Entries from Dan Melson's La Mesa Real Estate and Mortgage Website tagged with 'default'
Debunking the "Record Wave of Foreclosures Coming" Myth
Articles like this one: Foreclosures: 'April was a shocker' have gotten an awful lot of play in the media these last couple weeks. Here's what they're not telling you - or not explaining why it's important: This particular article...
New Consumer Article: Restricted Sale Property: Very Difficult to Find A Loan
The new consumer article for today is Restricted Sale Property: Very Difficult to Find A Loan. Before you make an offer on restricted sale property, know that your financing options are going to be very limited, and being able to...
New Consumer Article: Investment Property and Loan Qualification
The new consumer article for today is Investment Property and Loan Qualification. It has become exceedingly difficult to get credit for rental income when you apply for a new mortgage, with the upshot being that when the lender won't agree...
New Consumer Article: Why You Should Not Walk Away From Upside-Down Real Estate
Today's new consumer article is Why You Should Not Walk Away From Upside-Down Real Estate. You shouldn't, if there is any alternative. Doing so takes a theoretical loss on paper and turns it into something concrete with real world consequences....
New Consumer Article: When Loan Modification Will Not Help, or Is Not Appropriate
Today's new consumer article is When Loan Modification Will Not Help, or Is Not Appropriate, in which I write about the major situations where trying for a mortgage loan modification will not help you....
New Consumer Article: "Buy and Bail" or Buying One Home Before Foreclosure on Another
Today's new consumer article is "Buy and Bail" or Buying One Home Before Foreclosure on Another, describing lender response to what has become a widespread phenomenon, as people think they are somehow saving themselves money try to defraud lenders in...
What Happens To Equity During and After Foreclosure?
"what happens to your equity when the bank forecloses" was a question I got. The answer is that most, if not all, will be dissipated by the foreclosure. Let's say you own a home currently valued at $500,000, that you...
California's Home Equity Sales Contract Act
A while ago a reader gave me a heads up that Illinois HB 4050 was hurting residents of certain poverty stricken Illinois Zip Codes. Now I have to pick on our own state: California law generally requires special handling of...
The Best Way to Avoid Default and Foreclosure
We got behind on house pymts & it was sent to an attorney for foreclosure.? The attorney has printed a notice in our paper on Oct 9 that it will go up for public action on Nov.16th. We found out...
Selling to Avoid Foreclosure in a Buyer's Market
Found this on a public forum I need help to stop foreclosure on my home. I need to sell quickly? I am a couple months behind on my payments and want to sell now. I am not looking to make...
Undisclosed Short Sales
What happens if a home you signed to purchase goes into foreclosure before the closing date? We were supposed to close on a home four months ago. On the day of closing we get a call from the seller's...
Dealing With Looming Forclosure - Get Out of Denial
Last week, I got a call from a hard money lender, asking what I could to to "rescue" one of his clients by refinancing. He was being about as altruistic as a drowning man. What he really wanted was...
Foreclosures - A Good Investment?
Well, sometimes. Okay, most of the time. But not always. Foreclosures: Bargain hunters beware! Myth no. 1: A big spike in foreclosures is right around the corner... ...That's because in most of the country, anyone who has owned a home...
Buyer's Basic Guide to The Foreclosure Market and REOs
I've written articles on when you can't make your mortgage payment and how to react if you see foreclosure coming in time to do something about it, and even on Short Payoffs, but all of those are owner (seller) oriented....
Condo Assessments
I bought a condo in DELETED, CA. Zero down. For 7 months I paid every bill on time - mortgages, HOA and taxes until... The Homeowner's Association told us that we MUST pay a $20.500 special assessment. My realtor...
Do You Have to Lose Your Home in Bankruptcy?
That was a question I was asked via email. The answer is "No." You don't have to lose your home in bankruptcy. I've done loans for many clients who kept their homes through bankruptcy. But they kept their mortgage payments...
Mortgage Foreclosure and Taking of Other Assets
if our house is being foreclosed, can they take our retirement or make us sell our cars? we both have 2006 cars that are paid off. Can they take our cars or make us sell them to pay them...
Bankruptcy and Avoiding Foreclosure
How do I keep my home after filing bankruptcy. The Mortgage company wants to foreclose? I want to know if there is anyway to keep the home even after filing chapter 7 bankruptcy. I want to know if there...
The "We'll Keep You In Your Property" Scam
I've been aware of this scam for some time, but with a larger than normal number of people in foreclosure or otherwise at the end of their rope, it's probably past time to cover this. It is a pure scam...
Trying to Rehabilitate the Negative Amortization Loan - NOT!
The negative amortization loan is a very popular loan with certain kinds of real estate agents and loan officers. It has two great virtues as far as they are concerned. First, it has a low payment, and despite the fact...
Will Agents List My Property if I Owe More Than It's Worth?
The answer is yes. As with everything else pertaining to real estate, there are potential upsides and downsides. First of all, lenders in short sale situations often demand agents reduce their commission, so the agents are not likely to start...
Refinancing Out of A Negative Amortization Loan Before The Penalty Expires
HI, My name is DELETED and my husband and I are searching for a way to get out of our Negative ARM loan before we get upside down. Our problem right now is our loan to value. Our loan...
Good Intentions and Over-Extended Homeowners
(I do use one piece of non G-rated language below. I hope you'll agree with me that it was necessary to convey the proper sentiment) USA Today had an oped, "3 ways to help borrowers without bailing them out" Their...
"My Payment Is Too High and I Can't Make It"
I found you on the Web after doing some research for my parents regarding short sales and foreclosures. I appreciate your straight talk regarding the whole loan and real estate process which I know they find incredibly intimidating. Right...
Getting Rich Quick in Real Estate
On a very regular basis these days, I'm running into people who took paid money for a get rich quick seminar and are looking to buy property for zero down and immediately sell it for a $50,000 profit. Somebody With...
Things to Consider If You Can't Afford Your Payment
I read a lot of the info. you have on your web page ... thank you. I don't live in San Diego so I'm not looking for a home. What I am trying to decide is whether to sell...
Short Payoffs
A while ago I wrote an article called, "What Happens When You Can't Make Your Real Estate Loan Payment." This is kind of a continuation of that, as I got a search that asked, "What is necessary to persuade a...
What Happens When You Can't Make Your Real Estate Loan Payment
I've written a lot here about how to manage your mortgage so that you control it instead of it controlling you. Let's consider what happens when that project fails. If you don't pay your mortgage, on time, no big deal...
Some Risks of Lender Owned Properties (REO)
I have found your blog to be very informative. I was out riding my bike and rode past a house for sale. In a few minutes of Internet research I've found out a bit about it. The property is...
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