for many years to come. Future lenders will see your Foreclosure, and it will be very difficult to obtain any other kind of credit, car loan, or even rent a home. There is no upside to Foreclosure. IT SHOULD BE AVOIDED AT ALL COSTS!

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Are There Disadvantages To Doing An Arizona Short Sale?
check with me at www.housingangels.com
Completing an Arizona Short Sale WILL STOP ARIZONA FORECLOSURE, but it also has its negative impact on your credit report. Since you are not making any payments on your mortgage, your credit report will reflect late payments on mortgage loan, lowering your credit rating by 100 to 200 points (there are ways of repairing your credit later…we use www.GenesisCreditGroup.com).
The IRS allowed the difference between the mortgage balance and the amount realized from the short sale to be taxable as income despite the fact that the homeowner never saw a dime of it. So for instance if you make $60,000 that year in salaried income, and you short sale your house $50,000 and your lender 1099’s you, it could look like you earned $110,000 to the IRS. There are ways out of it so contact your accountant and visit http://www.housingangels.com for more info.
There is new federal legislation called the Mortgage Forgiveness Debt Relief Act 0f 2007 that went into effect on January 1st, 2008. The new act essentially eliminates this problem if it is your primary residence. Unfortunately if you are short selling your investment property, this act might not protect you! Consult a tax or legal professional to see if you qualify!
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When To Do An Arizona Short Sale!
The best time to start the Arizona Short Sale Process is before you fall behind on payments, but anytime is better than not doing anything at all. We have successfully completed Short Sales on properties that were scheduled for auction within two weeks (we were able to get the lender to postpone the sale for 30 days!)
For the lender to complete the Arizona Foreclosure Process takes time, approximately 4 -6 months. Arizona Short Sale at the last minute could cause the lender to foreclose on the property prior to the completion of the Arizona Short Sale unless you negotiate a postponement of sale.
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Why Lenders Approve Arizona Short Sales?
The lender has to incur expenses to complete an Arizona Foreclosure and take the property back. These expenses include attorney fees, court fees, and the lack of income from your monthly payments. Lenders also face unforeseen losses from damage to the property, vandalism if the property is vacant and then the additional costs of selling the property. Along with the expenses comes the risk of the property depreciating further, and having to hold the property on the books for an undetermined amount of time. Having a non-performing asset on their books prevents them from lending out more money that will produce a return. Plus, banks are not in the business to own real estate. They have to take back, inventory, and then hire a Realtor to list the property for retail on the open market. We all know how horrible the real estate market is right now and therefore they could end up holding the property for many months, and then fire selling it for a loss anyways!
In many instances, a Short Sale Arizona is less expensive than the Arizona foreclosure process so lenders choose to cut their losses early. By hiring a successful Realtor, ROBERT HIGHSMITH REALCORE REALTY SCOTTSDALE ARIZONA you will improve your chances of getting your Arizona Short Sale accepted by the bank(s).
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What Lenders Look For During An Arizona Short Sale!
Remember the reason a lender will approve an Arizona Short Sale is because it will benefit them, not you! The lenders need to know that if they don’t approve the short sale, they will have to Foreclose on the property and that the sale is more cost effective than foreclosing.
Every Arizona Real Estate Short Sale begins the same way with the building of a Short Sale packet. The lender(s) need certain documentation and a proof of hardship in order to complete a Short Sale Arizona request. Below is a list of items commonly found in a Short Sale package:
• Hardship Letter. A handwritten letter explaining the borrower’s situation and requesting a Short Sale. It should describe why the borrower cannot make their mortgage payments and their fear of possible foreclosure. It should be a plea for the lender to consider a Short Sale!
• Two Years Tax Returns And W-2’s.
• Letter Of Authorization (LOA). This gives your Realtor ( ROBERT HIGHSMITH ) or chosen Investment Company ( http://www.Housingangels.com) authority to talk with your lender(s) on your behalf.
• Two Most Recent Bank And Retirement Account Statements.
• Two Most Recent Pay Check Stubs.
• Current Financial Statement.
• Any Documents Supporting The Hardship.
• Current Market Analysis (CMA). Typically from a Realtor or appraiser.
• Estimated Net Sheet Or HUD-1 (Your Realtor or investment company will provide this document.
• A Copy Of The Executed Sales Contract With Buyers Proof Of Funds Or LSR.
___________________________________________________________________
Can We Negotiate Our Own Arizona Short Sale?
check with me @ www.housingangels.com ROBERT HIGHSMITH REALCORE REALTY SCOTTSDALE ARIZONA 480-250-8020
NO…not normally! Negotiating an Arizona Short Sale is an art and very difficult to do. Lenders typically do not allow a homeowner to discount their own loan(s). Plus, you need an offer to purchase the property to begin negotiating, and many homeowners are missing this important part! The best choice is to hire an experienced Arizona Short Sale Realtor with a proven track record or an Investment Company that buys Arizona S hort Sales. Obviously we favor the Investment company approach because they instantly put in an offer and manage the entire Short Sale Arizona negotiation process for you! Lastly, it could take 2…3…4 or more months battling it out with your lender(s) depending on many factors such as where you are in the Arizona Foreclosure Process, how many liens you have on your property, and how much you currently owe. This period is difficult for most homeowners because they are just sitting around waiting for an answer. It might seem like not much is going on, but in fact if, you have chosen wisely, your Arizona Short Sale coordinator is negotiating daily on your behalf! A good Short Sale Realtor or Company will give you updates weekly on the status of your file. Helping your lenders understand your homes true market value, as well as providing supporting evidence as to why the bank does not want to own your home is all part of the short sale negotiators job. If done correctly, the bank will finally listen and the Arizona Short Sale will be accepted. This is why you want to hire a good Realtor That Does Short Sales! The bank wins because they get a non-performing asset off their books, you win because you are out from underneath a huge housing burden, and your Arizona Short Sale Realtor or Investment Company ( www.Housingangels.com ) wins because they either get a commission, or a house at below market value!
___________________________________________________________________

The Best Part About All Of This Is That You Get To Live In Your House For Free During The Arizona Short Sale Process!

That’s right, so if the Short Sale Arizona takes four months to complete, that is four months you were able to save your money and live mortgage free! This is a great time to start paying off your other bad debts or just put some money away for a deposit on your next rental. This ability to save some money is just the beginning of regaining control of your situation and getting back some peace of mind. Once you get Arizona Short Sale Help and the Arizona Short Sale is completed, you will be able to move on with your life and put this mess behind you. That is the amazing power of a Real Estate Short Sale! It truly is an amazing exit strategy in today’s tough market….the key to sucess is to hire a qualified Arizona Short Sale Realtor. www.housingangels.com ROBERT HIGHSMITH REALCORE REALTY SCOTTSDALE ARIZONA roberthighsmith4@yahoo.com

What Happens if You Abandon Your Home and Let it Foreclose?
When you are facing foreclosure, it can be tempting to just give up and walk away from the home. Before abandoning your mortgage, you should consider the possible consequences of letting your home foreclose. Sometimes abandoning a house might seem like the best option, but foreclosing on your home often does more harm than good.

Besides losing your home and possibly having no place to live, allowing your home to be foreclosed will dramatically affect your credit rating and make it more difficult for you to qualify for a new loan in the future. There are also tax consequences of foreclosure that you should be aware of before you make the decision to let your home go into foreclosure.

So what happens if you abandon your home and let it foreclose? This article will help you understand what the consequences will be if your home ends up being foreclosed. It will also give you an idea of what to expect and offer some options for those who want to try to save their homes and avoid foreclosure.

The Effect of Foreclosure on Your Credit Rating
You may be wondering what happens to your credit with a foreclosure. You are probably aware that a foreclosure will hurt your credit score. How much it affects your score can vary, but keep in mind that every late payment will show up on your credit report. Also, when your home does go through foreclosure, an entry will be made in the section of your credit report that covers legal actions.

A foreclosure tends to affect your credit score more if you have very little other debts. If you have credit cards and car payments that are all up to date, this can help buffer the effect of the foreclosure on your credit rating. However, if you have few other items on your credit report, or those bills are also falling behind, the effect will usually be much greater.

The foreclosure and late payment record can remain on your credit report for up to seven years, but that doesn’t mean that you will be unable to get a loan for seven years. As soon as your financial situation improves, you should start making an effort to pay every bill you have on time. Many people find that after as little as two years of doing this, they are able to qualify for a new loan.

After going through a foreclosure, it is likely that you will need a large down payment next time you borrow money to buy a home. Your interest rate is also likely to be higher. Keep in mind that government programs such as Fannie Mae and Freddie Mac are unavailable to people who have had a home foreclosed within the past two years.

If your foreclosure was not caused by an injury or other unexpected circumstances that prevented you from being able to make your payments, perhaps you have issues with debt management that should be addressed. Companies like Freedom Debt Management can help you eliminate your credit card debt and eventually rebuild your credit so that you will be less likely to get in trouble with your debts in the future.

Deficiency Judgments
One question that is asked often is, “If my house is foreclosed, can they make me pay?” In many states, the answer is yes. This is happening much more often now that it used to. The reason is that real estate prices have fallen, so it is much more likely that your home will be sold for less than the amount of the loan. If your state allows deficiency judgments, the lender can come after you for the difference between the amount you owed on your mortgage and the price the house sold for at the foreclosure auction.

The Tax Consequences of Foreclosure
One thing many people don’t realize is that there is often a tax penalty that goes along with foreclosure. What happens is, if the house sells for less than the amount owed, the rest of the loan balance is considered “forgiven.”

The IRS looks at this as income because it is something you would have had to paid but are getting out of. As a result, you may be taxed on the difference between the amount you owed and the amount the house sold for.

It is a good idea to talk to an accountant or tax lawyer about the possible tax consequences before you allow your home to foreclose.

Other Real Estate and Property
One thing people often worry about when facing foreclosure is whether the lender will be able to take other property and real estate that they own as well. Because real estate loans are secured by the property that is being financed, that property is usually all that the lender can take. However, if you specifically listed another piece of real estate as additional security when you applied for the loan, that property can also be taken.

When your lender forecloses on your home, your personal property is not included in the foreclosure. The lender has no claim on any property that is not permanently attached to the house.

Options for Avoiding Foreclosure
Instead of walking away from the house, it’s a good idea to contact your lender as soon as you start to have trouble making your payments to try to work something out. Many lenders have programs available to help homeowners who are going through short-term financial difficulties. By working with your lender, you may be able to stop foreclosure on your home.

Deed in Lieu of Foreclosure

If it looks like you will not be able to work out a way to keep your home, some lenders will offer a “deed in lieu of foreclosure” or “cash for keys.” If you can get your lender to pay you to move out quickly and leave the home in good condition, that could help you pay the cost of moving into a new home. However, a deed in lieu of foreclosure usually has about the same effect on your credit rating as an actual foreclosure.

Short Sale

One alternative to abandoning your home is a short sale. Unfortunately, you need the bank’s cooperation to do it. When you sell your house in a short sale, the bank agrees to accept the amount that the house is selling for as full payment on the mortgage. Some banks will not do short sales at all, and those that do will make you jump through a lot of hoops and fill out tons of paperwork to get the sale approved. As a result, short sales are rare. However, if you can do it, a short sale is better that letting your house go into foreclosure.

Loan Modification

A loan modification is an agreement between you and the bank that changes the terms of the loan. It is just about as hard to convince a bank to enter into a loan modification agreement as a short sale, maybe harder. If you pursue this option, it is a good idea to have an experienced attorney or loan modification company help you through the process.

How to Foreclose on Your Home
I see a lot of people searching for how to foreclose on a house, so I’ll take a minute to address that question. Obviously, if you don’t pay on your mortgage, your home will eventually be foreclosed, but I think if you are searching for information on how to foreclose your home, what you are really asking is whether you should tell the bank that you are letting your home go into foreclosure.

The answer to that question is that it is entirely up to you. You can tell your mortgage company that you can no longer pay the payment, or you can just stop paying it. If you notify the lender, you can expect the foreclosure process to start sooner than if you don’t, so telling them may not be in your best interest. What happens when you foreclose on a house and can’t find another house to move into before you have to vacate the premises? You will need both time and money in order to move. You may find that you will be better off if you try to delay the foreclosure while you save money for rent and moving expenses.

What Happens In a Foreclosure?
So what happens when you foreclose? That’s a good question. First of all, once you have started falling behind on your payments, you will get a notice that your payment is past due. You may also start getting collection calls from the lender. The mortgage company may continue sending past due notices for two to three months before starting the foreclosure process, or they may begin foreclosing as soon as you are late on your mortgage.

Notice of Default

The foreclosure process varies from one state to another, but all states require some sort of notice before the bank begins foreclosure proceedings. This may be called a “notice of default,” “notice to accelerate,” or “demand letter,” depending on where you live. In most areas, you’ll have about thirty days to catch up on your mortgage before the lender can take further action to foreclose on your home.

Notice of Foreclosure Sale

After you have been sent a notice and the waiting period has expired, the lender can set a date to sell your house at a foreclosure auction. They may be give notice of the foreclosure auction date by mail or by posting at the home, but in most places it is done by publishing a public notice in the local newspaper. Once the notice is published or delivered, you will no longer be able to save your home by bringing your payments current. You will now have to pay the entire loan amount in order to stop the foreclosure.

The Foreclosure Auction

At the foreclosure auction, bidders will be given a chance to bid on the home. If the high bid is equal to or greater than the amount owed, the high bidder will take possession of the home following the redemption period, if there is one. Otherwise, the bank will end up taking ownership of the home.

The Redemption Period
In many states, there is something called a “redemption period” in the foreclosure process. How this works varies from one state to another, so you should check your state’s foreclosure laws to find out whether you will have a redemption period, and if so, how long it is.

If there is a redemption period, you will have a certain period of time after the home is sold at auction during which you can come up with the balance owed on the home and redeem the home. The redemption period is often between 6-12 months.

This gives the homeowner a chance to try to find a buyer for the home in order to pay off the loan balance. Even if you cannot find a buyer, you are entitled to stay in the home during the redemption period. During this time, you are basically living rent-free in the home. It’s a good idea to use this time to save money to rent another home or apartment.

What Happens After Foreclosure?
Now that you know what happens when you foreclose on a house, you might be wondering what happens after home foreclosure. Once the redemption period is over (if there is one in your state), the bank will assume ownership of the home. It becomes part of the bank’s REO, or real estate owned, inventory.

Bank-owned homes are typically listed with a real estate agent just as any other home would be. Foreclosed homes usually sell for less than other homes because they are often neglected during and after the foreclosure process. As a result, they are typically in need of some TLC by the time they hit the market and do not bring as high of a price as other homes in the same neighborhood.

Posted by robert highsmith on 10/23/2011 08:21 AM Comments (0) underwater upside down loan modification foreclosure bankruptcy shortsale Edit Delete
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