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Mortgage Professor about foreclosure: 
Mortgage Payment Problems: What If You Can't Pay?
April 21, 2003 "I lost my job and have been making my mortgage payment from savings.  At some point, I will run out of savings.  What should I do? Some variant of this letter is appearing in my mailbox with ... more...

Options When Equity in Your Home Is Gone
April 23, 1999 I have been transferred and need to sell my home. The market has gone down and I owe more than the home is worth. Is there any relief available to allow me to avoid paying the difference to the lender at the time ... more...

foreclosure related definitions

Foreclosure
Foreclosure A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property. When the process is complete, it is typically said that "the lender has ... more...

Delinquency
Delinquency Failure to make payments on time. This can lead to foreclosure. First, a mortgage becomes delinquent, when the borrower stops making payments. Second, the delinquency is either reinstated (payments are resumed) or the lender forecloses. ... more...

More about foreclosure

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Family Feud with an Auction Deadline Adventures in Probate/ Estate Purchases
One of our investor students told us of an interesting probate deal or "adventure" they're working on now and while it's a good story, it also illustrates lots of the ins and out of probate or estate issues and purchases.The Seller (we'll call him Scott) co-owned this house with his mom, and he ... more...

How to Negotiate a Successful Short Sale
Anyone who has ever profited from doing a short sale has also without a doubt had one or two rejected at some point. Guess what? It is just the nature of the beastAs with all types of sales; youre playing a numbers game.There are very few investors who truly know how to successfully negotiate a ... more...

10 Ways To Boost Your Credit Score
1. Deleting Errors in 48 HoursThis is the absolute fastest way to correct errors on your credit report and raise your credit score. However, it can only be done through a mortgage company or a bank. If you apply for a home loan and find errors on your credit report, request the loan officer to ... more...

What is a Foreclosure?
A foreclosure is an action taken against a property owner by seizure of his/her real property. It can be for many reasons. The main cause is delinquent payments on a mortgage. The mortgage company or second and even third mortgage holders contact the owner, then the trustee (usually an attorney) to ... more...

Home Loans and Mortgages Tips to Avoid Foreclosure
Todays real estate market is a volatile one; prices are at record levels and Interest rates are favorable, but foreclosures are increasing. Wages havent kept up with home prices and some buyers who had to stretch to find a way to obtain a mortgage in the first place are having trouble making their ... more...

Negotiating A Short Sale The High Road to Huge Foreclosure Profits
Buying foreclosures can be extremely profitable for real estate investors. However, most of these homeowners are mortgaged to the hilt. They have no equity, and big loan payments. In fact, many actually owe more than the property is worth!Most investors will walk away from these deals because ... more...

Chapter 13 Bankruptcy - What Does that Entail?
Chapter 13 Bankruptcy is a reorganization bankruptcy. It means that the people who decide to file for this type of bankruptcy want to clear their debts over a period of three to five year.Chapter 13 Bankruptcy appeals to those who have non-exempt property that they want to keep hold of and those ... more...

Financing the Purchase of Foreclosed Homes
Homes that have been foreclosed can be one of the most economical ways to get into a nice home without having to pay exorbitant costs. Its also a great way to get in on the real estate investment game as a beginner. Foreclosure occurs when an owner is unable to meet the financial obligations due a ... more...

Do I Owe Money After I Have Been Foreclosed On?
I have been doing short sales for just over 5 years as of this article, the two most resounding questions, based on the course of action as it relates to the foreclosure are as follows:1. Will I owe the bank money after they foreclose on my on home? 2. If you are able to negotiate a price and buy ... more...

Getting The Best Home Equity Loan
Owing to the popularity of home equity loans, there are numerous lending agencies offering a variety of mortgage products. A bad choice of mortgage can lead to disastrous effects, as there is a risk involved of foreclosure and losing one's home. Hence it becomes necessary to secure the best loan ... more...

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