Question: help with understanding bank owned foreclosures?

If a bank owns a house that is worth 200,000 lets say. And lets also say that all that is owed on the house is 100,000. As a buyer, if I put in a bid of 115,000(to cover closing costs) is the bank going to accept this offer. I heard a rumor that all the bank wants to do is collect the money owed on the house and whatever they recieve after that, they give to the original owners. Is this true? Help clarify some of this for me. I am in the state of Texas if that makes a difference. Thanks.
Ya but lets say that whatever I am offering is covering all of the banks cost, if this is so, then what's to say that the bank won't sell me the house with a low-ball price?

>

Answer: If the mortgage balance was $100,000, it's possible there's another $10,000 in attorney fees, and an additional $10,000 in accrued interest. I don't know the redemption period in Texas, but in many states, you can squat in your house for a year before getting kicked out, all the while interest is accruing.

So it's never quite that simple. And beware of any additional liens, foreclosures sometimes have them.

And yes, in most cases, after the bank has gotten every single penny of their own money back, they have to give the rest to the prior owner. So they might very well not care how much that is, but they do work within a framework of attempting to get the maximum value for their homes, based on their estimates of what the homes true value is.

And they also have to weigh their risks of having another 2 months go by before they get another qualified offer, while their carrying costs and attorney review fees etc... keep rising. So they're always looking to take the first fair and reasonable qualified offer that they can get.

Bank Forelcosure Property - Foreclosure Boys

Bank Foreclosures is a post from: Foreclosures Help Information

Related posts

• Bank Foreclosures Ohio
• Bank Foreclosures Com
• Bank Foreclosure Search
• Bank Foreclosure Property
• Bank Foreclosure Homes
• Nyc Foreclosed Homes
• Chase Foreclosed Homes

Question: House insurance - Ohio?

This is my first home Im buying in NE Ohio. Also this is the first home Ive bought that will be cash paid off. It was a good deal from a foreclosure HUD. In the past Ive had morgages that include insurance,ect....Will I need to get insurance, and what kind? About how much does this run?

>

Answer: You will need to get homeowner's insurance on your property and for your own liability protection. The cost will range (depending on the location) anywhere from $500-$2500 a year. Also, depending on your location, you may also be required by federal law to obtain flood insurance. Check the certifcation on file with the county to see if your home is located in a flood zone, or if there is an exemption on file. You may also have to have mine subsidence insurance.

All these insurance costs and extras depend on the location of the property.

I would shop around for the best deal in Homeowner's Insurance. You may be able to get it at the same company who insures your car or other goods, and usually when you have multiple insurance policies, you get a discount. But SHOP! There is a HUGE difference in prices and companies. (I used American Family and liked them very much and got a good deal.)

Make sure you check that flood certification before you pay for flood insurance. This costs about $2000 per year!

BobsBlitz.com ~ Ohio Bank Robber Eats Hold-up Note off Cop Car

Hud Foreclosures Ohio is a post from: Foreclosures Help Information

Related posts

• Columbus Ohio Foreclosed Homes
• Columbus Foreclosed Homes
• Ohio Foreclosed Homes
• Hud Foreclosures Nc
• Wells Fargo Bank Foreclosure Properties
• Washington Dc Foreclosed Properties
• Va Foreclosed Homes For Sale

Question: Where's the best place to find foreclosed/pre-foreclosed property in Northern VA/Washington, DC area?

>//

// ]]>

Answer: The current leader on the internet relating to providing information on foreclosures is recognized as RealtyTrac however you do have to pay to receive their informational services on foreclosures. You can also contact your local banks they have OREO (Other Real Estate Owned) departments that handle the properties they have taken back.
There are others that we have found list them on the internet
In this forum participants, such as myself, give opinions on subjects that they feel they know the answer to and sometimes those opinions sound exactly like the right answers but they might not be due to the varying laws in each state, and anyone can make a mistake, that’s why I like to give links to resources that you can check all answers against, including my own opinions, in case my opinions are wrong. Since most of these links are from state & federal government & non profits sometimes they change them, let me know if the links are wrong so I can go find the new ones. So to that end here are some links that you might want to check before relying on information and opinions that you get in here, and that you might be considering following up on and as always verify everything with a licensed professional.
Chase Bank foreclosures

http://mortgage.chase.com/pages/other/co_properties_landing.jsp

Country Wide foreclosures

http://www.countrywide.com/purchase/f_reo.asp

Bank of America foreclosures

http://bankofamerica.reo.com/search/

Regions Bank foreclosures

http://www.regions.com/personal_banking/property_for_sale.rf

NationStar Mortgage

http://www.nationstarmtg.com/Realtors/FindAHome.aspx?state=ALL

U.S. Bank Home Mortgage

https://customercare.fnfismd.com/usbankhomemortgage/reo/reoReport.asp

Wells Fargo

http://www.pasreo.com/reo/consumerSvlt/nav/ConsumerNavL1.jsp/requestPage/consumer/PropertySearch.jsp

IndyMac Bancorp

http://apps.indymacbank.com/individuals/realestate/search.asp

Chase Mortgage

http://mortgage.chase.com/pages/other/co_properties_landing.jsp

[ ] REAL ESTATE FOR SALE BY THE UNITED STATES DEPARTMENT OF AGRICULTURE (USDA):

http://www.resales.usda.gov/

[ ] Real Estate for Sale by US Government Site #1

http://www.firstgov.gov/shopping/realestate/realestate.shtml

[ ] Site #2 http://www.homesales.gov/homesales/mainAction.do

[ ] IRS: Real & Personal Property Sales: http://www.ustreas.gov/auctions/irs/

[ ] Acquiring a VA guaranteed home foreclosed by states: http://www.ocwen.com/reo/residential/res_reofindbystate.cfm?proptype=VA

[ ] Foreclosure requirement by HUD guaranteed loans: http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=90-$%5Bno%5D&op1=AND&SECT1=TXTHLB&SECT5=MLET&p=1&r=39&f=G

[ ] Homes and properties being sold by the different departments in US Government:

http://www.hud.gov/homes/homesforsale.cfm

[ ] USDA Properties for sale all states

http://www.resales.usda.gov/sfhdirect/sfh_prop_main.cfm

Seminar: Buying Auction, REO & Foreclosure Homes
>//

// ]]>

Washington Dc Foreclosed Properties is a post from: Foreclosures Help Information

Related posts

• Washington Foreclosed Properties
• Indiana Foreclosed Properties
• Foreclosed Properties In Georgia
• Washington Foreclosed Homes
• Utah Foreclosed Properties
• Illinois Foreclosed Properties
• Foreclosed Property For Sale

Question: Why Floridian economy is so bad?? we spent more that we earn to live a normal live.?

I moved from L.A., California to Miami, Florida 2 years ago, the only thing that I see here is a lot local people in foreclosed and big debts, victims of Real Estate fever. For example Home insurance is more expensive here that any where else. I think the only way to survive Florida is if you work in NYC or CA and buy a place here. Because with the Floridian local salary nobody can’t survive at least if you make like $100.000 or more. Miami,FL for example is only for rich people out state.

>

Answer: Why not move to the Tampa Bay area where it's not so hard on real estate. Or Rent. When you rent, you don't pay home insurance or real estate taxes. Some people rent out a room in their house or some own a coop house like I lived in. Others rent apartments and don't pay for the insurance or real estate taxes. Plus it's a bit cheaper to rent in Florida. I know what u mean on other expenses. Car insurance is a pain in the @$$.
They have such high insurance and costs on housing because everything else like beer, food, gas, etc. is cheaper.
I can't explain why salaries are so low though. Seems so unfair. I couldn't find a good paying job that met my satisfaction.

New York Foreclosed Homes - NY

Nyc Foreclosed Homes is a post from: Foreclosures Help Information

Related posts

• Chase Foreclosed Homes
• Chase Bank Foreclosure Properties
• Buying Foreclosure Reo
• Bank Foreclosures
• Bank Foreclosure Search
• Bank Foreclosure Property
• Bank Foreclosure Homes

Question: I bought a VA Foreclosure but the title wasn't transferred, what can I do?

Purchased a VA Foreclosure as investment property and financed it (VA Vendee) through CountryWide mortgage. Five years later when applying for a home equity loan was informed that the tite was never transferred to my name. Why could CountryWide give me a mortgage knowing the title wasn't transferred to my name? Can I get the title transferred in my name now?

>

Answer: sounds like you have a contract for deed, Something here you are not aware of. I did that on a foreclosure from a bank once, and when it was paid off they then gave me a clean title. I made a fortune on that property, and still own it. Gives me almost $6500 a month income, with about $1000 a month in taxes...

Virginia Foreclosure Homes - VA

VA Foreclosure Properties is a post from: Foreclosures Help Information

Related posts

• VA Foreclosure Homes
• Free VA Foreclosure Listings
• VA Foreclosures
• VA Foreclosure Listings
• VA Foreclosure Homes For Sale
• Va Foreclosed Properties
• Us Foreclosed Homes

Question: How do I purchase a foreclosure home that is owned by the bank?

I have found several home in foreclosure that the property is owned by the bank what is the next step? How do I find the MLS numbers and addresses? How do I find out if the price listed is the selling price? How to bid on the property?

>

Answer: Your best bet is to contact the bank that owns the property directly.

They will put you in touch with the agent that has listed the property for sale, if there is an agent. The agent can provide you with the MLS number if there is one or you can look it up on www.Realtor.com using the street and city.

Otherwise, you would negotiate directly with the bank. If you have good credit and are not planning to pay all cash for the property, the bank may be willing to do the loan.

Are you looking for the addresses to the homes that are owned by the bank? Call the bank or the trustee and ask!

Where did you "find" these properties? If they were on a website with a list of foreclosures, you may need to sign up or register at the site to obtain that information.

Often, the price listed is the amount of the loan that has been defaulted on. Not necessarily the first loan which would have priority in a foreclosure sale...

$10k for a house is usually not the sale price. Did you find the listings on the Yahoo! foreclosure site?

Foreclosed Homes

Bank Foreclosure Homes is a post from: Foreclosures Help Information

Related posts

• Bank Foreclosure Search
• Bank Foreclosure Property
• Bank Foreclosures
• Bank Foreclosure Sites
• Nyc Foreclosed Homes
• Chase Foreclosed Homes
• Chase Bank Foreclosure Properties

Not only has the stock market proven to be shaky and a scary investment but when you purchase stock in a company you are investing in an intangible asset that can be lost entirely. Las Vegas bank foreclosures are tangible investments that many people are finding is a very good decision.

When you purchase stock options, you are giving your money to a company as a belief that they will be successful in the long or short term and make you a bit of profit. Stock was designed as a way for people to loan money, in a sense, to companies, to help them get established or succeed on a project. There is never any guarantee that the endeavors of the company will be successful or that the company will not shut down. When projects fail or the company does not succeed with their endeavors, you lose the stock or a substantial part of the value. The great thing about homes is that they are tangible and can be insured. You physically have a piece of property when you invest in them and the housing market has followed a trend of increasing over time.

Investing in a foreclosed home is an excellent idea because you always get the home at a rock bottom price and your chances of making an investment are almost guaranteed. This is because you walk into the home with instant equity. As an investor, if you are investing in foreclosed homes with the purpose of a long term investment then you are sure to make money and never have to worry about losing the tangible asset.

If you are an investor looking for a wise investment because the stock market has done you wrong too many times and the economy seems a little too shaky, you should consider Las Vegas bank foreclosures as the best option.

About the Author:

Joseph Smith has been educating buyers on the finer points of Las Vegas Bank Foreclosures for over five years. Visit BankForeclosuresSale.com and read more advice on finding information about Bank Foreclosures.

Source - Investing in Las Vegas bank foreclosures Instead of Stock

Las Vegas Home For Sale. Pool. Huge Lot. Seven Hills$329,000

Las Vegas Bank Foreclosures For Sale is a post from: Foreclosures Help Information

Related posts

• Las Vegas Foreclosed Homes
• Bank Foreclosures For Sale
• Stop Foreclosure Las Vegas
• Las Vegas Nevada Foreclosed Homes
• Las Vegas Foreclosed Properties
• Las Vegas Foreclosed Houses
• Las Vegas Foreclosed Homes For Sale

I've been looking up foreclosures at the county office to buy a foreclosure (the ones about to be auctioned). Someone said I should be looking at REO foreclosures. What's the difference between regular, normal foreclosures and REO foreclosures? and how do I buy one and or get info on these?

Differences Between Regular Foreclosure And REO Foreclosure is a post from: Foreclosures Help Information

Related posts

• VA Foreclosure Properties
• Nyc Foreclosed Homes
• Countrywide Bank Foreclosure Properties
• Chase Foreclosed Homes
• Chase Bank Foreclosure Properties
• Buying Foreclosure Reo
• Bank Foreclosures

Foreclosure is a professional proceeding and a legal action that lender take at the event of delinquency of payment on the part of the mortgagor. Through a foreclosure, the lender uses his security interest to give him the right to assume ownership of your property and sell or auction it in order to recover their investment.

There are many reasons why you should avoid foreclosure. Here are some of them:

1.    Foreclosure happens through the court system and this will be in public records and advertised in the local newspapers. This means that most likely, your relatives and friends will see your hardships and this is certainly not good for your image or your self-esteem. This is one of the main reasons why you should avoid it and save your face from shame.

2.    It is often the case that the home being foreclosed has some emotional and sentimental value on the owner. Perhaps it has been on the family for generations or that you have lived your childhood memories in this house. For whatever personal reason you have in keeping your property, it will only show the value of the house or the property being repossessed by the lenders. Letting go of your sentiments and your memories will definitely be an emotional experience for you.

3.    In the process of foreclosure, the lenders usually end up taking all the equity from the homeowner because the fees and expenses involved can be really high. Homes are usually being also sold for much less than what they're actually worth, so as a result there wouldn't be much equity left for the homeowner.

4.    In some cases, when a foreclosure occurs, the person or the family who lost their house has nowhere else to go. It hard to be homeless and keep your dignity intact. This is in fact one of the biggest fears and worst case scenario should a foreclosure happens.

5.    It is also hard to move into a new place and take the children out of school. Most likely the children will be going to the school within their neighbourhood. Once the family can no longer afford living in the neighbourhood, one of the things that will be affected by this will be where the children go to school. They will eventually have to move to a different school after the foreclosure. It is tough to uproot your children from what they have been used to and will be increasingly uncomfortable for them and their parents.

6.    Along with the relocation comes the change of distance from your new home to your place of work. Many people have purchased their home for the purpose of being near their place of work. It might be too hard to find a new home in the same location and the owner of the house might even result to a change of job just to accommodate his new status.

Foreclosures will definitely have a long-term effect in one's credit rating. If you don't want your credit score ruined, then avoid a foreclosure. It is said that your credit score may drop up to 500 points. This would now mean fewer opportunities for you to qualify for credit in the future.

About the Author:

Are you worried about foreclosure? Do you believe there's nothing you can do? You need to know all of your options - you can be SAVED from foreclosure. Go to http://www.walkawaytoday.org to get your free e-course on understanding foreclosure and how you can avoid it!

Source - Foreclosure - Why you absolutely MUST avoid a foreclosure

Fmr Wells Fargo Subprime Loan Officer: Bank Targeted Black Churches for Subprime Loans 1 of 2

Wells Fargo Bank Foreclosure Properties is a post from: Foreclosures Help Information

Related posts

• Wachovia Bank Foreclosure Properties
• Countrywide Bank Foreclosure Properties
• Chase Bank Foreclosure Properties
• Bank Foreclosure Properties For Sale
• Washington Dc Foreclosed Properties
• VA Foreclosure Properties
• Tax Foreclosure Properties Sale

Question: How do I get a list of Foreclosed homes I can purchase in Columbus Ohio?

Need a place to buy soon, tired of 'curry cooking' neighbors, and need a single dwelling home for cheap. Where do I find this information please?

>

Answer: Scott your first stop should be at several local lenders to see what you are qualified to purchase and what loan programs might work best for your financial situation.

Most don't interview Realtors, but I would, talk with several. Select one that has experience with foreclosures and assist you with the transaction. Not all Realtors are equal.

Lenders have Realtors marketing all of their homes. With a Realtor you not only get all the experience in the business, but what is just listed and more.

Ohio Foreclosure Homes - OH

Columbus Ohio Foreclosed Homes is a post from: Foreclosures Help Information

Related posts

• Columbus Foreclosed Homes
• Ohio Foreclosed Homes
• Hud Foreclosures Ohio
• Government Tax Foreclosed Homes For Sale
• Government Tax Foreclosed Homes
• Va Foreclosed Homes For Sale
• Tax Foreclosed Houses

Question: How do you get power of attorney over a person who needs mental help? Person will not leave foreclosed?

home, has no water, but getting by with jugs of it. Person has extreme paranoia and mood swings. Disruptive to neighborhood. Police have been out many times. Parent wants to get adult child help, however, everyone is out to get this person, so she thinks she doesn't need help. (in her mind) Any assistance is appreciated. No job no insurance for them either. Person lives in Ohio, we're 4 1/2 hours away.

>

Answer: You would have to get this get the local city or county government that handle mental incompetent individuals. You need to make contact with the mental health clinics in your county so they may go with you to this property and make a judgment for themselves.

Once this has been done, they will make a determination if the person is mentally capable of caring for themselves.

If the determination is made that this person is mentally incapable of caring for themselves there is a legal system that is in place to get a family member or a member of the court to take care of this persons business and handle them for their benefit.

I hope this has been of some use to you, good luck.

"FIGHT ON"

6633 CHERRY BND, CANAL WINCHESTER OH 43110 HUD Columbus OH Homes for Sale. Susanne Novak, Realtor

Ohio Foreclosed Homes is a post from: Foreclosures Help Information

Related posts

• Ohio Foreclosed Homes For Sale
• Florida Foreclosed Homes For Sale
• Va Foreclosed Homes For Sale
• Va Foreclosed Homes
• Tennessee Foreclosed Homes
• Miami Foreclosed Homes
• Indianapolis Foreclosed Homes

Question: how do i find out what bank has empty house that i want to buy?

on the county auditor site it says foreclosure pending. the house has been empty for about 2 yrs. there is something on the window from 2 days ago from someone saying they would consider the house abandoned in 3 days if no one contested. it says on the auditor site a bank in canton has the property, not which one. I want to buy this house. how do i find out what bank

>

Answer: Call the tax assessor for the county where the home is located. Ask the tax assessor who is the owner of title is, and if he has a contact phone #. The tax assessor may not have a phone no. but will definitely have the owner on title.

Also, if you contact a Realtor, he/she can provide you this information. However, a Realtor may not have enough motive to do this for you, unless you call and say that you're trying to buy this house, and that you need representation.

Try it!

$10 Bank Foreclosures | REO Property | HUD Homes | No Membership

Bank Foreclosure Sites is a post from: Foreclosures Help Information

Related posts

• Bank Foreclosure Search
• Bank Foreclosure Property
• Bank Foreclosure Homes
• Bank Foreclosures
• Bank Foreclosure Websites
• Bank Foreclosure Lists
• Bank Foreclosure List

Question: how should i approach my husband about his hiding a notice of foreclosure from me?

we received a notice of default; we havent paid our mortgage in 4 months. it was my husband's responsibility to ensure payments were made, he said it was bank error-he HAD made attempts to pay. he had confirmation #s- I found no evidence of payments on his bank statements. he was withdrawing the $$$ i'd put into our joint account for the mortgage into his account. by looking thru his stuff i found old mortgage statements, as well as notice of default sent last nov-all hidden from me! he never told me about his trip to court in feb of this year to pay $33,000 to save our home. $12,000 was $ he got from our joint, the rest from his father. he was supposed to renew our home ins in jan. he claims he did but the bank is charging us excess fees b/c we dont have home ins.i suspect he never even renewed it. we searched the house and went to the ins place-nothing turned up. wehn i asked him why he didn't tell me he responded "why should i have?" and he avoids me. what do i do?

>

Answer: Ummm... how bout taking over paying the bills and managing the money?

Get insurance on the house, have a talk with the bank and make arrangements to get caught up. Most banks would rather work with you on the payments then forclose on the house.

The First Automated REO and Bank Foreclosure Search Engine

Bank Foreclosure Search is a post from: Foreclosures Help Information

Related posts

• Bank Foreclosure Property
• Bank Foreclosure Homes
• Bank Foreclosures
• Bank Foreclosure Sites
• Nyc Foreclosed Homes
• Hud Foreclosure Search
• Chase Foreclosed Homes

Question: can the bank sue me if my home foreclosed for the money?

In 2007, I was tricked into a Heloc Home Equity loan for 480K based on my great credit on a house I've never seen in Georgia. I live in florida. I later found out that I was not on the primary loan, yet was the sole person on the Heloc. The total amount owed is 1.4 mil, but now worth not even 350K. Do you think a short sale would be a solution? Or just let it foreclose? and if it foreclose, can the bank sue me?

>

Answer: O-YES !!! go into short sale , make sure you are with a Realtor that does short sales ... Bush passed a bill 01/02/2008 no recourse on primary homes but what u have described is an investment home ...Really would be good for u to see a Real Estate Attorney .... For the short sale to go quicker u need to send in financials including w/2, bank statements, AND a hardship letter,[needs to be strong] ... This will show them u can not afford the house ... Your Realtor will have u sign a letter to be able to communicate with them and that is all u do the Realtor will do the rest ....
Your credit will not be as hurt as bad if u do a short sale rather then a full blown foreclosure ...... but really lets see an attorney first, A Real Estate attorney .... good luck !!!

(Luxury Tampa Bay) (Florida Homes For Sale) (Real Estate)

Foreclosed Florida Homes For Sale is a post from: Foreclosures Help Information

Related posts

• Florida Foreclosed Homes For Sale
• Va Foreclosed Homes For Sale
• Ohio Foreclosed Homes For Sale
• Milwaukee Foreclosed Homes For Sale
• Free Search Foreclosed Homes For Sale
• Foreclosed Va Homes For Sale
• Foreclosed Florida Homes

Question: anyone ever bought a foreclosed home?

My boyfriend and I have been talking about buying a home. We live in Columbus, Ohio and the cost of living is pretty cheap and we make good money. I was investigating the foreclosed home idea.

I know its the cheap way out, but it's out first home so I don't want to go all out. We are still young and may want to move in the future.

I have read the other questions on here but the only thing I didn't see anyone mention is the neighborhoods. I have a young daughter and want one more. Has anyone looked at these houses and notice if they are in high crime areas or low income areas? I don't want us to jump out of the pot into the fire type situation.

I know it all depends on the area and the community. I just want a general idea of what others had noticed besides the fact that they are usually fixer-uppers, to go through a realitor etc...

thank you

>

Answer: It can be very dangerous if you do not know what you are doing. Many people who are foreclosed do major damage to the home before they leave. The contracts are often "as-is/where-is" contracts, which means you buy the property without the ability to force the bank to make repairs first. Once you move in, you find tens of thousands of dollars of repairs that need to be made.

Also, foreclosed properties are often priced below the "assessed value," which is the value used by the government to determine property taxes. That makes them look like Bargains. However, "appraised value" is what the house is actually worth. That is often lower than "assessed value." "Appraised value" is also often lower than the foreclosure amount, meaning if you buy the house at auction, you could pay too much. Banks often also try to sell homes they purchase at auction for above the "appraised value."

Not only do you want a real estate agent who only works for you (not also working for the seller - that is allowed in some states), you need an appraiser and an inspector at the minimum. Any contract you sign should be contingent upon the property passing both an inspection and an appraisal. That means if it appraises too low or has excessive damage, you can back out of the contract.

Bottom line: it's risky. Be careful.

Columbus Foreclosed Houses

Columbus Foreclosed Homes is a post from: Foreclosures Help Information

Related posts

• Columbus Ohio Foreclosed Homes
• Ohio Foreclosed Homes
• Va Foreclosed Homes For Sale
• Florida Foreclosed Homes For Sale
• Bank Foreclosed Homes Free
• Wisconsin Foreclosed Homes
• Washington Foreclosed Homes

Question: Bank Owned Foreclosure?

How do I go about buying a house in foreclosure/bank owned? Will banks finance properties in foreclosure? Do you think foreclosures are a good investment?

>

Answer: Yes, banks will finance properties in foreclosure. However, they usually will NOT look at any offers that have any contingencies (i.e. contingent on sale of your existing home, contingent on inspection, contingent on obtaining financing, etc.), so foreclosures are not an option for everybody. Banks are very slow at responding to offers - sometimes even more than a month before responding to your offer, so if you're trying to sell your existing home it's hard to get the timing right. (For example, if you sell your existing home and the bank does not accept your purchase offer, you're left w/out a home! Or, the bank accepts your offer and it takes longer to sell your house than you plan for and you're stuck w/ two mortgages.) Foreclosures are probably best for first-time homebuyers who don't need to coordinate the sale of an existing home, or for homebuyers who can easily qualify for (and afford to carry) mortgages on both an existing home and the new home.

Make Money with Property foreclosures and bank foreclosed h

Bank Foreclosure Property is a post from: Foreclosures Help Information

Related posts

• Bank Foreclosure Search
• Bank Foreclosure Homes
• Bank Foreclosures
• Bank Foreclosure Sites
• Nyc Foreclosed Homes
• Chase Foreclosed Homes
• Chase Bank Foreclosure Properties

Question: Should I sign a foreclosure deficiency agreement in Florida?

I'm trying to do a short sale on my primary home in Florida. The value has fallen by over 50% and I'm 12 months behind on payments. The 1st lender is ok with the short sale, but the second lender won't receive anything and is requesting that I sign an agreement for a deficiency notice. They also gave me the option of signing something assuming the tax liability for their loss.

Should I sign either of these, or is it better to let the property foreclose?

If I do sign one, what is the consequence and possible recourse?

Thanks, for your help!

>

Answer: WHOA, without seeing docs, not sure what they're asking, but sounds like they want you to affirm the loan and once security (home) is gone, they want personal liability. Or that they will give you 1099C, which means you will have income on which to pay tax next year.
Seek legal advice before signing any of these things or letting it go in foreclosure. Initial consultation cheap or free.

Homes for sale under $50,000 in South West Florida Lehigh Acres Will Suprise You

Florida Foreclosed Homes For Sale is a post from: Foreclosures Help Information

Related posts

• Foreclosed Florida Homes For Sale
• Va Foreclosed Homes For Sale
• Ohio Foreclosed Homes For Sale
• Milwaukee Foreclosed Homes For Sale
• Florida Foreclosed Homes
• Bank Owned Foreclosed Homes For Sale
• Virginia Foreclosed Homes For Sale

It is not about regulation and de-regulation, as Washington lawmakers would like you to believe. It is also not about the inability to control derivative transactions, as self-styled experts are claiming on your television sets. In fact, if the facts are closely scrutinized, the alarm bells are all ringing the wrong jagged tune. What we are facing today is the complete lack of comprehension of the very nexus which triggered the most remarkable phase of capital accumulation following the Second World War.

The post-WW II universe was shaped entirely by a capital accumulation process which guaranteed huge surpluses for the United States, Western Europe and Japan, and which was inherently the cause of sustained poverty throughout the developing world. In the late-1990s, however, the capital equilibrium began shifting; production-cost arbitrage and outsourcing began directing cash to countries like China and India. But western economies confronted that equilibrium shift by continuing to create huge debt-based wealth, mainly through fundamentally flawed asset valuations, through unrealistic credit ratings and through rampant speculation.

Today, the capacity of large segments of American corporations and consumers to service debt is almost negligible. Valuations did not lead to cash flows and profits. Credit ratings failed to fully comprehend impairments in business models. And, as if to drive the inevitable final nail in the debt coffin, the risk insurance sector, without which the modern-day capital enterprise is a non-starter, is now destined to walk away from the wealth bubble in a matter of a few short weeks and months.

The nexus of capital, debt and insurance (and militarism, for that matter) is currently in crisis mode. American International Group (AIG), for example, will need more than US$150 billion as cash margin for its credit default swap contracts to offset the downgrades in its own credit ratings; other risk reinsurance entities, including European majors, are expected to emerge from the woodwork with serious counterparty deficits within this month. Banks like Washington Mutual and Wachovia, as other examples, are still not disclosing the foreclosure-to-sale risk inside their property portfolios. Elite Wall Street institutions, like Citibank and Morgan Stanley, are reported to be undertaking, as a matter of top priority, worst-case revaluations of all American and foreign assets appearing on their balance sheets.

The evidence is overwhelming: this crisis is like no other in American history. It is not a question of a loss of confidence but that there are no grounds for confidence at all.

As long as the global economy created genuine capital surpluses in the American capitalist structure, valuations were a non-issue, since ongoing and increasing demand for assets invariably generates its own momentum in terms of perceptions of value and future value. And exceptionally high debt levels are not considered prohibitive in the face of valuations being proven, repeatedly, at points of liquidation. But the unique combination of industrial growth and impoverishment in the emerging markets has rapidly eroded the foundations of the post-WW II capital accumulation process. Cash demand for American assets, as a consequence, has dried up, and debt can no longer underpin over-valuations.

So exactly what credit quality was AIG insuring? Surely, the underlying nexus propping up the global capitalist economy did not lend itself to actuarial mathematics. Nor did the hopelessly inadequate property valuations, often provided by unqualified appraisers on American main streets, support any credible asset definitions. By all accounts, default swap prices were predicated on the mere belief that any potential degradation of American assets was both manageable and, at worst, a cyclical phenomenon.

To offer a simplistic explanation, a credit default swap provider is required to make immediate cash reserve provisions in the event that the credit rating (issued and updated by the established credit rating agencies) of the provider is downgraded; quite clearly, the bigger the downgrade, the bigger the cash reserve requirement.

Therefore, in view of the fact that Standard & Poors, Moodys and Fitch have all lowered AIG credit ratings during the last few hours, the American financial system is due for a significant shake-up this week. Similar credit events will then follow in Europe and Japan. The less said about the impact on the third world, the better.

About the Author:

Rakesh Saxena is a pricing and risk analysis specialist in insurance and derivative products and has extensive deal making in the emerging economies. He can be reached at derivatives@shaw.ca. Home URL: http://www.quoteplatform.com

Article Source: ArticlesBase.com - AIG, and the Collapse of the Global Capitalist Economy

Atlanta Demonstrators Protest Predatory Lending @ Wachovia Bank

Wachovia Bank Foreclosure Properties is a post from: Foreclosures Help Information

Related posts

• Chase Bank Foreclosure Properties
• Wells Fargo Bank Foreclosure Properties
• Nyc Foreclosed Homes
• Countrywide Bank Foreclosure Properties
• Chase Foreclosed Homes
• Buying Foreclosure Reo
• Bank Foreclosures

Question: can lenders chase you after you foreclose your home?

>

Answer: Only if you still owe them money. Did the foreclosure reimburse them for the money that you were given by them?

mortgage loan foreclosure law suit appeal by private attorn

Chase Foreclosed Homes is a post from: Foreclosures Help Information

Related posts

• Home Foreclosed
• Florida Foreclosed Homes For Sale
• Detroit Foreclosed Homes
• Buffalo Ny Foreclosed Homes
• Buffalo Foreclosed Homes
• Bank Foreclosed Homes California
• Bakersfield Foreclosed Homes

Question: I have apartment buildings that will possibly be foreclosed on. What happens in a foreclosure in IL.?

The mortgage is $3,000,000. I have been offered a short sale of 1,500,000. If the bank does not accept this short sale, what is the procedure on a foreclosure on apartment buildings. Who gets the rent? Who pays the utilities? Who maintains the buildings? What happens to all the tenants (56 units involved)?

>

Answer: Lets start with the time line before they take building probably looking at 9 to 12 months depending on the type of judicial foreclosure they go after. The tenants stay and you might try to continue to earn income off the building while u manage it as they take it back. I have seen investors sock away over 100k in pure cash on deals like this while foreclosures happens and they make no payments and collect tons of rents. Is it right maybe not but who cares as long as you take care of the tenants and fix things as needed so there living doesn't change.
Do not accept a short sale it could cause you a 1.5 million dollar tax liability if the bank sends you a 1099 for the forgiven amount of debt they have a paper lose on regarding your mortgage. you see the difference between what u owe bank and what the short sale is can be a tax liability to you. This is Cpa type area that you must be very careful about. Call a Cpa and discuss it briefly before you do anything you will regret later.
The tenants future is up to you if you go on collecting rents during this time phase of foreclosure you will have plenty of cash to take care of tenants and keep them happy. The buyer of building from bank after they take it back will be an investor as well so they will take over management and there shouldn't be too many problems. If banks cant handle management usually HUD steps in and auctions it off for the banks. So this isn't a big deal for tenants cause during the last year of your ownership its up to you to care for them. Just remember if you collect the rents take care of tenants first and pay other bills second and of course don't pay mortgage cause bank will have property soon any ways why give them extra. Yes people maybe upset you are collecting money and not paying bankster but who cares those bums print money from thin air so why should any one feel guilty about a small business owner taking a few bucks off an asset before it goes back to the banksters. In the future be smart the borrower is servent to the lender. Pay cash for assets like me and you get rich easier. If you cannot afford a 3 mil property then buy a 50k house and get your 700 a month income off it with no pmts! lower returns maybe but you are safe from foreclosure this way and debt free.

Watsonville Apartment Complex - 50 units 1% vacancy!

Foreclosed Apartment Buildings For Sale is a post from: Foreclosures Help Information

Related posts

• Foreclosed Apartment Buildings
• Foreclosed Buildings For Sale
• Florida Foreclosed Mobile Homes
• Foreclosed Mobile Homes For Sale
• Foreclosed Mobile Homes
• Ohio Foreclosed Homes
• Foreclosed Properties For Sale