According to RealtyTrac, U.S. foreclosure filings increased 71 percent in the third quarter compared with last year. This is the highest number on record and stricter mortgage standards are making it harder for homeowners to sell or refinance their homes.

With this in mind, it may be time for you to take a look at your monthly budget and to start tightening that financial belt, or you may become one of the statistics as well.

A good way to keep track of what you spend is to start a finance diary. Get a small notebook, something that fits in your bag and then just jot down everything you buy in a month. At the end of the month, break down the payments into necessities, niceties etc. Make sure you break down those grocery bills too. You’ll be surprised how much money you spend on things you didn’t need.

Now comes the hard part – discipline. Now that you have a budget and know what you want to cut out, then try these tips to stick to the budget:

1. Avoid going to the shops if you can

Try buying all you need for a week, at one time. Work out what you need for the week and then make a list, and then try to stick to the list.

2. Avoid the isles you don’t need anything from

When you’re shopping don’t be tempted to walk down each isle. You’ll be amazed at how much you buy that’s not on your list, and that you don’t need.

3. Price the list and then take only that much cash

Limiting the amount of cash you take to the store can also help you to tighten that belt. IF you only have the cash you need then you may not be tempted to buy that extra candy bar or magazine.

4. Be prepared.

Pack yourself a lunch at home and take a flask of coffee to work. It’s amazing how much money you waste on extra little snacks and coffee’s at work.

Finally, if you are in trouble with your mortgage. Get Help. Don’t stick your head in the sand hoping it will go away. Go to a credit adviser and sort out your problem. It could mean the difference between keeping your house and losing it.

For more information please visit <a href=”http://www.low-interest-second-mortgage-rates.com”>http://www.low-interest-second-mortgage-rates.com</a> for more information

Brigitta Schwulst

Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of Foreclosures. (Sept. 15)

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Everyone is asking themselves the same question. “Is this a time to be investing in real estate, or staying away from it?”  A wise man once gave this statement, “Be fearful when others are greedy, and be greedy when others are fearful!” That wise man is Warren Buffet, investment billionaire. Now is the best time to be investing in real estate. Once we get our banks lined up to lend money again( which will happen or the world is doomed) all the people who got foreclosed will be ready to buy again. Just get the property now, and rent it out until the market picks back up. Then sell for nice profits.

Most people reading this article are probably muttering to themselves, “No one is going to lend me any money in a time like this.” That is not entirely true. There are still a few ways to obtain property in this recession with No Money Down, Bad Credit, & No Experience. I will briefly cover a couple of them in this article.

First, there are a lot of undervalued properties sitting vacant, waiting for investors to purchase. Second, there are a lot of families about to go into foreclosure that is a step away from abandoning their homes (these families can be your bread & butter).  If you know where to look, there are still certain kinds of lenders that will lend you money on a property if the Loan to Value (LTV) percentage is good. Here is an example: You find a property listed for sale @ $70,000 and it is valued on tax records @ $100,000, that real estate property is 30% below LTV.  This is a good LTV, and most of these special lenders will give you a loan on this type property( some of these lenders will require no money up front or just a small amount). The only downside is most of these types of lenders will have high interest rates. You can learn more about these lenders at the end of this article.

Let’s finish this article by going back to the families facing foreclosure. These types of situations are abundant right now. Here is a brief scenario of how I make the best of these situations. First I run an ad in the local paper about helping families facing foreclosure. Then I meet with them to evaluate the home & find out what their situation is (how much they owe, how far their behind on payments, etc.) .  Then I inform them that I own a company that helps folks facing foreclosure by taking over their payments. You need to be dressed very professional, to make sure they take you serious. Even if this is your first deal, don’t let the homeowner’s know this. You need to come off as if you done this before. You will need the right forms to fill out to make this legal. Let them know that legally there name is still on the loan, but you will be sending in payments on their behalf. Also, don’t let the bank know exactly what’s going on or they could use their “Due on Sale Clause”. Which only means they can foreclose the property if you don’t give them the amount owed (keep in mind that it’s not in your name, so it doesn’t affect your credit).

Go through the proper procedure which I explain in detail at www.zerodollarrealestate.com, and repeat over and over again. Just make sure the home can rent for the amount of the monthly payments or more.

John Gray

Greg Rand, CEO of OwnAmerica hosts Rand on Real Estate on 770 WABC; he discusses the White House’s announcement and breaks it down. It sounds good, but it’s more important to watch what they DO in Washington more than what they say. Stay tuned. This could be the first government housing program that actually works, if they listen to the private sector.

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In this day and age it is more common to hear of a Foreclosure happening to a family you know, rather than a divorce or death.

We are living in an economic kaleidoscope where every turn you make you see the same picture, just at a different angle.

Gas prices are sky high, real estate is priced to sell, and people who have owned their homes for most of their lifetime are choosing to walk away from them because they are no longer able to repay the debt.

In a recent survey, we found that the top five most common reasons for foreclosure are Divorce, Unemployment, Medical Problems, Death, or Balloon Payments. The end result is all the same, no matter the cause; a homeowner is now left to find a rental property to reside in, and another empty home is on the market listed as “bank owned”.

With the flood of these bank owned properties on every multiple listing site nationwide, Investors are coming out of the woodwork to snatch these properties up for thousands below actual market value.

We find that in today’s market, the average Joe is making the decision to invest in Real Estate rather than stocks, because the return on their investment is secured by real property, they are able to buy nice homes for pennies on the dollar, and the opportunity to re-sell that investment for large profits is practically guaranteed, when buying below market value!

It is important that the entire process is understood before you make the decision to bid on a foreclosure listing. There are things to consider such as value, ability to re-sell, auction hype, financing requirements, etc. A lot of this knowledge will come from many years of investing lessons learned the hard way, but what if you could go into a Foreclosure Auction with the knowledge of a seasoned investor, simply from what you learned from experiences of others?

Ted Thomas