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Archive for the Foreclosure Category

The term foreclosure means the process in which a lender obtains possession and title to property in order to satisfy an unpaid loan. The laws and rules governing how a lender may obtain title vary from state to state. However, there are three points in the foreclosure process that provide a buyer with an opportunity to purchase a financially-distressed property.

The foreclosure process typically starts in one way - the borrower fails to make a mortgage payment. A borrower has three choices to make at this time :
1. Obtain the money needed to make the missed payment
2. Sell the property before the lender can complete the foreclosure
3. Stay in the property during the foreclosure process to be evicted once the lender obtains title.

If the borrower finds the money to make the missed payment, the foreclosure process ends.

Some borrowers do not have the ability bring their loan current. After several missed payments, the lender will declare that the loan is in "default."

This typically results in a Notice of Default being recorded with the State or County Recorder s office. In most states, some sort of official notice must be given to the borrower. Borrowers normally have the opportunity to "cure" the default when they receive the official notice.

If the borrower does not cure the default upon receipt of the official notice, the lender normally has two choices :
1. Start the non-judicial foreclosure process; or
2. File a lawsuit against the borrower which begins the judicial foreclosure process.



Will the Fed lowering rates to almost zero slow foreclosures?

Lower rates may not slow foreclosures. Last week the Ben Bernake and the Fed lowered rates to almost zero, a level not seen since the Great Depression. With the discount window at almost zero, the Fed will now need to look towards other tools to help stimulate the economy.

The problem is that lowering the rates doesn’t help borrowers directly. If you polled many Americans, they believe that mortgage rates should be close to zero now. However, this is not true in the least bit. Bernake’s actions this past week have absolutely no direct effect on mortgage rates. They are still determined by the bond market.

Lately with confidence coming back into the mortgage industry, investors have been buying up bonds and thus driving down rates. This is what truly effects the rate home owners will get. As many of us remember from economics class, bond prices and interest rates are inversely proportional. So as the price of bonds goes up due to a demand from investors, the rates associated with them decreases.

Nowadays, there is only a few places to sell a mortgage

... (read the full entry)

Foreclosures are up more than 20% this year over last year

There is no surprise that foreclosures have increased again in September from the previous year. However, one thing you may not expect is that foreclosure filings were actually down from August to September. This is due mainly to the fact that many states are starting to toughen up their foreclosure laws. In an effort to save their communities, they are trying to assist the borrowers from losing their homes.

... (read the full entry)

Increased Corporate Layoffs will Increase the Number of Foreclosures

More foreclosures are on the horizon as more and more Americans lose their jobs. So far we have all seen the major layoffs that occurred in the financial, auto and home builder industries. The next round of job cuts will be spreading into all other industries across the country. Some have actually skipped the recession and started murmuring the word depression.

When Lehman Brothers and Bear Stearns went down, they took almost 20,000 jobs with them. JP Morgan, Bank of America and Citigroup have emerged as the three financial institutions that look like they will come thru this crisis. And yet, they all have either had massive layoffs or plan to have them this year. They too need to tighten up balance sheets to close out this fiscal year. A survey of top CFO throughout the country showed that over 50% planned to cut jobs this year. This will increase the amount of distressed properties available nationwide. ... (read the full entry)

Seven Steps to a Successful Foreclosure Auction

Step One: Do Your Homework

Know the location of the foreclosure sale. Each state has it’s own rules regulations regarding the foreclosure sale but the date, time and location of the sale will be posted in the sale notice.

The property will be sold to the person with the highest bid. You will need to have your funds ready at time of auction. You will need to determine the price you are willing to pay and make sure you have that amount of money ready to purchase. ... (read the full entry)

Foreclosure Overview

There are several reasons as to why bank foreclosure auctions take place. There’s more than one name for these too: Foreclosure Sale, Trustee’ Sale, and Sheriff’s Sale. Regardless of the reason, the first step towards a foreclosed home is when the borrower stops or fails to make the payment on the home loan.

Foreclosure is the legal proceeding for banks and lenders to get some of their money back from the borrower and entail several steps and can take months for the banks/lenders to complete and ends up costing them money.

That’s good news for you because you’re here to take advantage of this situation!




As the loan is left unpaid, the interests start to accumulate. This is another burden for the borrower to face. As the interest rates soar, the amount, which the borrower is obligated to pay, likewise escalates. ... (read the full entry)

Foreclosure Definitions

Accelerate
An option given to lenders through an "acceleration" clause in the mortgage or deed of trust requiring the borrower to pay the entire balance of the loan all at once if their loan is in default.

Affidavit
A sworn statement in writing usually given while under oath or in the presence of a notary.

Appraisal
The process in which a licensed or authorized person gives an estimate of property value. ... (read the full entry)

Facing Foreclosure

As a result of the current Real Estate Market, there are a lot of people facing foreclosures right now. You are not alone, as the percentage of foreclosures increase steadily. There are, however, options. If you are facing foreclosure, and have no way to catch up with the payments, one option is a short sale. Short-Sales, are being approved lenders with more frequency. Some lenders are even re-negotiating loan terms with borrowers that cannot make their loan payments but want to keep their homes. ... (read the full entry)

There Are Steps You Can Take To Avoid Foreclosure

If you are experiencing financial hardship and own a home, do not ignore the looming problem. If you do not pay your monthly mortgage payments over a period of time, the mortgage company (lender) can and will foreclose on your home. This means you will lose title to your property and may be evicted from your home.

A foreclosure becomes part of your credit report and may adversely affect your ability to obtain credit in the future. To avoid possible foreclosure, it is helpful to have money saved to cover several months of your housing costs in case of an unexpected emergency, like job loss, divorce or separation, serious illness, injury, or the death of a loved one.

... (read the full entry)

Foreclosure Investing

In years past, homes that have gone into foreclosure run down, poorly maintained, and even sometimes intentionally damaged from disgruntled owners who couldn t make their payments on time. ... (read the full entry)

Foreclosure And Mortgage Insurance Claims

AIG, American International Group, Inc, one of the worlds largest insurance companies, announced a second quarter loss of more than $5 billion. ... (read the full entry)

Can Reverse Mortgages Avoid Foreclosure

A reverse mortgage has increasingly been targeted for senior citizens. Without going into the details of the program, it pretty much allows the borrower to receive payments every month for a certain period of time, instead of paying them out. ... (read the full entry)

Foreclosures continuing their steep upward climb investors and first time home buyers

With the housing market crumbling and foreclosures continuing their steep upward climb investors and first time home buyers are taking notice of what the real estate market has to offer. The latest news comes amidst reports that California, Arizona, Nevada and Florida have reached a record number of foreclosures. ... (read the full entry)

How to Avoid Foreclosure

Today, several million homeowners are in jeopardy of losing their homes. Many lenders and banks across the nation have closed their doors, seemingly overnight. ... (read the full entry)



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