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The Ideal Pre Foreclosure Solution
from:No homeowner plans to go into pre foreclosure through default on their home loan repayments. Unfortunately many homeowners find themselves in this very situation each and every day. With worsening conditions in the economy more and more homeowners, especially those with the so called "jumbo loans" or those with variable rate ARM (adjustable rate mortgage) loans are particularly at risk for going into pre foreclosure. The good news is that there is a pre foreclosure solution that can work for many homeowners, but it does require being proactive and acknowledging the problem as soon as possible.
The first step for a homeowner to come to a pre foreclosure solution that will work for both themselves and the lender is to eliminate all other debt as quickly as possible. This may mean taking out a long-term fixed rate consolidation loan on all credit cards or car notes and other debts before falling behind on the house payment. Most homeowners simply ignore the warning signs of mounting debt, seeming to hope they can somehow borrow their way out. This never works, and even a consolidation loan will only work if you are also eliminating all expenses and luxuries out of your life and living as much as possible without using credit. This means getting rid of those extras such as cell phone plans that are above the basic, eliminating luxuries such a broadband internet, satellite television or expensive plans on your home phone. Most families can save hundreds of dollars per month just by cutting out those four expenses in the house. Using this pre foreclosure solution of living well within your means helps your lender understand that you are serious and proactively working to get back on your financial path.
The second step in a mutually agreeable pre foreclosure solution is to prove to the lender that you have the income you need to make the payments if they either modify your mortgage or refinance. This means someone in the household may need to take on an additional part time job to add to the total monthly income. Most lenders are not going to be able to work with a homeowner that has no increase in income and decrease in spending since there is no mathematical way to justify a loan or a mortgage modification.
The third step is to prepare a hardship letter for your lender, which will outline the problems in your financial history and how you have resolved these issues. A big consideration that many lenders look for is a pre foreclosure solution that includes using a reputable credit counseling service to assist families in getting back on track financially.
Pre Foreclosure Charlotte News
The Vue tower is headed for June 12 foreclosure auction - Charlotte Business Journal
The Vue tower is headed for June 12 foreclosure auction Charlotte Business Journal At the time of the foreclosure filing, MCL had closed on the sale of 19 units out of 408 in the 51-story building. Owners of The Vue Charlotte owe more than $194.8 million on two loans, according to court documents filed as part of the recent ... |
The Vue to sell as foreclosure next month - WCNC
The Vue to sell as foreclosure next month WCNC by NewsChannel 36 Staff CHARLOTTE, NC -- Nearly vacant uptown condominium complex The Vue is set to sell at auction next month. The high rise is located at Fifth and Pine streets. It will be sold as one unit, except for the condos and parking spaces ... |
Charlotte protesters: Bank of America is 'worst of the worst' - msnbc.com
 msnbc.com | Charlotte protesters: Bank of America is 'worst of the worst' msnbc.com ... shareholder meeting in Charlotte, NC on Wednesday, dozens of them entering the proceedings to criticize the behemoth financial institution's policies on mortgages, worker rights, tax avoidance, banking fees, foreclosures and energy financing. Protests mark Bank of America's shareholders' meeting inside and outside; 4 ... Protesters voice anger outside BofA annual meeting Protests mark Bank of America meeting; 4 arrested |
History museum suspending operations, studies new financial model - Charlotte Observer
History museum suspending operations, studies new financial model Charlotte Observer “We're not in foreclosure, but we owe money and we've got to build up some cash to pay our bills,” she said. Among the historic exhibits on display is a gallery about Queen Charlotte, the city's namesake, and “Charlotte Stories,” which tells about the ... |
Vue condo tower hits auction block - Charlotte Observer
 Charlotte Observer | Vue condo tower hits auction block Charlotte Observer CHARLOTTE OBSERVER FILE PHOTO The luxury condominium tower The Vue is set to be sold at public auction at 10:15 am June 12 on the first floor of the Mecklenburg County Superior Courthouse. Clerk of Superior Court Martha Curran signed an order Monday ... |
Protesters voice anger outside BofA annual meeting - Reuters
 USA TODAY | Protesters voice anger outside BofA annual meeting Reuters By Rick Rothacker | CHARLOTTE, North Carolina (Reuters) - Hundreds of demonstrators marched outside Bank of America Corp's (BAC.N) annual shareholder meeting on Wednesday to voice anger over issues ranging from foreclosures to corporate taxes to ... Protests mark Bank of America meeting; 4 arrested 4 arrested at Bank of America protest Bank of America Meets Shareholders as Protests Swirl |
Bank of America hiking relocation aid for troubled homeowners - Bizjournals.com
 Sun-Sentinel | Bank of America hiking relocation aid for troubled homeowners Bizjournals.com Charlotte-based Bank of America Corp. is offering a new nationwide program that increases relocation payments to delinquent mortgage customers who complete qualifying short sales. Bank of America Corp. has launched a nationwide program that increases ... BofA hiking relocation aid for troubled homeowners BofA to forgive some underwater mortgages |
Southwest Florida foreclosures increasing as refiling picks up - Sarasota Herald-Tribune
Southwest Florida foreclosures increasing as refiling picks up Sarasota Herald-Tribune Overall, the 1310 foreclosures filed last month in Southwest Florida were up 6.6 percent from March, RealtyTrac data shows. Charlotte County led the region, with foreclosures jumping 30 percent from March, while filings in Sarasota County overall were ... |