Low FICO Score & Bad Credit Mortgage Refinance Applicants Are Approved and Ecstatic

Homeowners who think they can't refinance their real estate mortgage because of a low FICO score or bad credit, need to think again. There are many homeowners today who got caught up in the mortgage loan implosion. This occurred after foreclosure rates went up and the more lenient loan programs were eliminated as a result of foreclosures increasing. These homeowners may have got into their home loan mortgages with low qualifications and low FICO scores and now they cannot get out of them. Some borrowers are in adjustable rate mortgage loans where the interest rates continue to rise. As the real estate mortgage crisis continues, lending guidelines continue to get tighter, increasing the number of homeowners who cannot get refinanced.

In the face of the lending underwriting guidelines getting stricter, the real estate market does not seem to be cooperating. As the number of foreclosures and bank owned properties goes up, real estate equity goes down due to the declining real estate markets. As the equity shrinks on real estate, the credit denials increase. The reason for this is of course, lower equity increases the risk of the lender.

Many homeowners who have been told, "NO!" for a mortgage refinance may have given up on trying. They may have given up too soon. The future may be brighter for some who apply. Right now there is a program available 95% loan to value with cash out to those with low FICO scores and in some cases can go to as low as a 530 FICO score. The interest rate for this low equity loan program is about the same as the best conforming rates for borrowers with 20% equity or more.

The loan program is far more lenient than standard agency loan programs which are Fannie Mae or Freddie Mac approved. This will help many homeowners perhaps get out of the jam they are in buy getting them refinanced into a lower rate and help them take some cash out too. The first step is to contact a seasoned mortgage expert to assist you in your mortgage refinance.

Alle have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for foreclosures in wyoming and great passion and knowledge for wyoming foreclosures for sale and all the different options & providers available in the market today. Find out for more info also here foreclosuresinwyoming.net

Other Methods of Real Estate Investing - Tax Liens

Understanding Tax Lien Investment

What is a tax lien? Tax liens occur when a property owner has not paid local taxes on a property. The local government will issue a lien against the property that states that it can't be sold and ownership cannot be transferred until the owed amount has been paid in full. How do you make money on someone else's tax lien? It's called a tax lien sale. An auction is held by the public authority who sells the property in order to settle the tax lien. The winning bidder is purchasing the right to own the property if the original property owner doesn't repay the tax debt to the winning bidder.

There are 3 kinds of liens that may be placed on property:

1. Judicial liens (also called "judgments"): Come from lawsuits by a creditor.

2. Statutory liens: Typically tax liens, either from the IRS, state taxes, and property tax.

3. Consensual lien: Missed mortgage payments.

What is the Tax Lien Process?

First, the home owner does not pay their local property taxes. So the local government makes a lien against the property, which prohibits the sale or transfer of the property until the tax debt is paid in full. After that the local government offers a tax lien at auction to cover the unpaid taxes. You attend the auction and bid. Be sure to research before bidding; thoroughly inspect the property and do a lien and title search. The lowest interest bid or most favorable fixed interest goes to the highest bidder.

Next, you'll have to wait and see. If the property owners don't pay the lien, action is taken. In some states, the owner of the tax lien certificate needs to apply for, and then gets, the property deed. In others, there is an auction for the property. You bid on the unpaid lien plus the interest due to you as the certificate owner.

States with Tax Lien Certificates: Alabama 12% Montana 10% Arizona 16% Nebraska 14% Colorado 9% above Fed Res Rate New York 14% Connecticut 18% New Hampshire 18% District of Columbia varies New Jersey 18% Florida 18% North Carolina 12% Illinois 18% North Dakota 12% Indiana 10-25% Puerto Rico varies Iowa 24% Rhode Island 12% Kentucky 12% South Carolina 8% Louisiana 5% and up South Dakota 12% Maryland 12-24% Tennessee 10% Massachusetts 18% Vermont 12% Michigan 15-50% West Virginia 12% Mississippi 17% Wyoming 18% Missouri 10%.

To illustrate two successful lien certificate investments, review the following scenarios:

Example 1: A real estate investor purchased a tax lien certificate on a commercial property for $12,000. The property owners were unknown, and all of the required notices were sent out but there was no redemption. The certificate holder acquired the property which was appraised at over $365,000. The return on investment for this real estate investor was over 30 times his initial investment!

Example 2: Mississippi pays lien certificate holders 17% interest. After 20 years, a $2,000 certificate would have grown to more than $30,000 with earnings that are tax deferred.

Alle have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for foreclosures in wyoming and great passion and knowledge for wyoming foreclosures for sale and all the different options & providers available in the market today. Find out for more info also here foreclosuresinwyoming.net

National Policy and Its Effects on Star Valley Wyoming

What a great opportunity to invest in real estate in Wyoming. Interest rates are at an all time low, and our market in Star Valley Wyoming is looking very optimistic. Read our blogs for tips on investing in real estate for sale in Wyoming.

During our monthly tracking, we have noticed that, generally speaking, real estate for sale in Wyoming is still holding strong.

Homes for sale in Wyoming Star Valley

June, 2008-346 homes for sale with an average list price of $475,000

February, 2009-272 homes for sale with an average list price of $466,500

Land for sale in Wyoming Star Valley

June, 2008-611 parcels of land for sale with an average list price of $245,000

February, 2009-527 parcels of land for sale with an average list price of $262,000

These numbers representing real estate for sale in Wyoming were gathered from our local MLS data and show that contrary to the National media portrayal of the real estate industry, confidence should still be strong in Wyoming Real Estate.

As we get information through the real estate in Wyoming sources, we would like to pass it on to our clients and customers in Wyoming Real Estate, as to give them them tools to plan and prepare for the future of investing in land or homes in Star Valley.

President Barack Obama rolled out a bold $75 billion, three-part plan to halt the soaring rate of mortgage foreclosures nationwide, one that seeks to encourage refinancing of homes now worth less than their mortgages and provides incentives for lenders to lower the debt load on struggling homeowners. This should help real estate in Wyoming, right?

President Barack Obama's new effort to use Wall Street rescue money to halt the soaring rate of mortgage foreclosures nationwide encourages refinancing of homes that are now worth less than their mortgages and provides incentives for lenders to lower the debt load on struggling homeowners. Some things seem so obvious that simple folks like me have started to question our own common sense. Like the idea that the best way to help the average American, who has lost 40% of the value of his retirement nest-egg and half the equity in his real estate, is to GIVE billions of our dollars to the people who caused this fleecing of America. Huh?

By last report, none of the money had made its way to where it is needed and where it was supposed to be headed. Banks gobbled up the money and refuse to disclose what they did with it; but, they, apparently, haven't been lending it. They won't say where it went and tell us they don't have to. They concluded with the statement that they really couldn't track it anyway because all revenue goes together and its source is unaccounted for.

Again, huh? If I got even just a single billion from somewhere, I'm sure the IRS would make me account for its source. But, a statement like that raises the even larger question-do these people know even the basics of business? You track where your money comes from so that you can do more of what is profitable and less of what is not. No wonder some are already coming back for more. And, one exec at Bank of America, John Thain, spent $1.2 million on drapes for his office. Drapes! Why aren't we marching in the streets? Luckily real estate in Wyoming and our agents are well accounted for!

Devine have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for foreclosures in wyoming and great passion and knowledge for wyoming foreclosures for sale and all the different options & providers available in the market today. Find out for more info also here foreclosuresinwyoming.net

Foreclosure Timetables and Bank Notice of Defaults

 The real estate market does not have an industry-wide timetable for a foreclosure. Many banks have fallen so behind that it's been nearly two months since they have processed Notice of Defaults (NOD). Many consumers fail to realize that it is a time-consuming process, especially during an economic crisis. It is the responsibility of the bank to inform you of the foreclosure auction date and they are required to give you prior notice for you to move out. The only good news is, you will not be out on the street without plenty of time to modify or make other living arrangements.

An NOD can be filed anytime a payment is past due - except in the State of California. A homeowner is defaulting when their mortgage payment is missed, in other words, they are breaking the terms of the loan documents. However, this does not necessarily mean that any lender is going to file NOD in that particular manner. Mortgage lenders are filing NOD is after 3-5 months of receiving no mortgage payments. Once an NOD is filed with the county recorder's office in a particular state, the homeowner still has a good amount of time to respond by paying the total balance, selling the home or agreeing on forbearance or working out a loan modification. 

After an NOD is filed a homeowner must check with their state's laws on how long they have to cure the default. Most states give home 3 months to pay up or sole the problem through other channels before they decide to foreclose the home. Around 21 days after the grace period is up, the mortgage company will set an auction date for the home to be sold to the highest bidder. In today's real estate market receiving funds from equity is an inevitable conclusion.

When an auction date has been scheduled there is a very slim chance of modifying your home loan. Your bank has decided to move on and focus their attention on other houses. The banks feel that the homeowner was given a sufficient amount of time to fix their financial dilemma. At this point in time, the only possible way to save your home is to file a lawsuit or place a restraining order on your note. Keep in mind that there has to be reasonable cause (ex. predatory lending, RESPA and Truth in Lending violations) for a judge to allow a homeowner to pursue this type of lawsuit. 


Alanis have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for foreclosures in wyoming and great passion and knowledge for wyoming foreclosures for sale and all the different options & providers available in the market today. Find out for more info also here foreclosuresinwyoming.net

Home Foreclosed On? How Long You Have Before You Really Have to Move

If in spite of your best efforts, you have not been able to stop foreclosure, there is a tiny bright spot. In many cases, you have at least three months before you have to move. In some cases, you have upwards of a year.

This is time that can be used to either keep working towards a mortgage modification, home sale, short sale or refinance. Or, as a time to get your finances together to secure your next dwelling. How can this be? Here, we explain.

Pre-Foreclosure: What It Is & How It Can Work to Your Advantage

When you are initially contacted by your lender, you are sent a Notice of Default (an NOD). This notice puts the homeowner on notice that their mortgage is in default and that they need to take action to get current. At this juncture, the lender is either unable or unwilling to proceed with formal foreclosure proceedings.

In essence, pre-foreclosure is the beginning stage of the foreclosure process. There is still time to work with the lender. If you know that you won't be able to, then it's time that can be used to prepare to move.

The period between pre-foreclosure and formal foreclosure varies from state to state. In some states, it's as little as 30 days; in others, it can be upwards of a year.

Following is a state-by-state Breakdown of How Long It Takes from the Time a NOD is issued to the Beginning of Formal Foreclosure Procedures

Alabama: 90 days

Alaska: 120 days

Arkansas: 90 days

Arizona: 90 days

California: 120 days

Colorado: 5 months

Connecticut: 6 months

Delaware: 7 months

District of Columbia (DC): 120 days

Florida: 6 months

Georgia: 90 days

Hawaii: 7 months

Idaho: 8 months

Illinois: 7 months

Indiana: 7 months

Iowa: 7 months

Kansas: 120 days

Kentucky: 7 months

Louisiana: 6 months

Maine: 8 months

Maryland: 5 months

Massachusetts: 5 months

Michigan: 90 days

Minnesota: 120 days

Mississippi: 120 days

Missouri: 90 days

Montana: 6 months

Nebraska: 120 days

Nevada: 120 days

New Hampshire: 90 days

New Jersey: 9 months

New Mexico: 5 months

New York: 10 months

North Carolina: 120 days

North Dakota: 120 days

Ohio: 8 months

Oklahoma: 7 months

Oregon: 5 months

Pennsylvania: 8 months

Rhode Island: : 90 days

South Carolina: 6 months

South Dakota: : 120 days

Tennessee: 90 days

Texas: 60 days

Utah: 5 months

Vermont: 9 months

Virginia: : 120 days

Washington: 5 months

West Virginia: 4 months

Wisconsin: 9 months

Wyoming: 90 days

Following are two things to keep in mind regarding these time frames:

(i) in this foreclosure crisis, it's taking lenders longer to foreclosure in most instances; and

(ii) the NOD (formal Notice of Default) is commonly filed 3-4 months after a mortgage holder is delinquent.

What this means, in essence, is that you add this time to the time frames listed above.

Adonis have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for foreclosures in wyoming and great passion and knowledge for wyoming foreclosures for sale and all the different options & providers available in the market today. Find out for more info also here foreclosuresinwyoming.net