Foreclosures Help Information

Archive for September, 2008

Buying Foreclosure Risks

Question: Who said this "You know the people like the couple I met in Las Vegas who were tricked into buying a house?

and are at risk of facing foreclosure…”?

What happened to personal responsibility?

How could anyone possibly trick ANYONE into shopping for, choosing and then signing paper after paper to buy the home they couldn't afford????????

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Answer: I believe that it was Barack Obama who said those particular words when he was addressing NALEO.

"Because for eight long years, Washington hasn’t been working for ordinary Americans. And few have been hit harder than Latinos and African Americans. You know what I’m talking about. You know folks like Felicitas and Fransisco, a couple I met in Las Vegas who were tricked into buying a home they couldn’t afford. "

Personal responsibility went out the window as soon as the entire fiasco of sub-prime mortgages began. People seemed to forget that there was a reason why a lot of people were not being given mortgages. A good reason.

Buying Foreclosure Homes with Marcus Shirley

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Hud Foreclosure Statistics

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Chase Mortgage Foreclosure Process

Question: Deed in Lieu? Husband going into Military, can't pay mortgage!?

I am looking for information regarding a Deed in Lieu. My husband is going full time into the military in a week, and I will be following him to his base in 6 months. We aren't going to be able to afford the mortgage payments much longer, and the house will eventually go into foreclosure. (Given the current market, it is not selling quickly either). How would I go about a Deed in Lieu to avoid the foreclosure process? Does the mortgage holder (Chase Bank) have an obligation in any way to cooperate? Thanks!

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Answer: First, call Chase and discuss your situation. Lenders are in the money lending business and not the house owning business. They would rather work it out with you than take back your home. Taking back your home or foreclosing puts a "ding" on their ability to borrow money from the Federal Reserve.
Second, contact a tax professional to learn about what the consequences are to to your credit from all of the options, prior to making a final decision. Many of the sources are free.
Third, contact a reputable company that deals with selling your house quickly, for example, HouseBuyerNetwork.com. They might have an investor or quick sale agent in your area to help you and the service is free.

It's Your Call - Bank Response to Mortgage Crisis