Question: Has anyone disabled person ever been helped thru A.C.O.R.N. in Illinois, if so, how and what is the acronym?

Has anyone been able to prevent foreclosure on home thru assistance at A.C.O.R.N. in Illinois?

>

Answer: See:

http://www.acorn.org

Foreclosures Loan Modification Chicago IL Orange County Mutual Fundings

Foreclosure Help Illinois is a post from: Foreclosures Help Information

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Question: How do I get in on the foreclosure home action?

I live in South Carolina and would love to know if there are any decent foreclosure homes in my area. But everytime I try to look something up online (Hud, etc.) they want a fee or a free trial... provided I give them my credit card number. Is there a bank I could contact, or maybe police auction?

>

Answer: http://infoonforeclosures.blogspot.com

Family Services Inc., featured on ABC News 4 in Charleston, SC!

Foreclosure Help South Carolina is a post from: Foreclosures Help Information

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Question: Can you do a Deed-in-lieu of foreclosure if you have a home equity line of credit on your home?

I am considering the Deed in lieu of foreclosure option but I have a Home equity line of credit on my house. Is this something that can still be done? BTW I live in Florida if that has any bearing on the answer.
Thanks in advance for any advice

>

Answer: Not absolutely certain about a "2nd" mortgage in Florida, but in most states, the line of credit will just be closed. And if you have a balance, the lender can come after you personally for repayment.

This sounds like an important question to you. I would suggest getting an answer from a Florida real estate attorney.

Good luck.

Foreclosure Prevention Helpline June 2008

Foreclosure Help Line is a post from: Foreclosures Help Information

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Question: If you own two properties in Florida, can a bank go after your homestead if you default on the first loan?

I own a condo in Miami and due to foreclosures in the community properties are now selling for a quarter of what I paid originally and I do not see the light at the end of the tunnel. If I purchase a second home and defaulted or foreclosed on the first property (condo), can the condo bank go after my second property if it is my primary residence? What options do I have?

>

Answer: Yes. Contact a lawyer ASAP

4 bed / 2 bath foreclosed home on 32318 Crest Lane Union City CA 94587

Bank Foreclosure Homes In Florida is a post from: Foreclosures Help Information

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One should be very clear about the outcome of foreclosure crisis in real time situations. Many innovative thoughts must be developed regarding the best approach to terminate the crisis of foreclosure. Actually the federal government has done nothing and hence, this is a big disadvantage to the people who prefer foreclosed property.

The foreclosure crisis matters a lot because; people will take up the chance only, if there is an end or proper solution to it. Really, there is no point, in case there is no solution to it. Hence, the centralized power and also multinational corporations have made a try and mentioned these techniques as “foreclosure relief”.

People should be appreciative to some concerned persons and also to local governments that have started some techniques to fix this foreclosure crisis in many innovative approaches. Some of the activities like, declining to perform sheriff sales, applying fines to the banks which in turn are responsible for the downfall of houses. Hence, protest against all these are carried out in the cities as a real situation and also in the same localities.

Some of the interesting examples reveal that the people are opposing the mortgage companies. In a city known as Ohio, here because of these high foreclosure rates, there is an improvement in the declining of property values and the areas of the discarded homes are actually turning into public parks.  It is also most helpful in reducing the crime rates and also the destruction in the society. The land should be returned in its unique state only; this is a very good and appreciative idea for the welfare of people in the city. Hence, the land that is left out, perhaps prove to be more valuable in the neighborhood’s garden.

A city which is very well known for the innovative advancement towards the termination of foreclosure is Philadelphia. The local governments progressively have to stop the movement of people and also the wealth out of the particular area, since the city become the host for ghosts and the revenue related to the property having a downfall.

Also, another city in Ohio called Cleveland has a condition for the lenders of foreclosed homes that, their properties must be in very good form or else they will have to overcome very high fines. Hence, the lenders, whoever thought that they could simply grab money from the people by playing some tricks, and have to remain silent by this kind of approach for sure. Or else, they will manage the owners of the home and agree them to take loans from them and thereby easily steal the real estate from them.

Nowadays, banks are aware about the paper money and very large derived account balances. They know very well that these signify nothing, but just create an imaginary amount of wealth. Hence, this will definitely leads to the system crash, which is a great disappointment. It is much better and more than that it provides more safety to own the land instead of these useless papers in the accounts, which leads to dissatisfaction. If this is the case, then finally the local governments take a decision to acquire the properties and return to owners of the home by selling it reasonably.

About the Author:

Find Bank Owned Homes and Foreclosure News at ForeclosureDataOnline.com

Article Source: ArticlesBase.com - Foreclosure Crisis

Stop Foreclosure? You bet, Philadelphia!

Stop Foreclosure Philadelphia is a post from: Foreclosures Help Information

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Question: Anyone ever buy foreclosure property?

I am interested in a house that I think is in foreclosure. How do I go about finding out if it is for sure and if it is, how do I go about buying it? I've never done this before. There is a lot on the Internet, but I don't know what's hype and what's not. Every one of them seems to want money before they tell you anything of any real value. Any tips would be greatly appreciated!

>

Answer: Buying a foreclosure is the same as buying any house. The only difference is that you are buying the property as is so inspections become paramount and should be made a subject to clause in your offer.
There is preforeclosure which is the procedures being taken against the property owner to take the home away but you can still approach the owner to buy the house you will need the lenders approval of any offer accepted by the owner in demand.
There is foreclosure in where the owner is already in court and the property is either still in the name of the owner or the judge has ordered the sale of the property you can approach the attorneys for the parties for making an offer to purchase
There is the actual foreclosure sale in where you show up with "dinero" and you bid on the property being sold
There is other real estate owned OREO not to be confused with real estate owned REO in where the bank has successfully acquired the property at the auction and is now selling it.
I hope this overly simplified explanation helps

BANK OWNED (REO) BUYING TIPS!

Tips On Buying Foreclosure Properties is a post from: Foreclosures Help Information

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Question: I have heard that some banks are willing to buy you out of your home if you buy their foreclosure. Any truth?

I have heard that some banks for willing to buy you out of your home if you will buy one of their foreclosure's. Does anyone know if there is truth to this?

>

Answer: No truth whatsoever. Lenders do not want to own real estate. Lending money is their business. They're not going to dump one property to only take on another.

How to Buy a Bank-Owned Home

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Getting a good deal on real estate these days isn't as easy as it was in the past. While property values and home prices are currently low, it's hard to know how long it will be before the market starts to rebound and these properties start to appreciate in value again. It's hard for many homebuyers to make the financial commitment to buying a property when they're unsure if it will end up being a good value. That's why buying Phoenix AZ foreclosures can be such a good idea.

Few other types of real estate can offer the kinds of savings that Phoenix AZ foreclosures can. Since these homes are sold by lenders at repossession auctions as a means of collecting debts, they are often undersold for anywhere between 10 and 50% off their actual market value. Buying for these kinds of below market values means that you can turn around and sell a property instantly if you wanted to. There's no better way to make a real estate investment with instant equity.

And it's the perfect time to find the best prices on Phoenix AZ foreclosures, because the market for them is so stocked. Foreclosures in the Phoenix area have increased over 100% in the past year alone, and there are new properties coming on to the market all t he time. Experts also predict 2008 to be a huge year for Phoenix AZ foreclosures, so getting involved now is advisable.

Check out some listings for Phoenix AZ foreclosures with a reliable listings service like ForeclosureSupport.com, which can also provide advice on buying these homes for the best values. You'll enjoy the accuracy of their listings and the helpfulness of their service.

About the Author:

Philip Smith has been educating buyers on the finer points of Georgia Foreclosure Homes purchase at Foreclosure-Support.com for over four years. Click here to visit and read more advice on buying discount real estate.

Source - Phoenix Az Foreclosures Offer Below Market Values on Excellent Properties

Phoenix Foreclosures

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Question: Where can i find free foreclosure listings online ?

I been looking for a home to own not to resell. I been looking online for foreclosure listings but all ask to sign up and i dnt want to sign up because they ask for my card #. Is there any sites that don't require any sign ups and have the whole info about the houses not js the street

>

Answer: Hi there, most of them charge.
You can google your bank and add foreclosure to it and you get to the bank foreclosure sites.
We have used Bank of America before, they have lots of listing.
Just type in "Bank of America real estate or foreclosure listings"
Also you can ask a local Real Estate company to e-mail or fax you all listings they have that are under foreclosure. That doesn't cost you anything.
Another option is to go to your Tax offices and/or Courthouse and ask where you can look up the information.

Good Luck!

HUD Listings for Free: Find Foreclosed Properties Online

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Question: how can I find a free record of properties if the house is a foreclosure?

We just put a bid in a house that is a foreclosure, but we are very curious to know why is a foreclosure, is a 6yr old house, very beautiful in south irving,Tx and I been surffing the net looking for any information I can gather. Any suggestions?

>

Answer: The beauty of the house is not a factor. In fact, that's probably *why" the house is in foreclosure...because the buyer fell in love with it, couldn't afford it, didn't pay the mortgage and went into default.

There is no risk here that the owner was an axe-murderer and the government seized the house. It's also not possible that there is some hidden problem with the house.

Remember, it got foreclosed on, it wasn't sold or rented out. No one intentionally lets there house get foreclosed on if they have the money to pay the mortgage, but don't like something about the house itself. That only screws them for several years to come.

It's completely safe when a house is in foreclosure to assume that the mortgage wasn't being paid, as it the case right now with millions of Americans.

I suggest if you love the house, have a stable and secure income (unlike the previous resident), and can afford it, BUY IT and enjoy!

Real Estate Tips : How to Find Foreclosed Homes

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Question: Has the government helped families with "interest only loans" who may lose their home to foreclosure?

>

Answer: No, you seem to be confusing families in foreclosure with the banks who took advantage of these people.

The government, through the Federal Reserve, is helping the banks by giving them below-market interest rates loans. Just last week, another $200 billion was made available to banks. They can trade in bad mortgage debt in return for Treasury securities.

That effectively means that the banks have absolutely no reason to work with homeowners in foreclosure. They know they can just hide the foreclosures later on and get free money from the government. So there's no reason to spend any of that free money on helping homeowners save their homes from foreclosure.

There has been a lot of talk about helping the homeowners, but nothing substantial has been done. The HOPE NOW and Project Lifeline programs involve about 6 lenders in the country total, and they are voluntary for the banks to participate in. Also, they do not offer any solutions that banks could not offer in the first place, making them completely public relations schemes.

So, the banks have all the low and no interest rate loans they can handle, which came care of the Federal Reserve. It's also not being discussed that easy credit and low interest rates created the housing bubble in the first place. So the Fed is just doing whatever they can to create another bubble somewhere to bail out this current bubble's crash.

Don't look at what the politicians in Washington are talking about. Look at what they do. They talk about helping families in foreclosure (even proposing funds of $30 billion), while freely giving out hundreds of billions of dollars directly to the banks. Maybe $30 billion for 300 million Americans; over $200 billion and counting for a handful of the largest banks. Who benefits from this?

Hope that helps.
ForeclosureFish

Foreclosure Help : About Government Programs to Stop Foreclosure

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Question: Can I afford to buy a foreclosed or short sale home in the San Diego area?

I currently live in the Midwest, and my family is planning to relocate to the San Diego area within the next 2 years. Coming from the Midwest, where things are a lot less expensive, it is difficult for me to get used to the idea of paying California prices for a home! My husband and I both work in health care; he's an x-ray tech, and I'm a nurse, so we are employable and not too broke, but not wealthy, either.

Anyway, my question is, if we have only about $200,000 to spend on a home, and we don't need a lot (other than a reasonably safe neighborhood), would we be able to buy a foreclosure or short sale home? How would we locate these types of properties for sale?

Before anyone suggests living in an apartment, I need to point out that we have dogs and cats, so we need a yard we can fence. Also, we have 2 kids, so a family area would be nice.

Thanks!

>

Answer: To be perfectly honest with you...I would not buy a home there until I lived there at least a year. How do you know you're going to actually like it? Hate to tell ya...but I was SOOO excited to move to Colorado. But after 6 months, I hated it. Can I tell you how happy I was I didn't buy a house like I originally planned?

What seems like a great deal up front...could be a nightmare in the long run if you want to get out. LOTS of vacant houses right now for rent in San Diego. Just look it up on the internet.

We buy foreclosures in California (Short Sale Negotiator)

Buy Foreclosures In California is a post from: Foreclosures Help Information

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Question: Is Buying A House On Foreclosure a Good Idea??

I read that you can buy a home in foreclosure in California for as low as $10,000. But are there strings attached??
Thanks for all your great answers! Especially Mandelyn & Bcauble1. This site is great.

>

Answer: Well of course there's strings. Those depend on the state laws and the bank holding the deed.

Forclosure is when someone messed up paying on their house and the bank then possessed it. The selling price is typically the remainder of the balance owed.

When the bank has these properties, they're to pay the taxes, and maintain cutting the grass and things like that. A hassle, so they sell them as quick as they can.

A lot of people do this as a buisness. They buy these houses, and flip them. Because of these people, who work closely with the banks, it is difficult to get the good houses.

Don't mess with a webpage, deal directly with the bank holding the deed. Too many people are trying to make money with this stuff by telling other people about it. So don't become a member of an online "insider" site or anything like that.

These houses are sold "as is" with no inspection. You cannot look inside, only outside.

You have to remember that someone just lost their house. So yes, the bank may be selling it for $10k, but all the windows could be broken, all the appliances gone, tore up floors, or the place could be completely filled with trash.

A friend of mine got one for $21k, and it took 4 giant dumpsters just to empty the house of trash.

When looking at a property, you need to do your research. Be prepared to spend some loot, maybe even triple what you paid, on gutting the house and refurbishing it just to make it habitable.

These are not cute little clean houses that are selling dirt cheap. These are usually houses in distress.

With an entire team of workers, these houses can be done and ready in 2-4 months. But if you don't have a team or a contractor's team on hand... you'll be in for a hassle and high expense.

It's a risk... because you may spend more than you planned, and you won't profit much. That will depend greatly on the location and the market value.

It's not unheard of to get a house for $10-$20k, drop $40k into it, then resell in a matter of months for $150k.

Just have to be smart about it.

Real Estate Investing Tip: Buying Foreclosures

Buying Foreclosure In California is a post from: Foreclosures Help Information

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In these economic times there is still a way to make money with real estate.  You can learn how to make money with tax foreclosure properties.  Tax foreclosure properties are properties that are being foreclosed due to tax liens.  Those who are delinquent on taxes will have their taxes sold and eventually their property is sold to pay the bill.  These tax foreclosure properties are more prevalent than ever and are available in every state in the country so you can choose the exact location you want.

Tax foreclosure properties are a great investment.  The properties can often be purchased for as little as just 3% to 10% of market value making them an investment lovers dream.  Anyone can learn how to purchase tax foreclosure properties.  The process is not difficult to learn and understand.  Once you learn how to buy tax foreclosure properties you'll be able to start making money right away.

The process of learning about tax foreclosure properties is an easy one.  You can learn quite a bit online before you get started.  You'll need to understand some of the basic concepts and terms used in tax lien sales.  The best way to start is by getting property tax sale listings.  These can be easily purchased online to give you a large amount of properties to choose from.  You will find out how much the property is selling for and how long the taxes have been in arrears.

The government performs tax sales.  These tax sales are done to collect taxes that haven't been paid by the property owners.  Property owners have a certain amount of time to redeem their property by paying the back taxes in full including any interest charges that have been applied.  Once the redemption period is over the property will be sold to pay the taxes.  Typically the property is sold for the amount of the back taxes owed.  Taxes are usually paid in semi-annual installments in many states.

Getting a property tax sale listing is the first step in the process of buying a property. You can locate and purchase updated tax lien listings online.  The important thing about lists is that they be current since they are in a constant state of flux.  While you do pay for these lists you will find that they are well worth the price you pay if you find a property to purchase.  You can purchase tax lien lists for whichever state you are interested in or you can get them for multiple states.

Once you have a tax lien listing you can determine which properties you may be interested in pursuing.  You can proceed from there.  The process is not difficult but you will need to understand the procedures that need to be followed in each particular county or state.  To become more familiar with the process you may want to get a detailed guide or take an online class that will walk you through the entire procedure.

About the Author:

Do you need complete government listings for sales of liens, Tax lien auction, government tax liens, government tax sale properties and make profit from tax sales? Log on to http://www.taxsalelists.com and get all the useful information.

Source - Make Money With Tax Foreclosure Properties

http://www.secretsoftaxlieninvesting.com,tax defaulted property,tax defaulted properties,tax default,tax defaulted land,tax defaulted,tax default sale,tax foreclosure sales,tax foreclosure sale

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Question: New-built subdivisions with lots of foreclosures?

In Denver we have this large NE part of the city, largely around Green Valley Ranch, that is all newer housing. The area around the houses
is also new... infrastructure, businesses, etc. This is also the only area where I can afford a decent looking home. In my price range of 125K, I can buy in this area, or I can buy a dump in a more established neighborhood, which I won't even consider. Yuck!
What are the dangers of buying a house in a newer built subdivisions
at drastically lower prices than I could find any where else in the metro? How bad of a decision could it possibly be to buy one of these houses, I mean assuming it is in good shape, and not stripped, etc?
It all looks good from the outside when I drive

>

Answer: If you don't mind being out there by your little lonesome... then the only thing I would check out first is whether this development was built in a flood plain and is it worth the commute to your job and your old grocery store? (just in case the infrastructure goes bankrupt too).

Here in CA we have this problem a lot. They ran out of room and somehow got the OK to build subdivision after subdivision in the flood plains.

Don't ever think that it will never happen. It does rain in California.
And when your house sits in a designated flood zone... you are just waiting to be washed away one day.

www.StopForeclosureDenver.com - Denver Foreclosure Help - Dont Move

Foreclosure Help Denver is a post from: Foreclosures Help Information

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Question: What are the consequences for a foreclosure in California?

I know I will have bad credit for 5-7 years, but what other penalties or issues can I face? My house value has gone so far down that I'd rather just save the mortgage and property tax money and just pay off my credit card debt and what not and start fresh.

>

Answer: In California you have 120 days from the time the "Notice Of Default" is filed until the "Trustee Sale" takes place. You can legally live in the property that entire time and not pay any money. I'd suggest staying in the property and save as much of the house payment money so that you can rent a home at the end of the 120 days. Some foreclosing lenders will even offer a cash payment to the resident as an incentive to getting out without having to go through the eviction process after the foreclosure or even before. That eviction process can last 30-60 additional days after the Trustee Sale.

The owner of the property has 90 days after the Notice of Default is filed to make up (reinstate) all the back payments and legal/foreclosure fees. After that the lender can then demand the entire balance owned on the note to be paid in full in order to keep the property from being foreclosed on.

Point is, that the only real penalty that you face is the foreclosure itself and the resulting bad credit blemish. You will not owe a dime of taxes because of the Foreclosure Tax Relief Act of 2007 and the The Foreclosure Prevention Act of 2008 (S. 2636) .

If you have reasonably good credit, other than the foreclosure, very few property managers/landlords will hold that against you when you go looking for a new place to live. Fact is, I know that there is a good chance that these people will live in the property for a longer time than most because they won't be buying again for several years. I welcome these people as tenants. My average tenant stays in the property for at least 3 years.

Secret Foreclosures hidden in Tax Lien lists and tax sales

Tax Foreclosure Properties In California is a post from: Foreclosures Help Information

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The climate of the subprime mortgage era and its loose lending guidelines are long behind us.

The subprime lending practices have left many homeowners on the brink of foreclosure due to risky ARM mortgage loans written between 2002-2006. The government recently started a rescue package bailing out insolvent banks. In this package there is a provision for these bank and hedge companies to place a moratorium on subprime mortgage foreclosures. This is mutually beneficial for the bank and the homeowner. The bank will see less losses due to foreclosure proceedings,and property values in return will eventually stabilize. The Hope Now program recently passed in government mandates that the lenders that got us into this mess, are to work with borrowers to curtail any further losses for the bank in foreclosure. This is great news for the struggling homeowner in forclosure. The lender is now, more than ever, willing to modify your mortgage(loan modification) to keep you in your home and agree on a reasonable monthly payment. You must be able to demonstrate a reasonable ability to pay, but a loan modification is about keeping you in your home.

Foreclosures are costly for neighborhoods and for banks. Foreclosure involves attorney retainers for 1000's of loans on a banks books that could benefit from a loan modification. Some of these properties that could benefit from a loan modification have little or no remaining equity. A loan modification is a better alternative that a short sale for the homeowner and the bank. (SHORT SALE: Is where the borrower sells the property for less than the mortgage balance) A Short sale drives a neighborhood price down, the only person who benefits is the investor that buys the property via short sale. Your neighbors suffer a lower property value, The bank sustains losses, and you still have to leave your home with no money to rebuild after a significant set back. If the bank does a loan modification, gives you a more affordable payment, they lose potential interest gain. The bank secures interest and principal and you secure your home. The most costly proposition is a consummated foreclosure.

The bank does not want your home. The bank with do a loan modification if you or your attorney supervised counselor communicates with them.  The first step and first advantage of having a representative petition your mortgage servicer is the loan document audit. This is something that involves a knowledge of apr calculations,state fee thresholds,compliance regulations,and RESPA. The average homeowner is not aware that what the mortgage company did is illegal. We are seeing staggering numbers of TIL,RESPA violations. The predatory lending laws that are state specific have been the main culprit second to TIL (Truth In Lending Act) violations.

The lender is required to disclose the APR in the TIL. The lender that is in violation knows that litigation may be imminent if they don't do a loan modification for a borrower in trouble. A loan modification needs to explain the reason for financial hardship. The lender will want to see that by modifying the loan you have the means to support the modified payment. A loan modification is not an interim solution. It is a long term conversion for an ARM to a lower,affordable monthly payment without closing costs.

If you or a loved one are facing foreclosure or fear you may not be able to make your next mortgage payment, you need to call me for a free consultation.

The longer you delay the further you become from HOPE NOW.

About the Author:

Shawn Peck is an active approved loan modification specialist. Mr. Peck has spent 10 years working with Chapter 13 debtors as a home loan modification specialist.Mr Peck works in tandem with attorneys who handle all apects of preparing forensic TILA,RESPA loan audits for his office. Mr. Peck has succesfully modified many mortgages notes on behalf of his clients in partnership with HUD's Hope Now.
go to
www.learnloanmodsnow.com
for more info.
email the author
speck@learnloanmodsnow.com

Source - Hope Now Loan Modifications,loan Modification as a Chapter 13 Buyout Alternative

Foreclosure

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Investing in real estate provides ample benefits, ranging from passive income from rental properties to long-term value appreciation. However, another significant benefit of investing in Detroit real estate is the tax benefits, especially for those earners who fall into the high-income tax bracket.

Investing in Detroit Michigan real estate saves you extensively on your taxes – giving you the opportunity to use the saved taxes on more fruitful investments, or simply as an addition to your savings account.

The value of depreciation

For many investors in Detroit real estate, the most powerful tax incentive stems from depreciation. In fact, the IRS requires that all investors depreciate the value their investment properties, thus giving you a strong tax benefit.

Depreciation is a capital loss that you take on paper, which accounts for the wear and tear of the home, as well as any built-in obsolesce. However, keep in mind that the value of the land itself cannot be depreciated. Only the building structure on the property itself can be depreciable. Subsequently, as condominiums and town homes do not have any land value, the entire value of the Detroit investment property can be depreciated.

For a residential Detroit real estate investment, you can depreciate the value of the property over 27.5 years. For commercial Detroit real estate, the depreciation is calculated over 39 years.

Categorization as a “real estate professional”

If the IRS categorizes you as a “real estate professional,” which means that you invest 750 hours annually towards your Detroit investment properties, you have even greater tax benefits. In fact, if you invest this type of time, along with full participation in the management of your Detroit investment properties, then you have almost limitless tax deductions from your income taxes.

However, if you are not a “real estate professional” for your Detroit real estate, then the maximum you can deduct is $25,000 from your ordinary taxable income. However, keep in mind that this includes the depreciation value as well. In addition, should your annual income surpass $100,000, and you are not a “real estate professional,” then the $25,000 deduction begins to phase out, and after $150,000 in income, you are not subject to any deduction.

Nonetheless, you can still qualify as a “real estate professional” simply by hiring a property manager. You just need to make the major decisions, such as setting rents, interviewing tenants, and managing major expenses. However, you do not need to manage the day-to-day operating details. For the nearly unlimited tax expense deduction, this small effort may prove to be significantly worthwhile.

Value of a 1031 Exchange

Detroit real estate investments provide interesting tax benefits that are not matched by any other type of investment instrument. The 1031 Exchange allows any investor to sell a property, and then invest those proceeds into another similar asset. When this occurs, you can defer your capital gains tax.

As long as you invest your sales funds into another similar asset, you do not incur any capital gains or losses – and no other type of investment instrument can provide you with that type of tax benefit.

Deductions in Interest Expense

Another tax benefit to Detroit investment properties stems from your deduction of tax expenses. If you take on a mortgage for your Detroit real estate, then you can deduct the taxes you paid for this investment – saving you potentially tens of thousands a year in tax deductions.

Purchasing Detroit MI real estate provides ample opportunities, not only in passive rental income, “free equity” from renters, and long-term appreciation, but also significant tax benefits that can save you tens of thousands annually. No other type of investment can live up to those benefits.

About the Author:

Urban Detroit Wholesalers is dedicated to upgrading the value of your Detroit real estate portfolio. Read our market analysis, current news, and pertinent case evaluations of Detroit investment properties.

Source - Reaping the Full Tax Benefits of Detroit Investment Properties

Michigan Foreclosure Report T.V. - Episode 91

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Question: San Diego will be a "foreclosure sanctuary"?

http://moneynews.newsmax.com/financenews/bank_of_america/2008/07/23/115615.html

Here's the link. Apparently, San Diego is sueing lenders to stop foreclosures in their city. Gosh, what do you think this will do to property value and future loan availability?

>

Answer: What a stupid idea! If a bank can't foreclose, no one will pay their mortgages. Why would you?

If a bank can't foreclose on a mortgage, there is no collateral. No collateral means the mortgage is worthless. The banks will have to write off every mortgage in San Diego whether the home owner is making the payments or not. It will be the biggest banking disaster in history.

If the bank can't secure it's collateral there won't be any mortgages and the value of property in San Diego will drop like a rock because no one can get a mortgage to by it.

Bank of America recorded call regarding foreclosure Part 1 of 2

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In the third quarter of 2006, Detroit real estate suffered more foreclosures than other states; in fact, bank foreclosed on four times as many homes there as compared with the national average.

RealtyTrac is an online foreclosure resource, which documented that Detroit’s mortgage failures were up 43% since 2005.  Some contributing factors have been the steadily rising home prices, as well as the resetting of variable mortgage rates.

Two other cities suffering similar rates of foreclosures were Fort Lauderdale, FL and Denver, Colorado.

During the same time period, among metropolitan cities, Bethesda, Maryland, boasted the lowest foreclosure rate – about one in 5,500 homes, or roughly 1/68th of what was reported for Detroit.

Among cities with high foreclosure rates, only Indianapolis achieved any recovery during that same quarter, slowing just fewer than 3%.

Local dynamics of Detroit economics

The Detroit real estate landscape has been exacerbated by specific regional challenges, such as the local employment market.  Detroit foreclosures followed auto industry layoffs, which continue to be prevalent. 

In early 2007, Michigan’s unemployment rate was 7 percent, the highest in the country, as documented by the Bureau of Labor Statistics.  That rate of joblessness was began around 2003, when Ford made considerable cost cuts and eliminated jobs in its efforts to meet Japanese competition.

Loans carried by “solid” borrowers

Ironically, a higher percentage of Detroit area mortgages are prime loans, made to the most credit-worthy borrowers.  Nearly 80 percent of the loans originated in 2006 were “A paper,” a few points higher than the national average.

Even those homeowners in Detroit who are making timely mortgage payments are feeling the impact of the high foreclosure rate.  As neighbors’ loans default and Detroit REOs rise, prices quickly dropped 10 to 20 percent.  This kind of decline in value can leave homeowners upside down, owing more than the property is worth.

There is a type of “guilt by association.” A whole neighborhood is stigmatized when auction signs and bank foreclosures appear.  The good neighbor, who meets his payments and maintains his property, is nonetheless negatively impacted.

Even on Wildemere Street, an upscale Northwest Detroit neighborhood, there is some adversity.  The two-car garage, Tudor homes sell for twice the city’s median price, yet one fourth of the houses are vacant.  Many of the unoccupied properties display auction or foreclosure signs.

Taking profitable advantage of Detroit foreclosures

While the statistics regarding Detroit real estate seem a bit depressing, from an investor’s point of view, there may be ample opportunity.  The 30th Street area, a couple of miles from City Center, is nearly gutted, with the majority of row houses empty and dilapidated.  To some savvy investors, this bottomed out market phase can be the raw material for rebirth and even capital growth.

In Delray Beach, Florida, for example, builder Frank McKinney bought an entire block of similarly derelict homes on what is now called “Bankers Row.”  Many of the small bungalow style homes were vacant and unsecured.  McKinney applied his skills to renovate and beautify the block with municipal cooperation.  Buying the properties for back taxes, he created a new look to the block, which was then dual-zoned.  Today, Bankers Row is fully occupied by a mix of residential and commercial occupants.  Colorful paint schemes suggest Caribbean charm, and pretty awnings make the little structures seem just a bit larger, with a hint of whimsy.  Similar neighborhood uplifts followed the Bankers Row success story in Delray Beach, converting what were considered dangerous neighborhoods to communities.  Delray does not have an auto industry.  The major source of jobs is hospitality, mainly restaurant and bar services.  But in the case of that Florida city, perhaps the homes brought the people and the jobs.

Can Detroit be the next such revival?  With the severely discounted foreclosures and ample profitable opportunity, the answer may indeed be a resounding yes.

About the Author:

Urban Detroit Wholesalers is dedicated to upgrading the value of your Detroit real estate portfolio. Read our market analysis, current news, and pertinent case evaluations of Detroit investment properties.

Source - Foreclosure Homes for Sale in Detroit

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