(1888PressRelease)
September 25, 2006 - San Ramon, CA September 8, 2006 -- According to the July 06 press release from RealtyTrac, the leading on line marketplace for foreclosure properties, it's June 2006 U.S. Foreclosure Market Report shows 88.195 properties nationwide entering some stage of foreclosure during the month. This foreclosure statistic represents a 5% decrease from the previous month, but still is a 17% increase from June 2005. The report also shows a national foreclosure rate of one new foreclosure filing for every 1,311 U.S. Households during the month, with states such as Colorado, Nevada, Georgia, Texas, California, and Florida having some of the highest increases.
For those of us who are not familiar with RealtyTrac, they publish the largest and most comprehensive national database of pre-foreclosure and foreclosure properties; they are the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate, and Night Ridder Online.
For many of us, the thought of losing a home due to the death of a family member, medical emergency expenses, or job loss, is a difficult period of time. There is a tremendous amount of stress in determining what's the solution to solve this foreclosure problem, while at the same time you're being contacted by a number of different parties. For those of you who aren't aware of the common financing foreclosure options, let's review them first and then focus on a little known option that also available.
a) Don't ignore the letters your lender sends regarding delinquent payments. Contact your lender either via phone or mail, and explain your current circumstances.
b) Another option (depending on the type of loan you have), would be to contact a HUD-approved housing counseling agency. To locate a housing counseling agency nearest you, call 800-569-4287 or TDD 800-877-8339; they frequently have programs and services offered by government, private, and community organizations which could help you.
c) Accepting a request from a local broker or lender to complete a mortgage refinance application (which includes running your credit report) and attempt to get you into a Sub prime Loan; this option is available for borrowers who have less than average credit. Unfortunately, due to low credit scores, this may not be an valid option and they want tell you this until they exhausted all their resources; time is not on your side!
d) Hard Money lenders don't care about your credit, your job, or your debt, their main concern is that your property has available equity. Most Hard Money lenders have a maximum equity lending limit of 65% (few will go as high as 70%) but this doesn't include their fees which can be as high as 10-12%. Most hard money lenders will have a minimum prepayment penalty of 2yrs, and usually high interest rates; this way if the payments can't be made the investors recoup their money on the sale of your home.
e) An option not publicized as much, is similar to the Hard Money format, except the benefits are a higher maximum equity limit of *82% (*depending on the loan amount and must include lender fees), available in 48 states, no prepayment penalty, no credit report needed, not necessary to have a job as long as enough equity is available, and they focus more on program options instead of high interest rates. Loan closing can be expedited if there was a recent appraisal of less than 2 months, copy of current mortgage statement, name and address on title.
This article is sponsored by Brisco & Associates and was written by Dwight Brisco. Brisco & Associates is a Mortgage Consultation firm that also provides Small Business Resources. Visit our site and register to receive your FREE Consultation at http://mortgage911.lowerpaymentnow.com
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