Search results for foreclosures

Rep. John Conyers, Jr. (D-MI) chair of the House Committee on the Judiciary and Congressman from Detroit, recently read more »
48 Comments   Add this link to...  Bury

If you are thinking about investing in foreclosures there are some key points for you to consider before you begin investing.

The first step for you to understand is how the foreclosure process works. The foreclosure process can be broken down into three key components.

Pre-Foreclosure Foreclosure Auction REO

Pre-foreclosure

The first step in the foreclosure process is called pre-foreclosure. When a homeowner has not paid their mortgage for more than ninety days the bank that owns read more »
1 Comment   Add this link to...  Bury

It appears the economy has received a boost from practices that let some homeowners stop paying their mortgages and use the ‘extra’ money elsewhere.

Almost everyone is aware of, or knows, someone living rent-free in their home for an extended period of time, having stopped paying their mortgage. Many of these free boarders are spending lavishly on non-essentials.! Read the full post through the hyperlink. read more »
3 Comments   Add this link to...  Bury

The interest in buying foreclosure real estate, especially bank foreclosures, has always been high. People want to buy foreclosures, because this is one of the most profitable investments in real estate one can make. Foreclosure homes are real estate properties securing a loan that has not been paid for. Bank foreclosures are owned by the bank who has made the loan and who tries to sell the property in order to recover their money. Foreclosure investments are considered among the safest, becaus read more »
1 Comment   Add this link to...  Bury

Obama’s administration’s Home Affordable Modification Program (HAMP). Under the HAMP, borrowers and lenders work out an agreement to reduce the monthly payment on the property for a trial period of three months. Read the full post thru the hyper-link read more »
4 Comments   Add this link to...  Bury

In Q409, the amount of mortgages falling behind by 90 or more days increased 21.1%, resulting in more foreclosures ahead, according to a study from the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). The OCC and the OTS report covers nearly 34 million loans totaling $6trn in principal balances, representing 64% of all outstanding mortgages in the US. Overall mortgage performance declined for the seventh consecutive quarter, as 86.4% of the mortgages read more »
Discuss   Add this link to...  Bury

Today the Obama administration announced yet another housing program. Today’s plan proposes to reduce the amount some troubled borrowers owe on their home loans.

The $14 billion for the program will come from the administration’s existing $75 billion foreclosure-prevention program. Now under-water homeowners will get huge principal reductions and new loans backed by the Federal Housing Administration.
Be sure to read the full post thru the hyper-link. read more »
Discuss   Add this link to...  Bury

The chart below shows areas that had the highest proportion of home foreclosures to total homes in 2009. These figures were published in the April edition of Money magazine. We used the Money data and created a graph you can view thru the hyperlink. read more »
Discuss   Add this link to...  Bury

Talking-heads who claim the U.S. housing market has "bottomed," or even that it will "bottom" in 2010, don't have the slightest grasp of fundamental economics. Government and the vast majority of media are using the old tactic of trying to talk us out of this downturn. Any bit of positive new is over-emphasized while the terrible, realistic conditions are hardly noted. The government has spent trillions of dollars and has not made ca significant impact on the problem. Government saved Wall read more »
Discuss   Add this link to...  Bury

While some people struggle to keep their mortgage payments current, others are living in their houses for free. Not only are they not making mortgage payments but they are being offered incentives when they don’t. The Federal government has pressured lenders to work out foreclosure alternatives because of the larger number of foreclosure activity. There are also both Federal and state foreclosure moratoriums extending this “live free” courtesy. READ THE FULL ARTICLE THRU THE LINK BELOW: read more »
Discuss   Add this link to...  Bury

It’s the old story… If you want to find the real reason behind major institutional activity, FOLLOW THE MONEY! This video suggests certain banks have NO INCENTIVE to refinance troubled mortgages read more »
Discuss   Add this link to...  Bury

Great video! Hard hitting facts about US home foreclosures. To view the video, please visit:
http://www.brokerforyou.com/brokerforyou/strategic-default-home-foreclosure-video.html read more »
Discuss   Add this link to...  Bury

After the government’s massive stimulus spending plans, the Obama administration is probably disappointed with the continuing and escalating home foreclosures. The Obama administration announced that they have conceived a new program that would convert potential foreclosures into rentals. A spokesman said it’s reasonable for policymakers to consider options for loan forbearance — allowing borrowers to delay, defer or skip payments — that are more effective than those currently available in the read more »
Discuss   Add this link to...  Bury

1. Don?t ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your home. If you are behind on your mortgage payments or have received notice that you are behind in payments, you need to contact your lender quickly and ask to speak with a loss mitigator. Typically, your lender will mail you a ?loan workout? package. This package contains information, forms and instructions. If you want to be considered for assistan read more »
Discuss   Add this link to...  Bury

A new study from Experian and Oliver Wyman, looks at the prevalence of strategic mortgage defaults, ?walking away? from a home mortgage that is more than the current sales value of the home. According to the study, there were 588,000 nationwide strategic defaults in 2008, more than double the total in 2007. To read the full post, please visit: http://www.brokerforyou.com/brokerforyou/?p=1604 read more »
Discuss   Add this link to...  Bury

A new study from Experian and Oliver Wyman, looks at the prevalence of strategic mortgage defaults, ?walking away? from a home mortgage that is more than the current sales value of the home. According to the study, there were 588,000 nationwide strategic defaults in 2008, more than double the total in 2007. To read the full post, please visit: http://www.brokerforyou.com/brokerforyou/?p=1604 read more »
1 Comment   Add this link to...  Bury

When considering a home purchase, we generally think of single-family homes. Condominiums, however, offer many advantages, that single-family homes cannot give you. read more »
2 Comments   Add this link to...  Bury

Restrictive covenants (also called deed covenants) have been affecting buyers of real estate for as long as property has been transferring ownership. Such covenants are a condition of sale for real property, placed on the buyer by the seller or passed on from previous owners. read more »
1 Comment   Add this link to...  Bury

The banks hope you freeze with fear when you get the foreclosure notice in the mail. Its much cheaper for them to deal with someone who doesnt fight, and just throws up their hands in confusion. There are ways out of foreclosure that arent that painful, you just have to know where to look. read more »
1 Comment   Add this link to...  Bury

Opportunities to purchase a home can be found in the foreclosure market. Property is an expensive purchase and, if bargains can be found in the foreclosure market, they should be taken advantage of. read more »
Discuss   Add this link to...  Bury