When you put your home up as collateral for a home equity loan, you know you may run the risk of foreclosure should you default on the monthly payments. This means that your creditors will have the rights to seize your home if you continuously fail to make due payments for a period of time depending on the agreement of your loan. If this happens to you, you do have the option to stop it from happening by refinancing foreclosure. Basically if you have received notice that your home is being considered for a foreclosure proceeding, you might want to take all the necessary action to stop the foreclosure from happening. You may be able to do that by refinancing your existing loan to reduce the monthly payments or extend the loan period to a longer term.
Refinancing foreclosure might be a slightly more difficult than regular refinancing due to the fact that you probably have low credit score to begin with because you have not been making due payments up to the point of facing possible... [more]

Investing in Foreclosures For Beginners by Lex Levinrad Copyright © 2008 If you are thinking about investing in foreclosures there are some key points for you to consider before you begin investing. The first step for you to understand is how the foreclosure process works. The foreclosure process can be broken down into three key components. Pre-Foreclosure Foreclosure Auction REO  Pre-foreclosure The first step in the foreclosure process is called pre-foreclosure. When a homeowner has not paid their mortgage for more than ninety days the bank that owns the mortgage on that property files what is called a "lis pendens" which means "suit pending" in Latin. A "lis pendens" is a written public notice that a lawsuit has been filed concerning real estate. This notice is filed in the county public records against a piece of property. This notice is also often listed in the classified ad legal section of certain newspapers. Filing this public notice alerts any potential purchaser or lende... [more]

News Alert - On October 11, 2009, Governor Schwarzenegger signed into law Senate Bill 94 which took effect immediately upon his signature. This law now prohibits any person, including real estate licensees and attorneys from demanding or collecting an advance fee from any consumer for loan modification or mortgage loan forbearance services affecting dwellings with one to four residences. Advance fees inadvertently collected after October 11, 2009 must be refunded. Agreements entered into before October 11, 2009 are not affected and the below rules still apply to those prior agreements. If you already entered into an agreement with a licensed real estate broker for loan modification or other mortgage loan forbearance services prior to October 11, 2009 and that broker had received a "no objection" letter from the California Department of Real Estate, they are permitted to continue providing those services to you according to the terms of the contract. However, they are not permitted to c... [more]