If you find yourself having issues with your mortgage lender, allow me to reassure you that you are not alone. During these troubled economic times, we have found that many good people just like you run into tough times. The purpose of this post is to show you some possible solutions.

4 Steps To a Proactive, Positive Solution

If you are thinking about making a Proactive, Positive Solution, we encourage you to follow these 4 steps.

Step #1: Make a commitment to yourself to be proactive, take control and deal with your mortgage lender. The longer you wait, the harder it will be to find a solution.

Step #2: List your objectives. Do you want to take control of your situation?

Step #3: ASK QUESTIONS

The ways to learn about the best solutions for you is by asking specific questions and listen carefully to the answers. Here are several questions to ask:

MORTGAGE BROKER:

1.       What is my guarantee that you will close my loan before it goes to auction?

2.       Will you commit to me in writing?

3.       What interest rate are you getting me?

4.       How many points are you charging me?

5.       Will my monthly payments be more that what they are now?

6.       What are the total closing costs?

ATTORNEY:

1.       Will filing Bankruptcy make the lender problems go away, or is it a temporary fix?

2.       How much do you charge to file Bankruptcy?

3.       How much will my new monthly payments be?

4.       What happens if I can’t afford the payments?

5.       Can I file a Bankruptcy myself at the courthouse and save thousands of dollars?

REALTOR:

1.       What is your guarantee that you will sell my house and close before it goes to auction?

2.       What if I find someone on my own who wants to buy the house? Do I still have to pay you commission?

3.       If the house is sold at a price that won’t cover all of your commissions, do I still have to come out of pocket and pay you?

4.       What happens to you if you don’t sell the house and I lose it at auction?

5.       Are you only going to sell the house at a price for you to receive full commission?

6.       How long will your listing contract tie up the house and entitle you to a commission?

YOUR LENDER:

1.       Can you work out a payment plan with me?

2.       Will my monthly payments increase?

3.       How much will they increase?

4.       Will you show in writing the terms of the payment plan you are suggesting?

5.       If I agree to these terms, will you agree in writing to halt your proceedings?

6.       What happens if I am late on this payment plan?

7.       Do you start where you left off on your proceedings?

8.      With the significant increase in monthly payments, what percentage of people fail at this plan because they can’t afford the monthly payments?

9.       How many people still lose their house after working out a payment plan?

Step #4: Once you are ready to make an informed, intelligent decision, act on it immediately, before it’s too late. If you are not satisfied with the answers to these questions, and selling your house is the best alternative, we might be able to help.

The purpose of these 4 Steps is to empower you with the information and questions you need to make a wise decision in choosing the best solution for you. This information is provided by Northwest Property Options, LLC, a local real estate investing company.

Cody Cox

Northwest Property Options, LLC.

Cody@NWPropertyOptions.com

3 Ways to AVOID Foreclosure!

Top 3 Ways to Avoid Foreclosure -

1) Try to work it out with the lender -

Your best option is to get very honest with your lender. Many times you void this process but it is one that you should at least consider. Fact - it will cost your lender more to go through the process of foreclosure and resale of your property. They NEED to make a deal with you!

2) Declare Bankruptcy -

Bankruptcy is the process of eliminating some or all of your debts in exchange for either regular payments or a seizing of your property. Although it may not seem like an enviable option, it's the smartest way out of an underwater mortgage for many homeowners. When you file for bankruptcy, the foreclosure proceedings can be stopped with an automatic stay.

3) Consider Selling the House -

If you believe you have any equity in your house (value is higher than what you owe) you can sell your house. If you allow your house to go through foreclosure, no matter how much equity you have you will never see it if you do not sell before the bank takes possession.

This is not an exhaustive list of remedies for foreclosure, but does illustrate the top 3. I enjoy helping people out of bad situations. If you are interested in talking or a free estimate on what I think you could sell your house for, email me - Cody@NWPropertyOptions.com

HB 2639 Defeated in the Oregon Senate

Just a quick update, but it appears HB 2639 was defeated in the Oregon Senate today on a 15-15 vote. This was the bill that would require Oregon landlords to accept Section 8 vouchers and would not allow landlords to refuse renting to Section 8 tenants. 

Deeds in Oregon

If you want to transfer your interest in real property, you must do so in writing. The document used to transfer interest is called a deed. 

There are four types of commonly used deeds in Oregon and each transfers property differently. These are:

> Warranty Deed; 

> Special warranty deed;

> Bargain and sale deed; and

> Quitclaim deed.

A Warranty Deed expressly warrants that title is good. This means that you will guarantee you own the property free and clear except for conditions specifically listed in the deed. 

A Special Warranty Deed is most often used in fulfillment of a land sale contract and is similar to a warranty deed except the person selling only warrants their own actions. 

A Bargain and Sale Deed transfers the title or interest you have at the time of the transfer or later acquire. However, it does not give any warranty that your title is good. 

A Quitclaim Deed transfers property but does not warrant that title is good. This deed is also referred to as a deed without covenants. 

These are not all the deeds used in Oregon, but does illustrate the difference in the most commonly used deeds to transfer title in Oregon.  

CC

Hawaii County Tax Sale

Hawaii County has just posted their property tax sale list on their website. If you ever were interested in owning property in Hawaii, now might be the time to bid at the auction. I like to use my self-directed IRA to buy tax liens.  

Testifying at Legislative Committee Meeting today

I will be providing testimony today at the Oregon House Committee on Human Services and Housing at 3:00 pm. The first hearing for HB 2639, which would require all landlords in Oregon to accept Section 8 Housing Vouchers, will be in Room HR-D and should show strong opposition from several real estate investing organizations across the State.

The hearing will stream live on the Oregon State Legislature website at www.leg.state.or.us. Click on the Audio/Visual link on the top in the page and choose Capital Hearing Room D.

Cody

Committee Hearing on SB 555

Senate Bill 555, which will require mortgage loan servicers to have a mediation session with their borrowers before initiating a foreclosure, either a judicial or non-judicial foreclosure, will have a senate committee meeting later today. The meeting is scheduled to start at 3:00 PDT, and is streaming live at www.leg.state.or.us/listn.

This bill expands the Foreclosure Avoidance Mediation Program to judicial foreclosures and makes some technical changes to clarify the mediation process.

Cody