Avoid Foreclosures

Foreclosure Prevention Specialist

At National Foreclosure Prevention Services we are dedicated to keeping our clients from becoming another statistic through education and guidance. We are Certified Loss Mitigation Consultants and we help stop bank foreclosures on homes across the United States.

We Offer Foreclosure Assistance and Foreclosure Prevention Services Through Loss Mitigation and Short Sale Practices.

Click here Avoid RI Foreclosures For a Free No Obligation Consultation About How We Can Help.

 

 

100 Customers In 100 Days

 

 

Why Do Foreclosures Continue to Rise

 

MSNBC wrote:

Unemployment is part of the reason that foreclosures are now claiming the homes of families that took out conventional mortgages, put 10 percent to 20 percent down and have now lost their income. None of the government’s programs were designed to deal with people in this situation; unemployment was hovering around 6 percent when Treasury enacted Making Home Affordable.

On a personal note, I find it hard to believe that no one in the government was able to speculate that unemployment could be a factor in the increase of foreclosures across the country.

The Making Home Affordable Program (MHA) was not designed to provide relief for homeowners who owe more than their home is worth — either because home prices have fallen or because the price they paid for their home was based on a fraudulent appraisal, or both. There is no provision in any of the government's programs requiring a lender — or even offering incentives to a lender — to forgive part of the principal owed, even if it clearly represents home equity that will never return.

The current foreclosure relief program states in essence: That this issue is the homeowner's problem and not the lenders. Regardless of the fact it was the lender who made the unimaginably costly miscalculation when it approved the loan in the first place, speculating that house prices wouldn't fall.

Some members of Congress have tried and failed — more than once — to pass a law that would have provided real relief for homeowners. A simple change in the bankruptcy law would let a judge modify the terms of a mortgage from the bench, just as they do for every other form of debt, from credit cards to car loans to mortgages on second homes or yachts.

Each time the change was proposed, lenders fought fiercely to stop it. None of the other measures the government has tried — from the Hope Now Alliance to Hope for Homeowners to Making Home Affordable — has made any significant dent on the pile of bad loans that is forcing families from their homes, driving home prices lower and creating a gigantic headwind for any economic recovery.

Click here to stay informed and subscribe to our RSS Feed.

Avoid Foreclosure with a Short Sale Rehab

With the completion of the loan modification we were able to begin the rehab of this property. We decided that the only way for us to get the best tenant and the most rent was to start from scratch. This is the apartment before the renovations.

 Click on this link – and you will see the completed renovations. Learn more about D&L Realty and Investments 401.595.1221

Let me get to the point

With the recent growth of our business we have made some modifications to our company business model to address the quality and level of service we want to offer our clients and business associates. You can read a little more about those changes if you click on the link below.

Click This Link To Read More About Us.

D & L Realty and Investments was incorporated in March of 2007 with the simple business model to buy, rehab and sell property, but we quickly realized that real estate investing was a little more involved than we expected. We were not doing business in our own back yard, but across the country.
 
National Foreclosure Prevention Service was incorporated in 2008 and it was created as a necessity to the business we were generating from our wholesale business – D & L Realty and Investments. The homeowner’s we were we meeting wanted to keep their homes and we needed a way to service their needs.

RI Home Buying was created to help us advertising and marketing the homes we were buying, rehabbing and selling. It also helped us market and sell the short sale properties that did not qualify for a loan modification. Now this is where we started to generate a lot of attention and additional business. With the implementation of Web 2.0 technology and our unique marketing systems we were not just selling our property- we were now representing other investors, realtors, brokers and homeowners. As our business has grown and so has our appetite for more knowledge about the services we offer to our clients and the industry as a whole. We had to get on a plane, train or drive to locations that offered the quality and type of education our business required and our clients demanded.  

So to that end we have slightly shifted our business model to accommodate our educational needs and the additional services we now offer; but we also wanted to offer the same quality of service and education to our business partners.
 

Our ultimate goal is to bring you the best real estate news, education, products and services allowing us all to profit, learn and prosper.

Strategic Defaults are the Next Big Wave

One of my lead sources are Mortgage Advisors and Brokers and they are calling me all the time telling me about a homeowner that called to try to refinance. The borrower is looking for a rate term refinance with good credit scores, excellent debt to income ratios, no late mortgage payments and a steady work history.

That is an A Paper Loan we dream about all day so why can’t they get him approved – because his loan to value is too high. Yup, he is upside down and through no fault of his own. Housing prices in his neighbor have fallen do to scattered foreclosure in his area and they can’t get the value they need in the appraisal.

Thousands if not millions of homeowners are stuck in upside down mortgages and they are not happy. You have the family that bought their house two years ago and put 20% down to help reduce the mortgage payment and get a better interest rate. That money is gone, the little equity they had is gone and in some cases so is the homeowner.

In 2007 the sub-prime market was to blame for the issues with housing crisis, but not anymore. Most of those sub-prime mortgages have worked their way out of the system although there will be some 3/1 Arm and 5/1 Arm mortgages adjusting this year.

Unemployment is the reason for the current housing crisis and although the rate of unemployment is starting to taper off the repercussions of this last year will stay with us for the next two years. Add that with the 4.5 million borrowers with Arms that will re-set right about the time interest rates will be on the rise and we have another rise in foreclosures that will most likely extend into 2011–2012.
 
Once unemployment rate stabilize the next wave of default mortgages will come from homeowners that are upside down or under water. That would be the homeowner that can’t find a good reason to stay in a home that does not make financial sense to pay for.

That would be a non performing asset – and if you can’t convince a homeowner to stay in that home and continue to make the mortgage payments how will you entice people to purchase homes that are overpriced? You can’t with the proper incentive.

The government has already started to do that by extending the $8,000 tax credit for first-time homeowners and a new $6,500 credit for existing homeowners who move into another home. As industry insiders have been saying for years, the reduction of housing inventory is the only sure way to economic recovery.

Giving people incentive to buy will not eliminate their fear of reduced home values, but if the market can adjust itself with more reasonable home values then the fear can be minimized.

Read more and stay up to date. Click here to subscribe to our RSS Feeds. You will have immediate access to the latest industry news.