Foreclosures Help Information

Archive for March, 2009

Subprime Mortgage Foreclosure Rates

Question: Which candidate's platform on the issue of HOUSING do you agree with?

A, B or C?

A. Would freeze the monthly rate on subprime adjustable rate mortgages, with the freeze lasting at least five years until the mortgages have been converted into affordable, fixed-rate loans. Would call on mortgage industry to provide status reports on the number of mortgages it is modifying.

B. Proposes creating a $10 billion fund to help prevent foreclosures, eliminate some taxes and fees for families who must sell and offer counseling to homeowners. Announced a "credit card bill of rights" to provide disclosure of hidden credit costs. Would provide tax credits to 10 million middle class homeowners who struggle with mortgage costs.

C. Would consider greater intervention by the federal government to limit effects of mortgage crisis if current measures fail. Believes a government bailout should only be a last resort.

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Answer: A.

Hillary 08

Real Estate Woes: Subprime Mortgages Are a Ticking Timebomb

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Mn Foreclosed Homes

Question: Whats the chances of me gettin a home loan?

alright here it is: I live in MN.. Im a first time home buyer and I make about $31,000 a year. I had a couple credit cards that slipped behind and may have gotten to delinquent but I consolidated and have made all payments on time for the last 7 months or so. I have one thing in collections for 98 bucks and I have always paid rent on time.

I also have a co person that is gonna get this loan with me. He makes $42,000 a year, but has a foreclosure from a past marriage.

Im looking to find a home between $80,000 and $135,000. Looking to find a little fixer upper. Also alot of foreclosed homes out there for cheap.

So Im basically askin on what the chance are for being Approved for a loan at most of $135,000???????

Please give some info and possibly who may be a good lender for this type of situation........

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Answer: Not enough info.

Your debt to income ratio is going to come into play here.

Both you and your co-borrower having sketchy credit will not help.

Really, I doubt you are going to get a loan at a good rate. With your defaults and his foreclosure, you are probably not going to get a mortgage. You are going to have to put some more distance between you and your finance problems in order to get a decent rate.

Minneapolis Foreclosures | Bank-Owned Homes | REO Listings in Minneapolis | MLS Listings Minneapolis

Foreclosure Assistance Illinois

Banks in the United States in their lending business have been introduced to a new concept of “Bank foreclosure listings”, which was not there earlier.  Banks extend financial assistance to home buyers, as part of their routine business to derive income by way of interest for years.  This was sailing smooth in the U.S. country for centuries, as buying a home of their own was the common dream of Americans. But there came a big jolt in the US economy to slide downwards and with it came dramatic changes in the financial markets. Millions of housing and other properties became delinquent in repaying their mortgage loans, whereby the new concept of “Bank foreclosure listings” has come to stay.

Every bank worth the name in US is carrying a big list of delinquent properties for which they have extended home loans and sadly these Bank foreclosure listings are bulging with more and more properties being added, month after month. As per Real Estate Statistics, foreclosure filings are steadily increasing in almost every State, of which the top ten States are changing every month between – California; Florida; Nevada; Arizona; Michigan; Texas; Illinois; Georgia; Colorado; Utah; and Ohio.

A majority of the foreclosures – nearly 90% - are Bank foreclosures. To retrieve their money back, Banks have to inevitably initiate foreclosure action, once the barrower defaults in repayment of monthly installments of mortgage loan consecutively for 3 months.  The foreclosure process is governed by the foreclosure laws of the respective States – whether through County Courts to end in a Sheriff Sale or out-of-Court by virtue of a clause in the mortgage deed to end in a Trustee Sale, to dispose off the delinquent properties.

As such Bank foreclosure listings contain properties in 3 stages of foreclosure process – pre-foreclosure stage between issue of Default Notice and foreclosure sale public auction; actual foreclosure sale on the fixed date through public auction; and repossession by the Banks after foreclosure sale public auction, in the event of minimum bid is not forthcoming.

The one thing in common on all properties under Bank foreclosure listings is - all of them are dead-stocks on the books of the Bank and have an urgency to be disposed off, to convert them into hard cash. As such Bank foreclosure listings await prospective buyers of these properties as quickly as possible. This gives an excellent opportunity to home buyers and investors to search their dream property in the desired locations and buy them at prices well below the market value.

The savings home buyers can make in buying foreclosure properties in Bank foreclosure listings vary according to the stage of foreclosure they are in. In the case of pre-foreclosure properties the chances of discounts bargainable are more. The distressed home owners will be too willing to get rid of their property with sizeable discounts, to avoid foreclosure and thereby avoid the black mark on their credit history. The home buyers can locate such properties from Bank foreclosure filings and approach the home owners directly to negotiate the sale deal profitably.  Banks will also be happy that they get back their money without going into the hassles of expensive foreclosure process.

The other options of bidding in foreclosure public auction and buying repossessed properties from Bank foreclosure listings will also save thousands of dollars.

About the Author:

Julie Thompson, has been working on ForeclosureRepos.com studying the foreclosures market, helping buyers on the finer points of bank foreclosure listings. Try to visit ForeclosureRepos.com and begin your bank foreclosures by state search.

Source - Bank Foreclosure Listings are Broad Index of Foreclosed Properties

Foreclosure Assistance