As soon as the foreclosure procedure has started on your home, you are racing against a ticking clock. How fast that clock is running depends in large part on you but it also depends on the laws that govern your state and on how much your lender is willing to work with you. But at the end of the day, it is the decisions that you make or fail to make that will decide whether or not you will lose your home to foreclosure. A few things that you want to make sure
that you do not do during your foreclosure procedure are:
Avoid your lender. This means ignoring calls and letters from your lender. Often your lender wants to work with you and has options available for you. But they cannot offer you these options if you do not talk to them. Once a foreclosure procedure has been started on your home by your lender, it becomes vital that you start a dialogue with them. Ideally, you would have started a conversation with them as soon as you missed your first payment. But if you
did not do that, now is definitely the time to start talking to them, no matter where you are in your foreclosure procedure.
Give money to someone who tells you that they can save your home from foreclosure. A sea of con artists will virtually descend on you as soon as your foreclosure is a matter of public record. They will tell you that they can stop your foreclosure procedure and save your home. Realistically, most will not be able to help you. If you do decide to meet with anyone who tells you that they can help you save your home from foreclosure, be sure not to give
them any money upfront and also be sure to do your homework. Do some digging and research on the company that you are dealing with. Refuse to ask for help. Chances are good that you are going to need help. You may need financial help from your friends and family. For me, asking my parents for money ranked right up there as one of the most difficult things I had to do during my foreclosure procedure. It may not be easy but you might have to do it if you really want to save
your home. And having the moral support of your friends and family around during this time is vital to helping you keep your sanity. Foreclosure can be a very stressful process and having people around you who love you and want to help is important for your mental well being.
There is no easy way out of foreclosure. No magic pill or perfect solution that is going to make it go away. The best things you can do during your foreclosure procedure are to educate yourself about your options, keep the lines of communication open with your lender and ask for the help you need from the people who love and care about you.
Jill Borash - EzineArticles.com Expert Author
Jill Borash is a professional organizer and internet marketer in Denver, Colorado. Her interests include yoga, baking, personal growth and development, and helping others save their homes from foreclosure.
Thursday, October 9, 2008
Its Time To Keep More Of What You Earn!
Every time you make a profit on your real estate investment the tax man has his hand out. To keep the majority of the profits in your pocket where they belong you must have a personalized tax action plan to reduce your taxes to the minimum. Would you automatically accept the highest bid from a contractor when another contractor could provide the same quality of work for a lower price? Of course not!
Congress offers you the same deal... You are in control of the amount of taxes you pay. Do nothing and willingly pay the highest amount of taxes or, do your research, find a professional (real estate) tax adviser and you will dramatically shrink the taxes you are now voluntarily overpaying. Is it worth the effort? Here is just one example; The maximum SE tax (15.3% - 2008) is assessed all the way up to your first $102,000.00 of income. That means that
you are forking over $15,606.00 of your hard earned bucks. By selecting the proper business entity you can easily wipe out paying self employment tax on a big chunk of your income. So, if $70,000 could be distributed to you without paying SE tax then you would keep in your pocket $10,710.00 This is just one of many ethical and legal strategies that exit in the tax code.
Here is another crown jewel of your personalized tax action plan...
As a real estate investor you may qualify to sock away a combined $102,000 in retirement monies per year for both you and your spouse. Paying yourself first will result in shaving thousands more off of your tax bill. This new found money can then help you to pay off those money sucking credit cards, save money for your child's college education, invest in more real estate, even take a family vacation (remember those?). A real estate friendly retirement plan even has a liquidity provision where you can borrow up to $50,000 for life's little emergencies or opportunities. In fact the right type of retirement plan will guarantee you will never, ever have to pay the tax man a penny no matter how much money you amass for the future.
During the last 15 years David Cole has built a nationwide reputation as a professional speaker and trainer providing services to tax professionals, Realtors and their client investors. He specializes in small business tax strategies for solo entrepreneurs.
Mr Cole is an expert in structuring self administrated individual 401k plans for real estate investors since these plans are highly flexible and real estate friendly.
Over the years Mr. Cole has gathered a consortium of professionals of other disciplines consisting of CPA s, Enrolled Agents and Tax Attorney's to better serve the diverse needs of his clients.
Mr. Cole is President of Financial Design Group, LLC located in beautiful Sedona Arizona.
Congress offers you the same deal... You are in control of the amount of taxes you pay. Do nothing and willingly pay the highest amount of taxes or, do your research, find a professional (real estate) tax adviser and you will dramatically shrink the taxes you are now voluntarily overpaying. Is it worth the effort? Here is just one example; The maximum SE tax (15.3% - 2008) is assessed all the way up to your first $102,000.00 of income. That means that
you are forking over $15,606.00 of your hard earned bucks. By selecting the proper business entity you can easily wipe out paying self employment tax on a big chunk of your income. So, if $70,000 could be distributed to you without paying SE tax then you would keep in your pocket $10,710.00 This is just one of many ethical and legal strategies that exit in the tax code.
Here is another crown jewel of your personalized tax action plan...
As a real estate investor you may qualify to sock away a combined $102,000 in retirement monies per year for both you and your spouse. Paying yourself first will result in shaving thousands more off of your tax bill. This new found money can then help you to pay off those money sucking credit cards, save money for your child's college education, invest in more real estate, even take a family vacation (remember those?). A real estate friendly retirement plan even has a liquidity provision where you can borrow up to $50,000 for life's little emergencies or opportunities. In fact the right type of retirement plan will guarantee you will never, ever have to pay the tax man a penny no matter how much money you amass for the future.
During the last 15 years David Cole has built a nationwide reputation as a professional speaker and trainer providing services to tax professionals, Realtors and their client investors. He specializes in small business tax strategies for solo entrepreneurs.
Mr Cole is an expert in structuring self administrated individual 401k plans for real estate investors since these plans are highly flexible and real estate friendly.
Over the years Mr. Cole has gathered a consortium of professionals of other disciplines consisting of CPA s, Enrolled Agents and Tax Attorney's to better serve the diverse needs of his clients.
Mr. Cole is President of Financial Design Group, LLC located in beautiful Sedona Arizona.
Is a Foreclosure Loan Your Best Option?
Is a Foreclosure Loan Your Best Option?
A foreclosure can be a devastating financial situation. Today we are seeing more and more foreclosures in record
numbers throughout the United States. For some people that still have the ability to make some sort of a house
payment. They may seek to relieve a foreclosure loan to salvage their home. This article will look at a few options.
You may consider before losing your property.
What is a foreclosure?
First we need to understand what a foreclosure is. A foreclosure is basically a legal action that a lender or bank
can take against someone who has defaulted on their home payments. The main problem for the lending institution is
the fact that going through the proceedings of recapturing a home through foreclosure can be costly and
time-consuming.
When should I seek a foreclosure loan?
Although most lending companies have a grace period of a few months, they can technically start the foreclosure
proceedings on your home if you have missed only one payment. If you have 40 missed a payment or you know that
you're going to miss a payment on your home. You should contact your lender immediately and start seeking solutions
for a foreclosure loan.
Several years ago, if you missed a payment, you had creditors on you instantly. However, today it is becoming far
too common that people all across our great nation are missing their payments so you might have a few months to work
things out.
It never hurts to check into the possibilities of a foreclosure loan. You may be able to qualify for loan where you
can readjust with a much lower payment to survive to hard times.
Tom Turner is a dedicated personal online business coach, dynamic speaker, and gifted musician. He began his online
business ventures in 1998.
Prior to establishing himself on the internet, Tom had no previous experience online. His early successes came from
eBay sales, but he quickly realized that in order to be successful online he needed to find his best business fit.
A foreclosure can be a devastating financial situation. Today we are seeing more and more foreclosures in record
numbers throughout the United States. For some people that still have the ability to make some sort of a house
payment. They may seek to relieve a foreclosure loan to salvage their home. This article will look at a few options.
You may consider before losing your property.
What is a foreclosure?
First we need to understand what a foreclosure is. A foreclosure is basically a legal action that a lender or bank
can take against someone who has defaulted on their home payments. The main problem for the lending institution is
the fact that going through the proceedings of recapturing a home through foreclosure can be costly and
time-consuming.
When should I seek a foreclosure loan?
Although most lending companies have a grace period of a few months, they can technically start the foreclosure
proceedings on your home if you have missed only one payment. If you have 40 missed a payment or you know that
you're going to miss a payment on your home. You should contact your lender immediately and start seeking solutions
for a foreclosure loan.
Several years ago, if you missed a payment, you had creditors on you instantly. However, today it is becoming far
too common that people all across our great nation are missing their payments so you might have a few months to work
things out.
It never hurts to check into the possibilities of a foreclosure loan. You may be able to qualify for loan where you
can readjust with a much lower payment to survive to hard times.
Tom Turner is a dedicated personal online business coach, dynamic speaker, and gifted musician. He began his online
business ventures in 1998.
Prior to establishing himself on the internet, Tom had no previous experience online. His early successes came from
eBay sales, but he quickly realized that in order to be successful online he needed to find his best business fit.
Why Foreclosures are the most Profitable Option
Foreclosure houses provide an excellent opportunity for investment in the real estate market. The best thing about
these foreclosure houses is that they are available at much lower cost than their actual market value, it is not
surprising to find a home at about 50% low cost than its real value. In order to make the best deal possible in the
foreclosure market, you need to search a lot in the area that you have been looking forward to buy a property in.
The things you need to check while considering a piece of property include its physical condition, its documents and
the stage of foreclosure process it is in.
Foreclosure houses come into existence when the homeowners fail to make their mortgage payments in time. Actually,
they are generally allowed to make some late payments to a certain period of time with late fee charges. Foreclosure
houses happen when the homeowner misses numerous payments and he or she is not able to rectify situation with the
payments. But when this period gets over, the foreclosure process starts under which the bank, money lender or the
private institution from which the home owner had borrowed money seizes the property and puts it for sale at a
public auction. Selling and buying foreclosure houses can prove to be beneficial for both the sellers and the buyers
if the deal is done in the right time. The sellers get money when they utterly needed it and also save their credit
report and buyers get a house at much lower cost than its actual market value.
Actually, the lenders also do not want to foreclose properties because these foreclosure houses mean an extra work
and headache for them. The main business of money lenders is to deal with finance and they do not easily want to
tackle with real estate problems. They usually avoid to foreclose a property and even if they had to, they want to
get rid of the property as soon as possible. Another thing is that they only want to get back their money and do not
intend to make huge profits out of the property, that’s why foreclosure houses are available at much lower rates,
because the profit of the sellers is not involved in their selling price.
Foreclosure houses can offer numerous ways to the investors to save or make money. If you are the first time buyer
with no or little money, these foreclosure houses can be a great option for you. If you have bought foreclosure
houses but you do not want them to sit idle, you can rent them out so that can be in use regularly and also add to
your regular family income. You can also make some renovations in the foreclosure houses, do some repairs and resell
them at a profitable cost.
In today’s fast emerging market of real estate, buying any kind of properties, especially foreclosure houses, can be
a sure bet to bring you profit.
Kevin Simpson, GM Sales & Marketing
Article Source: http://EzineArticles.com/?expert=Kevin_Simpson
these foreclosure houses is that they are available at much lower cost than their actual market value, it is not
surprising to find a home at about 50% low cost than its real value. In order to make the best deal possible in the
foreclosure market, you need to search a lot in the area that you have been looking forward to buy a property in.
The things you need to check while considering a piece of property include its physical condition, its documents and
the stage of foreclosure process it is in.
Foreclosure houses come into existence when the homeowners fail to make their mortgage payments in time. Actually,
they are generally allowed to make some late payments to a certain period of time with late fee charges. Foreclosure
houses happen when the homeowner misses numerous payments and he or she is not able to rectify situation with the
payments. But when this period gets over, the foreclosure process starts under which the bank, money lender or the
private institution from which the home owner had borrowed money seizes the property and puts it for sale at a
public auction. Selling and buying foreclosure houses can prove to be beneficial for both the sellers and the buyers
if the deal is done in the right time. The sellers get money when they utterly needed it and also save their credit
report and buyers get a house at much lower cost than its actual market value.
Actually, the lenders also do not want to foreclose properties because these foreclosure houses mean an extra work
and headache for them. The main business of money lenders is to deal with finance and they do not easily want to
tackle with real estate problems. They usually avoid to foreclose a property and even if they had to, they want to
get rid of the property as soon as possible. Another thing is that they only want to get back their money and do not
intend to make huge profits out of the property, that’s why foreclosure houses are available at much lower rates,
because the profit of the sellers is not involved in their selling price.
Foreclosure houses can offer numerous ways to the investors to save or make money. If you are the first time buyer
with no or little money, these foreclosure houses can be a great option for you. If you have bought foreclosure
houses but you do not want them to sit idle, you can rent them out so that can be in use regularly and also add to
your regular family income. You can also make some renovations in the foreclosure houses, do some repairs and resell
them at a profitable cost.
In today’s fast emerging market of real estate, buying any kind of properties, especially foreclosure houses, can be
a sure bet to bring you profit.
Kevin Simpson, GM Sales & Marketing
Article Source: http://EzineArticles.com/?expert=Kevin_Simpson
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