There are some fantastic real estate deals on the market right now. From properties in various stages of foreclosure to already foreclosed -bank-owned properties. You have a great opportunity to get the home you want at a bargain price. But what about those holes in the wall and that pet stained carpet? Looking past these stressful items can help you reap huge benefits financially.

Over the past several years we have seen huge numbers of distressed sales. According to RealtyTrac, 23% of all U.S. home sales in 2011 were in some stage of foreclosure. So nearly one in every four homes sold in 2011 was a distress sale. Couple this with the fact that these distressed homes sell at a significant discount to the non-distress sales (up to 40% discount for some bank-owned homes), there is a huge opportunity for buyers.

When considering buying a Foreclosure Property, look Past the Cosmetic Items: The paint may be ugly or the carpet may have spots. Or the kitchen may not be as clean as you like. None of these items should ever be a deal breaker in that they are easy and relatively inexpensive to remedy.

Focus on the Space: If you fall in love with a place that meets all of your other needs but it really requires some minor renovation, repairs or new carpet and paint that's ok too. Just make sure you estimate the cost into the overall price of the home.

Be Aware of "Too Much Work" Syndrome: When many buyers look at properties, they will often say that there's just too much work with that property. Sometimes you get that lazy feeling...or your human nature takes over and you want it to be perfect right now! Don't let this keep you from getting the best property at the lowest price. If you do find a screaming deal in a great location but it needs a new kitchen, bathroom...etc., don't hesitate to go for it.

These foreclosure properties are often the best deals in today's real estate market.  Once you've gone through the "minor" items above and have decided that this property has big potential, go ahead and hire a qualified individual to review the home for any major defects including a review of the structure, mechanical systems, roof,...etc.

Once you have a list of items to be completed, create an estimate for each item to determine your total investment required and be sure you are still getting a good deal on the home.

When comparing the cost to update and purchase a foreclosure property with a regular re-sale home, it can be difficult to stay focused on what's important. Keep in mind, if you end up adding a new kitchen or bathroom, and doing the repairs and renovations to the foreclosure property, you will get exactly what you want, and at a great price.

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It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers.

We hope that the following information will help you better understand the circumstances. If you have further questions not addressed below, or would like additional information resources, feel free to Contact Us.

Do I qualify for a short sale?

The qualifications for a short sale include any or all of the following:
1.Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
2.Monthly Income Shortfall - In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3.Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

What is a mortgage modification?

A mortgage modification is a process through which your mortgage lender changes any or all of the following:

• Your interest rate
•Your principal balance (through a reduction)
•Your loan terms (example: from an adjustable to a fixed rate)This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.

Why would a lender modify my mortgage?

Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.

Visit our Avoid Foreclosure Website for more frequently asked questions regarding foreclosures. 

For the last few weeks we have been paying close attention to foreclosures (except for last week when we had some Halloween fun). 

Today we want to pick up the conversation with some alternatives to foreclosure. This list is just part of our overall Foreclosure Resources that are available for free on our website. 

Other Alternatives to Foreclosure

Reinstatement

A reinstatement is the simplest solution for a foreclosure, but often the most difficult to achieve. The homeowner simply pays the total amount past due (including late fees) to the lender.

Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these.

Deed-in-Lieu

Also known as a "friendly foreclosure," a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process.

Forbearance

A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back-payments over a period of time.

Rent the Property

This option does not require lender approval, but does require the homeowner's ability to rent the house for enough money to cover the monthly mortgage payment.

Servicemembers Civil Relief Act

If a member of the military experiences financial distress due to deployment-and their debt was entered into prior to deployment-he or she may qualify for relief under the Servicemembers Civil Relief Act.

Bankruptcy

Many believe bankruptcy is a "foreclosure solution," but this is only true in some states and situations. Entering bankruptcy can be a risky and costly process. Be sure to seek the advice of a qualified bankruptcy attorney when pursuing this as an option.

Refinance

Refinancing means you will acquire a new loan based on your current credit standing. If you have already missed mortgage payments, your credit score may make it difficult to find a loan with cheaper payments. Knowing that foreclosure can be avoided gives you the ability to develop a realistic strategy to plan for a future that is both financially stable and full of hope

For more resources on Avoiding Foreclosure visit: http://www.avoidforeclosureinlascruces.com/avoid_foreclosure_free_reports_offer.php

With all the talk about foreclosure and short sale out there we thought we'd take some time today to make sure you aren't believing some of the most common myths out there. 

1. The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered.

Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure. The qualifications for a short sale include:

Financial Hardship - There is a situation causing you to have trouble affording
your mortgage.

Monthly Income Shortfall - "You have more month than money." A lender will
want to see that you cannot afford, or soon will not be able to afford your
mortgage.

Insolvency - The lender will want to see that you do not have significant liquid
assets that would allow you to pay down your mortgage.

2. You Must Be Behind on Your Mortgage to Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency. 

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

3. There is Not Enough Time to Negotiate Your Short Sale Before Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that
foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party-in most cases a lender-can stall a foreclosure up to the final
day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Read 4 more short sale myths and other foreclosure reports at our Avoid Foreclosure website:
http://www.avoidforeclosureinlascruces.com/avoid_foreclosure_free_reports_offer.php

It's unfortunate, but there are people (and birds) out there looking to take advantage of just about everyone.

Right now we all know that there are tousands, if not more, home owners who are concerned about foreclosure. And sure enough, foreclosure related scams have popped up. 

The following items should serve as a warning that a mortgage relief service is not legitimate (this is just one section of the foreclosure reports that we offer for free on our Avoid Foreclosure Website):

1. Upfront Fees

Always avoid any mortgage relief company that charges upfront fees. Not only is it illegal, it's certainly a sign that the relief is fraudulent. POINT BLANK: Do not pay for the promise of results ... pay for the results themselves.

2. Guarantees

Be suspicious of anyone who guarantees mortgage relief. Any legitimate agent or company should know that the mortgage relief process is complicated and dependant on many factors, and that to guarantee a successful result is unrealistic. Fraudulent parties will make this promise to falsely raise your hopes, making them appear as though they are providing a rare opportunity. As common
sense suggests, if it sounds too good to be true, it usually is.

3. Government Affiliation

Certain fraudulent companies present themselves as government agencies or other authoritative entities by creating websites with official-looking seals, official-sounding names, or video clips of politicians. If someone claims to represent the government, a lending institution or a bank, be sure to verify his or her affiliation. The best way to do this is to check with your lender, Better Business Bureau, or the government's official Making Home Affordable website (http://
makinghomeaffordable.gov).

4. Deed Transfer 

Beware of people who pressure you to sign papers immediately, or who try to convince you that they can "save" your home if you sign or transfer over the deed to your house. Some call this "taking over your property subject-to existing financing." But no matter what you are told about why you should sign over the deed, understand that once this is done, you no longer have legal rights to the property and can be removed from it. Always seek legal counsel before proceeding with an option like this. 

For a list of common scams visit our Foreclosure Reports: 

http://www.avoidforeclosureinlascruces.com/avoid_foreclosure_free_reports_offer.php

There you will find all the information you need if you are concerned about or facing foreclosure.

FTC Mortgage Assistance Relief Assistance (MARS) Disclosure: Evelyn Bruder Dream Team and Steinborn & Associates Real Estate are not associated with the government. Our Avoiding Foreclosure Services are not approved by the government or your lender. Even if you accept this offer of assistance, your lender may not agree to any change of your loan or any other solutions we propose. You may stop doing business with us at any time. You may reject any offer of mortgage assistance we obtain from your lender. We do not charge for our services unless the final solution you agree to is a "Short Sale." If you accept that solution, you agree that we will list your home, and a real estate commission will be negotiated in the Listing Agreement. Beware: If you stop paying your Mortgage, you could lose your home and damage your credit rating.
We are not engaged in the practice of law or accounting, and we do not gives legal or accounting advice. It is highly recommended that you seek appropriate professional advice.