With the subprime implosion in full force recently, millions of American homeowners find themselves defaulting on loans and facing the nightmare of foreclosure.

As a result of the disadvantages foreclosure offers to both the homeowner and lender, more and more Americans are looking to several other viable options to steer away from the drawn out and at times, risky process which foreclosure offers to both parties. Owner and CEO of I Short Sale, Inc., Eli Tene, suggests four alternatives to foreclosure which can save a homeowner’s credit and the lender’s time and money.

One of the first options a homeowner has to avoid foreclosure is a Loan Modification, or Loan Restructuring, which is simply a permanent change in one or more of the terms of the mortgage loan. For example, if you are unable to make payments at a given rate, a modification could be negotiated with your lender to extend the loan period. If a homeowner runs into temporary financial hardship, the next option is to negotiate for a Loan Forbearance, which reduces or delays payments for a short amount of time with the understanding that the account will eventually be brought to a current status.

While these two options do serve as practical alternatives to foreclosure, they still leave homeowners with the same burden of debt. Homeowners do have the option of offering their lender the deed of their home in lieu of their mortgage debt (Deed in Lieu). However, the homeowner’s credit still may be harmfully affected by negative reports and lenders will rarely accept an offer that would only add to their REO Portfolio, which requires time and money to manage.

The more favorable option, according to real estate expert, Eli Tene, which considerably benefits both the homeowner and lender, is a Short Sale. Short selling is an agreement wherein the lender allows for the homeowner to sell the home at a price lower than the mortgage debt amount. The lender will then take the proceeds from the sale as a settlement for the mortgage debt. Short selling becomes a beneficial alternative when the homeowner’s mortgage debt is higher than the property’s value.

Tene indicates that, “Not only is the homeowner’s credit protected from negative reports when engaging in a Short Sale but, he or she is released entirely from the debt associated with a defaulted loan. What can be better than getting out clean and not having to deal with terrible credit. The lender also benefits by not having to deal with the time and costs of repossessing the home. It’s a win-win situation!”

Whether a Short Sale or any one of the other existing alternatives is good for a homeowner depends on the surrounding circumstances of each situation. Before revealing any information to a lender, Tene advises to contact a specialist first, and at the appropriate time. “Regardless of the homeowner’s options, acting sooner than later is crucial. Sinking deeper and deeper into delinquency can lower the chances of successfully carrying out one of these alternatives to foreclosure.”

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Posted On: Woodland Hills, CA July 1, 2007

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One Percent of U.S. Homeowners Entangled in Foreclosure

Real Estate Wiki, the leading free online encyclopedia in the real estate industry, this week announced that it has added significant new copy addressing foreclosure, pre-foreclosures, short sales, auction and bank owned properties.

According to a spokesperson for Real Estate Wiki, foreclosures are of major concern for many Americans at this time. For example, in March one in every 538 households in the U.S. received a foreclosure notice with Nevada (1 in 139 homes) leading the pack, followed by California (1 in 204 homes), Florida (1 in 282 homes) and Arizona (1 in 283 homes).

To assist homeowners Real Estate Wiki added some 25 Frequently Asked Questions (FAQs) covering questions such as:

•     Can I Negotiate the Price of a Bank Owned Property?
•     What Can I Do To Avoid A Foreclosure?
•     How Do I Negotiate With The Lender To Avoid Foreclosure?
•     How Does A Foreclosure Work?
•     What Happens To The Mortgage Loan After A Foreclosure?
•     What is a Better Option Foreclosure or a Short Sale?

In addition, over 30 definitions have been added to the Glossary of Terms providing explanations for concepts such as Foreclosure, Judicial Foreclosure, Strict Foreclosure, Deed-In-Lieu of Foreclosure, Decree of Foreclosure, Right of Redemption, etc.

Various key organizations that provide information and assistance to home sellers before and during the foreclosure process are also featured in the Wiki: The U.S. Department of Housing and Urban Development, First American CoreLogic, Experian, Equifax and RealtyTrac.

Real Estate Wiki is powered by a group of dedicated real estate professionals that offer up of their time and expertise to provide quality and relevant information in one central place; http://www.RealEstateWiki.com. Using this great resource is 100% free and anyone can add, change or improve any of the over 13,000 existing entries covering a wide range of residential real estate matters in over 70 categories.

Make a difference and help build a better industry by becoming involved with Real Estate Wiki. To contribute towards improving this national free real estate encyclopedia visit Real Estate Wiki (http://www.RealEstateWiki.com) today or contact Gatekeeper @ RealEstateWiki.com

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Posted On: April 24, 2008

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Call 888-566-8222 or www.MyOneStop.net or Text “PLAN” to 82257 Loan Modification- Chris- A loan modification is a process where the original terms of a mortgage are modified, giving the homeowner new payment terms that they can handle. It will usually involve a lower interest rate, extension of the term, adding missed payments to the end of the loan, reduction in principle, or a combination of these. Some families find success in modifying their loan, but you must meet all financial, employment and hardship requirements in order to qualify. Deed in Lieu of Foreclosure- Deeding your house title to the lender in exchange for their agreement not to foreclose is called a deed in lieu of foreclosure. You negotiate with the lender to accept the deed and they cancel the foreclosure action. It is not without negative consequence to your credit, but If a short sale or loan modification is not an option, a deed in lieu may be an answer. One difficulty in negotiating a deed in lieu settlement is that lenders do not want the property back because it creates liability issues for them and additional costs. If you are able to negotiate a deed in lieu, be aware of the possible negative consequences. Walk-Away Foreclosure- Foreclosure is rarely the best option for homeowners. In a foreclosure, the homeowner stops making payments and the lender takes possession of the house. A foreclosure creates additional expense and liability for the lender. You may still owe the debt even after a …

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Millions of Americans are faced with the possibility of foreclosure yet do not realize they have definite and reliable options to save their home. A nationally renowned Short Sale expert offers 5 concrete tips that could help save one’s time, credit and home.

Millions of Americans are faced with the possibility of foreclosure yet do not realize they have definite and reliable options to save their home. Short sales expert, Eli Tene is working to inform distressed property owners of these viable alternatives, the foremost being a short sale transaction.

“We have seen a wave of 100% financing, refinancing and cashing out beyond the real affordability level of the buyer in the last few years,” said Tene, CEO of I Short Sale Inc. “Buyers are taking cash out of their properties as casually as if they were making an ATM withdrawal.” Tene explains that, unfortunately for the buyer, payday comes at a time when they are least prepared for it. “Mortgages used to be up to 25% of your total income. We now see in many cases that the mortgage is 60, 70 and 80% of the buyer’s total income. There is no way to survive it. Any slight change in your life or income immediately affects your ability to pay,” says Tene.

I Short Sale Inc. has seen a dramatic increase in distressed property owners opting for a short sale rather than letting their home go into foreclosure. The real estate market is just now “catching on” to this wave of alternative and creative financing options; however, Tene has been facilitating short sales for over 16 years.

Most property owners who find themselves unable to pay their mortgage still have opportunities to preserve their home and protect their credit. Tene offers five tips that could save your home:

1.    Talk to your lender as soon as possible. Don’t wait to go further into delinquency. Time works against you. Once your payment is overdue, your opportunity to get the lender’s cooperation declines.

2.    Don’t be afraid of your lenders. The lender is in the lending business, not the real estate business. They do not want your property. They want to work with you to ensure the loan is paid.

3.    Beware of scam artists. Predatory lenders and distress opportunity scammers often target people in financial distress. They try to force you, in a time of panic, into high cost mortgages, which increase your financial problems and the risk of losing your home. Predatory lenders usually offer loans with hidden fees and rate increases. Be aware of “magicians” who pitch dream solutions that sound too good to be true. If it sounds too good to be true, the dream will likely become a nightmare. There are no magicians in this industry. Don’t agree to promises that are unrealistic. Look for a real solution.

4.    If your loan is insured by the department of Housing and Urban Development or the FHA, you may be eligible for a one-time payment to bring your mortgage payment current.

5.    Don’t try to negotiate a “short sale” on your property by yourself. When you are sick, you go to the doctor. When you go to court, you take a lawyer. For a successful short sale, seek professional advice. In most cases, you will have ONLY ONE chance at a successful negotiation with your lender.

I Short Sale, Inc. has assisted thousands of property owners and a large number of lenders in the intricate and sensitive business of short sales, modifications, forbearances, deeds in lieu and other creative financing solutions. For over 16 years, the company’s principals have developed solid experience and created an extensive network of contacts with lenders, realtors and property owners. The purpose of short sales, as well as the other financing solutions I Short Sale provides, is to help property owners and lenders avoid the lengthy and costly process of foreclosure, the stressful act of eviction and the REO sale that follows.

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Posted On: Woodland Hills, CA February 12, 2007

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Bills.com offers tips on avoiding foreclosure risk.

The topics at many Thanksgiving tables this year included home prices: How prices are moving, whether interest rates will increase, and whether someone’s market is in a “housing bubble.” Many markets have been classified as having a housing bubble problem — yet Andrew Housser, co-CEO of Bills.com, suggests that homeowners can take steps to avoid suffering the ultimate loss of foreclosure, even in a bubble market.

“A housing bubble is a market condition in which home prices rise rapidly to the point of being unsustainable relative to income and to other costs,” Housser explained. “At that point, when housing demand declines, home prices decline. Buyers who purchased at the top of the market risk being in a position of negative equity, owing more than the home’s current market value.”

Adding to the stress on homeowners, many people purchase homes with small down payments — providing little equity in a property — and using flexible loan products such as adjustable rate mortgages (ARMs). As interest rates rise, so do ARM rates — and payments. Owners who have difficulty making higher payments are at risk of losing their homes to lenders through foreclosure.

Prevent foreclosure

“It’s true that an ounce of prevention is worth a pound of cure,” Housser said. He offered several suggestions to avoid getting into a foreclosure-risk situation:

1.    Avoid buying top-of-market. In most areas, the market has already peaked, Housser noted. “But if a buyer is unsure if properties are a good value, it’s best to hold off on buying. This is one area where it can be smarter to rent until you are certain property values have settled.”

2.    Put enough down. Housser suggests making a down payment of 10 to 20 percent of the home price. “With a good down payment, you own enough of the home that you have some flexibility in terms of home value. Even if you were forced to sell and lost some of your investment, you at least would not owe on a property you no longer own.”

3.    Avoid ARMs, interest-only loans and other mortgages that might increase. “If you can’t afford a home with a traditional mortgage, you probably can’t afford the home,” Housser advised. With some rare exceptions, “it’s best to continue saving until you can afford a home with a fixed-rate mortgage.”

4.    Don’t take a cash-out refinance. Consumers should avoid refinancing their home to take cash to pay off debts or go on vacation unless they have a very high percentage of equity. “Otherwise, you risk owing the bank if for some reason you must sell the home for less than you owe on it,” Housser said.

Buyers at risk can take action

Housser also suggested actions buyers can take when prevention is too late. For those who have already missed payments and are at dire risk of foreclosure:

1.    Request a forbearance agreement. For a temporary hardship — for instance, an earner has an unusual, seasonal loss of income — lenders might grant a forbearance agreement to lower or eliminate payments for a limited time.

2.    Modify the loan. In unusual circumstances, some lenders will modify a mortgage loan, such as lowering the payment and extending the loan’s term, or incorporating any delinquencies into future pay¬ments.

3.    Obtain a “deed in lieu” of foreclosure. A “deed in lieu” essentially allows the borrower to return the title or deed of the property – giving the home back – to the mortgage holder to avoid foreclosure. The borrower forfeits any equity in the property, but does not have a foreclosure on his or her credit record.

4.    Sell the home. Selling the home may not be ideal, but it is a way to avoid foreclosure proceedings on the house and repay the lender. In a housing bubble situation, the home may be worth less than the mortgage amount. These cases might require special permission from the lender to sell the home at a loss, for its current value.

5.    Refinance the loan. Sometimes, borrowers can refinance a home for a lower interest rate and/or lower monthly payment. “If you already have had late payments on your mortgage, the interest rate offered to you may be too high to lower your monthly payment,” Housser cautioned. Mortgage calculators are available online, including at http://www.bills.com/calculators/.

“The worst-case scenario in a housing bubble is that you will have to sell your home for a loss,” Housser said. “In most cases, a housing bubble leads to some losses, but more often forces homeowners to stay in a home for longer than they had intended. This can work out for the best, if you continue paying on a mortgage. Eventually, you will have greater equity in your home, and that’s the best investment of all.”

Based in San Mateo, Calif., Bills.com is a free one-stop online portal where consumers can educate themselves about complex personal finance issues and save money by choosing the best-value products and services. Since 2002, Bills.com’s partner company, Freedom Financial Network, has provided consumer debt resolution services, serving more than 10,000 customers nationwide and managing more than 0 million in consumer debt. The company’s co-founders and CEOs, Andrew Housser and Brad Stroh, were recently named Northern California finalists in Ernst & Young’s 2006 Entrepreneur of the Year Awards.

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Posted On: San Mateo, CA December 1, 2006

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Bills.com outlines 9 tips to prevent problems, avoid foreclosure

As any real estate agent knows, home sales heat up with rising temperatures every summer. Now, with mortgage interest rates more than a full point higher than at this time last year, fuel costs riding high, higher minimum credit card payments and consumer debt still raging, many U.S. homeowners risk foreclosure on their homes – but they don’t have to lose their slice of the American dream.

Last year, 31 percent of home loans issued were adjustable-rate mortgages [ARMs], which could spell big trouble as fixed mortgage rates hover around 6.83 percent and ARMs are poised to go much higher, said Brad Stroh, chairman of Bills.com. Holders of ARMs will be paying an additional billion annually for every 1 percent increase in mortgage rates. People who bought homes at the edge of their spending ability with an ARM could face dire consequences as their mortgage payments increase — but they can take steps to keep their financial situations in check.

According to the Mortgage Bankers Association of America, 4.7 percent of U.S. mortgages were delinquent at the end of 2005. With trillion in outstanding U.S. mortgage debt, that places 3 billion at risk of foreclosure. Homeowners who are at risk (as well as prospective homeowners) can use the tips below to avoid mortgage trouble.

How to prevent problems:

1.    Create a budget and don’t stretch yourself too far. The unexpected can and does happen to millions of Americans each year. For people who live at the far edge of their means, one life event can hijack their lives and lead to defaults on bills and/or mortgage payments. The key is to build a detailed budget of income and expenses, making sure to allow some breathing room to weather an unexpected downturn.

2.    Be very careful with ARMs or interest-only loans. These types of loans let borrowers qualify for more expensive homes – but beware as rates (and payments) climb. If you can barely afford the payment on your ARM or interest-only mortgage, you are asking for trouble in a few years when the teaser period expires and your loan re-sets to a fixed rate. Be sure you have extra cushion in your budget with these loans.

3.    Don’t jump to refinance your home to pay off credit card debt. Many people faced with large credit card debt or other unsecured debts consider refinancing their homes. But this strategy only moves the debt, securing it with your home. That puts your home is at risk of foreclosure if you are unable to pay. If you are not confident that you can keep up with your home loan payments, consider debt resolution or another debt relief option.

We can’t emphasize enough that people must educate themselves about what they’re getting into with a mortgage, Stroh added. Overall debt problems will continue to escalate unless people rein in their spending to live within their means. Unfortunately, for some people, that may mean losing their home to resolve their financial situation.

How to avoid foreclosure – if it’s already on its way:

1.    Enter into a forbearance agreement. For a temporary hardship, lenders might grant a forbearance agreement to lower – or eliminate – payments for a limited time.

2.    Consider loan modification. A loan modification seeks a permanent change to the loan, such as lowering the payment and extending the loan’s term, or incorporating any delinquencies into future payments.

3.    Obtain a deed in lieu of foreclosure. A deed in lieu essentially allows the borrower to return the title or deed of the property – giving the home back – to the mortgage holder to avoid foreclosure.

4.    Sell the home. Selling your home may not be ideal, but it is a way to avoid foreclosure proceedings on your house and pay back your lender.

5.    Refinance the loan. It may be possible to refinance your mortgage for a lower interest rate and/or lower monthly payment (this is much different than refinancing to take cash out to pay off credit cards). However, if you already have had late payments on your mortgage, the interest rate offered to you may be too high to lower your monthly payment. Educate yourself on current rates by checking online rate comparison sites and using online calculators to determine the real costs of refinancing. These tools are available on a number of Web sites, including http://www.bills.com/calculators/.

6.    Be cautious. Be wary of so-called equity skimmers. If your house is facing foreclosure, you will probably receive numerous solicitations from companies looking to help you prevent foreclosure by offering to sell your home for you or by taking ownership of your home. In most cases, these solicitations are scams trying to take advantage of people in difficult situations. The perpetrators aim to snatch the equity you have built up in your home.

In many states, foreclosure rates have already started to increase, especially impacting the segment of the population that carries adjustable-rate mortgage loans, whose payments climb upward with every interest-rate increase. However, homeowners can make choices – ideally, before they purchase a home, but even after problems arise – that will help them keep a home, or at least minimize the damage a foreclosure could have on their futures.

Based in San Mateo, Calif., Bills.com is a free one-stop online portal where consumers can educate themselves about complex personal finance issues and save money by choosing the best-value products from a network of qualified service providers. Since 2002, Bills.com’s partner company, Freedom Financial Network, has provided consumer debt resolution services, serving more than 7,500 customers nationwide and managing more than 0 million in consumer debt. The company’s co-founders, Andrew Housser and Brad Stroh, were recently named Northern California finalists in Ernst & Young’s 2006 Entrepreneur of the Year Awards.

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Posted On: San Mateo, Calif. July 3, 2006

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With a 70% failure rate, bankruptcy may not be the best option to prevent foreclosure. Five homeowners from South Carolina come forward to tell others how a certified housing counseling company negotiated with lenders to stop foreclosure against their homes.

What can a borrower do to prevent foreclosure sale of the home if they have failed at a bankruptcy plan or do not have all of the monies requested by the creditor?

This release provides testimony from five courageous homeowners who were able to successfully prevent foreclosure sale of their homes through housing counseling services provided by Save Your Home, Inc.

Dianna Rumph’s home was scheduled for sale on June 6, 2005 after she fell over a year behind because of severe health problems. My mortgage company did not want to accept my down payment and Save Your Home had to contact the HUD office in Oklahoma to get the lender to review my file under HUD guidelines, said Rumph, of Orangeburg, SC. “My family would be out on the street today if it weren’t for Save Your Home and I thank them from the bottom of my heart.

Save Your Home is a national foreclosure prevention company that was founded by Herbert Addison, JD, CHC and Michael Taylor, Sr. Mr. Addison is a certified housing counselor and a member of the Virginia Association of Housing Counselors. Professional housing counseling involves developing spending and savings plans and skillfully negotiating with lenders. They are also co-authors of How to Save Your Home, ISBN# 09753754-0-7, .95, SYH University, LLC, 2005, which is on sale at Amazon.com and has received an Excellent rating from bookreview.com.

We are the only foreclosure prevention company in the nation that has published a do-it-yourself-guide for the homeowner. It is not about the money, it is about the mission, Taylor said. Our mission is to provide financial literacy education to consumers regarding wealth creation and homeownership retention.”

One reason for their passion is because of past personal financial experiences that parallel their clientsÂ’. Mr. Addison agreed to disbarment following 3 years of litigation with the SC Bar. He would be eligible to rejoin the SC bar in 2007. In 2002, Mr. Taylor agreed to a two-year suspension from the SC Real Estate Commission which is now complete.

I almost lost everything in 2002 and share my story of hardship in our book, said Addison. We truly understand the emotional and psychological distress that the homeowner is experiencing because we have also been in foreclosure and have a passion for helping them to succeed. said Taylor.

William Free, III of Orangeburg, SC lost his home to a foreclosure sale in November of 2004. My attorney recommended me to Save Your Home and they worked with the lender to set aside the foreclosure sale and to take less money than what was owed so that I could get a family member to repurchase the home said Free.

When asked about 7 complaints against their company filed with the SC Department of Consumer affairs, Mr. Taylor responded that they had provided service to 1543 consumers in the Midlands and over 3,000 nationally.  Seven is less than one-half of 1% of the clients served by our company in this area. For those consumers who are willing to dedicate themselves to a spending and savings plan, the success rate is around 90%. “Although our dedication is to excellence, it is imposible to satisfy everyone” Taylor added.

Joe Caton of Service Management, a leading magazine focusing on default management verifies that Taylor and Addison are top experts in the field of loss mitigation. Mike and Tony were key note speakers for ABN-AMRO last year to discuss bankruptcy and default issues, Caton said.

Mr. Lewis Whitener of Columbia, SC has also come forward to tell his story. “They got the job done for me” said Whitener who received a loan modification from Midland Mortgage in June 2005 to stop foreclosure action against his home.

Walter McCloed of Kingstree, SC agrees. He was over ,000 behind on a loan with Select Portfolio Services and had a sale date scheduled on June 6, 2005. The sale was stopped and all I had to come up with was a ,500 down payment to get a repayment plan. McCloed said. Mr. Addison and Mr. Taylor were very encouraging, professional and walked me through the entire process.

Save Your Home’s housing counseling program also worked for Awni Abuaita of Columbia, SC. “I used the service to save my credit with a deed-in-lieu of foreclosure when my payment became too high,” said Abuaita.

While some may believe that foreclosure cannot be stopped with proper housing counseling, five consumers have come forward to categorically prove otherwise. Moreover, mortgage lenders have long known that loss mitigation saves homes and recognize Taylor and Addison as rising stars within this area.

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Posted On: Columbia, SC June 18, 2005

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With 1 in 4 American homes underwater and an estimated 1.7 million in foreclosure proceedings, strategically defaulting is becoming a more popular option for borrowers. However, Strategic defaults also come with a slew of personal and legal ramifications. Attorney at Law, Laura I. Shidlovitsky discusses the unglamorous side of foreclosing and what you can do before deciding to foreclose.

On average, it takes over one year for a homeowner to be evicted from their house once they stop paying their mortgage, according to a recent report by the New York Times. With close to 25% of homeowners owing more than their homes are worth, strategically defaulting may seem like a great way to live rent-free for a year. But, what are the legal ramifications of doing so?

Defaulting is stressful, but defaulting is not a walk in the park either. In addition to your credit score taking a nosedive, you’ll receive a slew of calls, visits, and correspondence by collection agencies, and in some cases, you may even be shunned by your neighbors for being responsible for a drop in neighborhood housing prices. Shidlovitsky. In certain states, like California, a short sale on your home might result in taxable state income, not to mention potential personal liability charges from the foreclosure proceedings. In other words, you might lose more than just your home.

A lot of discussion in the news on strategically defaulting has revolved around the morality of doing so. When asked whether strategically defaulting was morally acceptable, Attorney Shidlovitsky said it depends. “While, I am by no means, an expert on moral authority, I do believe that strategic defaults are wrong under some circumstances. For instance, borrowers who stop paying their mortgage and use those funds for personal items, like expensive dinners or trips to Disneyland, are doing a disservice to the rest of the society. It is not completely ethical to have your neighbors or the remaining tax payers carry the burden of one’s irresponsibility”. If you are a borrower who did not overextend yourself in obtaining the mortgage in the first place, and are currently in financial distress due to something out of your control, like unexpectedly losing a job or being diagnosed with a serious medical condition, and need the money for those expenses, then defaulting is a morally acceptable option.

Moral or not, what can financially distressed borrowers do? Shidlovitsky, Is that homeowners still have several options besides foreclosing and being proactive can really pay off. As soon as you experience hardship, contact your lender to explore options, such as FHA refinancing. Try to sell your property. If that doesn’t work, you can do what is called deed in lieu of foreclosure where you turn your keys in to the lender and walk away. While some of these options may still impact your credit score, it is not as bad as the decline caused by a forced sale. Shidlovitsky’s other suggestions? Watch out for modification scam artists who charge high fees and guarantee modification and/or a stay of foreclosure proceedings, and don’t make any upfront payments, unless it is to an attorney, for loan modifications.

Laura I. Shidlovitsky, Esq., owner and founder of the Law Offices of Laura I. Shidlovitsky, is a very creative and personable Attorney at Law who tailors her legal counsel to meet the unique needs of her clients in all aspects of commercial and real estate transactions and negotiations. She has extensive experience representing individuals and publicly traded corporations in a variety of industries, including metals distribution, commercial real estate, healthcare, pharmaceuticals, restaurant, media and entertainment, transportation, and consulting. Ms. Shidlovitsky is also an active member in many professional organizations, including the LACBA Business and Corporate and Real Property Sections, the ABA Business and Litigation Sections, the National Association of Professional Women, and the Century City Chamber of Commerce.

To find out more about what to consider when facing a foreclosure or to interview Laura I. Shidlovitsky, Esq., please call (310) 684-3843.

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Posted On: Los Angeles, CA August 25, 2010

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Florida Foreclosure Assistance is a new website designed for buyers and sellers considering Florida foreclosures or short sales. The site contains informative articles, videos, news feeds and links to educate buyers and sellers. The short sale process is outlined as well as the pros and cons of selling short.

Kevin Dickenson is a Palm Beach real estate agent with Prudential Florida Realty and has unveiled Florida Foreclosure Assistance, a new informative website designed to educate buyers and sellers about Florida foreclosures and short sales. This is not another website to advertise foreclosed homes, said Dickenson. Florida-Foreclosure-Assistance.blogspot.com/ is a compilation of information from dozens of credible government and private sources for the sole purpose of educating buyers and sellers on the ever changing short sale process.

Dickenson reveals Foreclosure Defense Secrets, a publication written by a prominent Florida foreclosure attorney. Find out what the banks don’t want you to know in a comprehensive 39 page guide that is absolutely free to download.

Florida Foreclosure Assistance contains a list of the 20 most frequently asked Q&A from buyers and sellers about short sales and foreclosures. This is a must read before you enter into a contract to buy or sell short.

The new website also contains articles on new Florida and federal laws pertaining to short sales and foreclosures. A new Florida law allows homeowner associations (HOA) to collect the lesser of 1% of the mortgage amount or up to 12 months of unpaid HOA dues from lenders after they foreclose. Unfortunately, the new law does not apply if the property is sold in a short sale and this can actually encourage lenders to foreclose if too much is owed to the HOA. A new federal law requires mediation before lenders can foreclose.

“I recently attended a foreclosure hearing with a client and less than 10% of the owners actually showed up. The judge was sympathetic to those who took the time to attend and granted a 120 day extension to give owners more time to complete a short sale. The other 90% who failed to attend the hearing were foreclosed,” said Dickenson.

HOA’s have recently discovered that they can foreclosure much quicker than lenders because the owner does not have a legal defense in this situation. The HOA obtains a certificate of title from the court which allows the HOA to rent the property or negotiate a deed-in-lieu of foreclosure with the lender. A local foreclosure attorney reviews the pros and cons of HOA foreclosures in a featured article on the new website.

If you’re a tenant renting a property in foreclosure, a new law could allow you to stay in the property up to 90 days after the lender forecloses. Tenants need to understand all the new laws before entering into a lease agreement on a property that is in the foreclosure pipeline, said Dickenson.

Florida Foreclosure Assistance also contains nearly a dozen links to government recommended websites to repair credit, obtain credit counseling, new government policies and a description of short sale scams. Unfortunately there are people out there trying to take advantage of owners in distress and this government site does a good job of keeping track of the cons, said Dickenson.

Kevin Dickenson is in the top 2% of 64,000 Prudential agents nationally and can be contacted through his website http://www.kevindickenson.com.

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Posted On: Palm Beach, FL (Vocus/PRWEB) December 02, 2010

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