Foreclosures Help Information

Archive for March, 2009

Free Foreclosed Homes In Florida

Question: anybody know where to look online for foreclose homes in florida for free?

>

Answer: call a local realtor (free for you to use as a buyer) they have all the lists including the updated properties you won't see online NEVER buy a foreclosure without a realtor - too many complications (I've seen em all) LOL

Free List of Foreclosures in Florida - StartHouseHunting.com

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Bank Foreclosure Procedure

Question: Is there a procedure available to give back my house's deed to the bank and walk away without ruining credit?

I would make all payments up until returning the deed, they can keep whatever downpayment I had made and agree to a 'wash' and for free keep the house in return for letting me out of the obligation. It would be good for them bec I would leave the house without missing payments and they can proceed to sell it or whatever. Is there such a thing? (in Calif). My other option is BK or foreclosure so I need options.
I obviously would sell if I could but my house was appraised $180,000 less than my mortgage balance so that is not an option. I lost my job so refinance is not an option. I have no choices left and of course the bank is lucky to get a house for free that I have put all my life's money upgrading over the years.
If they agree to take the deed before I miss my first payment why would they negatively report my credit?
What about if I find 'buyers' who will take over my debt and I can sign over my loan and deed to, is that legal and possible?

>

Answer: Banks are not in the real estate business, but they do want to be paid. Go to your bank and see if they will agree to an assumable mortgage to a buyer that meets their standards.
If you have enough equity in the house, a buyer may be able to take over your mortgage with very little out of pocket cash. The bank will still get the monthly payments and be able to charge the new buyer closing costs. Your credit will remain intact.

"Wheel" Estate Cam- Bank Foreclosure Bidding Wars

Bank Foreclosure Moratorium

Question: Should banks be responsible ?

The tobacco industry had to be regulated by an act of Congress to curb sales of cigarettes to minors. Clamping down hard on advertisers to save lives right ?
Isn't it time banks & lending institutions be responsible just like we made the tobacco industry responsible. Hooked is hooked....and although you can't get cancer from a credit card or a suckers mortgage we're still seeing ruined lives right ?
I say banks need to take the hit right now.
Stop all new mtge rate adjustments and drop all previous rate adjustments to 0% on credit of any kind for people that qualify.
Give qualifying individuals an 18 month moratorium on interest and allow people to pay down principal only.
After 18 month's increase interest rates to 5% for 12 mth's.
Place a moratoreum on foreclosures. Do empty "Bank owned homes" make banks money ?
Banks need to wise up. Consumers need to use debit cards. Spend wisely.
We're in this together. We should act that way !!!
Smart is good. Stupid is not good.

>

Answer: The problem is, these banks are owned by shareholders mostly, including pension funds, mutual funds, insurance companies, individual investors, etc.

If the government got involved and started regulating interest rates directly, many of these investors would take their money out of the financial institutions, looking for better returns in other markets. How happy would you be if your 401(k) was returning 0% for18 months? Probably not very. What if it was returning a negative rate, because 0% interest doesn't pay for the direct costs banks have when making loans.

But advertising to kids just entering college to pick up a credit card is not a good practice for banks to be engaging in. Most college kids can't afford food every day, let along pay 29% interest rates on a credit card that they use to purchase their $200 school books. Maybe banks should offer students jobs or internships, or colleges could offer more work programs, instead of offering credit cards to the kids the second they leave their parents' house.

Government-run public schools are directly responsible for the lack of financial education being given to the vast majority of kids. They don't learn how to balance a checkbook, the importance of saving up an emergency fund, the real costs of credit cards, how to read a simple contract, and so on. If they did have any kind of basic financial education, then they wouldn't be such easy targets of lenders.

The more government gets involved here, the more uninformed people will allow themselves to become, because "government is here to protect us." But government isn't here to protect anyone, especially from themselves. If homeowners enter into a voluntary contract that they say they understand, but have no idea what is going on, then it is up to them to speak up and have it explained to them. Or hire an attorney who can explain in plain English what a mortgage means.

But banks are starting to wise up now. So many defaults have wiped out their reserves and now credit card delinquencies are increasing. Citigroup is effectively bankrupt, Countrywide is being eaten up, and over 200 mortgage lenders have stopped making subprime loans or have gone out of business. They learn when they lose money, even if the Fed bails them out with billions of dollars of inflated money (see, there goes government intervention again helping banks avoid the effects of their poor decisions).

Foreclosure Moratorium is Lifted!