Foreclosure Recap – Week #36
We all know that this is a picture perfect time for people with a little disposable cash to make a killing and purchase a one of a kind property via foreclosure and / or a short sale from a bank. What many of us are not aware of are the possible problems that can be associated with this type of a transaction. There are many pluses but you have to know the pit falls and what you need to look out for when doing this type of transaction so that you don’t end up holding more than just the property and the home. There are some questions that you need answered and there are some steps that you simply have to take to make sure that your bargain investment doesn’t end up costing you more than you bargained for.
This is one that you might find interesting. It’s been about a year since the take over on Fannie Mae and Freddie Mac and the government is doing what it can to make sure that the two giants in the industry stay put and they are going to be involved for the foreseeable future. Many of us buying foreclosed property or looking into purchasing a foreclosed property might well be interested in just how well these two entities are handling the stress put on them and how well or how poorly they have faired with the regulations and help from the Obama administration.
The Washington Times brings us this story about websites that are designed to help the nearly six million Americans that are late or behind significantly on the mortgage payments or might even be in one of the many stages of foreclosure. These sites offer to help you muddle through the mounds of paperwork needed to be able to modify an existing loan to something that is more manageable, albeit for a fee. Most people can manage to get reductions, if they are already in arrears, by directly contacting the company that holds the mortgage and trying to work through the problems with a rate, payment or interest reduction. This article shows you what you can expect and what these websites offer to do for you and helps to get you started on the road to recovery.
This article is a nice little synopsis of what you can expect from the Obama refinance stimulus plan. It goes through in plain English and explains what you can expect to happen, what you can expect to have to do and it gives you links to places on the web that have the information that you need that might be more in depth than a lot of people want to go or might contain the step by step details needed to get one of them underway.
Schaumburg Illinois has a call center in place that is today taking calls from an average of 7,000 people per day who are in danger of being foreclosed upon or are already in a state of foreclosure and are looking for ways to save their family homes. The company currently employs some 200 people that are fielding those calls and doing what they can to get people hooked up with either companies that can do them some good or to work with the existing mortgage company to get things straightened out. The fees are reasonable and the business is unfortunately increasing daily.
We all know how much the mortgage crisis is affecting our own personal economy, we are also painfully aware of the impact it is having on the rest of the people on American soil. But I bet most of us don’t often stop and think about the far reaching effects that the current state of the mortgage issue is having on the rest of the globe and the people that are living on the other side of the world. If the United States is feeling a squeeze you can bet that that grip is also being felt in other portions of the world. This article looks at some of the many things that have been impacted by the current problems and while it won’t make you feel a lot better, it might help to read it and know that we are not alone in this country.
Have you sat and wondered what the recent rise in foreclosure re-sales is doing to the overall prices of homes? If you haven’t then you seriously should. You need to stop what you are doing and read over this article it will give you some serious food for thought and you just might come aware with a different point of view from that which you currently have. While the price point are great if you are a buyer and you actually hope that they go down even farther before you purchase. But for those who own the homes, the price due to foreclosures drives the over all average prices down to where most homes out there are not even worth what is owed on the mortgage and that is going to take a long time to recover from.
The state of North Carolina has enacted a bill that doubles the amount of time needed by a lender to finish foreclosure proceedings and gives the borrower as much as sixty days in which to act and try to find ways to stay off the foreclosure proceedings. Often this amount of time is sufficient for the family to make other arrangements and hopefully be able to save the home and avoid the issue of foreclosure all together.
Since the onset of the governments Making Housing Affordable program it has been very sluggish getting started and gaining the momentum needed to be able to say that it is working. It looks like, at least according to this article that
Long Island in New York is not an area that you think of for being a bargain. Nassau County is even less so and in fact to most outsiders it is not even considered a very nice or friendly area of the country. The area recently held a drawing where the 68 winners were actually given the chance at owning a home under the governments Neighborhood Stabilization project. It gives hope to the world when areas of the country that are foreseen as hard line can actually help out people like this.
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