Let us create a 3D eBook for you!
Let us create a 3d Digital eBook for you! DigyCat.com

Home Equity - Foreclosure Often Not Necessary in Current Market


While driving around your community, you may have seen signs posted on telephone poles that offer "foreclosure help." These seemingly generous offers to help financially troubled homeowners who are in danger of losing their homes to foreclosure are actually scams. Typically, the "help" comes in the form of an offer to buy the home for a reduced price from the homeowner. The scammer offers to pay off the homeowner's existing debt and to rent the home back to the homeowner until they can afford to buy the home back. The scam comes after the owner signs the paperwork and the offer to rent the home to them abruptly disappears, leaving the scammer with an inexpensive house and the homeowner without a house or a place to live. Fortunately, the current booming real estate market has made it possible for financially troubled homeowners to avoid foreclosure on their home and the scammers.

Foreclosure usually occurs after a homeowner fails to make his or her mortgage payments for a period of several consecutive months. Lenders are often willing to accommodate minor financial troubles from their borrowers, but sometimes, they have no choice but to evict the homeowner and sell the home. This is usually done at a public auction, as lenders place more importance on getting money back quickly than in getting the highest price the property can yield. While the national foreclosure rate has been fairly steady, it has been increasing in several states, notably Texas and Florida. While losing a home due to lack of payment is generally financially catastrophic for homeowners, the current market has offered many financially troubled homeowners a simple way out - they can sell the home.

The price of homes nationwide has skyrocketed in the last few years, and in many markets, values have doubled or ever tripled. Many homeowners now have huge amounts of equity in their homes and that equity often exceeds the amount owed on the primary mortgage. That may be little consolation to a homeowner who has just lost his or her job, but the homeowner now has another option besides watching the bank sell the home from under their feet. The homeowner can now sell the home, pay off the mortgage and often pocket some cash at the same time. In most markets, this can be accomplished rather quickly, before foreclosure proceedings take place. The debtor will no longer have a place to live, but the debt will be repaid, and he or she will often have quite a bit of cash left over. This is certainly a better option than either dealing with a scammer or losing the home to foreclosure.

Anyone with financial troubles that prevents them from making their house payments should consult with their lender first. Lenders aren't really interested in removing people from their homes unless it's absolutely necessary. Still, it is comforting to know that the current market may provide a somewhat more attractive alternative that may actually yield some cash.

Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation and credit counseling information and HomeEquityHelp.net, a site devoted to information on mortgages and home equity loans.


MORE RESOURCES:

Debt Releif - Google News

This RSS feed URL is deprecated

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

How to manage student loan debt - WGN Radio


WGN Radio

How to manage student loan debt
WGN Radio
... Loan Debt Relief Consultants (SLDRC), joins Brian Noonan in-studio to discuss and to answer questions from listeners. Tanya Nichols is a former contracted employee of the U.S. Department of Education and a 20-year veteran in the financial field ...

Credit Utilization Rate Explained By National Debt Relief - Benzinga


Credit Utilization Rate Explained By National Debt Relief
Benzinga
Credit utilization ratio is an important factor in computing for credit scores and National Debt Relief explains it in more detail. The article titled "Understanding Your Credit Utilization Rate and How to Improve It" released February 14, 2018, helps ...

Credit Utilization Rate Explained By National Debt Relief - PR Web (press release)


Credit Utilization Rate Explained By National Debt Relief
PR Web (press release)
Credit utilization ratio is an important factor in computing for credit scores and National Debt Relief explains it in more detail. The article titled “Understanding Your Credit Utilization Rate and How to Improve It” released February 14, 2018, helps ...

and more »

Debt settlement: For financial wrecks only? - USA Today - USA TODAY

Tax Season Tips Shared By National Debt Relief - Benzinga


Tax Season Tips Shared By National Debt Relief
Benzinga
Tax Season can be a stressful time for a lot of people that is why National Debt Relief aims to help consumers with some valuable tips to look into.The article titled "10 Easy Tips To Keep You Stress-Free For Tax Season" released February 12, 2018 ...

Debt Elimination Tips Shared By National Debt Relief - PR Web (press release)


Debt Elimination Tips Shared By National Debt Relief
PR Web (press release)
Debt elimination seems to be an ever-moving target for a lot of people this is why National Debt Relief aims to give tips to make it a lot easier. The article titled “Helpful Tips to Eliminate Your Debt in 2018” released February 5, 2018, shares some ...

Debt relief company returns money to FTC, refund checks in the mail - KOMO News


KOMO News

Debt relief company returns money to FTC, refund checks in the mail
KOMO News
If your credit card debt is out- pacing your ability to keep up with payments, reputable credit counseling advocates say debt relief companies should be your last resort. "People jump right into the first solution that looks like it's best for them ...

Consumer Catch-up: Distracted driving penalties, anonymous employee app, debt relief scam - KGO-TV


KGO-TV

Consumer Catch-up: Distracted driving penalties, anonymous employee app, debt relief scam
KGO-TV
Michael Finney and 7 On Your Side have consumer stories you should know about for Tuesday, Feb. 13, 2018. (KGO-TV ). KGO. By Michael Finney. Tuesday, February 13, 2018 05:08PM. Senate bill would crack down on distracted drivers. A new Senate bill would ...

Cuba Creditors Offer 'Very Significant Relief' in Debt Proposal - Voice of America


Voice of America

Cuba Creditors Offer 'Very Significant Relief' in Debt Proposal
Voice of America
Cuba's commercial creditors have offered "very significant debt relief" in a proposal sent to cash-strapped Havana in late January, according to two advisers to the group, in a sign that holders of the defaulted debt are ready to ramp up the pressure ...

and more »

LargeFriends.com - the best dating site for plus-sized singles!
SuccessfulMatchCentral.com - the best dating site for plus-sized singles!

PreLaunchX

PrimeNews Domain Is For Sale - $5,000 For Enquiries eMail Us

© www.PrimeNews.biz - 2012

home | site map | links