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The home foreclosure crisis continues to drag on, and many solutions have been tried to fix it, but with limited to no success thus far, eg, President Obama’s Making Home Affordable Program; prosecuting lenders for illegal foreclosures (a la robosigning practices); a foreclosure workout deal that includes principal reductions; etc.

In spite of all of this, there simply doesn’t seem to be any end in sight, if recent foreclosure statistics are anything to go by. 

Sobering Foreclosure Statistics for 2012

Short Sales Up: In 2011, there were 26,000 more short sales than there was in 2010.

Housing Inventory Up: The real estate company RealtyTrac has estimated that the market needs to process another 14 million properties before the foreclosure crisis can be considered over.

Property Values Down: Residential real estate prices dropped more than forecast in the year ended October, showing a broad-based decline that indicates the U.S. housing market continues to be weighed down by foreclosures.

More Foreclosures Coming: There’s no doubt that foreclosures will increase in 2012. Proof? Close to 3 million homes were foreclosed on in 2010. Between 2009 and the end of 2012 more than 9 million homes are expected to be in foreclosure, according to the Center for Responsible Lending. 

With these daunting numbers, new ways of solving the foreclosure crisis are constantly being put on the table. One of them – allowing buyers to rent the foreclosed properties they buy back to the previous owners – appears to benefit all involved, ie, lenders, homeowners, neighborhoods and the economy at large. But, it’s illegal. Why?

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As explained in the HuffingtonPost.com article, Right to Rent: The Foreclosure Crisis Solution Banks Love to Hate

. . . banks refuse to allow these kinds of transactions unless the buyers sign legal documents promising they will not rent the property back to the previous owner [if they bought it in a short sale]. The restrictions are designed to limit fraud: If a struggling homeowner can sell the property for less than what they owe the bank and remain in the home, they could find a partner to buy the home at the reduced price, and together they could then sell the home and split any profits.

But, has the time come to repeal/amend this law? In light of the numbers above, many are screaming, “Yes!” And, legislation to that effect has been introduced. It’s known as the Right to Rent Act.

The Right to Rent Act: Proposed Legislation That Would Keep Foreclosed-On Homeowners In Their Homes

Following is what the Right to Rent Act is and how it would help to end the foreclosure crisis sooner rather than later.

Under the plan, after a home is foreclosed on, the homeowners would be given the option to stay in the house paying a fair market rent determined by an independent appraiser.

Ending the Foreclosure Crisis: 4 Immediate Benefits of the Right to Rent Act

Keeps Families in Their Homes: This is beneficial on several levels, eg, the kids can stay in the same school; family routines stay the same; etc.

Neighborhoods Remain Safer: When a home is foreclosed on, it can sit vacant for months, and in some cases years, before it is resold. Vacant/foreclosed properties destabilize neighborhoods by inviting crime. And, they’re just unsightly if not properly maintained, which brings us to the next benefit of this act, which is . . . .

Stabilizes Property Values: Foreclosures decrease the value of surrounding homes. This plan would help mitigate this because many investors have said that they would be willing to pay more for a property if they were allowed by lenders to lease it back to the previous owners.

Decrease Housing Inventory: There is a glut of foreclosed properties on the market now, with more on the way; again, as the stats cited above highlight. So it’s a simple case of supply and demand – the more supply there is, the more the price decreases. This means that the housing market can’t really start to recover until a lot of this inventory is sold off, leased and/or rented.

The Right to Rent Act would prevent more foreclosed-on properties from being dumped on an already full-to-the-brim housing market.

So, why hasn’t this act been passed yet? It has in Ireland.

Look no further than Washington and petty politics. Once again, the Average Joe is left out in the cold – literally and figuratively speaking. Learn more about the Right to Rent Act in this video.

What do you think? Should investors be able to buy foreclosed properties and rent them back to the previous owners? Share your thoughts in the comments section below.

Related Posts

Stop Foreclosure by Getting a Same-Day Home Loan Modification: Here’s How and Where

Stopping Foreclosure: Obama Administration to Launch 2 New Programs to Help Homeowners Avoid Foreclosure (One is for Unemployed Homeowners)

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Stopping Foreclosure: Obama Administration to Launch 2 New Programs to Help Homeowners Avoid Foreclosure (One is for Unemployed Homeowners)

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Home Foreclosure News: Why 2012 Is a Critical Year on a Few Levels If You’re Facing Foreclosure

Stop Foreclosure: How to Ready Your Home for a Fast (Short) Sale

First-Time Home Buying Advice: Is It Better to Buy a New Home than a Foreclosed Home?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Large Property Preservation Company Seeks Subcontractors (Los Angeles, CA): Firm needs professionals to do trashouts, general cleaning, ongoing lawn maintenance (eg, bi-weekly mows), winterizations, etc. (Foreclosure cleanup) business insurance needed. Lots of Work Available: Co expects to double workload in early spring.  Get full details on this property preservation job.

Established Regional Property Preservation Company Seeks General Laborers & Contractors (Chicago, IL): Description: Must have construction industry knowledge in the areas of carpentry, drywall and roofing at least. Get full details on this construction job.

More Jobs Listed Below . . .
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Property Preservation Contractors Needed to Work on Foreclosed Properties (Oregon (Statewide)): Scope of Duties: trash outs, mowing grass, cleaning, etc.  Must be licensed and insured. Get full details on this foreclosure cleaning job.

Job Opportunity for Independent Property Preservation Professionals (Chicago, IL): Paid on a 1099 basis. Job duties include removing trash/debris, general cleaning, winterization, snow removal, securing property via lock/key changing, doing HUD inspections, etc. Get full details on this property preservation job. 

Requests for Proposals / Job Contracts

City Request for Proposal (RFP) for Landscape Maintenance Contract (Phoenix, AZ): The Phoenix Maintenance Gateway Airport Authority (PMGAA) proposes to contract general landscape maintenance for multiple sites. Duties include the application of fertilizers, herbicides and pesticides, watering, pruning, weeding, deadheading, replacement plantings (as approved by PMGAA), loose trash removal, leaf removal, irrigation repair and maintenance, spring and fall cleanup. Deadline to Apply: February 12, 2012. Get full details on this landscaping contract.

City Request for Proposal (RFP) for Landscape Maintenance Contract (Phoenix, AZ): Overview:  Provide Landscape Maintenance Services for the Wayne County Airport Authority (Airport Authority). Length of Contract: The contract will be for a term of up to three (3) years. Deadline to Apply:  January 30, 2012. Get full details on this landscaping contract.

Most Recent Job Listings

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/26/2012

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/18/2012

Related, Detailed Posts on How to Find Foreclosure Clean Up Jobs / Contracts

Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/Construction Type Jobs

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Bank Failures Can Mean Big Business for Foreclosure Cleaning Businesses! Learn which banks closed have closed recently. Then, learn how to use bank failures to grow your foreclosure cleaning business.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Property Preservation Job / Foreclosure Cleaning Business Opportunity of the Day

We are a national property preservation company looking for contractors and handymen all throughout the following states: Washington, Oregon, California, Virginia, West Virginia and Maryland to complete maintenance on vacant properties. 

You will also be able to bid on larger contracting repairs you come across at these properties. This will be a subcontractor relationship, so you will be responsible for your own equipment, expenses and general liability insurance.

If you believe you qualify, call us at (540) 738-0607, or apply online at http://www.questhp.com/jobs. If we don’t answer your call, please leave a voicemail with all of your contact info, and the city and state you’re based out of. You can also visit us online at www.QuestHp.com for more info on our company. Thanks for your time.

Note: If you apply, please tell this employer that you found this opportunity on ForeclosureBusinessNews.com. Get exposure for your real-estate related business.

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P.P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

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Homeowners have some rough decisions to make this year if they’re facing foreclosure, for two reasons.

2 Reasons Homeowners Facing Foreclosure Need to Make Some Tough Decisions This Year

(I) Principal Reductions Likely to Become a Reality for Up to 1 Million Homeowners: The President touched on it in his State of the Union Address the other night. On this blog, we’ve been writing about why principal reductions need to be given by lenders for going on two years now, and – yet again — we wrote about it here recently.

Now that this looks like it’s finally going to become a reality, homeowners are going to have to decide a few things, ie:

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(a) Is it enough? Many homeowners are much more underwater than the relief that may be forthcoming in this foreclosure settlement. The proposed package works out to about a $20,000 principal reduction per homeowners. According to the stats we posted in Monday’s post here, this won’t alleviate a  lot of the pain homeowners are feeling, ie:

 Foreclosure Statistics: How Underwater are U.S. Homeowners?

According to The New York Times article, Political Push Moves a Deal on Mortgages Inches Closer:

About 11 million more own homes that are “underwater,” meaning the amount of money owed now exceeds the value of the home. They owe, on average, $45,000 to $50,000 more than their home is worth, according to Mark Zandi of Moodys Analytics. The deal may help about one million homeowners with an average debt reduction of $20,000. 

(b) What to do if their home values continue to decline: While property values are creeping up and/or holding steady in some areas around the country, they continue to decline for a lot of others. Many housing experts are saying that we haven’t hit bottom yet. Proof? According to the USNews.com article, Severe Home Value Declines In Battleground States”

. . .  a recent report by the Progressive Policy Institute [cited that] 15 of the 16 [political] battleground states saw an average home value drop of more than 16 percent since October 2008. Three of those states—Florida, Nevada, Arizona—saw drops of more than 30 percent in median home prices. 

 So, if this proposed foreclosure deal goes through, what happens if property values continue to plunge? Will homeowners regret staying (if they decide to accept the deal)?

(c) Factor in how shadow inventory will affect any decisions they make now: This remains a real threat to not only the housing market recover, but to property values. How? As we wrote in the linked-to article on shadow inventory in a previous post, “This is a simple case of supply and demand. If there is a glut of homes on the market for potential buyers to choose from, it depresses prices overall.”

II. Tax Implications: While a $20,000 principal home loan reduction carat dangled in front of your face may be enough to make you consider staying, if you’re leaning towards walking away from your home – either by doing a deed-in-lieu or a short sale – then you may owe taxes if you don’t do it before the end of the year. 

As The New York Times article, Thoughts on Walking Away From Your Home Loan, details:

Often, forgiven debts are taxable as income. Recent legislative changes, however, eliminate the federal tax burden through 2012 on most primary residence debt that a lender has reduced through loan restructuring or forgiven during foreclosure.

We touch on this in the post, Short Sale vs. Foreclosure: What’s the Difference between Them and Which One Hurts My Credit (FICO) Score More?, explaining:

Tax Implications of a Short Sale: You Could Wind Up Owing a Lot of Money in Taxes If You Short Sale Your Home after December 2012

Most times, you as the owner would be responsible for the “short” fall – as in, the government looks at it as “income” and you have to pay taxes on that. Yep, that’s right, you could wind up owing taxes when you do a short sale.

But, current legislation in place protects you from this penalty – if you act by a certain date. 

Click thru to learn more.

As you can see, homeowners facing foreclosure have a lot to think about – and many of these decisions are ones that are going to have to be made in the next few months. While stagnation has been the name of the game until now, finally, homeowners trying to prevent foreclosure are being presented with some options. How many of them they decide to act will have far-reaching implications for the housing market overall for years to come.

Related Posts

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Foreclosure Crisis Deepens Yet Again: The One Thing Lenders Won’t Do That Could Significantly Decrease Foreclosures Immediately

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

The Short Sale Process: How to Find a Short Sale Buyer for Your “About to Be Foreclosed On” Home

What Is the Bank Short Sale Process for Sellers?

Short Sale: Definition, Credit Implications, Tax Implications & More

 Home Foreclosure News: 9 Million Homeowners Could Go Into Foreclosure Between 2009 & 2012

Stop Foreclosure: How to Ready Your Home for a Fast (Short) Sale

HSBC Home Loan Modification Help: Yes, You Can Get a Permanent Modification and Even a Principal Reduction — Here’s How

Home Foreclosure News of the Day: Nearly 29% of Homes with Mortgages are Underwater in the U.S. Which States/Cities Have the Highest Rates?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

According to the MSNBC.com article, Deal could cut principal on 1 million loans, 1 million homeowners could be helped, If that’s the final number, that would  equal an average reduction of $20,000 that each homeowner would have slashed off what they owe on their mortgages.

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Stopping Foreclosure: Is This a Good Deal for American Homeowners?

Before a final deal is even hashed out, many housing experts are asking, “Is this enough to help homeowners?”

When you consider that roughly 11 million U.S. homeowners are underwater on their mortgages — and by much more than $20,000 — it’s a good question.

Foreclosure Statistics: How Underwater are U.S. Homeowners?

According to The New York Times article, Political Push Moves a Deal on Mortgages Inches Closer:

About 11 million more own homes that are “underwater,” meaning the amount of money owed now exceeds the value of the home. They owe, on average, $45,000 to $50,000 more than their home is worth, according to Mark Zandi of Moodys Analytics. The deal may help about one million homeowners with an average debt reduction of $20,000.

While any mortgage principal reduction is appreciated, one has to wonder, how will homeowners who are so underwater will respond. Will they bite the bullet and accept this offer, or will they decide to walk away after surmising that this is the only help they’re going to get.

Only time will tell.

Stopping Foreclosure: The Tax Consequences of a Principal Reduction

One commentor on the above-mentioned MSNBC article astutely asks: What I would like to know is how the IRS will react with a change in principal. The difference between what is actually owed and the newly adjusted principal will be taxable. This is often kept out of the whole picture!

Related Article: Home Foreclosure and Taxes: Important Tax Consequences of a Short Sale after December 31, 2012.

President Obama may discuss this home foreclosure deal that includes principal reductions in his State of the Union Address tonight.

Related Posts

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

How to Stop Foreclosure by Getting a Home Loan Modification, Loan Forbearance and Even a Principal Reduction: 100% Free Foreclosure Help Given by a Reputable Nonprofit Agency

HSBC Home Loan Modification Help: Yes, You Can Get a Permanent Modification and Even a Principal Reduction — Here’s How

Home Foreclosure News of the Day: Nearly 29% of Homes with Mortgages are Underwater in the U.S. Which States/Cities Have the Highest Rates?

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Home Foreclosure News: Occupy Wall Street People Have Been Stealing Our Ideas on How to End the Home Foreclosure Crisis

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Recently, we started answering questions received from foreclosure business owners here on ForeclosureBusinessNews.com. So, if you have about starting, operating or marketing a foreclosure clean up business, send it in. All identifying details will be removed, so that you remain anonymous (if you wish).

Here’s one we got from a business owner about foreclosure cleaning business insurance. Following is his entire email, and our response.

Question from a Reader

Pleasant Morning to You,

My name is Andre, I recently purchased one [of] your eBooks (Foreclosure Marketing) and I must say; it HELPED me tremendously. I started [my business] a few months ago and I must admit; your book gives me hope.  I could tell you have lots of experience in the business and you take a hands-on approach to your craft.

Not too many times, you find people who aren’t willing to share the formula of success with others. Thank you for sharing.

At this moment I am faced with a quagmire; we are currently covered with general liability insurance but not Worker Compensation insurance. The business is still in its early stages and we are not currently generating enough income to purchase Worker’s Comp. My brother and I are the main workers and occasionally we might hire someone for the day, when we have extra work. Due to the fact that we only have a 3 man team and financial resources are tight:

• ·         Do you think it would be alright for me to advertise that we are fully insured at this point?
• ·         How do you suggest I handle potential clients, who ask if I am fully insured or if I have workers comp?
• ·         At what point do to you suggest I get Worker’s Comp insurance?

Thank you for your help,

Andre

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Our Answer

Hi Andre: 

I’m glad the books are helping you in your business!
 
RE your query . . .
 
Sure, you can indicate you are licensed and insured in your literature; because you’ve stated you have general liability; but the larger clients, esp. prop preservation companies, may ask for proof of WC.

You can put on your applications the type of insurance you have in these instances and state you will get WC before performing jobs. If a client asks if you have WC and you don’t yet have it, tell them you don’t have it, but can get it quickly to secure the job, no problem. Call around and get your quotes NOW and ask the insurance companies you’ll be soliciting for coverage how quickly the policy can be written when you do need the coverage to perhaps seal a deal. 
 
Rule of Thumb: Get the WC when the biz can afford to pay for it. Your numbers will guide you. 
 
Continued success to you and your brother with your foreclosure cleanup business!
 
Cassandra Black, CEO/Consultant
Foreclosure Cleanup, LLC
P.S.: Get more answers to your questions about starting/operating a foreclosure cleanup business.

Related Posts

Your Foreclosure Clean Up Business Questions Answered: Am I Being Too Simplistic about What’s Involved in Starting This Biz?

Foreclosure Cleanup Business: Why You Need Insurance & In-depth Advice on What Type to Get

Want to Start a Foreclosure Cleaning Business? Advice on Type of Insurance You Need

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Why Foreclosure Cleaning Companies Will Be Profitable for Years to Come

Foreclosure Clean Up: Why It’s Still a Leading Small Business Opportunity for 2011

Foreclosure Cleaning Business: How to Start One While Working Fulltime

Foreclosure Cleaning Business Owners: Advice from a Banker Who Handles Foreclosed Properties on How to Land Foreclosure Cleaning Jobs

How to Bid on Foreclosure Cleaning Jobs: Inside Peek at an Actual Foreclosure Cleanup Bid

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleaning Business Advice: One Sure Way to Make Your Company Stand Out from the Competition

How to Get More Foreclosure Cleaning Jobs with Postcards

Cleaning Foreclosure Properties: Learn How to Price Jobs by “Spying” on the Competition

P.P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

All this week here we have discussed how to stop foreclosure with the help of NACA, The Neighborhood Assistance Corporation of America (“NACA”). In yesterday’s post, we discussed how to get a home loan via NACA.

Today, we’re going to give you some job leads. The reason that many homeowners are facing foreclosure in the first place is that they’ve lost a job, been laid off from a job and/or have had their hours cut. 

Many have sought work for months on end – with nothing coming to fruition (as the unemployment stats below highlight). Of course, the longer you’re out of work, the further you get behind with your mortgage payment. Before long, it seems hopeless.

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Unemployment Statistics: Gloomy Reality Forces Many into Foreclosure 

Unemployment Remains High: The unemployment rate was 8.5 percent in December of 2011. Source: BLS.gov (Bureau of Labor Statistics)

Underemployment Grows: Another telling measure of frustration in the labor market—the number of underemployed individuals—rose for a third consecutive month in September, by almost a half of a million people. Almost 9.3 million Americans are considered underemployed, defined by the Bureau of Labor Statistics as working part-time for economic reasons, such as unfavorable business conditions or seasonal declines in demand. That’s up from just over 8 million in July . . . Source: U.S. News: The Ranks of the Underemployed Continue to Grow.

Taking MUCH Longer to Find a New Job:  The median period of unemployment is now at a historic high; 39.7 (that’s over 9 months) weeks according to the May Report. That’s the highest it has ever been in the history of the survey. . . . The report says that if you’ve been unemployed for less than five weeks, you have a 30 percent chance of finding work in the next month. For those unlucky folks who have been out of work for almost seven months, the chance of finding a job in the next four weeks drops to just 10 percent. Source: ABCNews.com, Report: Time It Takes to Find a Job is Off the Charts 

Access NACA’s Job Listing

NACA has positions all over the country – ranging from Mortgage Counselors to Event Organizers. And the pay is none too shabby, as the following jobs plucked from their database illustrate.

Mortgage Counselor Job Details
COMPENSATION RANGE: $45,000 – $65,000 Annual Compensation (View NRCP)
CONTACT:hr@naca.com
BENEFITS: Excellent single/family health and dental PPO, 80% employer contribution, 401K & more.
LOCATION: ATLANTA – Decatur, GA (160 Clairemont Ave, Suite 350)

NACA Organizer Job Details
SALARY RANGE:  $30,000 to $45,000+
CONTACT: hr@naca.com
BENEFITS: Excellent single/family health and dental PPO, 80% employer contribution, 401K & more.
LOCATION: NATIONAL – Jamaica Plain, MA (3607 Washington Street)

Good luck applying, and feel free to send in your questions about anything you’ve read in our NACA series (all posts listed below).

Related Posts

How to Get a Low-Interest Home Loan – Even with Bad Credit (Yes, It’s Possible!)

Stopping Foreclosure: How to Get Your Home Loan Modified Quickly with the Help of NACA

Stop Foreclosure by Getting a Same-Day Home Loan Modification: Here’s How and Where

How to Stop Foreclosure by Getting a Home Loan Modification, Loan Forbearance and Even a Principal Reduction: 100% Free Foreclosure Help Given by a Reputable Nonprofit Agency

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

All this week here we will be discussing how to stop foreclosure with the help of NACA, The Neighborhood Assistance Corporation of America (“NACA”). In yesterday’s post, we discussed how to continue to work with NACA after the workshop to stop foreclosure.

Today, we’re going to discuss getting a home loan through NACA. If you’re thinking, “But this has nothing to do with stopping foreclosure, why are we going over this?” 

Well, it’s a backup plan. If you are, for whatever reason, unable to stop foreclosure using NACA’s help, it’s a good idea to have a Plan B. Even if you have to take some time to recoup financially, when you’re ready, it’s nice to know there’s an affordable home loan option out there. 

Following is an in-depth overview of the benefits of applying for a home loan via NACA.

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Buy Foreclosures Cheap! Get Firsthand Advice from a Real Estate Investor, Landlord and RE Cleaning Company Owner

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Getting a Home Loan via NACA: Even with Bad Credit, You Can Get a Home Loan – Here’s Proof

No Closing Costs: This may be the best part of getting a home loan via NACA, because it can save you thousands of dollars when purchasing a home.

Level Playing Field: When you get a home loan via NACA, you don’t have to worry about getting a higher interest rate because you have bad credit. Why? Because everyone who gets a home loan with them receives the same (low) interest rate, usually much lower than the going market rate. As of today’s date, 1/19/2012, it’s 3.75%.

No Exotic Loans: You don’t have to be worried about being pushed into loans like an ARM (adjustable rate mortgage), which means your mortgage payment will change (ie, go up) in a few years. Many argue that this is what got us into this mess anyway.

Home loans obtained via NACA are fixed rate, 30-year loans. So, no matter what happens, you’ll always know what your mortgage payment is – and you can plan for emergencies (eg, get 6 to 8 months of expenses in the bank).

Streamlined System: Much like when getting a home loan modification with them, NACA sets up a web file for each loan applicant. This way, you can log in at any time and see what’s happening with your home loan application, eg, do you need to submit more paperwork, has your loan been approved, who your lender is, etc.

Reasonable “PMI-Like” Fee: Once you get mortgage via NACA, you can pay fees for additional services, eg, a membership fee of $50/month. What is this fee for? Well, if you run into trouble paying your mortgage at any time, paying this fee allows you to get assistance that will help you figure out a solution until you can get back on your feet. 

This fee is significantly less than the PMI (private mortgage insurance) most lenders charge.

What Is PMI?

Private Mortgage Insurance is basically foreclosure insurance. In the event that you are foreclosed on, the insurance company pays off your home loan.

And, just how much do most lenders charge for PMI? 

Typically PMI ranges from .23% to .92% of the loan amount and is usually paid monthly along with other items such as your taxes and homeowners insurance. On a $100,000 loan, PMI would range from $20 to $77per month. The cost of PMI is determined by the type of loan (adjustable vs. fixed) , the term of the loan (30 year vs. 15 year) and the amount of down payment (0%. 3%, 5%, 10% or 15%).  The more down payment you have the lower the monthly PMI. [Source: KCHomeLoans.com]

Note: If you put down 20%, then you don’t have to pay PMI at all.

Financial Counseling: This is another great benefit of getting a home loan via NACA. You get to really learn what’s entailed in not only applying for one, but what it means – financially – to own a home.

For example, one of the things discussed is “payment shock,” eg, the difference between what you’re accustomed to paying in rent and your future mortgage payment. Most new homeowners are simply not prepared for the financial obligations of owning a home.

And, unlike renting, you can’t just walk away – you sign on for (usually) 30 years. So not only do you have to be prepared financially, you must be emotionally and mentally prepared for what it takes to own a home.

Find an Affordable Home: NACA has contacts with many lenders who have tons of repossessed/foreclosed-properties in their inventory. Banks want to unload these – and you want to buy.

It’s a “perfect storm” for you as a buyer because it means that you get homes at below-market rates. In fact, on its site NACA notes: 

They will help you find a house where you wish to live below the Maximum Purchase Price, and negotiate the purchase with the seller. He or she can also help you determine what renovations might be necessary, and whether and how the seller can most effectively assist, or whether the cost can be included in your mortgage.

Bad Credit, No Problem: This is because NACA will work with you as long as it takes to get you qualified to buy.

All you really need to prove is that you have a steady income, can afford your monthly payments and a stable payment history. Even if you’ve credit problems in the past, you’re allowed to explain them (eg, there was an illness that caused you to be laid off). This puts a “human face” on credit problems, which makes it easier for you to get a home loan – even with bad credit.

Learn everything you need to know to get a home loan via NACA.

The #1 Thing You Must Possess When Applying for a Home Loan with NACA

Just like getting a home loan modification, you must be patient throughout the process. It may take a while to get you approved, or to find a home that you can afford, but it’s worth it if you’re really want a home – with an affordable mortgage payment – that you won’t have to worry about losing to foreclosure because you can’t afford it.

Related Posts

Stop Foreclosure: How to Ready Your Home for a Fast (Short) Sale

Home Loan, Bad Credit and How to Qualify: Yes, It’s Still Possible, But . . .

Home Foreclosure: The New Credit Standards to Qualify for a Mortgage Brought on by the Crisis

Home Foreclosure News: Owning a Home Becoming a Lot Harder for Lots of Americans Because of the Foreclosure Crisis

Foreclosure & Credit: How Does Foreclosure Impact Your Credit Report?

First-Time Home Buying Advice: Is It Better to Buy a New Home than a Foreclosed Home?

Foreclosure Advice & Credit Card Debt: Can Credit Card Companies Put a Lien On Your Home?

Because of Home Foreclosures, Buying a Home Is Cheaper than Renting in Almost 75% of Largest American Cities

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Experienced Property Preservation Contractors Needed to Work on Foreclosed/Bank-Owned Properties (Atlanta, GA):  Scope of Duties: Change/rekey locks, mow lawns, remove trash/debris, etc. Must be licensed and insured. Pay: Every 30-45 days. Get full details on this property preservation job.

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Get 1,500 Contacts to Start Landing Foreclosure Cleaning Jobs. Learn more in the The Property Preservation & Real Estate Industry Contracting & Subcontracting Directory.

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Property Preservation Contractors Sought (Muncie (East Central), IN):  Scope of Duties: Winterize, trashout, landscaping, rekeying locks, etc.  Must have  liability insurance. Get full details on this property preservation job.

Property Preservation Contractors Needed to Work on Bank-Owned (REO) Properties (Philadelphia, PA):  Scope of Duties: Rehab work, lawn maintenance, other property preservation duties. Must be licensed and insured. Pay: You are paid as a 1099 contractor. Get full details on this property preservation job.

Related, Detailed Posts on How to Find Foreclosure Clean Up Jobs / Contracts

Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/Construction Type Jobs

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

Most Recent Job Listings

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/10/2012

P.S.: Bank Failures Can Mean Big Business for Foreclosure Cleaning Businesses! Learn which banks closed have closed recently. Then, learn how to use bank failures to grow your foreclosure cleaning business.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

All this week here we will be discussing how to stop foreclosure with the help of NACA, The Neighborhood Assistance Corporation of America (“NACA”). In yesterday’s post, we gave an overview of the paperwork you need to bring to a NACA “Stop Foreclosure” workshop, and what you have to do with it.

After the Workshop: How to Continue to Work with NACA to Get Your Lender to Stop Foreclosure  

Today, we’re going to discuss how to continue to work with NACA after the workshop to stop foreclosure.

In yesterday’s post, we told you that NACA scans all of the documents you send them into their database. This is your NACA file. You are also assigned a NACA ID and given a log-in to access your file online. NACA is a paperless organization; they don’t accept paperwork mailed in. All info you send to them has to be faxed in and they accept it as a paperless fax (a scanned file).

You will also be given a NACA fax cover sheet that has your NACA ID on it to use every time you send info in.

At any time, you can log in and see everything that’s going on with your file, eg, if your lender has responded, if you need to send in additional documents, if your home loan modification has been approved, etc.

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Working with NACA to Stop Foreclosure Is a Process – So Be Patient 

Anyone who has requested a home loan modification knows that the process can be long and frustrating. But, with your help, NACA can get loans approved quicker than you can on your own.  And remember, all help you receive from NACA is free, so be patient.

How to Speed Up Getting a Home Loan Modification Process When Working with NACA

It’s up to you to log in, check your file (you should do this daily), send in documents requested in a timely manner and even follow up with your lender. As we stated yesterday, NACA simply doesn’t have the manpower to hand-hold every homeowner.

The more proactive you are – especially when it comes to pestering your lender — the faster the process will go. As one homeowner who got their home loan modified via NACA said on a forum where many were criticizing the organization:

My advice to you is that if you are in a hurry and expect everything to be served to you in a silver platter, go elsewhere. NACA might not return calls, email and so on… but they will help you and connect you with a representative from your bank. My daughter is currently working with them to buy a home. Patience is key in most cases, but the help is out there! [Source: Does NACA lie to homeowners and the media? YES! See 9/29/2010 comment by user Sylvia].

So be prepared to put in your share of sweat equity. After all, what do you have to lose – except . . . your home?

Related Posts

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

Home Loan Modification Help: Lenders Call It “Dual Tracking”; Homeowners Call It “Double Crossing”

Stopping Foreclosure: Obama Administration to Launch 2 New Programs to Help Homeowners Avoid Foreclosure (One is for Unemployed Homeowners)

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Home Foreclosure News: Occupy Wall Street People Have Been Stealing Our Ideas on How to End the Home Foreclosure Crisis

Stopping Foreclosure: Loan Modification Program That Helps Struggling Homeowners

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.