Buy a House Fast

Tanya, my husband’s younger sister, is in the process of buying a new home. She’s a bundle of nerves right now, being both excited and nervous all at the same time. Across the county, we’ve seen front-page news discussing real estate crisis, and a rising trend in foreclosures. That surely isn’t assuring to any first-time home buyer, and can seem even scarier if you’re only 24.

She came to me, a little anxious. “Am I doing the right thing? Can I do things to avoid foreclosure?” she asked, feeling half-relieved after popping the question. I sat her down and made a list with her which, I believe, is a simple guide to help you stay away from the path towards foreclosure.

Define and Balance your Budget

Even before you sign on a deal for your home, it’s a healthy habit to maintain a budget. Divide your income into savings and expenses. Be as elaborate as possible with some buffer for emergency situations. Make room for your monthly mortgage as one of your priorities. In addition, create a practice of saving money every month.

Be Smart about your Expenses

With a well defined budget as a guideline, you can cruise through your debt minus the agony. Avoid too many impulse purchases. No one’s asking you to live stingily. Stick to your budget and space out your wants. What might even help is to reduce your dependence on too many credit cards. Believe me, it’s a step in the right direction.

If foreclosure concerns are already knocking your door, you need to put the above in place. In addition you can also:

Speak with your Lender

If you’ve been receiving notices from the bank and fear foreclosure, don’t keep your lender in the dark. The faster you inform him or her, the better your chances of avoiding foreclosure. Lenders can help you modify your loan agreements based on your circumstances which might eventually save your house!

Know your Rights and Options

Did you know that you have mortgage rights, and that there are options that you could explore to prevent foreclosure? You could get some help by going through the government site.

Take help from a Housing Counseling agency

Who are they? Housing Counseling Agencies usually offer housing information and resources to individuals and agencies. They offer guidance on buying homes, renting units, preventing default and foreclosure and on reverse mortgages. They could help you without burning a hole in your pocket.

Beware of Foreclosure Prevention Scams

With the number of foreclosures on the market, people in dire circumstances can be easy targets. There are companies who are waiting to exploit circumstances to fill their own pockets. If you hear of companies claiming to stop or end the foreclosure process completely, you might want to think twice. Keep your lender in the loop. Just when you think you are waving away your problems, you might actually have signed off your house to these scammers.

If you need help with your current home, or intend to buy a new one, you’ve come to the right people. Express Realty Services can help you find your dream home without any hiccups. Having sold over 700 homes in the DC metro area, we must be doing something right! We’re here to help you find your perfect place at a mortgage rate that’s most comfortable for you.

Just pick up the phone and call us at 1-888-306-9450 or visit our website.

Foreclosure scams are on the rise. Do you know what you’re getting into?

Suppose you are in a bad situation and you fear you will lose your home to foreclosure. You are up late, sweating and fretting, when suddenly, as you try to surf your problems away, you hear an infomercial. Someone has the answer to your housing woes! Hurrah! They will share it with you, if you just call for free mortgage help. Operators are standing by…

It is too good to be true. Though all the great economic and social thinkers in the country are struggling to find a solution to the housing crisis, you have found the answer at 3 am. So you call and the company promises to solve all your foreclosure problems, a dream come true! Isn’t it?

How the Programs Work

You find they want an upfront payment, often equal to a month’s mortgage. This is a stretch for you, but may seem worth it. They claim to intercede with your lender. They may ask you to sign over a deed to the property. You think all is well until your lender contacts you and says that because they have not heard from you or received any payments, they will have to take further foreclosure action. You are confused, you are mad, you are devastated. Then you realize: YOU’VE BEEN DUPED by a foreclosure scam!

The company may not have made contact with the lender. In addition, the fee you paid probably never got to your lender, though you got a phony document that the foreclosure has been set aside. You may owe your lender more than you did before you called for “help.” You may receive a bankruptcy filing in the mail, filed on your behalf, even without your knowledge. You may end up with more legal bills, a poor long-term credit picture that will make it harder fot you to buy or rent for the next 10 years, and perhaps, have no home if he has signed over the deed.

Types of Scams

There are many variations on these scams, but in any case, you usually end up in a bad place. Foreclosure scams fall into three main categories:

Phantom Help: The company promises to contact your lender, which they may or may not do, regardless of what they tell you. They may fill out some basic paperwork you could have completed yourself.

The Bailout: The company offers to buy the home and rent it back to you until you can buy it back. Many times, they pocket what you pay while never dealing with your lender, so you end up with no property and no place to live.

The Bait and Switch: The company may have you sign documents to make the mortgage current, but actually you are signing over your home.

Free Help Available

Not all companies who charge a fee for mortgage help are scammers, but if you’re at risk of foreclosure, legitimate free help is available from several sources:

Look for help by the Federal Government through Making Home Affordable. Even if you do not ultimately qualify for this program, there is plenty of free or very low cost help available from HUD-approved housing counselors and non-profit groups that will either help you stay in your home or move on to a new stage in your life. Ironically, since the government started its program, foreclosure scams have actually been on the rise.

If you want to sell your home quickly and move on with your life, Express Realty Services can help with that. As the #1 Keller Williams team in the country, we can buy your home outright or list it for sale.
 Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.