Foreclosure

The forced sale of property pledged as security for a debt that is in default. Foreclosure occurs when a home or property has been taken over by a bank - it is now bank owned. The mortgagor no longer has the right to redeem mortgaged property, when payments have not been made. When you have missed 2 months worth of payments you have defaulted on your loan, but you are not yet in Foreclosure. The Foreclosure proceedings will not initiate until the mortgage lender or bank submits paper work to a prosecuting attorney. The time frame for the foreclosure process depends on which state you live in and whether you are in a judicial or non-judical territory.

Foreclosure Sale

A public sale of a property to recover a debt owed by the owner of the property. The sale can be officiated by a trustee, an attorney or a local government official, depending on state law.

Fannie Mae and Freddie Mac may see an increase in foreclosure homes.

Fannie and Freddie may be looking at more foreclosure homes than they expected. Both mortgage giants have posted record high losses in the billions recently. A majority of these write-downs were future tax incentives they had booked as assets from previous losses. They have realized that they are both going to have so many properties default that they won’t be able to write off any more losses.

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Stronger Bankruptcy Laws likely to Cause More Foreclosure Homes

In 2005, Lenders lobbied for laws that today are helping to increase the amount of foreclosure homes. Banks and lenders were concerned about deadbeat debtors. They pushed to tighten the bankruptcy laws at a Federal level. In total, over $40 million dollars was spent in making sure that a regular citizen could not default on credit cards, car payments and other credit obligations.

Prior to 2005, many Americans filing Chapter 7 would get relief from such bills as Visa, MasterCard or American Express bills. However, their home was usually excluded and borrowers would continue to make payments.

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Foreclosure Homes Are Selling at an All Time High

In California, recent studies suggest that foreclosure homes are accounting for almost 50% of all resale properties sold in August 2008. This number is up more than 10% from the same time last year. Foreclosure activity and foreclosure filings are still on the rise and buyers are taking notice.

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Stock Market Crumbles – Investors Turn to Real Estate

The mood was grim on Wall Street on Monday September 15, 2008. The NYSE took a hit of over 500 points after the 158-year old Lehman Brothers filed for bankruptcy protection. Lehman was a spin off of American Express and was the fourth largest investment bank in the country. Financial led the charge in the drop behind not only the Lehman news but also AIG’s announcement that they need help or could face bankruptcy as well.The Fed meets today and many analysts are expecting a rate drop of at least .25%. However, this would only fuel inflation and further devalue our dollar. Paulson already stated that there will be no government help for AIG. They need to seek help thru the public sector. This method has already failed for Bear Sterns back in March and Lehman Brothers over this past weekend. Investors are weary about putting any money into financial companies due to the fact that no bottom in losses is in sight. ... (read the full entry)

Foreclosure Homes are Going Fast

The Federal Housing Administration (FHA) has recently announced a new initiative to help lenders sell foreclosed homes faster. ... (read the full entry)

California Buyers Take Advantage of Distressed Foreclosure Homes

Home sales increased 17.5 percent in June in California compared with the same period a year ago, while the median price of an existing home fell 37.7 percent, according to the CALIFORNIA ASSOCIATION OF REALTORS ... (read the full entry)

Foreclosure Homes : A Foreclosure Timeline

While laws vary state to state, a typical foreclosure timeline is shown below which outlines the foreclosure process and what leads to foreclosure. As borrowers fall behind in their payments, they can expect lenders to react in specific ways at specific times ... ... (read the full entry)

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