FORECLOSURES - How to Avoid Them - What You Should Know

Send us Fan Mail#AvoidForeclosure #HomeOwnership #homevalues Let's Discuss the ways to Avoid Foreclosure VS. trying to spread fear about a fake real estate crash thats supposed to take place this year...FORECLOSUREGuest:Tony Martinez | Realtor | Remax North Host: Mark Jones - NMLS 513437 | Founder of ReviewMyMortgage.com | President iTHINK MORTGAGE Sr. Loan Officer - The right way to educate & the wrong way to educate about it.     - Spreads Fear and Lowers CCI. (Consumer Confidence Index)         - https://data.oecd.org/leadind/consumer-confidence-index-cci.htm    - How Long Does it Take to Foreclose in Texas?        * In most cases involving a home loan, federal regulations state the foreclosure action cannot begin until the loan is over 120 days delinquent. WHY FORECLOSURE IS A BAD IDEA* Credit History * Ability to Purchase Again     * Creates Additional Hurdles and Waiting Periods* Most Of All - LOSE OF EQUITY SHORT SALES IS BETTER THAN FORECLOSURE … “only if they are upside down on their LTV” MJ     - But is it? * Definition :     * Both short sales and foreclosures can get homeowners out of paying for their mortgages. Short sales are voluntary actions by the homeowner; they require approval from the lender. Foreclosures are involuntary for the homeowner; the lender takes legal action to take control of and sell the property. * Financial Impact :     * In the end, short sales are almost always damaging to your credit, but they do less harm than foreclosures or bankruptcies. A short sale might block you from a mortgage on a new home for two years or so, but a foreclosure or bankruptcy could keep you out of the market for as long as seven to 10 years.May 9, 2022Texas Doesn’t Have Many Short Sales : * Situation of Potential Short Sale     * VA Loan due to Funding Fees    * USDA Loan 100% Financing     * Bond Loans with Silent 2nd Waiting Periods after Short Sale? Waiting Periods after Foreclosure? WORKING WITH YOUR MORTGAGE SERVICER TO SAVE YOUR HOME- Because of Programs that are now allowing for Extended Forbearance.- Intermittent Payment Deferral - Loan Modification https://www.attomdata.com/news/market-trends/foreclosures/attom-september-and-q3-2022-u-s-foreclosure-market-report/Only for educational usage. All calculations should be verified independently. Reviewmymortgage.com is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. For All Mortgage Lending Needs Please Visit iTHINKMortgage.comRead the full disclaimer here https://ithinkmortgage.com/disclaimer/Closing Cost,Proof of Funds Fun Trivia,Credit Score,Credit Events,Credit Events: Public Filings,Today's Average Rates, where to look, Mortgage Insurance, Property Requirements, House Hacking, Property Condition, Appraisal, Loan Limits, Income and Employment, Affordability - Debt-to-income, Max Purchase Price Calculator,Support the showKey Factors Podcast is Powered by LoanBot.com Host: Mark Jones | Sr. Loan Officer | NMLS# 513437 If you would like to work with Mark on your next home purchase or as a partner visit iThink Mortgage.