Foreclosure rescue and Foreclosure Options Foreclosure rescue, also known as equity skimming or equity stripping, is any of various predatory real estate practices aimed at vulnerable, often low-income, homeowners facing foreclosure in the United States. Most often, these transactions take advantage of uninformed, low-income homeowners. The term "foreclosure rescue" has sometimes referred to subprime lending refinance practices that charge excessive fees thereby "stripping the equity" out of the home. The practice more often describes foreclosure rescue scams. While most do not consider foreclosure rescue a form of predatory lending per se, foreclosure rescue is related to traditional forms of that practice. Subprime loans targeted at vulnerable and unsophisticated homeowners often lead to foreclosure, and those victims more often fall to foreclosure rescue scams. Additionally, some do consider foreclosure rescue, in essence, a form of predatory lending since the scam works essentially like a high-cost and risky refinancing. Foreclosure rescue, however, is conducted almost always by local agents and investors, while traditional predatory lending is carried out by large banks or national companies. Trends in the United States economy have led to the growing market for foreclosure services and foreclosure rescue. Property values have increased dramatically from 2000-2005. Foreclosure A homeowner falls behind on his mortgage payments and enters foreclosure. Foreclosure notices are published in newspapers or distributed by reporting services to investors and rescue artists. Foreclosed homeowners also contact lenders to inquire about refinancing options. Solicitation Rescue artists obtain contact information for foreclosured homeowners and make contacts personally, by phone, or through direct mail. Some lenders and brokers will also refer foreclosed homeowners that do not qualify for new loans to rescue artists for a commission. Rescue Artists offer the foreclosed homeowner a "miracle refinancing" and/or say they can "save the home" from foreclosure. Acquisition Rescue artists arrange the closing (often delaying the date until shortly before the homeowner's removal in order to create urgency). At the closing, the homeowner transfers title (possibly unwittingly) to the rescue artist or an arranged investor. The rescue artist or arranged investor pays off the amount owed in foreclosure to acquire the deed, and inherits or is paid any portion of the homeowner's remaining equity. Result The homeowners remain in the home and pay rent or contract-for-deed payments (often higher than their previous mortgage payments). Several states have passed laws to prevent and/or regulate foreclosure rescue schemes. Minnesota and Maryland passed laws in 2005 aimed at "foreclosure reconveyance" practices . The statutes also ban certain deceptive and unfair practices associated with foreclosure rescue. Foreclosure Options Reinstatement of Loan (Cure): This option is paying the lender everything that is owed in one lump sum to include missed payments, any late fees associated with these payments, foreclosure fees, legal fees and the principal owed during the delinquency. Repayment Plan: This is a written agreement between the lender and the seller. These plans require higher payments than the regular monthly mortgage amount for a period of time until the loan is brought up-to-date. Loan Modification: A loan modification involves changing one or more terms of a mortgage. Modifications can be considered to reduce the interest rate of the mortgage, change the mortgage product (from an adjustable rate to a fixed rate, for example), extend the term of the mortgage or capitalize delinquent payments (add delinquent payments to the mortgage balance-only available in extreme hardship situations). Forbearance Agreement: The lender will allow you a period of time (3-6 months typically) of either low payments or no payments at all. Special Forbearance (FHA Loans only): Allows eligible borrowers to postpone monthly mortgage payments for a minimum of four months. Deed-in-Lieu: A Deed in Lieu is an option in which a borrower voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. Posted by Candido Garcia on December 13, 2008 at 12:00 AM About Candido Garcia Candido Garcia is affliated with Hollaway Enterprises, Inc., which is located in San Antonio, TX. For further assistance please use the contact information located on the right. As of 05/25/12 the Candido Garcia RePage is ranked at 6,062 with 375 points.

Local Information for San Antonio, TX

Latitude: 29.451532 -- Longitude: -98.512682

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ZIP Codes for San Antonio, Texas	78201  78202  78203  78204  78205  78206  78207  78208  78209  78210  78211  78212  78213  78214  78215  78216  78217  78218  78219  78220  78221  78222  78223  78224  78225  78226  78227  78228  78229  78230  78231  78232  78233  78234  78235  78236  78237  78238  78239  78240  78241  78242  78243  78244  78245  78246  78247  78248  78249  78250  78251  78252  78253  78254  78255  78256  78257  78258  78259  78260  78261  78262  78263  78264  78265  78266  78268  78269  78270  78275  78278  78279  78280  78283  78284  78285  78286  78287  78288  78289  78291  78292  78293  78294  78295  78296  78297  78298  78299
Area Code for San Antonio, Texas	210
Time zone for San Antonio, Texas	CST

Other Area Cities:   San Antonio, TX  Helotes, TX  Leon Valley, TX  Terrell Hills, TX  Converse, TX  Schertz, TX  Bulverde, TX  Cibolo, TX  Live Oak, TX 

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San Antonio is the second-most populous city in the state of Texas and seventh-most populated in the United States. As of the 2005 U.S. Census estimate, the city had a population of over 1.2 million. Its eight-county metropolitan area has a population of over 1.8 million, the twenty-ninth most-populated metro area in the United States. San Antonio, which is the county seat of Bexar County, covers over 400 square miles on the northern edge of the South Texas region and southeast of the Texas Hill Country. San Antonio was named for the Portuguese Saint Anthony of Padua, whose feast day it was when a Spanish expedition stopped in the area in 1691. The city has a strong military presence—it is home to Fort Sam Houston, Lackland Air Force Base, Randolph Air Force Base, and Brooks City Base. San Antonio is home to the South Texas Medical Center, the largest and only medical research and care provider in the South Texas region. -- Source: Wikipedia.com