Avoiding Luxury Foreclosures

If you are suffering from foreclosure then you are certainly not alone, the people who are facing foreclosure ranges from bankers, financers to celebrities. Now days, one bad sign of our economy is a recent wave of celebrity foreclosures. The economy has not only affected common person but also the well-known stars. One of them is Fantasia Barrino, the winner of season 3 American idol. She is a single mother to daughter Zion and her duet with Jennifer Hudson named “I m his only woman” was nominated for Grammy. She has a house on Bevington Place, North Carolina. The property is of 1.3 million that consist of 6,232 square foot with 6 bedrooms and a beautiful pond in front of the luxurious house. The reason behind its auction was none paying of necessary taxes. She bought the home in March 2007 that had to face foreclosure on January 12, 2009 but was not foreclose as all parties reached an agreement.

Not everyone is Fantasia Barrino who will be able to escape from foreclosure at last moment. The foreclosure is one of the disastrous processes, which makes a person life miserable.  For more details how can we work with you while keeping you away from public exposure please CLICK HERE.

Category : Avoiding Luxury Foreclosures &Celebrities

There are people taking it as a business to buy foreclosed properties on bulk. But while buying such homes or properties they won’t expect alluring outside views, sophisticated swimming pool and well decorated rooms. Studies reveal that most of homes foreclosed recently costs million dollars. Banks have seized such homes due to non-repayment of mortgage or any other debt taking the home as a pledge or collateral security. Many luxury homes have fell in the hands of banks due to foreclosure. Foreclosures of million-worth homes began rising at the end of 2009.

Studies reveal that more than common people with much money, celebrities get involved in the list of foreclosed property owners. As per recently published data, famous celebrity Victoria Gotti lost her $4.2 million costing long island estate due to non-repayment of mortgage. What makes celebrities to loose their alluring homes? Problems can be many but mainly because of their rights to borrow big amounts of money using sizable paychecks at the time of boom period. Currently Hollywood is volatile; certain well famous celebrities struggle with low income streams and mortgages which worth more than the cost of their homes.

But these dreadful foreclosures can be avoided by taking right steps at the right time. Don’t become nervous or tensed while hearing the term ‘foreclosure’. There are solutions to avoid it till the last second of auction. There will be counseling agencies and financial advisors in every country who can help you with adequate information and assistance to avoid foreclosure. Some countries give refinance loan and financial assistance based on special plans and strategies. These financial supports will help you reduce the monthly payments and keep your home with you.

Internet will feature tools to find counseling agencies offering foreclosure-avoiding techniques. If the agency finds you as eligible for refinance program or loan modification, counselor will work effectively with you to save your home from foreclosure. There are non-profit counseling agencies striving to help as people as they can in keeping their home with them. Another way to avoid foreclosure is to talk with your lender. Majority of people hesitate to display their hapless financial condition before the lender. Sometimes, lenders can do some favors in your case to avoid foreclosure. Lenders are provided with workout options to be used to save people from home foreclosure.

Don’t waste your precious time by being very optimistic. Immediately contact your lender to discuss your poor circumstances when you have realized that you can’t make mortgage payments. Never ignore phone calls or mails from your mortgage lender as it may be intended to help you. If you resist for reply, your lender will start legal actions to execute foreclosure. Apart from these, there will be programs and options sponsored by local or state government to save their citizens from foreclosure. Be brave and optimistic when you receive the notice of foreclosure. There are solutions to save your home. Search it and save it!!

Category : Avoiding Luxury Foreclosures

The fact that a homeowner is facing foreclosure may have resulted from a variety of diverse reasons, some of them to do with the circumstance if the homeowner, or others that may be to do with external influences outside of the homeowners control.
If for example the homeowner has overextended themselves in purchasing a luxury property, this position has vastly different potential for remedy than if the purchase of the property was well within the means of the borrower, but for external force emanating from the broader economy, or legislation.

In the case of the broader economy experiencing a downturn for example, the property may well fall in value, but this will be consequential to a far more fundamental reason, namely, unemployment. Directly affecting the homeowner will be their income and if this is affected by redundancy or the after effects of subdued economic demand, it is quite natural for a mortgage commitment to come under threat.

Objective consideration of the predicament may reveal to the homeowner that the property should not have been purchased in hindsight. Certainly, most individuals that purchase a luxury property would do so in order to be able to live in it, but the fact that it is highly geared with borrowing, demands that a broader view of the investment always be borne in mind.
On the other hand, a dispassionate deliberation may suggest that the property is a sound investment and that if it was possible to retain the property a capital gain would ensue. Of course this would also require that economic fundamentals be sound. The capital gain will necessarily increase the equity in the property which can always be liquidated in favor of the homeowner in the future.
If this is what presents itself, the homeowner ought to investigate the possibility of financing the property through other than conventional methods. If other assets are able to be liquidated in order to save the luxury property from foreclosure, this should be the first preference.
Secondly, finance from other lenders may be possible. If there is any equity in the property at all, this may prove sufficient security for a second mortgage to be taken out, however in times such as the present, the equity securing such a second mortgage will need to be substantial.
Unsecured loans are available from some lenders at extremely high rates of interest, but here too some form of income stream is required in order to indicate ability to honor repayment.

In situations where these forms of financing are unavailable, if the property is of high quality, it may be prudent to investigate the possibility of raising capital from private financing. Family members or associates may be interested in making an investment in the property. If so individual shares in the property may be able to be offered, but in the event of only a portion of the property’s value being covered in this manner, the lender may require a new financial agreement to be entered into. Ideally, the entire value of the property will be raised in order to pay out the existing financial obligations and then the risk will be shared amongst the shareholders rather than the individual homeowner.

Category : Avoiding Luxury Foreclosures

The grieving LaToya Jackson has not only had to endure the loss of her dear brother Michael but was put to the indignity of embarrassment as she had to vacate her Las Vegas Condominium late in 2009.

While Ms Jackson purchased the property some years ago for a mere $250 000, over 15 years the property has made some capital gain and allowed mortgages to be taken upon it to the tune of some $750 000.

Celebrities are ordinary people when all is said and done, and more often than not they come under the most impossible pressure to perform their lives as if they were excerpts from a stage play. This is simply unrealistic and as any celebrity will tell you, it is as hurtful and repressive to be hounded by the media and paparazzi over their financial woes, as it is over their personal relationships.

Eureka allows individuals such as LaToya Jackson to remain inconspicuous to the media and public a large while she conducts her affairs in privacy. Eureka engages with the lender in whose favor the mortgage lies, an make an offer to satisfy the debt in total. The lender will not only benefit from having a ready buyer willing to take the risk of the mortgage, but if hardship is made out and a short sale is agreed to, will be able to free up capital to invest elsewhere.

Once Eureka has reached agreement with the mortgagee, we will market the property in order to attempt a re-conveyance to another party. This process not only requires substantial capital to convey the property from the original lender, but also to finance a marketing campaign that will attract a suitable buyer in a property market that is less than inviting.  In any event, the conveyances do not indicate that Ms Jackson is party to the transaction and so will avoid publicity. Celebrities of all types experience similar forms of rejection and vulnerability. In many ways they are subject to inequitable standards that are impossible for any individual to meet. Particularly in times of financial concern a celebrity needs to be able to keep their career intact in order to further and preserve their income, and foreclosure of distressed property is the last thing they need.

If Ms Jackson had contacted Eureka we would have been able to provide her with peace of mind and security; security in the knowledge that she retains control over her decisions. With Eureka on their side celebrities is able to carry on their lives.

Category : Avoiding Luxury Foreclosures &Celebrities &Las Vegas

Former eight time world welterweight boxing champion Tommy Hearn’s is facing foreclosure. At 52 years of age, his career is no longer inside the ring, but he has an active promoter of the sport along with his family’s company on the Detroit sports scene.

His Southfield home is the product of years of hard work where Hearns earned an estimated $40m in his distinguished career. Currently however he is experiencing difficulty in settling almost $1m in outstanding taxes and mortgage repayments. Having remained a very generous man within his close-knit family, it appears that much of the money Hearns has earned has gone to assist members of his family when they needed it.
The Internal Revenue Service has applied a number of Federal liens onto the property and additionally the Hearns owe approximately $500 000 on a first mortgage on the property.

Of note is the fact that Hearns has declared publicly his intention to settle the outstanding amounts and retain possession of the property. Given the extent of the full amount the capital has been a little long in coming but the Hearns family is confident that the matter will be resolved.

In the event however that the lender is unable to extend the time necessary, the Hearns family would be best served by engaging the services of a professional such as Eureka.

For many celebrities facing foreclosure, the short sale process comes as a convenient alternative that lenders are all too willing to entertain in times of such lack s present. In maintaining their brand, Eureka is an invaluable partner who is successfully able to adhere to strict confidentiality throughout the entire conveyancing process. For a celebrity facing these daunting processes, Eureka is precisely what they need.

Category : Avoiding Luxury Foreclosures &Celebrities

People tend to believe that the present foreclosure crisis, engulfing the nation is hitting only those, who are classified as low and mid-income groups of earners. This is because we assume these were the unfortunate ones, struggling to make both ends meet. But they are proved wrong by instances, where people we are thinking as “well-to-do” are also caught into financial problems, whereby succumbing to the foreclosure fiasco, to forfeit their high-end properties worth in millions.
The latest is the occurrence of foreclosure of two homes, owned by the Detroit Red Wings-fame hockey star, Sergei Fedorov, as reported by det.news.com. The sportsman is very popular with his hockey career achievements – taking him from Russia (with love for hockey?) to US and places like Detroit, California, Ohio and Washington.
Apparently, the high-earning sports star is muddling with financial problems, as evidenced on Thursday, when a lending bank filed notices of foreclosure in respect of his two of million-dollar homes in Bloomfield Hills.
It is reported that Fedorov is indebted to more than $2 million mortgages on both these properties to the lender, The Private Bank and Trust Company and also has dues of property taxes on them to the tune of more than $51,000 – as per records of Oakland County Treasurer’s Office.
The background of foreclosure goes thus – In 1999, the 4,200 square-foot home on Huntingwood Lane was bought by Fedorov for $1.25 million. The property advertised for sale at $990,000 has a mortgage debt of $1.25 million. Real estate sites describe the above home as having been built in 1991; four bedrooms; a sun room with Jacuzzi; a basement with a gym and a dry sauna, as amenities available in it.
The legal notices published in the Detroit Legal News claim that Fedorov owes another mortgage of $915,623 for a 5,300 square-foot, six-bedroom home on Tiverton. It is said that the sportsman acquired this home in 2003 from his parents – Viktor and Nataliya Fedorov. It is not known what payment he made for this home, but city tax records have it that the property is assessed at greater than $1million.
News of another foreclosure story involving Fedorov is doing its rounds in the media – the Federal Deposit Insurance Corporation, successor to the Michigan-based Citizens State Bank has initiated foreclosure action on a Miami Beach condo, said to be bought in 2003 for $1.63 million, by Fedorov from his former wife, Anna Kournikova.
Seems the Hockey player is in a real fix, financially.

Category : Avoiding Luxury Foreclosures &Celebrities &Headlines

Everyone it seems is familiar with Las Vegas’ famous son Wayne Newton. Mr. Las Vegas as he is known to all near and far will go down in history for his 1970’s No4 success ‘Daddy Don’t You Walk So Fast’.

Wayne and his wife have acquired considerable wealth over Wayne’s long and illustrious career, and have much of it invested in assets which included a 38 acre ranch ‘Casa de Shenandoah’, on Pecos Road, Las Vegas, Nevada. In order to leverage other investments, the Newton’s obtained a guarantee from a friend in an application to borrow $3.75m from the Bank of America. The loan has subsequently been defaulted on to the tune of $3.35m, and the guarantor was called upon to honor the security. As the guarantee was secured by the Newton’s 38 acre ranch and a $2m private jet, the guarantor is now seeking to foreclose on the property in lieu of the $3.35m outlaid in satisfaction to the Bank of America.

Certainly it appears odd that the Bank of America was unable to secure the loan against the Newton’s property, but it may well have been a matter of cash flow and ability to meet monthly installments that was the issue at hand. In any event, it appears that foreclosure is a matter of course in light of the fact that the bank loan was left in default.

The Newton’s at this point need time to arrest the process of foreclosure and regain the financial control of their assets. Wayne still has a healthy income from performing regularly at the Tropicana Hotel in Las Vegas, and it may merely be a matter of time before the Newton’s are once again on track.

Of course, if indeed they wish to free themselves of the financial commitments they face and be done with them, they would certainly benefit from avoiding the foreclosure process due to the simple fact that the creditor will be intent on recovering their debt, rather than achieving the best possible price in the market.

If the Newton’s were to approach Eureka Luxury Short Sales for instance, Eureka would make a competitive offer to the creditor in full satisfaction of the outstanding amount. Once a short sale agreement is reached, Eureka will invest resources to market the property in a professional and forthright manner in order to attract the best possible sale price. With Eureka’s involvement, their privacy is respected and in addition, the Newton’s relationships are preserved.

Category : Avoiding Luxury Foreclosures &Celebrities &Headlines &Las Vegas

The Baldwin brothers – Alec, Daniel, William and Stephen, of 30Rock, Mulholland Falls, Flatliners and The Usual Suspects fame respectively, have thrilled audiences with their theatrical talent on screen for almost two decades.

Stephen Baldwin however, having been raised with his brothers on Long Island, was experiencing what millions of Americans are going through, the threat of foreclosure.

So gamely is the devastation of the US property market however, the incidence of distressed property is not a monopoly of the working classes; it is shared in abundance with stars and celebrities from all areas of human endeavor.

Stephen aged 46, is still working in the movie business and no doubt has the opportunity to call this his vocation. However, he and his family have also hard difficulty in meeting the financial obligations pertaining to an $825 000 mortgage in favor of Bankers Trust.

The property in Old Mountain Road, Nyack, New York State, is a beautiful multi-storey circa 1850 home purchased by the Baldwin’s in 1997 for around $500 000. Certainly the property experienced some capital gain in subsequent years as financiers were willing to take legal mortgages on its value. Indeed in a bid to relocate to acreage, the Baldwin’s attempted to market the property immediately prior to the collapse of the property market in 2006. At that time it failed to sell at $3.6m and now the position is history.

All celebrities enjoy the fruits of their success, but rarely do they enjoy the public humiliation and personal intrusion into their family’s circumstances when scandal strikes close by. In the aftermath of the Global Financial Crisis, the media have been careful to report the demise of as many celebrities as possible, in order to secure a following by Americans who gain some comfort from knowing that they are not alone in their troubles. To many this seems a crass manner in which to conduct the press however, it is by now part and parcel of the risk of doing business in Hollywood.

It remains open however, for celebrities who find themselves in compromising positions such as imminent foreclosure or distressed property of some sort, to have their predicament managed effectively by a discrete 3rd party such as Eureka Luxury Short Sales.

Eureka specialize in assisting people avoid the consequences of foreclosure, and to consolidate their life choices before they spiral out of control, when matters are attributed to the responsibility of a mortgagee. When Eureka is engaged by a celebrity homeowner, discrete negotiations are undertaken with the mortgagee with a view to settling the outstanding debt in total. Not only will this short sale conveyance alleviate the need for foreclosure proceedings and preserve the celebrity’s financial reputation, but it will give the celebrity time to either regain their financial composure. Eureka will be conveying the property to their name, and will cover the extensive marketing expenses they outlay in order to obtain a healthy price for the property. Either way, the celebrity homeowner avoids the ungainly publicity that often visits them in such circumstances, and enjoys the freedom to negotiate a favorable agreement with Eureka. From here they can regain their financial control.

Category : Avoiding Luxury Foreclosures &Celebrities &Headlines &New York

Like all other celebrities who were multi millionaires once, Lenny Dykstra announced also bankruptcy last summer. By that time, he also started to default on the glorious mansion. The mansion was purchased in the year 2005 from a popular hockey player named Wayne Gretzky. He had bought the mansion at astonishing rate of $17.4 million.

Last summer Lenny Dykstra had placed property in market for a lot more than what he bought it for in the year 2005. He asked for $25 million for his home situated in California, Thousands Oaks. However, the house had been damaged due to his financial struggles and frustrations. He was trying to sell the house from some time but soon he realized that he could be facing much serious consequences of foreclosure.

This was the time when he got bridge loan $850,000 from Index Investors firm and they had filed foreclosure documents on home as per Washington Mutual he owed $12 million. His six-bedroom house witnessed a price drop by around $16.5 million. And all of a sudden the price has again got pushed upto around $25 million.

Ex baseball player’s preliminary lawsuit alleged Washington Mutual, which is currently possessed by JP Morgan, to provoke him for borrowing, money more than he could afford to buy a home worth $17.4 million House. He also claimed that the bank had later reneged on promise for letting him refinance home. In the agreement with Bankruptcy trustee, Morgan consented on paying $400,000 for Dykstra’s estate and surrendering the interest in proposed $500,000 for the insurance settlement. Trustee inturn will pay 92,000 from the insurance proceeds for cleaning the residence and allowing bank to proceed with the foreclosure.

All this has affected the reputation of Lenny Dykstra. The foreclosure was in news for long and magazine named The Players Club displaying professional athletes to keep track of their money and not joining the league of players who have made millions and then ended up in monetary trouble, added Lenny’s name too. Since this time, he has been in news for various creditors and lawsuits related to magazine.

The famous ex baseball player would not have been a subject of gossip, if we were handling his case. Allowing borrowers to start afresh, we make sure that their names are not publicized.

Category : Avoiding Luxury Foreclosures &Celebrities &Headlines

The once Most Valuable Player of the American League has his home foreclosed.

Jose Canseco has been very infamous for breaking rules during the game, but this time the playfield is a little different. It is real estate for a change where he has broken a mortgage contract. This professional sports star who has turned a reality television star has quit his mortgage deal because he was not able to afford it any longer. He had purchased a home for $2.5million which is spread across 7,300 square foot in California USA. Its value was continuously decreasing with time but the amount he had to pay for the mortgage was not. So Jose Canseco decided to quit out of the mortgage deal right in the middle of it.

In a television interview, Canseco said that he did not find it sensible anymore to pay mortgages on a home that was technically not owned by him but someone else. His inability to repay the money back was the reason for all the fuss. And this has not been restricted to celebrities only. The sub-prime crises in the USA enabled many smaller investors to borrow money from banks for buying homes and the banks did not consider their credibility to repay the money back. This accumulation of outstanding loans went to great heights and shattered the banking system in USA whose jitters could be felt in almost every other country of the world. USA has seen an increase in foreclosures due to the sub prime crises.

The sports star also said that his case was a little different from other households who own just one property in their name and do not have any other place to go if they get evacuated due to foreclosure. He also believed that a major 41 percent of his earnings go the government and whatever he is able to retain, has to be used for the entire family, all this making his situation not much different from rest of the people.

Negative publicity can be avoided by our short sale transactions where keep the confidentiality and maintain no public exposure all the way to closing.

Category : Avoiding Luxury Foreclosures &Celebrities