Can You Use Your VA Loan After Having a Foreclosure FHA Loan?

By Hector Milla

It will take an individual three to four years at best to be considered eligible for another mortgage, even one that is eligible for a VA insured loan. It doesn't matter if the foreclosed loan was a FHA loan or one held by a private mortgage company. A foreclosure is a foreclosure, and on a credit report it is a very bad scar.

You have to do more than have served in the United States military in order to be eligible for a VA loan. There are certain restrictions as to which veterans are eligible. Furthermore, the VA does not issue the loans, but merely guarantees a certain amount of the loan given by another lender. If for any reason you default or foreclosure begins, that lender is guaranteed to receive at least a portion of the cost as insured by the VA. It is also important to note that if this occurs, you will lose your right to future VA insured loans.

An individual who is serious about obtaining another mortgage after foreclosure will take several steps to make certain that his or her second mortgage is a more successful transaction than the first. The following three critical steps are closely related and will ensure greater success the next time around.

1. Rebuilding credit is a critical step in the recovery process. Lower credit scores mean higher rates of interest, less reputable lenders, and approval for lower amounts than you may need. Absolutely no lender will consider you immediately after a foreclosure has taken place, so it is wise to seize this valuable time and rebuild your foundation one payment at a time. Eliminate excess debt as quickly is possible and make sure that from this day forward your credit is flawless-or at least improving.

2. Preparing a budget is necessary to rebuilding credit. Without a budget, you have no record or accountability for your spending. It is important to make sure all your bills are paid on time. After foreclosure, you have to work several times as hard to prove your viability as a worthwhile credit risk.

3. Saving for a down payment can increase the amount of home you'll be able to buy and help mitigate the overall cost of the home. After foreclosure, you may be required to pay a higher down payment to reduce the amount you will need to borrow. This goes hand-in-hand with budget creation.

By the way, by researching and comparing the best stop foreclosures services in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper and quicker options. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned foreclosing advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.

Hector Milla runs the Stop Foreclosure Loans website, where you can get immediate assistance from professionals serving your state. We have done all the hard work for you and selected the best 3 rated stop foreclosure services.

Read our full reviews of those services, plus hundreds of articles and video training about how to stop foreclose and the best way to do a loan modification in order to stop a foreclosing proceeding.

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Are Bank Foreclosures Better Than Other Types of Foreclosed Homes?

By Joseph B. Smith

While foreclosed homes tend to be lumped into one type of property, there are in fact many types of distressed property. Each has their own advantages and potential pitfalls for the buyer:

1) HUD homes. HUD (The Department of Housing and Urban Development) homes are sold by the federal government. The last owner of an HUD home had a government-insured loan. When the owner defaulted on this loan, the lender recouped the money lost on the loan via the government. The government is selling the home. HUD homes are attractive because the HUD offers many special programs for first-time and low-income homebuyers. If you qualify for one of the HUD's programs, you could enjoy substantial savings. HUD homes are also appealing because they can be purchased through an HUD-approved real estate agent, who can guide the buyer through the process.

2) VA homes. VA homes are being sold by the Department of Veteran Affairs (VA). The last owner of a VA home was a member of the army, navy, or another branch of the military. When this owner defaulted on the mortgage, the VA paid for the default amount and took possession of the property. Buying a VA home means that you buy a home with some of the same advantages as a member of the military. For example, you may not have to pay mortgage insurance on the property.

3) Tax sale homes. Tax sale homes are sold through public auction because the homeowner has failed to pay property taxes on the property. In many cases, this type of foreclosure can be purchased for the amount of outstanding taxes - which is often a small fraction of the home's value. However, tax sales are very competitive and the price of these homes quickly rises as bidders vie for the property. As well, tax sale homes are sold with no warranties so that it is often hard to tell whether there are major problems with the home.

4) Foreclosure homes. Foreclosure homes are sold through public auction. Some are sold at deep discount and some are sold for nearly full market value. It is up to the buyer to do enough research to ensure that they are getting a foreclosure deal and not a dud.

5) Pre-foreclosure homes. These foreclosed houses have not gone into foreclosure - yet. Usually, the homeowner is facing a financial crisis and is willing to sell the home for less than full market value in order to avoid foreclosure. Pre-foreclosures vary widely. Some offer a good discount while some homes have too little equity to make a good bargain. It is up to the investor to put together a deal that is attractive to the homeowner and a good business plan for the investor.

6) REO real estate. REO (Real Estate Owned) properties are sold as foreclosures through a lender or a lender's representative. Usually, REO homes have failed to sell at auction or were purchased by the lender at auction. Usually, these homes do not offer a huge discount. In fact, some are priced at full market value or even above. Still, some REO houses are a good bargain. One major advantage of buying an REO home is that title problems are usually taken care of by the lender, so there is less risk buying this type of property. As well, some lenders are willing to offer great rates on loans for buyers of REO homes.

7) Distressed properties. "Distressed properties" is an umbrella term for any property that has some disadvantage that may affect its asking price. For example, foreclosures are often called distressed properties, as are homes that need some repairs or renovations.

8) FSBO homes. For Sale by Owner (FSBO) homes are sometimes pre-foreclosure homes although they can also be homes that are not at risk of foreclosure. Some FSBO properties are sold at below market value because the owner is motivated to sell and is saving money on a real estate agent - a savings he or she passes on to the buyer.

Joseph B. Smith has been educating buyers on the finer points of foreclosures at ForeclosureDeals.com for over ten years. Contact

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Foreclosure Houses For Sale - Huge Discounts on Real Estate If You Know Where to Look

By James Ferris

Whether you're looking for a new home for your family, a rental income property, or a house that you can fix up and rent for a quick profit, properties that have been repossessed by banks or government organizations offer investors an opportunity to pick up properties at substantial discounts and it's easy to find foreclosure houses for sale if you know where to look.

When most people hear the word foreclosure they probably think of bank owned properties known as REO's. REO stands for real estate owned and these are properties in which the banks have lent money and property owners have defaulted on their loan payments. To find bank REO's you can contact a number of local real estate agents until you find one that specializes in bank owned properties.

Banks are not the only institutions that end up owning unwanted real estate. There are a number of government agencies that end up with properties for sale for one reason or another. The IRS will sometimes have properties for sale that have been confiscated in order to pay tax bills. County governments in some states will repossess houses when people fail to pay their property taxes.

A good source of government foreclosure houses for sale is the VA, or the Veterans Administration. The Veterans Administration gives loans to people who serve or have served in the military and they do so at favorable interest rates, often with low down payment requirements. Unfortunately some of these loans go into default and then the VA would take back the property in order to sell it and recoup some of their losses. Some time spent searching online for VA foreclosures could uncover some great investment opportunities.

Another great source of government foreclosure houses for sale are HUD homes. HUD stands for the Department of Housing and Urban Development. The FHA or Federal housing administration insures loans from banks and when people default on a loan insured by the FHA the Department of Housing and Urban Development takes ownership of the house and is responsible for then selling these properties. There are some real estate agents that specialize in HUD homes and you can also find quite a bit of information about these homes by doing a little research on the Internet.

You could spend all your time contacting various banks and government agencies to get information about any possible foreclosure houses for sale or you could also find several real estate agents that specialize in some of the different types of foreclosures but they're also a number of inexpensive services that compile all of this information for you. The services put together a list of all the different types of foreclosures from bank REO's to government owned properties and even some private auctions. For a small fee, these services will compile a comprehensive list of investment opportunities that is far greater than you can possibly uncover on your own. It is also a huge time saver to have a service supply you with a list of investment opportunities so that you could spend your time looking at individual properties and making offers rather than tracking down the opportunities in the first place. The services are thorough and inexpensive and many of them even offer a trial period and have a full moneyback guarantee.

Get home foreclosure listings and find foreclosed homes at huge discounts. Learn where to go to find local bank foreclosures, HUD homes, VA homes, IRS repos and more in your area http://www.smartcreditblog.com/foreclosure-lists.html

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How to Avoid Foreclosure Even If You Don't Qualify For Obama's Loan Modification Plan

By Alfred Sant

Today the talk of the moment is the Obama's loan modification program to avoid foreclosure. The Obama's loan modification program is a plan aim to help stabilize the housing crisis by helping homeowners facing the possibility of foreclosure to save their properties.

This program is part of the bigger President's Economic Stabilization Stimulus Package. The plan includes over 75 million dollars to be used in the housing market to help families to avoid foreclosure. Unfortunately, even though the plan is working for some homeowners, the program is not working for the majority of homeowners facing the possibility of foreclosure; this is due to the many requirements to qualify under this plan.

Due to this reason, families are still losing their homes to foreclosure at alarming rates they don't know how to avoid foreclosure. The foreclosure crisis is far from over, and in certain areas of the country, the foreclosure rate is even increasing. Among the red tape, bureaucracy and the complex of the insides of the plan, families keep losing their homes. This is the sad conclusion.

Most of the money, is going to the banks as incentives to work with homeowners, however the first criteria that the banks use to determine which homeowners they're going to work with is if it is financially worth it for them, on top of that, they're getting a reward. So the main point here is that if it is not profitable for your bank to work with you, you won't be helped, aside many other requirements.

So, how to avoid foreclosure in this case? There are however some strategies that homeowners can implement in order to delay foreclosure and stay in their homes for a long period of time, if you don't qualify under Obama's Loan Modification Plan. The time that you'll be able to stay in your home will ultimate depend on your specific situation. Here are some strategies that you can star implementing in your efforts to stay in your home.

Try to get a Mortgage Repayment Plan. This is different from a Mortgage Modification Plan. A Mortgage Repayment Plan is when you agree to star making mortgage payments, even without o mortgage modification.

Another alternative may be Bankruptcy. You may need to talk to your lawyer to find out that this is indeed a good alternative for you. Some homeowners have been able to avoid foreclosure and stay in their homes for a long time using bankruptcy law properly.

Fight Bankruptcy in the Courts. This may be a very effective strategy to avoid foreclosure when you know what you're doing.

Foreclosure is a process and there are ways for you to delay that process and stay in your home mortgage-free for a few years even if you do not qualify for The Obama's Loan Modification Plan or any other Mortgage Modification Program, even if you have not income at all. Unfortunately, many people know nothing about the many tactics and strategies available for fighting foreclosure.

Stop foreclosure and staying in your home is of up-most importance not only because it can potentially save you thousands of dollars, but because it will ensure that you maintain the ability to qualify for future programs, assuming that your financial situation improves later on. Learning about these strategies is the first step towards saving your home.

For more in depth information about this topic and for tips and strategies to avoid foreclosure and stay in your home for over two years without making any monthly mortgage payments, go to my Website: How-To-AvoidForeclosure.info Click Here: To Stop Foreclosure Remember, you can do this without paying for Lawyers, Agencies or for any service at all. Just click the link Foreclosure Assistance

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5 Steps to Effectively Stop Or Avoid Foreclosure

By J Mansion

There are indeed some very effective steps that would help home owners to stop or avoid foreclosure. Repossession of homes by lenders are expected to go up by 50% in 2009 as a result of the credit crunch, according to the Council of Mortgage Lenders. This, of course is not good news and only means that more and more people will lose their homes, especially those who are not well informed. Below, I shall list 5 out of many steps that you can take to effectively stop or avoid foreclosure.

5 steps to effectively stop or avoid foreclosure:

Step 1:

The first step is the ability of the home owner to stay up to date with what is currently happening, you should not believe everything your lenders tell you about the foreclosure proceedings neither should you believe everything your so called foreclosure consultant tells you. I mean, there are a lot of resources that you can take advantage of to at least understand fully what your rights as a home owner are in a foreclosure proceeding. One of such resources is the internet, you can easily become a member of foreclosure related forums where you can get honest views concerning foreclosure proceedings and the options available to the home owner to either stop a foreclosure in process or totally avoid it.

Step 2:

Has the foreclosure proceeding started yet? Or is it going to start in the foreseeable future? Well, whatever the case maybe, we know that our aim is to keep our home and bid foreclosure goodbye. This, you stand a chance of achieving if you take action now or start to truly work on it now. This is not a time to panic but a time to vigorously seek for viable foreclosure avoidance options. The mistake a lot of home owners who have been victims of foreclosure did is, they started seeking resolution means very late in the foreclosure proceedings thus unknowingly allowing their lenders ample time to effectively maneuver the foreclosure in their favor.

Step 3:

Yes, we have agreed to take action but the question now is; what attitude should we portray during this proceedings? Well, with out doubt, the adoption of a positive attitude will definitely go a long way in helping you to achieve your foreclosure avoidance desires. No matter how big your lender corporation is, your positive attitude towards a favorable outcome will be of immense help.

Step 4:

Do not lose your calm over what is happening; the foreclosure proceeding period can be a very trying time for many home owners. That feeling of uncertainty can push you to take decisions that may have adverse effects. More often than not you find yourself running to those so called foreclosure consultants who may turn out to be out right scams. While I am not saying that you should not seek help from a foreclosure consultant either online or offline, I advice that you maintain a calm frame of mind so as to enable you to judiciously weigh all the options presented to you by your consultant and carefully take the best decision in any particular stage of the foreclosure proceeding.

Step 5:

Try as much as possible to refinance while your credit is still good, do not wait until you have defaulted for two or three months before you start making plans to refinance. Trying to refinance when your credit is still good will make it a lot easier to find a lender.

All in all, foreclosure rate will not be as high as it is if home owners where more enlightened in the business of foreclosure. Who knows, despite how far your foreclosure proceeding has gone, with the right information you can still stop it. I wish you all the best in your efforts.

Have your lenders served you a foreclosure notice or is foreclosure looming because you have defaulted in your agreed monthly loan repayment schedule? There is no need to panic, all you need is to get acquainted with these proven steps to stop foreclosure. No matter how far the foreclosure proceeding has gone, you should still exploit these proven steps to stop foreclosure

Article Source: http://EzineArticles.com/?expert=J_Mansion

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Help Avoid Foreclosure With a Short Sale

By Nick L Johnson

With the media bombarding us from every angle about the credit crisis, it's easy to gain a clouded picture about which move to make and what is the best solution for your particular circumstances. Sitting down with a real estate investor can help clarify exactly what options are available so you can get back in control and choose the best alternative to foreclosure.

One of the biggest problems that mortgagees have when facing default is talking to their lender. It can be a daunting prospect to discuss your situation, but it's important that your lender is aware of your situation and understands that you are willing to resolve the situation. If you are at all wary about this process, your real estate investor will gladly offer advice and guide you through the right things to discuss.

One of the problems with not talking to your lender is that they may assume that you are simply succumbing to foreclosure and will start procedures with the Phoenix Arizona judicial process.

It's sad to know that foreclosures in Phoenix Arizona are rising at the same rate as the rest of the nation, when in fact there are alternatives available. Even if you can't afford to make any payments, it is possible to utilize the short sale process to relieve yourself from your financial burden.

A short sale doesn't carry the same penalties as foreclosure, and is looked upon favorably by lenders as a better solution for both parties involved. As an expert in the process, your real estate investor will empathize with your situation and will be able to provide you with all the information you need about the short sale process, as well as ensuring that the whole procedure runs as smoothly as possible.

Nick Johnson has been helping many homeowners in the Phoenix, Arizona area for years. As an investor, he has the experience that is needed in 'Short Sales' as well as other creative financing techniques that will allow the homeowner to save their home from foreclosure or make a quick sale of their home. He charges nothing for his services and does not collect any commissions. Check out http://www.payment-takeover.com to see what service can best benefit you.

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Loan Modification - Avoid Foreclosure the Easy Way

By Hector Milla

The most part of your time spent being a homeowner will go towards maintaining the home and making your dreams come true. But just because you get the home and make it look like a million bucks, does not mean that you may not have any other problems. The home come with big mortgage payments, along with making for a hard time to get them paid. Falling behind on your home loan can mean the possibility of facing a foreclosure.

If you are one the millions of American's facing foreclosure then you should make sure to try to take care of the situation as soon as possible. One false move or not doing anything to remedy the situation could mean disaster. If you take the time to take the proper steps, then foreclosure can be adverted and you can get back to living a good life in your dearly loved home.

There are some steps that one should take if there home is on risk of foreclosure. If you fall behind on your mortgage and can afford to have a loan modification done, then by all means do so. A loan modification allows the homeowners to refinance their current loan and maybe even extend the term of the loan. The amount that you are past due is typically added back to the loan, so you will have to pay that amount and the interest along with fees. You may be able to get your lender to accept monthly mortgage payments that are within your financial reach, and the lender will check to make sure you are capable of paying the loan.

To qualify for a loan modification, you are going to have to either persuade your lender or prove to them that you can make the monthly payment and that your money problems are only temporary along with proving that you are doing something about it. You should never go at trying to do a loan modification on your own. There are many things that you may not understand and with the help of experts, your loan modification can be done quicker. The moment that you receive the past due notice on your home is the moment that you should contact a legal representative to fix the situation. As a homeowner it is up to you to make sure to take all the necessary steps to make sure you can save your house from foreclosure. Be sure to contact your lending institution the minute you start to experience problems as they are often very eager to work with you to fix the problem.

Final Tip: By researching and comparing the best loan modification companies in the market, you will be able to determine the one that meets your specific financial situation, plus the cheaper and quicker options available. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned loan mods advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.

Hector Milla runs the Best Loan Modification Company website, where you can get immediate assistance from professionals serving your state. We have done all the hard work for you and selected the best 3 rated loan modification services.

Read our full reviews of those companies, plus hundreds of articles and video training about how to stop foreclose and the best way to do a loan modification in order to stop a foreclosing proceeding.

Article Source: http://EzineArticles.com/?expert=Hector_Milla

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