Marcia Pessanha'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.
- The quality of their Web site: If a real estate agent has a Web site that looks disorganized, amateurish, or outdated, then that could speak volumes about their own flaws. In this day and age, a fully functional and professional-looking website is an essential marketing tool in the real estate business. Having access to the latest marketing tools and techniques is a vital aspect of selling your home in the shortest possible time. Agents who are not making full use of the Internet to market their listings are doing themselves and their clients a disservice. If they can't present themselves in the best possible light on the Internet, then it raises questions about their presentation style, in general. On the other hand, if a Realtor or real estate agent maintains an up-to-date, professional-looking website that is user-friendly and loaded with helpful information and search capabilities, then that's one indication they're conscientious, resourceful, and in touch with relevant technology. A timely and informative blog is another positive sign that they're tech-savvy and passionate about what they do for a living.
- Attitude and energy level: A great real estate agent has the ability to look at the "big picture" and realize that there will be peaks and valleys in every transaction and marketing campaign. If you choose them over the competition, you'll eventually depend on that agent to be a problem solver, a cheerleader, and a source of positive inspiration throughout the process. When you take into account how much is riding on the sale of your home, you realize the importance of selecting a well-organized, professional, and highly motivated agent. If you're interviewing one that spends too much time complaining about market conditions, other clients, or all the "red tape" involved in real estate transactions, then RUN -- don't walk -- to the nearest door! (That advice would, of course, need to be modified if you're meeting with them in your own home.) Here's the bottom line, though: To be able to capitalize on opportunities and produce the best possible results, a great real estate agent needs to maintain a positive attitude -- especially in the face of temporary setbacks.
7 Chatauqua Ave, Framingham, MA 01702
If you're getting ready to put your home on the market, the thought of organizing, cleaning, and arranging it may seem like an overwhelming project!
Knowing where to begin and how much money to spend on home staging and decorating are among the many questions that may be flooding your mind, right now.
The key to success is to make as much of an impact as possible, without spending more money than necessary.
One way to avoid "spinning your wheels" when it comes to maximizing the appearance of your home is to work with an experienced real estate agent. A good agent will quickly notice aspects of your home that need attention and advise you on the most cost-effective ways to improve its marketability. If they've shown dozens (or more) houses in their career, they'll be very familiar with all the things that attract buyers, as well as what repels them.
Although everyone has different tastes and expectations, many house hunters are attracted to gleaming hardwood floors, energy efficient windows, and stainless steel appliances. While it may not be cost effective to have new floors, appliances, and windows installed to sell your house faster, you can make the best possible impression by making sure the windows are crystal clear, hardwood floors are polished, and appliances are clean and shiny.
Since many house hunters pay close attention to the kitchen, it's especially important to win their approval on appearance and cleanliness. Because food is prepared and often consumed in the kitchen, it's going to be one of the more challenging rooms to keep clean -- especially if you have children. However, if a prospective buyer is wavering between two houses for sale, you can be reasonably sure that the one with the clean kitchen and bathrooms will be their preferred choice.
There are a lot of other ways you can make your kitchen appealing to buyers, too. By minimizing clutter on counter tops and displaying fresh flowers and a colorful bowl of fruit, you can make your kitchen look much more inviting. Prospective buyers will also respond favorably to appealing fragrances, such as freshly baked bread, cookies, cinnamon buns, or coffee. Clean windows, attractive curtains, and plenty of natural light will also add to the ambiance of your kitchen.
The ideal reaction from potential buyers touring your home would be something to the effect of "I can imagine us preparing dinner, entertaining guests, and sitting around the breakfast table in this house!" Setting the table so that it looks like the family is just about to sit down for a meal together is one way to help convey that image. The encouraging news is that when someone expresses sincere appreciation for the comforts and features of your home, there's a good chance they'll find a place for it on their short list of possibilities!
More Info on this Property | New Listing Alerts