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Atlanta Pre Foreclosure Article
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The Ideal Pre Foreclosure Solution
from:No homeowner plans to go into pre foreclosure through default on their home loan repayments. Unfortunately many homeowners find themselves in this very situation each and every day. With worsening conditions in the economy more and more homeowners, especially those with the so called "jumbo loans" or those with variable rate ARM (adjustable rate mortgage) loans are particularly at risk for going into pre foreclosure. The good news is that there is a pre foreclosure solution that can work for many homeowners, but it does require being proactive and acknowledging the problem as soon as possible.
The first step for a homeowner to come to a pre foreclosure solution that will work for both themselves and the lender is to eliminate all other debt as quickly as possible. This may mean taking out a long-term fixed rate consolidation loan on all credit cards or car notes and other debts before falling behind on the house payment. Most homeowners simply ignore the warning signs of mounting debt, seeming to hope they can somehow borrow their way out. This never works, and even a consolidation loan will only work if you are also eliminating all expenses and luxuries out of your life and living as much as possible without using credit. This means getting rid of those extras such as cell phone plans that are above the basic, eliminating luxuries such a broadband internet, satellite television or expensive plans on your home phone. Most families can save hundreds of dollars per month just by cutting out those four expenses in the house. Using this pre foreclosure solution of living well within your means helps your lender understand that you are serious and proactively working to get back on your financial path.
The second step in a mutually agreeable pre foreclosure solution is to prove to the lender that you have the income you need to make the payments if they either modify your mortgage or refinance. This means someone in the household may need to take on an additional part time job to add to the total monthly income. Most lenders are not going to be able to work with a homeowner that has no increase in income and decrease in spending since there is no mathematical way to justify a loan or a mortgage modification.
The third step is to prepare a hardship letter for your lender, which will outline the problems in your financial history and how you have resolved these issues. A big consideration that many lenders look for is a pre foreclosure solution that includes using a reputable credit counseling service to assist families in getting back on track financially.
Atlanta Pre Foreclosure News
Half of metro Atlanta mortgages underwater - Atlanta Journal Constitution
 Los Angeles Times | Half of metro Atlanta mortgages underwater Atlanta Journal Constitution It also makes foreclosure more likely if the mortgagee loses a job or hits other economic shocks, he said. Zillow, the online real estate data and search firm, analyzed 35 million mortgages, including 778870 in 22 metro Atlanta counties, to conclude 55 ... One third of mortgages are underwater and homeowners owe $1.2T more than ... More Than 30% Of Mortgage Borrowers Still Underwater |
CredAbility Supports HUD Studies on Housing Counseling - MarketWatch (press release)
CredAbility Supports HUD Studies on Housing Counseling MarketWatch (press release) Both the pre-purchase counseling and foreclosure counseling studies enrolled clients in the fall of 2009 and early 2010. HUD found that 35 percent of participants became homeowners within 18 months of pre-purchase counseling and only one of those ... |
Foreclosures Move Downtown - UPI.com
 Bloomberg | Foreclosures Move Downtown UPI.com Other cities with increases included St. Louis (29 percent), Chicago (26 percent), Philadelphia (24 percent), and Atlanta (21 percent). Among the 20 largest metros area, cities posting the biggest annual drops in foreclosure activity included Seattle ... Foreclosure activity drops in April U.S. Foreclosures Down 14% Over Last Year, Filings Shifting to the East Foreclosures Plunge to Five-Year Low in U.S. Recovery: Mortgages |
March FNC Residential Price Index up 0.5% - MarketWatch (press release)
March FNC Residential Price Index up 0.5% MarketWatch (press release) Declining foreclosure sales as a percentage of total home sales have likely contributed to the price stabilization. More robust price increases are expected with the increase in spring home sales while the conditions of record low mortgage rates and ... |
US Foreclosure Activity Shifting Eastward According to RealtyTrac® US ... - Marketwire (press release)
 ABC News | US Foreclosure Activity Shifting Eastward According to RealtyTrac® US ... Marketwire (press release) "In addition, more distressed loans are being diverted into short sales rather than becoming completed foreclosures," Moore continued. "Our preliminary first quarter sales data shows that pre-foreclosure sales -- typically short sales -- are on pace to ... April Foreclosure Rates Up in Ga, Atlanta Foreclosures Plunge to Five-Year Low in US: Mortgages RealtyTrac: US Foreclosure Filings Fall 14% In April On Year |