Foreclosures Help Information

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Bakersfield Foreclosed Homes

The current foreclosure crisis continues widespread across the country.  While a number of reasons and opinions can be presented as to why the nation finds itself with an outrageous number of foreclosures, the fact still remains that there are a lot of properties facing foreclosure filings across the nation.  While this is a problem for many, it is also presents an occasion for many real estate investors and homebuyers to obtain great deals on real estate.  A consciousness of the areas where foreclosure rates are high is one of the first steps when looking to invest in real estate.  

According to Realty Trac, in the month of May 2009, the top three states supplying the most foreclosure filings were Nevada, California, and Florida.  These three states alone supplied more than one half of the 321,000 foreclosure filings for the entire country in the month of May.

In Nevada, 1 in every 64 homes faces foreclosure, making it the state with the greatest foreclosure percentage in the country.  Clark and Lyon Counties are the main contributors in Nevada including cities like Las Vegas, Henderson, Mesquite, Fernley, Yerington, Dayton, and Silver Springs.  

California follows next in rank with a rate of 1 in every 144 homes facing foreclosure.  Notable counties contributing to this rate encompass San Bernardino, Kern, Orange, Madera, and Merced. In these counties are cities such as San Bernardino, Ontario, Bakersfield, Ridgecrest, Santa Ana, Anaheim, Madera, and Merced.  

Not far behind California is Florida with a ratio of 1 in every 148 properties filing for foreclosure.   Miami-Dade, Broward, Duval, Collier, and Orange Counties are large contributors containing cities like Miami, Jacksonville, Naples, and Orlando.  

A comprehension of where these regions of high foreclosure rates exist, provides an excellent foundation for a homebuyer or real estate investor in taking advantage of the astounding discounts that can be found when purchasing foreclosed property.

About the Author:

I live in Cache Valley Utah.

Find more real estate information on Florida, California, and Nevada.

Source - Finding Foreclosed Property

Foreclosure Help Bakersfield Homes For Sale CA Short Sale

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Mortgage Foreclosure Sales

Question: Do "Short sales" with 2 mortgages really usually just go to foreclosure?

instead of the house actually selling as a short sale? i put an off in on a short sale on May 5th and the seller approved it almost immediately. i just found out today though that the house has 2 mortgages and the 2nd mortgage has accepted our offer and now were just waiting on the 1st mortgage to respond.

Is it likely that we will actually close on this house? or is it more likely for the house to go to foreclosure?

any input will be valued. thanks

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Answer: You want to know what's crazy about short sales? There is no way to tell which ones will go through and which ones won't. Sometimes ones with multiple mortgages will work out and the ones with only one won't, or vice versa. It's so hard to gauge since your putting everything in the hands of bank employees who have no real experience in the real estate market. This is just dumped in their lap and they have to make a decision for people they don't know and don't care about. Plus, they also have the fun job of recommending to their company that they should lose this amount of money. The whole thing is such a mess.

I know how you feel though. It will be 4 weeks tomorrow since our offer was sent to the bank on a short sale. The owner on ours accepted the offer two days after we submitted it, but we all know that doesn't mean anything. It doesn't even make sense why the offers are presented to the owner since they really have no say, only the bank does. The house we're trying to buy has one mortgage so we only have to wait on one bank.

When we were considering putting an offer in, we had our Realtor contact the listing agent to find out how many lenders were involved. We were advised by our agent that even though it's all just guessing, short sales with multiple mortgages are less likely to close. It's hard to get one bank to agree to the price never mind two that don't care about each other. Often times it's the 2nd mortgage that holds things back though, so hopefully since the second one in your case accepted it will work out in your favor. You never know though. Be prepared to lose the house due to the banks not agreeing just in case. If you get it that's fantastic but you have to be prepared to lose the house you love, it helps it sting a little less.

I wish you lots of luck! This is our second offer on a short sale since we started looking in February. The first one was rejected after 3 weeks so we're hoping we're close to an answer. I hope you are too!

Maybe we'll both have our houses very soon! =D
Brit

Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 7 Nov08 Bankruptcy & Insolvency

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Stop Foreclosure Obama

Question: Obama's ACORN Anti-Foreclosure Campaign Escalates to Include Civil Disobedience.?

ACORN are telling people who are being foreclosed is to stay in their homes and risk arrest rather than comply with eviction orders

http://www.huffingtonpost.com/bertha-lewis/stop-foreclosures-now-aco_b_161365.html

http://socialistworker.org/2009/02/05/taking-on-foreclosures

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Answer: I hope the cops throw all of them in jail.

Rep Conyers: Bankruptcy laws to stop foreclosures

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