In other neighborhoods, a foreclosed home might be boarded up and plastered with large signs advertising bank-owned or REO. Some of those homes might remain in an abandoned condition for years. The weeds grow high enough to cover sidewalks, pranksters throw rocks through second-floor windows, and the home becomes an eyesore, a dumping ground for used mattresses and automobile parts.
Showing posts with label Foreclosures. Show all posts
Showing posts with label Foreclosures. Show all posts
Nearby Homes Feel Effect of Foreclosures
Foreclosure homes vary in appearance from community to community. Some foreclosure sales are handled quietly and quickly resold by the lender for market value. One day a moving van pulls up, loads the occupant’s belongings and departs, shortly followed by a real estate broker’s For Sale sign. Few weeks later, a sold sign pops up and new owners move in.
At-Risk Homeowners in Luck - Multi-Agency Crackdown Targeting Foreclosure Rescue Scams, Loan Modification Fraud in Place | RISMedia
RISMEDIA, April 7, 2009-As homeowners and communities throughout the country continue to face devastating consequences from the deep contraction in the economy and the housing market, the Obama Administration announced a new coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times. The new effort aligns responses from federal law enforcement agencies, state investigators and prosecutors, civil enforcement authorities, and the private sector to protect homeowners seeking assistance under the Administration’s Making Home Affordable program from criminal actors looking to perpetrate predatory schemes.
The U.S. Department of the Treasury, the U.S. Department of Justice (DOJ), the Department of Housing and Urban Development (HUD), the Federal Trade Commission (FTC), and the Attorney General of Illinois discussed new initiatives to coordinate information and resources across agencies to maximize targeting and efficiency in fraud investigations, alert financial institutions to emerging schemes, step up enforcement actions and educate consumers to help those in financial trouble avoid becoming the victims of a loan modification or foreclosure rescue scam.
How not to be a victim of foreclosure fraud
by on March 31, 2009
As the number of struggling homeowners facing foreclosure continues to rise, so do the number of unscrupulous individuals and firms will to prey on them.
“A mortgage lender or a financial counselor can assist you in finding real options to avoid foreclosure,” said Sissy Osteen, an Oklahoma State University Cooperative Extension resource management specialist. “If someone is offering to consult with your lender and offers to arrange to stop or delay foreclosure for a fee be sure to check his or her credentials, reputation and experience. It’s important to protect yourself and not be a victim of a foreclosure scam.”
Buying Foreclosed Homes: Be Careful
If you're looking for a great deal on a house, one option might be to purchase a home that's in foreclosure.
But Early Show financial contributor Vera Gibbons says the process isn't for everyone: It's complicated and fraught with potential stumbling blocks.
There's certainly no shortage of properties in or approaching foreclosure to pick from.
Some three million foreclosures are expected this year alone, according to the Web site RealtyTrac.com>, three-to-four times the usual number.
Prices usually range from 20 to 80 percent below market value, depending on where the house is located.
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But Early Show financial contributor Vera Gibbons says the process isn't for everyone: It's complicated and fraught with potential stumbling blocks.
There's certainly no shortage of properties in or approaching foreclosure to pick from.
Some three million foreclosures are expected this year alone, according to the Web site RealtyTrac.com>, three-to-four times the usual number.
Prices usually range from 20 to 80 percent below market value, depending on where the house is located.
More
How to Buy After Bankruptcy or Foreclosure
Put your fears aside. Just because you have bad credit, filed bankruptcy or gone through a foreclosure does not mean you cannot buy a home. You most certainly can buy a home with bad credit. But you're going to pay more than a borrower who has sparkling credit.
The Waiting Period After Foreclosure / Bankruptcy
- The period between bankruptcy filings is seven years, but the ding to your credit report stays for 10 years.
- For better rates with a conforming loan, the wait is four years after filing bankruptcy.
- FHA guidelines are two years after a foreclosure, which means you could qualify for as little as 3.5% down.
- Hard-money lenders will often make loans six months after filing bankruptcy or a foreclosure, but will a require 20 to 35% down payment. The interest rate will be very high and the loan terms are not as favorable; many will contain prepayment penalties and be adjustable.
- Subprime lenders (not to be confused with hard-money lenders) are no longer making 100% financed loans.
Walking away from mortgage is costly
Call it the fast unraveling of the American dream.
Americans are losing their properties at an alarming rate. The national foreclosure rate now stands at 3.3 percent, and more than 11 percent of all mortgages are either delinquent or in foreclosure, according to the Mortgage Bankers Association.
Americans are losing their properties at an alarming rate. The national foreclosure rate now stands at 3.3 percent, and more than 11 percent of all mortgages are either delinquent or in foreclosure, according to the Mortgage Bankers Association.
In most cases, homeowners end up in foreclosure because of a job loss or a gimmicky mortgage with a rate that resets so high the homeowner no longer can afford to make the payment.
However, some homeowners who can afford their mortgage -- even if they struggle to make the payment -- may be tempted to abandon their dwellings simply to get a financial fresh start.
Such a decision can have dire and lingering financial ramifications, experts say.
"Unfortunately, people can often be most victimized when they're scared about their financial well-being," says Stephanie Bittner, community education and outreach coordinator for Consumer Credit Counseling Service of Delaware Valley.
Renters get foreclosure relief
It's every renter's worst nightmare: To move into a home or condominium with affordable rent only to find out that the owner has lost the property in foreclosure. The rent money and security deposit are gone, and chances are good that the bank that now owns the property will evict the tenant even if the rent has been paid.
Such sudden evictions have been on the rise due to the dramatic increase in home foreclosures across the U.S. But some tenants will have other options now that Fannie Mae and Freddie Mac have introduced new programs that let renters (and in Freddie Mac's case, former homeowners) continue to occupy the home after foreclosure.
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Such sudden evictions have been on the rise due to the dramatic increase in home foreclosures across the U.S. But some tenants will have other options now that Fannie Mae and Freddie Mac have introduced new programs that let renters (and in Freddie Mac's case, former homeowners) continue to occupy the home after foreclosure.
More
Featured Bank Owned Properties 032709
Palmview Way, $299,900, 4 Bedrooms, 2 Bathrooms, 1250 SqFt
Conti Ct., $299,000, 3 Bedrooms, 2 Bathrooms, 1180 SqFt
Bermuda Way, $295,000, 5 Bedrooms, 3 Bathrooms, 1810 SqFt
Palm St., $269,900, 4 Bedrooms, 2 Bathrooms, 1296 SqFt
Brushcreek way, $264,900, 3 Bedrooms, 2.5 Bathrooms, 1508 SqFt
S 12th St., $247,000, 2 Bedrooms, 1 Bathroom, 1230 SqFt
Excalibur Dr., $229,900, 3 Bedrooms, 2 Bathrooms, 1242 SqFt
Bikini Ave, $227,900, 3 Bedrooms, 2 Bathrooms, 1061 SqFt
Primm Ave., $211,000, 3 Bedrooms, 2 Bathrooms, 1236 SqFt
Candler Ave., $204,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt
Conti Ct., $299,000, 3 Bedrooms, 2 Bathrooms, 1180 SqFt
Bermuda Way, $295,000, 5 Bedrooms, 3 Bathrooms, 1810 SqFt
Palm St., $269,900, 4 Bedrooms, 2 Bathrooms, 1296 SqFt
Brushcreek way, $264,900, 3 Bedrooms, 2.5 Bathrooms, 1508 SqFt
S 12th St., $247,000, 2 Bedrooms, 1 Bathroom, 1230 SqFt
Excalibur Dr., $229,900, 3 Bedrooms, 2 Bathrooms, 1242 SqFt
Bikini Ave, $227,900, 3 Bedrooms, 2 Bathrooms, 1061 SqFt
Primm Ave., $211,000, 3 Bedrooms, 2 Bathrooms, 1236 SqFt
Candler Ave., $204,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt
Short Sale Mortgages
Question: What Happens in a Short Sale When You Have Two Loans?
A reader asks: "Our home is worth less than we owe against it. We have a first mortgage of $85,000 and a second mortgage of $55,000. Our agent says we won't get more than $85,000 if we try to sell it. What happens to the second loan in this instance?"
Answer: Doing a short sale is hard enough, quite frankly, but it's even harder when you have two loans -- it's twice the headache. I feel your pain. Because not only do you need the cooperation of the first lender, the second mortgage holder needs to release that loan as well.In your case, you owe $140,000 on a home that is worth $85,000. After paying off the first lender, you will still be short $55,000. Not to mention closing costs.
First, let's take a look at what happens in foreclosure:
Featured Bank Owned Properties 032509
N 13th St., $199,900, 2 Bedrooms, 1.5 Bathrooms, 910 SqFt
Stewart Ave., $199,500, 2 Bedrooms, 1 Bathroom, 504 SqFt
Biscayne Way, $189,900, 3 Bedrooms 1 Bathroom, 960 SqFt
S White Rd., $189,000, 2 Bedrooms, 1 Bathroom, 800 SqFt
S 24th St., $182,700, 2 Bedrooms, 1 Bathroom, 864 SqFt
Beeman Dr., $179,900, 3 Bedrooms, 2 Bathrooms, 982 SqFt
Damsen, $133,000, 2 Bedrooms, 2 Bathrooms, 974 SqFt
Luz Ave., $134,000, 3 Bedrooms, 2 Bathrooms, 1165 SqFt
Adler Ct., $124,000, 3 Bedrooms, 1.5 Bathrooms, 1157 SqFt
Libra Ln., $113,000, 2 Bedrooms, 1 Bathroom, 921 SqFt
Stewart Ave., $199,500, 2 Bedrooms, 1 Bathroom, 504 SqFt
Biscayne Way, $189,900, 3 Bedrooms 1 Bathroom, 960 SqFt
S White Rd., $189,000, 2 Bedrooms, 1 Bathroom, 800 SqFt
S 24th St., $182,700, 2 Bedrooms, 1 Bathroom, 864 SqFt
Beeman Dr., $179,900, 3 Bedrooms, 2 Bathrooms, 982 SqFt
Damsen, $133,000, 2 Bedrooms, 2 Bathrooms, 974 SqFt
Luz Ave., $134,000, 3 Bedrooms, 2 Bathrooms, 1165 SqFt
Adler Ct., $124,000, 3 Bedrooms, 1.5 Bathrooms, 1157 SqFt
Libra Ln., $113,000, 2 Bedrooms, 1 Bathroom, 921 SqFt
Bank Owned: 542 Yermo Court, San Jose CA
Light And Bright Townhouse Style Home On A Tree Lined Street, Great For Investment Or Lived In, Title Shows As 1.5 Bathrooms, Home Now Has 2.5 Bathrooms (Permits Unknown), Breakfast Nook, Composition Roof, 2 Car Garage, Shower Over Tub, Sunny Patio, Easy Accessible To Shopping, Employment, Entertainment, Freeways, Schools, Better Act Now, Not A Short Sale, Asking $129,900
How Foreclosures Work ?
Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
Why Do Sellers Go Into Foreclosure?
Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:
Featured Bank Owned Properties 032009
Gainsville Ave., $265,000, 4 Bedrooms, 2 Bathrooms, 1501 SqFt
Snow Dr., $265,000, 4 Bedrooms, 2 Bathrooms, 1482 SqFt
Manzanita Ct., $255,000, 3 Bedrooms, 2 Bathrooms, 1010 SqFt
Diana Ave., $251,750, 3 Bedrooms, 1 Bathroom, 1066 SqFt
Mount Diablo Dr., $251,750, 3 Bedrooms, 2 Bathrooms, 1056 SqFt
Senter Rd., $245,000, 3 Bedrooms, 2 Bathrooms, 1123 SqFt
Honolulu Dr., $244,900, 4 Bedrooms, 2 Bathrooms, 1200 SqFt
San Bernardino Way, $244,500, 3 Bedrooms, 2 Bathrooms, 1123 SqFt
Meadowmont Dr., $234,900, 3 Bedrooms, 1 1/2 Bathrooms, 1342 SqFt
Summer St., $223,300, 4 Bedrooms, 2 Bathrooms, 1362 SqFt
Snow Dr., $265,000, 4 Bedrooms, 2 Bathrooms, 1482 SqFt
Manzanita Ct., $255,000, 3 Bedrooms, 2 Bathrooms, 1010 SqFt
Diana Ave., $251,750, 3 Bedrooms, 1 Bathroom, 1066 SqFt
Mount Diablo Dr., $251,750, 3 Bedrooms, 2 Bathrooms, 1056 SqFt
Senter Rd., $245,000, 3 Bedrooms, 2 Bathrooms, 1123 SqFt
Honolulu Dr., $244,900, 4 Bedrooms, 2 Bathrooms, 1200 SqFt
San Bernardino Way, $244,500, 3 Bedrooms, 2 Bathrooms, 1123 SqFt
Meadowmont Dr., $234,900, 3 Bedrooms, 1 1/2 Bathrooms, 1342 SqFt
Summer St., $223,300, 4 Bedrooms, 2 Bathrooms, 1362 SqFt
How Will Foreclosure Effect Credit Scores?
The amount of damage to a credit score caused by foreclosure, deed in lieu or a short sale during 2008 and 2009 may be mitigated by the slower economic times, say some credit and legal experts.
FICO may have to adjust its credit scores to lessen the impact of a foreclosure in the last two years, says Todd J. Zywicki, a professor of law at George Mason University.
More
FICO may have to adjust its credit scores to lessen the impact of a foreclosure in the last two years, says Todd J. Zywicki, a professor of law at George Mason University.
More
What Stays With House After Foreclosure
Personal property is that which is not real estate. However, fixtures are real estate because they are not personal property; they are affixed to the land, to the house, which means fixtures stay with the house.
But that doesn't stop some desperate home owners from smashing walls to rip out Romex wiring or copper pipes and selling them for scrap in back alleys. Some misguided home owners, angry at the bank for foreclosing, think it's somehow permissible to turn the home into a total nightmare.
Is Your Landlord in Foreclosure
Tenants who have so much as an inkling that their landlord might be facing foreclosure should not waste one more minute before finding out. Foreclosures are a public record. But as a renter, you don't need to comb the public records every day to see if your landlord is making the mortgage payments.
If you are a tenant thinking about renting, first find out if your landlord has refinanced or purchased the property recently. That recordation could be a warning sign. You don't want to wake up one morning and find the sheriff at your door, saying you need to move out.
Property for Sale: 388 N Bayview Ave., Sunnyvale CA
You Will Feel Right At Home In This Charming Sunnyvale Cottage, Property Features Partial Hardwood, Clean Kitchen With Upgraded Counters And White Cabinets, Dual Pane Windows, Separate Family Room, Breakfast Room, Composition Roof, Shower Over Tub, 2 Car Garage, Huge Lot. Not a Short Sale! Asking $499,900.
Property for Sale: 1649 Hopkins Drive, San Jose, CA
Great Value ! Cute San Jose Home, Three Bedrooms And Two Bathrooms, Composition Roof, Baseboard Heat, Separate Family Room, Breakfast Bar, Convenient Location, Easy Access To Shopping, Restaurant, Entertainment, Public Transportation, Garage Converted- Permits Unknown. Not A Short Sale! Asking $300,000.
Property for Sale: 920 Fruitdale Place, San Jose, CA
Beautiful Townhouse Style Condo In A Great Neighborhood, Two Bedrooms, One And A Half Bathroom, Central Forced Air Heat, Living Room/Dinging Room Combo, Shower Over Tub, 2 Car Garage, Minutes To Shopping, Fine Dinning, Entertainment Of Downtown Willow Glen! Not A Short Sale! Asking $344,900. Must See Today!
Property for Sale: 1439 Blossom Hill Road, San Jose, CA.
Beautiful Home In The Cambrian Area Of San Jose, This Home Features 3 Bedrooms 2 Bathrooms, Large Lot, Central Forced Air Heat, Wood Burning Fireplace In Living Room, 2 Car Garage, Composition Roof, Close To De Anza Park, Easy Access To Shopping, Freeway, Entertainment, Public Transportation,! Not A Short Sale! Asking $439,900.
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