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Foreclosure Fallout; Seller Assisted Downpayments

Thu, 20 Nov 2008 20:42:37 GMT

Seller Funded Downpayments could Assist Foreclosure Fallout
The housing market crumbles as families and communities struggle under the overwhelming weight of foreclosures, it is imperative that the Administration consider reinstating seller-funded downpayment assistance (DPA). Before its elimination last month, DPA helped more than a million hardworking families become homeowners. If given the option, hundreds-of-thousand more working families would happily take advantage of depressed prices and purchase foreclosed homes, deflating the overstock of inventory that is fueling the housing crisis. Further, distressed families could easily refinance out of risky adjustable rate mortgages into low-interest, fixed FHA mortgages using DPA. Sheila Bair, Chair of the Federal Deposit Insurance Corp. (FDIC) is offering solutions to the foreclosure fallout and calls upon our elected officials to open their eyes to the role that DPA can play in alleviating stress on the economy and families in this foreclosure crisis.
Down-payment assistance programs enlist the participation of nonprofit organizations in a bid to help low-income families cover the costs of a down payment (along with, in some cases, closing costs and other upfront cash requirements). Today, nearly one in five borrowers whose mortgages are insured by the Federal Housing Administration (the largest insurer of mortgages in the U.S.) make use of down-payment assistance programs.
They oversee the transfer of money from the seller to the non-profit organization. In turn, the organization gives the home buyer a similar amount for the down payment on the home (the nonprofit takes a piece of the deal through a percentage of the transaction -- typically one percent -- or a flat fee). The gift is treated as a down payment. The buyer has no part in the transfer of funds, and he or she is not required to pay it back.
The most prominent of the nonprofit organizations that facilitate these transactions are The Nehemiah Program, AmeriDream Inc. and Partners In Charity.
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RH Sterling 570.972.1245 Skype: rhsterling http://qurox.veretekk.com

Short Sale Investing

Thu, 20 Nov 2008 06:29:31 GMT
Short Sale Investing
The foreclosure market is at an all time high and it seems as though more and more properties continue to face home foreclosure. Because of this increased volume over the past few years, opportunities for real estate investing in foreclosures are tremendous. A search on Google will provide millions of pages on how to invest in pre-foreclosure short sale properties.
Short sales are becoming more and more popular when buying a home foreclosure just because of the huge discounts they offer. Real estate investing has been taken to a new level as more and more investment opportunities pop up everywhere. Therefore, it's important to have the right knowledge when these real estate investment opportunities present themselves.
What is a Short Sale?
A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.
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RH Sterling
570.972.1245
Skype: rhsterling

Real Estate Investors Want Foreclosure Leads

Wed, 19 Nov 2008 22:43:35 GMT
Real Estate Investor's Want Foreclosure Leads
Financial experts predict nearly 2 million homowners will enter into a foreclosure situation thsi year due to lost jobs, people being force to work for trash can level wage and economic recession. However it is not all bad news, savvy real estate investors will earn huge dollars in the housing market when they purchase foreclosure property at rock bottom prices.
If you are an investor searching for properties in the foreclosure process, bank owned foreclosures or owner occupied homes in foreclosure you need leads. One way is to buy foreclosure leads but they are overworked and expensive. These leads have been sold many times over and receive poor results.
A simple search on Google will show you thousands of pages of companies who will sell you foreclosure leads but why buy what you can produce for free.
Click here to learn how you can produce leads that are yours only, not someone else's recycled junk.
RH Sterling
570.972.1245
Skype: rhsterling