Archive for March, 2010
Is Your Home At Risk?
March 27th, 2010 | 
Author: Is Your Home At Risk?
How can a homeowner know that their greatest asset their house is in danger? What are some of the early warning signs of foreclosure? There are a couple clear signs that can’t be ignored but some signals of financial peril are a bit more subtle. Whether you live in San Diego or the Bronx foreclosures are happening around you every day. Knowing what the warning signs are will ensure that you’ll know if your home is at risk.
An obvious sign of clear and present danger is missed mortgage payments. Unlike a late water bill or a missed payment on a store credit card lenders take mortgage payments very seriously. Missing a mortgage payment is serious business. Lenders will usually begin calling you when the grace period passes after your first missed mortgage payment.
Although it’s an embarrassing situation do not avoid their calls. Tell them exactly what’s going on and they may be surprisingly understanding. Good communication is very important so be sure to let them know the state of things and when you hope to make your payment. Missing even just one mortgage payment will damage your credit score considerably so try to set up a payment plan rather than avoid your lender’s phone calls and letters. If you ignore the lender they will send your information to a loss mitigation company or lawyer.
Watching time lapse without taking action is the single worst thing you can do. Once your mortgage isn’t completely current your lender may begin the foreclosure process by filing a “notice of default” which pretty much means pay up or get out. This officially starts your reinstatement period which means you need to pay all of the fees and late payments or else a date of sale will be established. If more time is allowed to pass you will receive a “notice of sale” and your home will be put up for sale by your lender. You and your family will be evicted once the process has gone this far.
There are also more subtle signs that your home is in danger. When you purchased your home did you sign on for a 30 year fixed mortgage or did you sign up for “creative” financing to lower your payment? If your payments are slated to increase and you can barely afford the bills you currently have it’s time to consider getting out of your house before it’s too late. Selling a home in today’s market may take a long time so don’t wait until you’re in over your head to make a move.
The worst thing you can do during this process is to pretend that there isn’t a problem. If you don’t take actions to prevent foreclosure you and your family will most certainly lose your home. As soon as you think there is a slight chance you won’t be able to make your mortgage payment in the future you need to look into your options. Don’t just bury your head in the sand and hope it will all work out for the best. The longer you wait the fewer the options available to you.
Don’t let foreclosure happen to you. It is possible to sell your home long before the foreclosure process reaches its ugly end. Find a trusted realtor or foreclosure counselor and find out your options before your credit is totally destroyed and you lose your home. It is better to sell your home than to have it taken away from you. A little bit of planning and the help of an expert realtor in this situation can make or break your financial situation for the rest of your life.
About the writer: Kari Shea of Shea Real Estate Investment Group is an accomplished business professional and community leader in the San Diego California area. With more than 45 years of collective sales marketing and consulting experience; the Group are master negotiators in the marketing and selling of real properties. Learn more about their services at: www.shearealestate.com.
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Things To Know When Buying A Property
Things To Know When Buying A Property
Getting a real estate property will be a life long dream for every one of us. But this is not a job which will happen overnight. When buying properties one needs to think plan and then execute accordingly. Lot of paperwork and research has to be done before you go ahead for a property and then you need to match your priorities based upon the facilities available at the property. If you are thinking to buy a property from an auction then there is a need to examine certain characteristics of the auction carefully and determine the target price that you can afford also check the different features that is available with the property. It is better not to compromise with things which are not acceptable for you and then regret later. It always suitable to keep up with the deadlines with the auction process once you come in terms with the bidding formalities.
The legal system used distinguishes the real estate properties into two types; they are personal properties and real properties. Personal properties are any property which can be moved from one location to another for instance they can be goods security instruments and any intangible assets. Another difference is that in personal property the statutes of limitations or the prescribed periods are essentially limited. Real properties are basically the ownership of a property such as buildings and apartments; this will also include other legal affairs between the owners of these immovable properties which are nothing but the real estate. The real immovable properties are necessary for any activities which require lot of fixed physical capital economics that is related to it. In the real properties they are enforceable for a longer period and mostly they are registered under the registers of government sanctioned land.
Properties can also be separated into commercial properties and residential properties. Commercial properties include stores garages workshops office premises retrial shops etc. Residential properties comprise properties such as blocks flats ground rents mansion blocks houses or any piece of land. Based upon the requirements the property structures vary with the cost transaction procedures and all other dealings. The commercial real estate industry can divided the commercial buildings into four types. They include the Class A buildings Class B buildings Class C buildings and Class D buildings. Class A buildings include fairly new buildings with all the modern amenities or facilities. Class B buildings are the ones which are older most likely 10 years older or so provided with basic services.
Class C buildings are older buildings with smaller units but maintained well and equipped with all the basic facilities in stable areas. Class D buildings are again older but maintained properly with few facilities. Such properties will be located in the marginal areas. Whether you are seeking for residential or commercial properties proper assessment of the premises is always necessary and this is very important. Some properties will be deserted or redundant and environmental contamination will further complicate the conditions. There are also contaminated properties which get ruined by toxic materials and nauseating odors. While buying a particular property at an auction it is better to have lot of awareness as many legal systems are involved that will help you to avoid complications in future.
About the writer: Ron Victor is an Expert author for property auctions. He written many articles like property auctioneers uk auction list property auction uk property auctions real property auction and online uk property auction. For more information visit our site. contact him at ron.seocopywritergmail.com
Location Location Location: Saving Money From The Best Location
Location Location Location: Saving Money From The Best Location
To think that location only matters when your buying real estate is not necessarily true. Remember that bigger name brands have to figure in the cost of you knowing their name into the product/service you buy.
I use a dry cleaner on an obscure corner in the town next to mine. Its on my way home from work and a about a mile further from the one down the street from me in the new shopping mall with the new awnings and pretty sign. My dry cleaner is not a brand name; its a small mom and pop shop. On average each month I take in 10 shirts 3 pairs of pants periodically a jacket or coat. I pay 1.00 per shirt 2.00 per paints and 36 for coat/jacket. This week I dropped off the 10 shirts and 3 pairs of pants and paid 14.40. This amount includes a 10 discount that I get for paying for my dry cleaning up front I asked the owner about the discount over a year ago and always take advantage of it.
Now the store closest to me a little nicer much newer a franchise charges 1.90 per shirt 2.75 for pants and no discount as of yet on prepayment. So my usual 10 shirts and 3 pair of pants would cost me 12.85 more a month. Now according to the DebtFREE of Windows investment strategy calculator if I take that 12.85 and save it every month for 20 years in a interest bearing account earning approximately 8 annual return I would have 7569. So using my older not so shiny dry cleaners equates to a 31.54 asset increase each month.
So does location matter? In this case it does!
Lets take another example of a hot dog macaroni and cheese and applesauce lunch for the kids. If I buy a package of hot dogs 8 buns Macaroni and Cheese and applesauce at the discount store closest to me Id pay under 5 to feed 4 people if I go to the next closest grocery store I would pay 172 yes one hundred and seventytwo percent more.
So maybe the actual location doesnt really matter but the location you choose to spend your money at can make big differences in your budget. I only listed two areas of spending; dry cleaning and food. If I equate this spending difference for the lunch for 4 on my 500 a month food budget…this would mean that by shopping at the location that is friendlier to my wallet I can get an additional 800 in food each month just by only buying items on sale using generic food items when available buy the store brand instead of name brand etc.
What about movies if I see this weeks blockbuster at the theater closest to my home Ill spend 2.50 more per ticket then if I go to the one in the town over. DVD prices can be greatly reduced from location to location a recent DVD purchase at a big name store located at a Mall was 3 more than the same movie at the local discount store.
Picking the location on where your money goes is up to you spend the next month really comparing the prices you are paying and what those same items sale for at the place a block closer or further away or the store on the way home from work. Little things small changes can make 7000 worth of difference in the long run.
About the writer:nbsp;nbsp;Sherry Ridge is a Certified Financial Consultant who has been helping the average American family achieve true financial independence through Debt Elimination and Household Budgeting workshops and personal consultations for over 15 years in the Lake County IL area.
Sherry is a community activist who has served her community for over 15 years in various board positions for nonprofit organizations as well as teaching ESL English as a Second Language to new immigrants and being a literacy volunteer.
Sherry achieved her MBA as an adult and understands the hard work and commitment that go with a being a life long learner. She is a published author and contributor to several financial e/newsletters.