Were Your Loan Documents Forged?

It is estimated that there are more than 9 million people who are in foreclosure today with the numbers of foreclosures increasing by the day. There is a silver lining for some of them. Documents pertaining to some home loans were not correct and in some instances were even forged. In such circumstances these homeowners have a chance of getting their foreclosures waived.

Only those who have an in-depth knowledge about property laws and loan regulations will be able to figure out who might qualify. The loan papers are thoroughly examined by these professionals and checked for any discrepancy. There are certain laws pertaining to mortgages that must be adhered to. It is a violation of law if an omission or error is made by the agents of the lender or the lender themselves. It is here where the experts take over.

After checking the loan audits, they note any violations in the loan documents. They use the same to initiate litigation with the lender in question. In such situations the lender will be held accountable for laws and/or loan documents that may have been fudged. On completion of the audit and identification of the loan violations, the organization will help you through US legal advisors to find an attorney who can assist you to follow up the case with any requisite legal action required against the lender.

If you think your loan may have been forged in any way, it might be time to take action and save yourself from the impending threat of foreclosure. Before your lender terminates you of your rights through foreclosure and takes over your property, you should file a case against them if you suspect fraud in any way, and it can be verified.

Underwater on Your Mortgage?

The housing market is still very unstable.  One month we read that home sales are strong and home prices are rising.  The next month we see that sales are down.  One piece of discouraging news that came out recently was that in the fourth quarter of 2009 another 600,000 homeowners found themselves "underwater" or owing more on their mortgages than their homes were worth.  In fact, the total number of households in this situation is now over 11 million people or 24 percent of all properties that carry a mortgage.  This information, reported by First American Core Logic, a real estate research firm, tells us that many people are still really struggling.

The first choice for many homeowners in this situation is to try to restructure their existing mortgages.  However, this can be a very long and painstaking process and many people find they do not qualify.  As a result, more and more people are thinking about walking away from their existing homes and mortgages.

Aside from the moral considerations, which are great, what are the points you need to consider before you think about walking away from a mortgage?  First, you need to understand this is a huge decision.  It might seem like this option would solve a lot of your problems, but in reality, it generally just adds more. Probably the biggest impact is - you will not be able to get a new mortgage for quite some time — five years being typical.  That means you need to prepare to be a renter for at least that amount of time.

Plus, your credit score and credit record will be adversely impacted for about seven years.  During that time, your ability to get any other kind of loan will be negatively impacted.  Car loans, assuming you can get them, will be at very high interest rates.  Same for any other type of consumer loan.  Finally, there may be adverse tax implications as well.

So, walking away is certainly not without its costs.  If your financial life is going to be impacted for five to seven years anyway, it just might make more sense to hang in there and keep making the mortgage payments.  No one can accurately predict what the real estate market might look in 2015 — perhaps by then your situation could be dramatically different.

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Passing Your Home Inspection

If you're getting ready to sell your home, do everything you can to get the house in good condition before you attempt to sell it, but don't be discouraged if the inspection report contains negative statements. Home inspectors make note of everything they see. No home is perfect.

Fix leaks and clogs before the home inspection takes place. The inspector will check water pressure by turning on multiple faucets and flushing toilets at the same time. Appliances such as dishwashers and clothes washers will be tested, too. Leaks and clogs will be apparent during these checks.

The home inspector might check the septic system (if you have one). During one method dyes are flushed down a toilet. The inspector waits to see if the dye surfaces on the drainfield, indicating a drainage problem.

The electrical panel and circuit breaker configuration should be adequate for the needs of the house. A 125 amp electrical panel works for most homes. Individual circuits should not be overloaded.

The inspector will look for receptacles with ground fault circuit interrupters (GFI) in bathrooms and kitchens. These receptacles have little test-reset buttons on them. The home inspector will likely make sure the receptacles are what they appear to be, and not "dummies" that aren't wired to work.

Some of the grounded receptacles (with 3-pronged plugs) will be checked too.

The inspector will check the heating and cooling systems, making sure they work he may add comments about their efficiency. The inspector will take a close look at the structure and foundation. All appliances will be checked. The inspection report will include details about smoke detectors.

Remember that the home inspection report is not a wish-list for buyers. Read your contract carefully–it probably states which systems should be in good working order at closing.

Your contract may also state that you are under no obligation to make any repairs at all–although the buyers can then likely withdraw from the contract. Don't feel you must comply with unreasonable demands for repairs.

Getting Your House Ready to Sell

Getting your house ready to sell is not as easy as it may seem, especially if you have collected a lot of furniture and personal things over the years. It is also not a simple chore if the house looks cluttered, or if you have neglected to do any major cleaning, thinking you would sell quickly.

If that is the case with your home, then it is time to start the task of getting it ready to sell. Sometimes houses do not sell because they look too personalized to the prospective buyer. There is too much of you in the house, and that makes it difficult for any buyer to form a picture of what it would be like in the house.

The first thing you need to do is to get rid of all those personal items you have collected over the years. You may have a great piece of furniture, which would be the highlight of any room, but it may be so cluttered with mementos that people simply do not look at the piece.

You need to get yourself some boxes, rent some storage space, and put everything you can in there. That includes storing any extra furniture that may be preventing buyers from moving about. People should be able to move freely from one room to the other. There is nothing worse than having to go through a house and having to push your way through things.

If you have pets or if you smoke, your home will probably have that smell. It may be time for a complete cleaning from top to bottom, curtains, rugs, carpets, and anything else that pet or smoke smell can get into. There are people who find those smells really offensive, and you need to get rid of them.

Clean out your closets, get rid of the things you don't need or want, and make them look roomy and organized. If you have small closets, you can make them look bigger than they are by taking some of the things you have accumulated there out of them.

While you are cleaning the curtains, clean the window ledges, frames and glass. People will come into your house, and they will look behind your curtains, so you need your windows to look their absolute best.

Kitchen cabinets also need to be uncluttered and cleaned inside and out from top to bottom. You may be surprised at some of the places people will look when they are going through your house. You want your house to say to the buyer that it is roomy, clean, ready, and waiting to move into.

If you don't want to do all that cleaning yourself, you can always hire a professional cleaning service, but that will mean having to spend extra money. If you don't mind spending some extra money getting your house ready to sell, then you should consider hiring a professional home stager. The extra expense may be worth it because a stager can get your house looking the very best it can possibly look.