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
Monday, November 15, 2010
Wednesday, November 10, 2010
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
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
Wednesday, November 3, 2010
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
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
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