Archive for September, 2008
A Guide to Invest in Foreclosures in Miami
Tuesday, September 30th, 2008With people growing skeptical about investing in the stock market, and with a decline in rates of interest, an increasing number of people are looking at real estate as a good investment opportunity. In particular, it is the foreclosure market that is catching the eye of many small time investors.
Whether you are looking for a home to live in, or looking to buy more as investment, with the increasing numbers of foreclosures in Miami, choices are aplenty. The notion about foreclosure properties being part of crime laden neighborhoods has long been destroyed, with a number of foreclosure homes belonging to affluent beach front communities.
One notion that would need to be dispelled is that you would get all houses foreclosure at throwaway prices. While homes are known to sell with up to 50% discounts, this is not common place. You could, however, expect to get a 10% to 20% discount of existing market values.
The foreclosure procedure begins when a home owner defaults on making the monthly mortgage payments. In a number of cases, the general upkeep of the house is ignored by the home owner due to lack of funds. If you are buying a house during pre foreclosure, a thorough inspection of the house is called for. If you are unsure of what to look for, or are daunted by the process, you can seek professional help. Only after inspecting a property should you reach upon a price you would be willing to pay. Checking for taxes that have not been paid and second liens linked to the home is a must, as these become your liability after you buy the house.
Homes that sell at foreclosure auctions cannot be inspected. This process is best left to the professionals and if you do plan do bid at an auction; make sure it is not at the first auction you are attending. Auctions have been known to throw some very good deals, but call for a thorough study of the process for any luck.
For buyers who are new to the process of buying foreclosure homes, the safest bet is to buy a lender owned property. Also referred to as REO homes, these are homes that are in the possession of lender who held the mortgage on the home in question. While homes that are well maintained might not be sold at great discounts, homes slightly out of shape can be bought quite cheaply. Since no bank likes to keep foreclosure property on their books for any longer than required, they are known to accept low offers if it helps them break even.
The internet is a very good place to start your search for foreclosure homes. Do remember, that while foreclosure homes are known to offer great deals, it does require patience and effort on your part to look for the right deal.
HUD to Lenders: Cut Ike Victims Some Slack
Friday, September 19th, 2008Troubled borrowers who were ravaged by Hurricane Ike will be glad to know that they need not worry about their mortgage problems in the mean time. Instead of thinking of ways to stop foreclosure, these homeowners can focus on recovering from the losses they incurred when the said hurricane passed through their cities.
For the Department of Housing and Urban Development Secretary Steve Preston, distressed homeowners living along the coast of Texas deserve to be given some break from the collection efforts of their lenders. In fact, HUD is urging private lenders to consider the situations of these distressed homeowners.
As for the federally-insured mortgages, the HUD has already issued a moratorium against foreclosure effective for 90 days.
In cases like this, troubled borrowers should take advantage of the extra time given to them. True, they need to pick up the pieces after suffering from Ike but they should also use this time to find a long-term solution to their mortgage woes.
Negotiating with lenders is usually the first option explored to address foreclosure fears. A loan modification agreement or repayment plan can be drafted if the homeowners are able to prove that they can still afford the mortgage.
If this does not work out, homeowners should probably consider selling the property. There are actually a lot of investors and homebuyers who prefer pre-foreclosures over foreclosures at auctions and bank foreclosed homes.
As a last resort, homeowners might want to consider a deed in lieu of foreclosure, a short sale or even a bankruptcy in order to avoid foreclosure.
For homeowners who are confused about what to do, there are foreclosure counselors who will offer their services for free. These foreclosure counselors can even act as mediators between the troubled homeowner and mortgage lender or servicer.
Nationwide, numerous housing advocacy groups have been organizing foreclosure prevention workshops and seminars in order to help these unfortunate homeowners.
Saraland Foreclosures popping up
Thursday, September 11th, 2008Saraland foreclosures are popping up on every street, which is a sad state of affairs for Saraland. But, as in life, what is someone’s misfortune is another’s opportunity. Capitalize on your financial success and buy a real estate investment that will do nothing but appreciate in the years to come. A foreclosure listing will point you to the addresses that are available at foreclosure rates. The banks that own these properties will welcome you with wide open doors, and may possibly secure very competitive financing for you. You may now be able to afford that “big house” across town, or a vacation home on the beach, regardless of why you want new property, forclosures are the way to go.
When you think about spending your hard earned dollar, you generally like to make it stretch as far as you can. Real estate can definitely empty your wallet or bank account very quickly, so if you could figure out a way to save a little (or a lot) of that cash, certainly you would want to. Real estate that is in foreclosure is the way to keep some cash in your reserves. In today’s housing market there is no need to spend more than you have to, and Saraland foreclosure homes make sure you don’t.
High number of Castle Rock Foreclosures
Friday, September 5th, 2008According to a recent study conducted by Douglas County Libraries, it has been noticed that Castle Rock foreclosures as well as Highlands Ranch foreclosures are right at the top of the foreclosure list of Douglas County in Colorado. Due to the high numbers, a meeting was organized and the grave issue was discussed at the Castle Rock town council meeting held on May 20, 2008. The meeting was convened by council man Ryan Reilly who believes that they should create a proposal that will provide more authority to the town so that they can help in reducing the number of future foreclosures and also help the existing homeowners in solving various issues related to foreclosures.
Castle Rock foreclosures have made a huge contribution to the overall tally of Douglas County foreclosures as well as Colorado foreclosures. In the second quarter of 2007, Douglas County had reported 457 foreclosures but in the second quarter of 2008, Douglas County has reported 570 foreclosed homes, which is a straight jump of 25%. Another report shows that from January to June 2007, Douglas County saw 830 foreclosures but from January to June 2008, Douglas County saw 1235 foreclosed homes, which is a straight jump of 49%. The only places to see a dip in foreclosures include Denver County with a -6% drop and Pueblo County with a -4% drop.
The increase in number of foreclosures in Douglas County can be attributed to Castle Rock foreclosures. The question is how much more will it increase and will it ever slow down? In the last couple of years, there has been a steady increase in Colorado foreclosures but experts feel that 2009 might bring some relief for ailing homeowners.
Consider Wilmington Foreclosures to Own a Wonderful Home
Thursday, September 4th, 2008In recent news revealed by statisticians, Delaware has reported a total of 214 foreclosed properties for filing in June. It was also announced that Delaware foreclosures activity has undergone down by 18 percent in June, whereas in March, the activity was down by 16 percent. These stats also indicate that in comparison with the last year, Delaware State has reported 116 percent above foreclosure properties. Moreover, the state has been rated 42nd for the total foreclosure activity in the whole nation. The state was also ranked 34th among 50 states with one in every 1,789 households with foreclosure filing.
The decline in Delaware foreclosure homes is due to the large surge in activity in the month of May. The reasons being the unemployment rate that is below the national average and also the appreciation of house prices over the last year. Delaware foreclosures were listed among the minor contributors to the nationwide foreclosure scene. It accounted for less than one percent of the 252,363 foreclosed properties nationwide during the month of June.
The county of Wilmington, New Castle was the leading contributor in the month of June having reported 144 properties with foreclosure activity among other neighboring counties. The Wilmington foreclosures scene was one of the major regions contributing to these numbers. The foreclosures of this county were also adjudged as state’s second highest foreclosure rate, with one in every 1,466 households receiving a foreclosure filing in the month.
Some people feel that Wilmington foreclosure is bad news for many homeowners, but on a converse note, it must be observed that Wilmington foreclosures also gives an opportunity to new homebuyers to own wonderful real estate properties. There are various real estate investors, agents, and homebuyers that can successfully locate a foreclosure home for you.
Foreclosures in Michigan to See Respite
Monday, September 1st, 2008Senator Carl Levin of Michigan said that many people across the nation have gone through the anxiety that being involved in a foreclosed home would produce. He said that the increase in numbers of foreclosures was having an adverse effect on the values of homes, involved in foreclosure or not.
He also said that with Michigan having the fifth highest rate of foreclosures in the country in June, 2008, the State has been affected very severely.
He does hope that the recently passed Housing and Economic Recovery Act of 2008 will turn the tables and undo the damage that the mortgage crisis has caused.
This bill, according to him, will offer solutions to a lot of the current problems and will also offer safeguards against similar situations arising in the future.
He said that the bill has authorized the Federal Housing Administration to provide $300 billion in insuring mortgages. This move could have a positive effect on around 400,000 home owners across the nation by helping them to convert their existing ARM loans to fixed rate mortgages with a 30 years time period. This move, he said, would help households avoid foreclosure and keep neighborhoods together.
The bill is to also provide funds to local communities suffering from a large number of foreclosures. This money is to be used to rehabilitate badly affected neighborhoods.
Talking about how the bill would affect Michigan, he said that the State is to receive $170 million in order to help local neighborhoods. He said that these funds could restore close to 6,000 homes and protect local communities from the values of their homes going down.
He also discussed how the provision of first time home buyers receiving a loan of up to $7,500 as tax credits, would have a positive effect. Not only will it give people wanting to buy their first home a chance, it would also end up reducing the influx of unsold homes, he said.
He also said that it was clear that the current crisis was not just about values of homes going down or the high mortgage costs, but also about the people who stood to loose homes where lives were spent and memories were made.
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