AmericanForeclosures.com

July 31, 2009

How Long Does it Take to Get a Good Credit Score After Foreclosing on a Home?

credit scoreMany people especially these days with the down market are wondering in the back of their minds just how bad does foreclosing affect your credit score? I’m sure that everyone has heard different percentages about how bad and how long your credit score is affected by foreclosing on a home. To put these rumors to rest, I thought I’d tackle this topic. To start a creditor can’t lend to you for 2 years after a foreclosure.  This means a loan on anything including, home loan, car loan, student loan, buying a computer and more. Also, people who check your score like, land lords, cell phone providers, and credit card lenders won’t approve you. Your score can drop as much as 300 points.
Going into foreclosure does not permanently destroy your credit score and loan receiving abilities. After 24 months your credit score will begin to recover assuming that you pay your debt off on time. It will still take 7 years for a foreclosure to be completely offer your credit record. However, after 5 you may be able to get a home loan, but at a high interest rate. You can always refinance after 7 years (total from your foreclosure) and get a lower interest rate once your foreclosure is off of your credit record and you can prove that you have a stable income.
Foreclosing isn’t the end of the world but will certainly put your credit out of commission for a few years. If you do find yourself in trouble, it’s best to consult a finance expert and weigh your options.

Many people especially these days with the down market are wondering in the back of their minds just how bad does foreclosing affect your credit score? I’m sure that everyone has heard different percentages about how bad and how long your credit score is affected by foreclosing on a home. To put these rumors to rest, I thought I’d tackle this topic. To start a creditor can’t lend to you for 2 years after a foreclosure. This means a loan on anything including, home loan, car loan, student loan, buying a computer and more. Also, people who check your score like, land lords, cell phone providers, and credit card lenders won’t approve you. Your score can drop as much as 300 points.

Going into foreclosure does not permanently destroy your credit score and loan receiving abilities. After 24 months your credit score will begin to recover assuming that you pay your debt off on time. It will still take 7 years for a foreclosure to be completely offer your credit record. However, after 5 you may be able to get a home loan, but at a high interest rate. You can always refinance after 7 years (total from your foreclosure) and get a lower interest rate once your foreclosure is off of your credit record and you can prove that you have a stable income.

Foreclosing isn’t the end of the world but will certainly put your credit out of commission for a few years. If you do find yourself in trouble, it’s best to consult a finance expert and weigh your options.

July 22, 2009

Underground Oil Tanks Are Important to Look for When Buying Pre-Foreclosures in New Jersey

Filed under: Uncategorized — americanforeclosures @ 12:45 pm
Tags: ,

One of the major things that you need to look out for when purchasing a foreclosure or pre-foreclosed property are hidden or partially hidden underground oil tanks. If you are thinking about investing in a foreclosure, especially for the first time. It’s really important to hire someone who has the right equipment (metal detectors) to look for underground oil tanks. If one is found, then you will want to then proceed to hire an environmental cleanup contractor to test the surrounding soil around the oil tank. If contamination is found, you will want to most likely back away from the home purchase if you still can. An environmental spill can cost upwards of $20 to $60 thousand dollars. You’ll want to look for signs of oil tank yourself such as metal valves sticking up from the yard and pipes leading insides the property. Keep an eye out for any signs of unusual soil color and odors coming from the yard. Removing an oil tank is not the end of the world. It will cost about $500 to $2,500 dollars. With New Jersey homes you’ll need the correct permits for the removal. Also, it isn’t illegal to have the oil drained and the tank left in the ground (albeit you’ll probably want the tank completely removed). New Jersey’s government website offers advice on financial options such as grants and loans. You can visit them to see what you are eligible for with your tank removal and environmental testing.

One of the major things that you need to look out for when purchasing a foreclosure or pre-foreclosed property are hidden or partially hidden underground oil tanks. If you are thinking about investing in a foreclosure, especially for the first time. It’s really important to hire someone who has the right equipment (metal detectors) to look for underground oil tanks. If one is found, then you will want to then proceed to hire an environmental cleanup contractor to test the surrounding soil around the oil tank. If contamination is found, you will want to most likely back away from the home purchase if you still can. An environmental spill can cost upwards of $20 to $60 thousand dollars. You’ll want to look for signs of oil tank yourself such as metal valves sticking up from the yard and pipes leading insides the property. Keep an eye out for any signs of unusual soil color and odors coming from the yard. Removing an oil tank is not the end of the world. It will cost about $500 to $2,500 dollars. With New Jersey homes you’ll need the correct permits for the removal. Also, it isn’t illegal to have the oil drained and the tank left in the ground (albeit you’ll probably want the tank completely removed). New Jersey’s government website offers advice on financial options such as grants and loans. You can visit them to see what you are eligible for with your tank removal and environmental testing.

July 15, 2009

Uncharted Territory: Why Foreclosure Inspections Matter

Finding a good home inspector is crucial to any home purchase. The difference between an inspector who stays for only 51 minutes and forgets to leave radon tanks and one who takes pictures of the outside in and notices planes flying over head every 10 minutes will save you  a lot of aggravation. Take my word for it. Even if you have to pay more money. If you’re buying a home or pre-foreclosed property in north Jersey check out Expert Home inspection and ask for Dave. He did a great job on my recent home inspection.  You can read more on the importance of home inspectors below.
Ask this question of any prospective new home buyer: Are you buying “new” or “pre-owned”? Indeed, studies show more than one out of five respondents will tell you they are either building or buying a “new” home. Why? That is the question we are going to answer in the next ten minutes.

In theory, a newly constructed home will be in mint condition. Whether you plan to pay a builder to custom-build your home or you are looking at recently-completed construction, new homes and condominiums require just as much attention from a home inspector as older homes. What’s more, new construction inspections can help buyers assess a home’s value and quality before, during, and after construction completion. The benefit of new construction inspections are clear- they allow buyers to resolve safety, quality and home value issues before the home is completely built and before problems arise – which can save buyers time and money over the long term.

But what about a pre-owned foreclosed home? Is it structurally sound? Is there a latent defect? What about house framing & foundation? Is there mold behind the walls? Can the home be insured?

Foreclosure inspections generally consist of only one visit and condition report. They are simple and economical. Before the home sold or is move-in ready, foreclosure inspectors will arrive to conduct the inspection. When the inspection is complete, (usually within about two hours), the inspector will produce a condition report for the customer. If the inspector is a licensed engineer, the report will be “sealed.” Getting a “sealed” condition report represents the highest level of technical assurance that the inspection findings represent the work or opinion of an experienced and qualified expert.

Here is a look at what inspectors evaluate during each stage of a new home inspection:

Pre-Purchase Foreclosure Inspection. This inspection is conducted before the home is sold, but ready for occupancy. This timing allows the customer to get critical information about their new home, and also allows the seller to make any corrections necessary prior to closing. During a walk-through, inspectors will review whether electrical and mechanical systems are functioning properly, if vents have been correctly installed, whether the heating and cooling systems are ready for use, if adequate insulation is in place or if more is needed, and more.

Buyer Foreclosure Inspection. This inspection takes place typically after the foreclosure is final and the home is put up for auction by the governing authority. This full home inspection addresses all areas of the home and provides a report that the prospective buyer can use to evaluate the value and structural & workmanship status of the home so any needed repairs can be completed before the home is resold or occupied.

Visit our website and schedule an appointment to learn more about how Lineberger & Associates can help you to thousands of dollars in repairs by determining if your foreclosed property is safe and structurally sound. Our expert engineers and inspection professionals will walk you through the foreclosure inspection process step-by-step.

July 6, 2009

Understand the Home Stimulus Plan and Avoid Foreclosure

Filed under: Uncategorized — americanforeclosures @ 12:18 am

Here is an interesting article that I thought you may want to read today to help understand Obama’s stimulus package.

With this disturbed economy and the period of recession, it has become difficult for people to save their homes that are on mortgage loans. This home stimulus plan is going to help these people save their homes and avoid foreclosure in this unparalleled risky time. Today the government is ready to help people who are in real need but there are formalities that need to be met. You have to fill up a form and that too in such a manner that is acceptable to the banks or the lenders. If the documents are as required and the form filled up properly and accurately, your chance of obtaining the loan maximizes.

The home stimulus plan as signed by Obama’s administration has a fund of $75 billion. If you are on the risk of foreclosure of your house, you must get your share from that. The first thing that you need to do is to know what plan suits you best depending upon your requirements. There are professionals and legal helpers that would guide you about the documents to produce and how to fill up the form. But before selecting one you must do the research work properly and make the right choice. When you are looking for a site that would help you get the loan easily and quickly, make sure that you go through the reviews and testimonials so that you get an idea whether it is going to help you truly or not.

There are various fake websites and instead of making any benefit from it you might loose the time and chance too. So it is very important to opt the authentic site. Also you must understand the plan and the ways in which they can be attained. Among the various grants and schemes you have to choose the most suitable one for you. You can also get a personal loan in order to pay your debts and also save your home from foreclosure.

If your loan has been financed by Fannie Mae or Freddie Mac, your refinancing is sure. There is a provision of cash incentive of $1000 granted to the banks for each deed of loan modification. The main focus of the government is to make the refinancing affordable so that people can easily repay the loan even if it takes a long time. If you want to know more about the home stimulus plan and all the details about how to get it or apply for it, you can visit homestimuluspackage.net and collect them.

Click here for more tips on how to get qualified for a home loan modification.

Blog at WordPress.com.