Real estate investors often attend foreclosure auctions to find deals on homes in distress. To calculate the true value of the home they are considering, they fill out what is known as a foreclosure auction worksheet. Knowing how to complete one of these simple forms can get you started in an interesting real estate investment [...]
If your property has been put into foreclosure you need to move fast. You will need to develop a foreclosure document to give a complete picture of your financial situation and what has happened to cause your predicament. A foreclosure document is really a set of several different types of files, all geared to the same purpose—an explanation of need.
The best time to begin compiling a foreclosure document and communicating with your lender is before you have been served with an official notice of foreclosure. However, even if you have waited there is still a chance you can resurrect your situation by presenting your foreclosure document.
Your foreclosure document needs to include a hardship letter. In the hardship letter, you should describe the exact events that lead to your financial difficulty and inability to pay the loan. Do not use over-emotional wording, but rather, simply state actual problems such as the loss of a job, medical bills for you or an immediate family member, or care of an elderly parent. Many lenders will take temporary losses as a reason to extend the note, restructure the existing loan, or lower payments. New government regulations are making that even more of a possibility, but you must show need and it is better if that need is not long-term so that there is reasonable belief that you will be able to handle whatever you and your mortgage company work out for future payments.
Your foreclosure document will also need to include tax statements for the past three years, two current pay stubs (if you are still working or have found a new job), and a financial statement showing all of your assets and your monthly expenses so that the amount you can afford to pay can be determined.
Buying Boat Insurance Owning a boat can be a great way to enjoy the water and to participate in fun activities like water skiing, fishing and tubing. If you own a boat, you undoubtedly cherish it and want to take care of it as best as you can. Simply keeping it clean and in good [...]
Obtaining Motorcycle Insurance Motorcycles are incredibly popular, and many people enjoy nothing more than jumping onto their bike on a nice day and going for a ride. However, regular car insurance policies do not generally cover activity on a motorcycle. Therefore, it is important for motorcyclists to obtain the proper kind of motorcycle insurance. Finding [...]
Any landlord wishing to protect their interests screens tenants in order to find those worth renting to. Without doing some degree of tenant screening, a landlord opens himself to the possibility of rent default (among other lease violations) and having to go through the arduous process of eviction to get his money or his property [...]
Finding Renters Insurance If you rent a house or an apartment, it is important to protect yourself and your possessions by purchasing renters’ insurance. This kind of policy is surprisingly cheap, and it can often be rolled in to another monthly payment, such as auto insurance. Should something happen on your premises that destroys some [...]
A landlord facing a bad tenant whose defaulted on their rent does have recourse. The landlord may or may not get their rent, but they can give the tenant and ultimatum. And if the tenant doesn’t pay the back rent then the landlord does have the right to evict the tenant. In order to do [...]
A landlord—tenant agreement can be something as simple as a slip of paper that states the agreement between a land owner and a renter to lease a particular piece of property whether it is a house, a condo, or an apartment. While it is a simple matter there are a few things every landlord—tenant agreement [...]