$4.5 Billion on Delinquent Debt ready to Hit the Market

$4.5 Billion on Delinquent Debt ready to Hit the Market

Three of the nation’s largest mortgage lenders have put sizable packages of nonperforming and reperforming mortgage loans on the realestatehousemoneymi600-resize-600x338 market for investors to buy, according to New York Mission Capital Advisors.

Bank of America has put up approximately $2.56 billion worth of delinquent debt for sale, including nonperforming loans, reperforming mortgages (those in which the borrower was 90 days or more behind but has resumed making payments), and home equity lines of credit (HELOCs), according to Mission Capital.

Citigroup has put up $1.8 billion worth of reperforming mortgages for sale, and JPMorgan Chase is looking for a buyer for $143 million worth of nonperforming mortgage loans, Mission Capital said. Last month, Freddie Mac announced that it intended to sell $410 million worth of delinquent mortgage loans. But there has been so much of a demand that the suppliers cannot keep up, Mission Capital said.

F.T.C Video (Spanish)

F.T.C Video (Spanish)

F.T.C Video (Spanish)

Anaheim – Orange County Walking On Sunshine!

Anaheim – Orange County Walking On Sunshine!

Anaheim – Orange County Walking On Sunshine!

Banks Provide Cash Incentives for Homeowner’s (Spanish)

Banks Provide Cash Incentives for Homeowner’s (Spanish)

Banks Provide Cash Incentives for Homeowner’s

More Help For Homeowner’s Who Are Having Difficulties With Their Mortgage Payments

More Help For Homeowner’s Who Are Having Difficulties With Their Mortgage Payments

More Help For Homeowner’s Who Are Having Difficulties With Their Mortgage Payments

By Sandy Flores

Special to Excelsior

Many homeowners facing financial hardship are struggling to keep their property, but need help to maintain and continue with their mortgage payments. Month face this same situation and suddenly affected by the inability to make a payment and are meeting more than one, but much can be done to catch up on the backlog.

 Unfortunately there have been opportunistic companies known as “specialists Foreclosure Rescue”, “Specializing in Loan Modifications,” etc., That promise to help homeowners who are facing foreclosure to save their property, refinance or modify their mortgage, and improve your credit to buy time.

They are companies that promise to pay your mortgage in arrears, improve your credit and even debt consolidation. In some cases you are told to do so you must pass “temporarily” writing home to a “third person or entity.” They allow you to continue living at home as a renter with option to buy back her home after a certain period of time.

The problem once you transfer their rights of living to another person, when he has no option to recover your home or suggest to perform a bankruptcy occurs. In other cases they say they need to sell the property to them and then they sell the property back to you at market price today. These are some of the tactics to which homeowners who are struggling to make mortgage payments face.

It is important to know that all homeowners who are facing very difficult financial situations have alternatives and options to retain their property and avoid foreclosure, here are some of the most common:

Repayment plan, known as “Forbearence”. Under this option, the bank may allow a reduction or suspension of your payments for a short period of time. This option will allow you to remain on your property at reduced or temporarily suspended to allow economically stabilize payments.

Loan modifications. This is another option if you do not have enough income to make your payments current. The Bank will examine the option of changing the terms of your original loan to suit a payment that is more accessible to their financial situation.

HAFA – Short Sale or “short sale”, the bank will allow you to sell your property at current market value, even if your balance is higher than the selling price. Under the terms of a short sale, your lender may forgive your mortgage debt in full under the terms described in the Law on Mortgage Debt Help 2007.

Deed in Lieu of Foreclosure – In this option, your lender may accept voluntary transfer of title to the property and avoid the impact of foreclosure, as well as expenses related to the embargo.

Research the different options available to you. One alternative may be more feasible and beneficial for you. Do not wait until the last minute to get all the necessary information.

Take action immediately if this is happening and is in a similar situation. Time goes so fast! Not only have less time to react, but also fewer alternatives and solutions to work with them and avoid repossession. Remember that banks do not want the property back and will do everything possible to help.


Title Insurance on a Property

Title Insurance on a Property

Title Insurance on a Property

 By Sandy Flores

Why is there a need for Title Insurance on a property?

Title insurance is protection for the buyer of a home. The purchase of a home is one of the most important achievements that an individual will ever complete and one of the largest investments that should be protected to avoid losses. You and your lender will want to be sure that the property has no defects in the title that might jeopardize the interests of the property that you are getting. For this reason, title insurance is not only necessary and important, but it is also covered in a unique way by the law.

Title InsuranceWhen you purchase a real estate ‘good’ you get the title to the property rather than the land itself. There is the possibility that your title of property may be limited by legal rights and claims made by others of which you have no knowledge. Each year the titles insurance companies spend a high percentage of revenue collecting, keeping, maintaining, and analyzing the official archives for information affecting the title to a property.

Experts from these companies have the necessary training to identify the rights that others may also have property, registered liens, legal actions, interests in litigation and other different problems.

Before closing a transaction, the title company will proceed to “clarify” those problems and if there are, remove them before you transfer the title of property. Bear in mind that title problems may limit their use of real estate and have negative financial consequences.

The title insurance process begins with a search for records that are specific to the property you are buying. The results of this search can disclose problems that are in the history of the property and that must be corrected before issuing a new title insurance. Among some of these problems that may arise are: mortgages, judgments and outstanding tax liens, writings, inheritances and trusts that contain interest and incorrect names, as well as incorrect notary acknowledgements, etc.

It is necessary to clarify that, despite all the experience and dedication with which perform searches and investigations, may emerge hidden defects after closing the purchase of a real estate property, resulting in a costly and unpleasant surprise. We can be considered as examples of heirs not disclosed previously, with claims on the property, counterfeit scriptures that do not transfer title to the real property, instruments executed under a power of Attorney expired or counterfeit, errors in public records, etc.
Title insurance offers financial protection against these and other hidden defects of title through the negotiation between title and third-party insurer, the payment by the defense against a dispute to the title in accordance with the insurance and payment of claims.

The rates of the title companies are archived at the California Department of insurance and each company has the obligation to put it on the list exhibited to the public. As in any business competition, prices vary according to the company; therefore before deciding which company will use compare among them. An agent in real estate can assist you in making this decision.

Title InsuranceThe owner and the lender or mortgagee protection coverage is normally issued based on the value of real estate purchase. Most lenders require a title insurance for mortgage by way of guarantee creditors for your real estate investment, as also required by the fire insurance or other types of coverage for your protection and that of the investor.

Title insurance provides protection to home buyers against numerous claims of titles and possible losses. Title insurance policies provide thus unique and important protection for mortgage creditors of property who want to make safe investments both buyers.

Make sure you are fully protected when purchasing a property. As always, it is recommended to consider the advice of a specialist, to determine the policy that suits you, as well as answers to your questions about the coverage of them.

Stay Educated!

The Process of a Loan Modification

The Process of a Loan Modification

The Process of Loan Modification

By Sandy Flores

Many homeowners facing financial hardship are struggling to keep their property. They need help to maintain and continue payments on their mortgages.  Keep in mind that this does not have to be like that and if you are in a difficult financial situation, the first thing you should do is call your bank as soon as possible. The sooner you contact the bank, more choices you will have and its very likely that the bank can help you with alternatives available to you.

The home loan modification is one of the solutions under Affordable Modification Program for Homeowners, known by its acronym in English as HAMP.

The loan modification includes four steps to complete the process:

  • Prepare documentation : you as the homeowner must provide your bank a letter detailing your current financial situation. Also, you will need to meet its most basic documentation, such as copies of your federal taxes for the last two years, his statements most recent bank statement, pay stubs for the last period issued, list your monthly income and expenses, and any other documentation that your bank deems necessary, taking into account that applications for modification orders are evaluated case by case individually.
  • Review and analyze : your bank will take some reasonable to review all the information submitted to determine and confirm whether it meets the requirements to modify your loan time. Your bank may also request additional information from you and third parties such as appraisers, mortgage insurance, etc.. It is important to perform appropriate follow-up with your bank, as this will enable you probably know how much the bank will take to complete this review and analysis, based on your individual situation.The decision has been taken : Your bank will let you know if you meet the requirements to qualify for the loan modification. If so, you will receive a letter confirming the terms, including the next payment date, the amount of new payment and any contribution by you if this is the case.
  • Make the commitment letter : Once the modification agreement signed by your bank is received, this paperwork for terminating the process of loan modification, whether for initial trial period or permanently, depending on each case.

Is important to know if your bank has registered the nonpayment notice (“Notice of default”), and if you’re scheduled foreclosure (“trustee sale”). If this is the case and you are dealing with your loan modification, be sure to request an extension on the date of foreclosure until the modification process is concluded favorably for you.

Loan Modification


banks do not want the property back and will do best to help, however, if you do not qualify for a modification, there are other alternatives to avoid foreclosure.

It is advisable to seek professional advice as always and keep informed of any and all of the options and alternatives available and especially prevent you from falling victim to mortgage fraud.

Stay Educated!


Consider a Short Sale

Consider a Short Sale

Do You Qualify for a Loan Modification?

By Sandy Flores

 If you have made ​​many attempts to get a loan modification and did not reach any reasonable agreement that suits you, or perhaps modifying the process is just simply not for you, you have the option to qualify for a short sale , and thus avoid foreclosure.

Loan ModificationA short sale occurs when the balance you owe the bank is higher than the current value of your property on the market today, including all of the expenditure of the sale.

If you are eligible, banks could approve the short sale, agreeing to accept less than the full balance of your debt. Note: that not all lenders will accept short sales or discounted payoffs.

Short sales are sales with complex situations. The circumstances that cause these types of sales are tedious and not easy for the owner. The short sale is one alternative for those borrowers who are not eligible under the Capacity and Stability Program to Pay Homeowners in a Modification, or Home Affordable Modification Program (HAMP), but may qualify for Home Alternative to Avoid Foreclosure (HAFA)

HAMP offers incentives to borrowers, servicers and investors to encourage short sales and enable families to avoid the foreclosure process, which is very expensive, and minimize the negative impact of reruns on borrowers, financial institutions and communities.

Short sales are transactions that are processed with careful coordination and close cooperation between a number of parts: servicers, appraisers, borrowers, buyers, Realtor’s, title agents and mortgage insurers, as well as holders of second loans or lines of home equity. A short sale provides a better outcome for borrowers, investors and communities.Short-Sales

The alternative program to avoid foreclosure HAFA simplifies and streamlines the short sale process providing procedures, deadlines and standard documentation, and effective.

Also, selling your short sale property gives you some control with self-monitoring of the sales process. No mortgage payments, unless you choose to make them. You can meet the new owners on better terms. You will be eligible under the rules of Fannie Mae, to buy another home in two years instead of five to seven years, if your credit report does not reflect “reset”.

If your bank approves the short sale, it has the right to issue a 1099 for the difference, due to a provision in the IRS code about debt forgiveness. 

As always, it is advisable to seek advice from a professional with experience and knowledge in this type of sales, to help determine and make a more informed decision and advantageous for you.

Stay Educated!

5  Options If You Have Been Denied a Loan Modification

5 Options If You Have Been Denied a Loan Modification

5 Options if You Have Been Denied a Loan Modification

By Sandy Flores

Many homeowners who are facing very difficult financial situations, have options to avoid foreclosure. Here are some of the most common:

Repayment plan,  “Forbearence”. Under this option, with approval from your lender, it may allow you to reduce or suspend payments for a short period of time. Following this abstention, you start again with your regular payments, including the additional amount that accumulated as a result of this agreement. This option will let you stay on their property at reduced or temporarily, allowing you to stabilize financially suspended payments.

 Loan modifications. This is another option if you do not have enough income to make your payments current. The lender in its sole discretion has the option to change the terms of your original loan to suit a payment that is more accessible to their financial situation. These changes usually begin with a trial period, and may qualify to progressively otherwise modified for a longer time. This form will also allow you to keep your property more affordable payments.

Refinancing. This is an exclusive option for those homeowners who are current on their mortgage payments, but nevertheless need to benefit from the low interest rates being offered today to lower your monthly payments. The homeowner can refinance today your property, even if the balance due is greater than the current value of your property. Under the program Affordable for Homeowners HARP Refinancing, the owner will be able to refinance and thus qualify for a new mortgage loan that allows affordable monthly payments … To qualify under this application in this program the mortgage loan has I be insured by Fannie Mae and Freddie Mac.

Short Sale / HAFA Short Sale. This is an option which allows you to not qualify options Repayment Plan or Modification of your loan. By applying for and negotiating a short sale, your lender will allow you to sell your property at current market value, even if it sells below the amount you owe on your balance. Under the terms of a short sale, your lender may not go after you for the difference owed. The HAFA grant him a monetary incentive of $ 3,000 and many of the institutions are also offering additional financial incentives to homeowners who qualify to cover the costs of moving.

 “Deed in Lieu of Foreclosure” is another option when Repayment Plan Loan Modification and are options which you may not qualify. In this option, your lender may accept voluntary transfer of title to the property and avoid the impact of foreclosure, as well as the expenses related to the embargo.

For more information, consult a professional with experience in Real Estate Loan Modification and / or short sale, as well as seek advice from a tax professional. To find help for free near you, you can call the Internal Revenue Service (IRS) at 1-800-829-1040. You can also visit the website: www.ayudaparapropietariosdecasas.com.