When a person buys a home, he/she usually has to take a loan. The lenders, generally banks, keep the title to home collateral in this case. The ownership of the home is transferred to the lender when the person is unable to pay the dues and installments in time. This transfer of ownership to lender is called Foreclosure. Buying foreclosure has been compared to playing poker. As an investment, it has its own risks.The lenders first...more
Real estate is not always an easy venture to be involved in. Mortgages are huge loans, and monthly payments can be extremely steep. Especially with the trend a few years back to give out sub-prime mortgages, there have been a lot of foreclosures lately. But foreclosure should be avoided at all costs.So let's assume for a moment that you are unable to make your mortgage payments. You become a defaulted owner. Now what? Well,...more
The recent report released by Mortgage Bankers Association on Mortgage Foreclosure numbers, revealed that at present the mortgage market is involved in the most awful foreclosure crisis in the recorded history. It is almost 15 percent of the sub prime borrowers defaulted and the prime borrowers have started to follow suit. During the last few years, many people with the help of easy credit and adjustable rate mortgages bought big and expensive homes; thinking that when the home price will rise and they will be in profit.The rate of foreclosure during the last quarter has passed the highest point recorded 54 years back in the year of 1953. The number of sub prime borrowers those who are currently behind on their home loans has increased to 14.82 percent. The homes that are purchased with 2/28 adjustable rate mortgages are under the highest percentage of foreclosure. The credit crunch is not only making mortgage financing tougher but also it also pushing more homeowners towards foreclosure.According to most recent Mortgage Bankers Association's survey, the foreclosure crisis is likely to increase in the near future. Since during the last quarter, the foreclosure rates...more
Talking about foreclosure real estate can be hard enough without even entering the market. That's because foreclosures tend to have their own language, employing many obscure words originating in govermnent housing legislation and real estate law. Without a background in these areas, prospective investors won't be able to decipher...more
When a person buys a home, he has to take a loan regularly. The lenders, generally banks, keep the title to home collateral in this case. When the person is unable to pay the dues and payments in time, the ownership of the home is moved to the lender. Transferring of ownership to lender is called Foreclosure. Buying foreclosure has...more
Anyone can face foreclosure problem due to divorce, loss of a job or illness, there are various reasons. If you have received a notice of default, you may feel powerless. But you don't have to worry as you still have 90 to 120 days. Refinancing is one way to stop foreclosure crisis. Refinancing is a new loan which can be acquired through existing lender or different mortgage lender. If a homeowner falls behind payments, he can find a lender easily who is willing to refinance if he has a good credit score and financial means to make monthly payments under the new loan terms. But it may be difficult for a homeowner to find a lender, if he has fallen behind mortgage payments or there is drop in her/his income. In addition, if your current mortgage is insured through FHA or VA, contact the organization to find out if any assistance programs can help in refinancing your loan before the foreclosure is finalized. Another option is bankruptcy. Bankruptcy is one of the ways to stop foreclosure process, but only temporarily. Two main forms of bankruptcy are as follows: In chapter 7 bankruptcy, all debts are discharged and assets-including homes-may be sold to repay debts. If...more
Most of the people who are into mortgage loan will be much worried about foreclosure if they are not remitting the payment regularly. There are many reasons to not make the payment on time and it complicates the issues beyond their...more
The following article details the final court proceedings for foreclosure cases in the state of Florida. The article details the different scenarios that can occur to finalize a foreclosure case. It is important for people facing...more
Foreclosure rescue, also known as equity skimming or equity stripping, is any of various predatory real estate practices aimed at vulnerable, often low-income, homeowners facing foreclosure in the United States. Most often, these...more
The US is in the grip of a recession. Unemployment is at its peak. As people lose jobs thick and fast, even those with very good credit scores, are faltering on mortgage payments. Hence, foreclosures are common.In August, home prices...more
If you want to go for the overkill in the real estate investment, you must learn to triumph over competitors particularly when it comes to grabbing REO foreclosures. Most of us know only too well that investing in REO foreclosures is an...more
One of the facts that you cannot deny is everything in this world has its own corresponding price you need to pay. When it comes to economics, cost has two types such as explicit and implicit costs. The cost of foreclosure can...more