Foreclosure Recap – Week #21
From the Bank rate website is an article which tells you the twelve biggest and best tips for buying a house that is on auction. There are several styles of auction including the Trustee or Courthouse auction to the regional public auctions and this article gives people the best ideas on how to make sure that you are not biting off more than you can chew. Some auctions actually require you to settle old debts from the people that are being foreclosed on, things like tax or IRS liens. This article is full of information that is a must read if you are even contemplating attending an auction for some property.
A paper in San Diego tells of a drop in mortgage defaults there last month and tells how some people are getting some welcome relief in the form of lender loan modifications. One family had their mortgage dropped from $2900 to $339 and the interest rate was adjusted from 6.25 to 3.00. These are fixed and will stay in place for five years at which time the rate will go up to a maximum of five per cent. The bad part is that there is a huge balloon payment of over $340,000 due at the end of the forty-year loan or when the property is refinanced. The good news is that the people can stay in their home.
The Nurido website had an interesting article on how to avoid foreclosure with a chapter seven or chapter thirteen bankruptcy. It details how you can file and stop foreclosure and even roll the other debt that you have accumulated into the overall scheme of things to allow you to salvage your home and most of the other things you own. While this option is not the best route for everyone, it should be read so that you have a brief overview of the options so that in the event that there is a time you need it, the knowledge is there. It details what you need to know and let’s you know what you are likely to keep and what the options are. Well worth a read through.
In these times one thing that you might not think of is your local mall having financial issues. But this article details how one company filed for bankruptcy protection last month and in doing so, pulled 166 of the mall properties that it owned into the proceeding with it. Many of these malls are or were doing fine even given the state of the economy but since they were listed in the paperwork they are considered a part of the actual petition. It is leading many to wonder what far reaching effects this might have on the retail industry where people thought that individual properties would be spared.
This article is quite interesting and it goes through one reason that we got caught up in the foreclosure issues we are in now and points the finger directly at one politician from Rhode Island who actually authored two obscure but significant bills all the way back in 1980 that eventually led to the sub prime lending that dug the financial hole that the country is now mired in. These bills, The Depository Institutions Deregulation and Monetary Control Act of 1980 and the Alternative Mortgage Transaction Parity Act passed in 1982. For anyone facing foreclosure or just interested in a theory or explanation of how we got here, this is required reading.
This is a little on the opposite side of the coin. It is how you can benefit by adopting a pet that may have been displaced sue to a family losing a home to foreclosure. It seems that they are of the opinion that by adding that puppy into your home and making it a part of your life you will become more active by playing with it and taking it for walks and besides the obvious well being and peace of mind, you will actually lose weight by being more active and you will be helping an animal in need at the same time.
This is a bit of bad news, it seems that the folks at the property wire are quite concerned that we are about to have another spike in home foreclosures due to the job loss and unemployment that is happening today. With all the companies having financial issues, layoff and people losing jobs they expect that the foreclosure rates are about to ripple out from Middle America and cause the actual numbers to skyrocket.
MSNBC ran a piece that warned of foreclosure consultants that are fraudulent and are set to prey on unsuspecting people that are caught up in the foreclosure mire. The article tells you how you can recognize a good and honest consultant from one of the many blood suckers out there looking to make quick cash forma nation of people that are desperately grasping for any rope that they can find to help pull them out of the financial hole they are in and to save the family home that they love and hold near.
This is a decent little article that tells you all about mortgage loan modifications and how to debunk the myths so that you can totally understand the pros and the cons of having the mortgage that you currently hold modified to something that you can hopefully deal with while avoiding the misconceptions that often accompany the ideas. This is an article that should be read by anyone that holds a mortgage. The ideas and facts in it might prove more than just mildly helpful to you in the future.
A company in Atlanta, Georgia named Ransom Enterprizes tells us that the best way to stay off a foreclosure is for you, as a homeowner to actually fight the bank for a better deal and to do so long before you actually are in danger of falling into foreclosure. This is because it may be difficult at best to get them to even identify the property as one that they own in time enough to stop you from losing it, much less to modify any of the terms. The people here have been doing this kind of thing for over 11 years in the Atlanta market and the article has some needed information for you.
Mediation is becoming a common method of trying to stop foreclosures. More and more these days lenders and the borrowers are attempting to work out the issues over a mediation meeting as opposed to a foreclosure meeting. The hope is that things can be ironed out so both parties win.
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