Jeffrey Harrington's Blog
It takes as little as two to three missed mortgage payments to receive a foreclosure notice from your lender. Receiving a foreclosure letter from your bank can be as unnerving as receiving a letter from the IRS. What you may not know is that there are generally two stages to the foreclosure process.
Take action on a house foreclosure notice
At first, you will likely receive a notice or letter that you have defaulted on your loan. The type of letter that you receive depends on the housing laws in the state that the house is located in. Additionally, depending on the details in your mortgage, you may need to go to court to start and finalize a foreclosure.
Details included on a loan default notice may include your full name, street address and the lender's name and address. The reason why you are receiving the notice is also included. There's a likelihood that you will also receive a date by which, if you get caught up in your mortgage payments, you can remain in your house.
Which raises the first step that you could take to keep your house out of foreclosure. As soon as you receive a notice of mortgage default, contact your mortgage lender. Work out a date by which you can get caught up in your loan payments. Go with a date that you know you can meet. If you get caught up in mortgage payments by an agreed date, you can avoid receiving a foreclosure notice of sale.
More ways to keep your house out of foreclosure
Additional actions that you could take to keep your house out of foreclosure will impact your financial health over several years. However, there is another step that could keep you from dealing with a damaged credit rating. But, let's start with the early steps.
Schedule a meeting with your bank and discuss a loan modification. Again, make sure that you can meet the adjusted monthly mortgage payments. It does you no good to work out a temporary plan that you will only default on within a few months.
Take out aloan with another lender to cover the cost of the late payments. Only take out enough to cover the amount of mortgage that you are behind on. This should bean absolute last option, as it will cause you to take on more debt.
Another late option is to file bankruptcy. You will likely need to come up with bankruptcy filing fee. It is possible to find attorneys who will cover their fees until after the bankruptcy goes through. Just know that a bankruptcy will affect your credit for seven years.
You could also ask relatives to give you enough money to get caught up in your mortgage payments. Do this early, long before the bank moves your foreclosure to the sale stage. To avoid having your house go through foreclosure, take on a second job. For example, you could take on contractor work on weekends or in the evenings at home.
Depending on the amount of equity that you have in your home, you could sell items at your house to raise enough to cover late mortgage payments. As worried as you might become after you receive a foreclosure notice, you do have options. Start brainstorming for ways that you could rectify the situation. Above all, take action and reach out to your lender.
For home sellers, maximizing the value of your residence is key. However, it is important to remember the dangers associated with overvaluing your house.
If you overprice your residence, homebuyers may choose to look elsewhere for their dream house. As such, it may take you many weeks, months or years to sell your residence if you fail to price it correctly from the get-go.
So what does it take to avoid the risk of overpricing your home? Here are three tips to help home sellers set a fair price for any residence, in any real estate market, at any time.
1. Review the Housing Market in Your Area.
Spend some time assessing the local housing market – you'll be glad you did. This will enable you to better understand how your home compares to other residences in your city or town so you can price your house accordingly.
Check out the listing prices of homes that currently are available as well as the sold prices of residences that recently were purchased. By doing so, you'll be able to collect a broad assortment of housing market data and use this information to determine the right price for your house.
2. Get Your Home Appraised.
A home appraiser will conduct an in-depth examination of your residence, help you identify problem areas and determine your house's value. That way, you'll be able to enter the real estate market with realistic expectations and set a fair asking price based on your home appraisal.
Furthermore, a home appraisal offers valuable insights into ways that you can improve your home. The assessment will allow you to learn about the pros and cons of your home, and ultimately, determine the best ways to transform your house's weaknesses into strengths.
Don't forget to evaluate your home's interior and exterior as well. Completing home improvement tasks will improve your residence inside and out. Plus, performing home maintenance may allow you to set a higher asking price than you initially expected.
3. Hire an Experienced Real Estate Agent.
Let's face it – navigating the real estate market can be a long, arduous process. Thankfully, real estate agents are available that possess extensive industry experience and know-how, ensuring you can set the right price for your house without delay.
Perhaps best of all, a real estate agent understands the ins and outs of both buyer's and seller's markets. As such, he or she can offer recommendations about how to price your home, enhance your house's interior and exterior and much more.
With the right real estate agent at your disposal, you should have no trouble setting a fair price for your home. In addition, this professional will do whatever it takes to promote your house to the right homebuyers consistently, bolstering your chances of optimizing the value of your residence.
Don't leave anything to chance when you sell your home. Instead, employ a real estate agent, and you can speed up the process of selling your residence.
Finding the right house that meets your family's needs is an important decision; it's one that can affect the quality of your life for years to come. That's why it's especially important to be in a focused, resourceful state of mind when house hunting. It's also helpful to have a clear idea of what you're looking for and have a system in mind for comparing the strengths and weaknesses of every house you visit.
Knowing What You Want
Chances are, you're going to approach your house search with some preconceived notions about features like the floorplan, bedrooms, and number of bathrooms. You may also have strong preferences for a particular school district, the size of the back yard, and proximity to neighbors. One thing's for sure: There are a lot of details on which you'll need to concentrate as you meet with your real estate agent and visit different homes for sale. While conditions are not always ideal for taking it all in, here are a few tips which may help you get the most from the experience.
Packing to move to a new house is one of the more time consuming parts of the home ownership process. If not organized and laid out effectively, packing for a house move can be exceptionally draining, both mentally and physically. Another drawback to packing ineffectively is that the actual process of wrapping and packing your household goods could end up taking several days, perhaps longer than two weeks.
Time saving house packing tips and advice
On the flip side, it could take you just as long to unpack if you don’t start out packing o move to a new house a good way. Here are some tips that can save you time and energy when it comes time to pack and move to a new house.
- Schedule time to pack – If you only pack when the mood hits you or if you pack while you’re feeling rushed, you could start to fall behind. That may lead you to start tossing things inside the first box that you see.
- Start packing early – Give yourself two to three weeks to pack. You may need an additional week or two if the house that you’re moving out of is large.
- Wrap delicate household items – Use bubble wrap or paper to protect delicate glass, ceramic, china and porcelain products.Also, wrap computers, laptops and television monitors. Basically, wrap and protect all items that could easily break if they were dropped or if another item kept pressing against them while they were packed tightly inside a box.
- Leave room – To piggy back on the above tip,leave enough room between delicate household items to keep them from smashing into each other and breaking, bending or getting scratched.
- Label properly – Pay attention to how you label boxes. Use a dark, thick marker to label boxes with. Save yourself the hassle of typing up box labels. Pack similar items together and label one to two sides of each large box. This makes it easy for you to find what you’re looking for.
- Toss items – Get rid of items that you never use.
- Loading moving trucks – Load boxes on moving trucks by room. For example, load bedroom boxes together.
- Get insurance – Whether you pack and move to your new home yourself or hire a professional mover, consider insuring valuables.
Important house packing points to remember
You will have plenty to take care after you finalize your mortgage, closing and home ownership paperwork. As tempting as it might be, avoid dumping small household items into a bag or a box. It will help to keep your valuables from breaking. It will also make it easier for you to find important items after you arrive at your new home.
In fact, packing the right way pays off even if you hire professional movers to haul your furniture, appliances and other household goods to your new home. Another point to remember should you hire professional movers is to let the movers know how you want items categorized and boxed. Again, this saves you time on the back end, when you start to actually move into your new house. The less time that professional movers spend packing and unpacking your household goods the more money you save on the move.