Learning Center » Distressed Property

Brakes On Waterford Speedbowl Foreclosure

Julie Parker — Mon, 30 Jul 2007 12:41:25 +0000

At the eleventh hour a Norwich Superior Court Judge cancelled the foreclosure auction proceedings against Waterford Speedbowl property that was scheduled to be held on Saturday. This means hope for short track racing enthusiasts. The weekly event will continue to be held in Southern Connecticut.

A spokesperson of Waterford Speedbowl, Terry Eames, confirmed that his group had managed a financial solution to the foreclosure. This has enabled them to continue with its racetrack operations. Rocco Arbitell of Southbury and Peter Borelli of Derby refinanced and bailed out Speedbowl from the ignominy of Foreclosure.
In the first half of 2006 Washington Mutual Bank had initiated foreclosure proceedings against the property owners and had got a date on Saturday noon for holding auctions. But on Thursday Eames and his group completed refinancing formalities. A new mortgage was availed of through two private individuals – Rocco Arbitell and Peter Borelli. This allowed Norwich Superior Judge to cancel the auction on Friday morning. Eames and his organization have now nothing to do with Washington Mutual Bank. It was a narrow victory. The victims had till 5 pm on Friday to scrape out of the auction.

For Eames it was a moment of great relief after the close shave. Although for the last few days the redress plan was taking shape he could not sit back on his oars until the thing was finally done. It was only on Thursday evening that he could put up his heels and sit back.
1080 Hartford Road, LLC purchased Speedbowl in September 2000. Eames has been running Speedbowl since its inception but had surrendered operational control of the track since the last season. The track has now been leased to Jerry Robinson, a local businessman and to the general manager of the Track Bill Roth.

Harvey Industries will be purchasing 8 of the 39 acres of Speedbowl land and plans to set up on the site a distribution centre.

Eames waxes eloquent as he ruminates on the recent happenings. The Roccos and Borellis as family units refinanced the deal as a personal favour to him. Also as racing enthusiasts they were keen to see the track running and alive. Eames also expressed his deep gratitude to Attorney Tom Londregan who was a pillar of steady support and a perfect gentleman striking at the opportune moment to clinch the issue on the correct legal point.

Via

Do you have a Real Estate blog? Join ForeclosureListings.com Affiliate Program.
ForeclosureListings.com has a comprehensive, searchable database of foreclosures in areas like Columbus, Bronx, Derry, Missoula and in the whole country. Try to search foreclosures by state today! Brakes On Waterford Speedbowl Foreclosure

Property Prices And Sales Go Down Together

Julie Parker — Fri, 27 Jul 2007 13:05:41 +0000

The city of Chula Vista in San Diego County is one of the fastest growing cities. Over the years the city has witnessed an increase in its single-family homes. However, the increase in number of homes came along with an increase in adjustable-interest loans. This led to an increase in homeowner’s payment, and many homeowners were unable to keep up with the payment. As a result of which several properties in the city of Chula Vista are facing foreclosures.

The rising rate of foreclosures has led to an increase in number of vacant homes. According to officials in South Bay city, the area has witnessed more than 700 vacant homes. Doug Leeper, the city’s code enforcement manager says that city has nearly 3000 distressed properties, due to which nearly 700 to 800 properties are lying vacant.

In fact in several areas of the city, one will witness abandoned homes, which one can easily identify due to the condition of the property. Several properties are seen in pathetic condition with dried up front lawn, broken windows, dirty swimming pool etc. In this regards Art Deford a local resident who lives near such vacant foreclosure property says that the look of the beautiful looking home has changed ever since the lender has taken it over.
While the rising foreclosure rate in Chula Vista has not only led to an increase in empty homes, but due to conditions of these empty homes, rates of near by areas is getting affected. According to former City Councilman Leonard Moore, people walk away from areas having such properties.

To handle this situation, and to prevent property values from falling further, the Chula Vista administration has adopted a program. Based on similar programs formulated in Chicago and Detroit, under this program lenders will be compelled to maintain homes, which they seize and register vacant properties with the city and a $70 fee will be charged to titleholders on registering the property. Besides as the property is security for loan, the lender will be held accountable for a home even before the foreclosure procedure is over.

Via

Foreclosure investment- a solution for foreclosure crisis

Julie Parker — Wed, 25 Jul 2007 09:23:26 +0000

The foreclosure crisis in the country is getting worst day by day and several homeowners are getting affected due to this. A lot is being said and written on the ways and means of handling the foreclosure situation in the country. In this context author Ralph R. Roberts has some up with his book Foreclosure Investing For Dummies, which was presented at the RISMedia’s CEO Exchange in Sedalia, Colorado.

Speaking about his book, the author said that primary aim of his book is to provide solutions to homeowners who are the victims of foreclosure. The author is of the opinion that homeowners who are facing foreclosure are unaware of the variety of options available to them, as a result of which they eventually end up loosing their property as well as their equity. However, through his book, Robert has attempted to provide several options for distressed homeowners.

The author is of the opinion that homeowners facing foreclosures must proactively contact their lender. By doing so they may either be able to save their property or can sell their property and repay their debt, rather than letting the property go in for an auction, where the owner does not gain anything.

The books also provides insights regarding the foreclosure process, and is useful to real estate professionals who want to grow their business by purchasing such foreclosure properties and earn a fair amount of profit. The book provides information on investing in pre-foreclosure and foreclosure properties where by investors will not only be able to make good amount of money, but at the same time can provide a helping hand to distressed homeowners. By investing in foreclosure property, Robert believes that the foreclosure crisis in the country can be handled at least to a certain extent.

On being asked the reason for presenting the book on this occasion, the author said that the purpose was to send message to real estate professionals such as brokers, agents, loan officers etc to help foreclosure victims by educating and encouraging them to contact their lender and take the first step to save their home and equity.

Via

Getting Trapped in Foreclosure Scam

Julie Parker — Sat, 14 Jul 2007 17:06:00 +0000

The rising foreclosure rates in this country are the most heated topics of discussion everywhere. In fact, many homeowners in the United States are currently in distress. Till the current period of 2007, the nation has recorded a total of 925986 foreclosure filings, which is 56% higher than the figures recorded for the year 2006.

Several homeowners in the country are facing foreclosures and are very likely to lose their homes as well as wreck their credit scores.

These homeowners are looking for some source of rescue and, taking advantage of this situation, several companies have come up with a large variety of options for such homeowners. However, in reality, many of these companies are frauds and are taking advantage of these hopeless homeowners.

Reports by our investigative correspondent reveal that many homeowners who got trapped in such foreclosure scams eventually ended up losing everything. A story by a 70-year-old grandmother from Atlanta, Annie Stephens, reveals her plight in the story below:

She says that she tried seeking help from one of these so-called foreclosure rescue companies, who promised to provide her with refinance options. However, in reality, they took away more than ten thousand dollars of her equity. She has almost lost everything and doesn’t know what to do.

One could gather from this, and other similar stories, is that trapping these helpless people is a well-formulated plan by such foreclosure rescue companies, who claim to provide rescue from a foreclosure crisis.

Actually these agencies attract people facing foreclosure through their ads, which promise to provide foreclosure help to such people. They convince homeowners to transfer their deeds to a third party investor, which can be quite risky and dangerous. These companies make borrowers do so by promising them that they will eventually give back their deeds.

However, in reality, the company cheats them for a large amount of money in equity. These fraudulent companies always end up putting a homeowner’s credit in a much worse state.

As the foreclosure rates in the country are rising, the extents of mortgage fraud are also rising exorbitantly. According to Elizabeth Renault of the National Consumer Law Center, foreclosure rescue is one of the most shocking and disgraceful scams, currently prevailing in the county.

Several homeowners are getting trapped in the tall claims made by such fraudulent companies. One such company in Maryland, by the name of Metropolitan Money Store, is reported to have cheated more than 400 homeowners and took away a large amount of equity from the cheated victims.

All You Need to Know About a Disclosure Statement

Kevin Simpson — Fri, 22 Jun 2007 19:29:47 +0000

When you purchase a home, the lender is obligated under federal law to provide you with a disclosure, which is a statement of the estimated closing cost of instating a loan. The lender must provide this within a certain amount of time after a homebuyer agrees to purchase a loan. The costs of disclosures, commonly referred to as closing costs, vary. Closing costs are usually the hidden fees behind a loan. They may include, but are not limited to city, state and federal taxes on real estate, mortgage brokers fees and attorneys’ fees. Oftentimes, since there are so many little costs, closing costs add up to a large amount of extra payments, and a homebuyer must pay them under penalty of law after you have decided on the right loan. Sometimes, these disclosure fees can be so expensive that they end up canceling the amount you may have saved by instating a certain loan plan with a deceivingly low interest rate.

At ForeclosureListings.com, we can help you calculate and estimate the costs of these disclosures before you purchase a loan so that you don’t end up owing a lot of money by signing onto a loan. This can help you to realize the true costs and benefits of a loan, and you can factor those numbers into your choice of a loan. Knowing your disclosures fees will help you pick the best loan plan. With the assistance of a ForeclosureListings.com Personal Loan Assistant, you will be able to calculate these costs correctly, as well as use their help to pick the best and most valuable loan.

So don’t get yourself tricked into hefty payments once you see a disclosure’s statement after you’ve already agreed to a loan contract. Try ForeclosureListings.com and anticipate disclosures fees before you get stuck with the bill!

California Distressed Properties

Isabel Rodrigues — Sun, 18 Mar 2007 10:16:26 +0000

Investments are the main source of capital generation. People invest their money in the businesses they consider secure enough to be able to return their money. Distressed or foreclosed properties are one such business. Many people like to invest in these properties as these properties can be bought at a price lesser than the market price and they can be sold on the actual market price. There is a clear margin of making some profit out of the whole deal. Distressed properties are the properties which are to be sold or foreclosed by banks or some other money lending institute. People take loan from these institutes against some piece of property they own. If they fail to return this money the bank or money lender institute can foreclose that property.

California is one of the Western states of USA. The state is one of the very populated states. The famous Hollywood film industry is located in this state. People like to live in this sate as the life in California is very charming to many. Many strugglers reside in this state. Not all of the people are earning that much to be able to afford buying a home for them in California. Due to this reason California distressed properties are popular amongst people who are interested in living in California. California distressed properties can be traced though online resources. The websites that specialize in providing this information to people can give you the details of each and every piece of property which is to be foreclosed in California. You can only invest your hard earned money in a successful manner if you have the access to the needed information at the right time.

As migration towards California is common and any people want to shift to that state, the investment in California distressed properties is something people very commonly do. The distressed properties serve as a source of profit for them. Those who invest in California distressed properties need to stay updated about the up coming foreclosures. Whenever a piece of property is declared to be distressed by the money lenders, the websites update the information. Those who are keen in buying the California distressed properties keep a close look on the available options and deice accordingly.

California distressed properties are the business in which many people invest. They are also important to people who want to lie in California and cannot afford buying a home at the market price.

Buying and Selling Distressed Houses for Profit

Isabel Rodrigues — Mon, 05 Mar 2007 16:04:09 +0000

Becoming a savvy real estate investor is not hard if you have the knowledge to find a true bargain and the skills to do any necessary repairs or remodeling on a house. You can find sellers anxious to ‘unload’ their property everywhere! Buying and selling distressed properties can yield a very good profit if they are bought and sold in an efficient manner. Many people have become millionaires by buying and selling distressed houses for a maximum profit!

The reasons why homeowners can lose their properties to foreclosure can vary from job loss to divorce. Foreclosure can lead a home to become rundown and decrepit because foreclosed homes usually are neglected. This is when you step in so you can buy and sell the distressed property in order to make a good profit.

Most often a ‘distressed home‘ needs only a few cosmetic fixes to make it available to the market. Other times the repairs and remodeling done to a distressed home may have to be quite drastic in order to facilitate the buying and selling of the home. Keep in mind the cost of buying, repairing, and remodeling distressed houses is worth it because you can make a house worth much more than it really is.

For example, in the proper neighborhood, distressed houses may have to be bought for $35,000.00 and may require you to pay $5,000 for repair costs and $15,000 for remodeling costs. This requires you to invest a total of $55,000.00! However, depending on the neighborhood, you may have to sell the home for $155,000.00! Even if you sell it for as little as $65,000.00—you still have made a tidy profit! In some areas it may even be possible for you to auction off the property yourself! This can reap enormous profits! All these factors make buying and selling distressed houses to make a profit a reality.

When looking for a distressed home, always look for ads with the words or terms ‘fixer upper’, ‘handyman special’, etc. These terms may lead you to think that these distressed houses need repair work and remodeling to make them livable and/or affordable. It also gives you room to negotiate. You may be able to get the homeowners to lower the price so you can afford it.

Exercise caution when buying and selling distressed houses for maximum profit by not getting yourself into something you cannot afford and/or cannot possibly handle or make a profit from.

Making Money With Distressed Properties

Isabel Rodrigues — Tue, 27 Feb 2007 18:29:06 +0000

A vacant or otherwise neglected piece of property qualifies as distressed. The local county officials identify such properties. There are several categories of distressed properties available. A distressed property is one that needs to be sold quickly outside of the normal real estate agentlisting method.

Distressed properties can be purchased for much less than their usual market price. Purchasing distressed properties can be a great way to save money. You could scout for online resources on distressed properties. You realize the importance of affordable and decent housing and how much a stable home is essential for providing the right environment for raising children.

Buying distressed properties low and selling them back at a higher price is a safe method of profiting in the foreclosure investment market. The most important factor here is the availability of distressed properties. Such properties are also easy to acquire and sell so that you enjoy total convenience and peace of mind during the transaction. There are not too many hurdles to cross.

The secret to making money, flipping properties is to get in early and get out quickly. Buy a distressed home, repair and improve it, then sell it. Many national trusts offer lists of distressed properties and properties at risk that are up for sale at greatly reduced rates. By usingforeclosure method of acquisition, you could make high profits by choosing the right property with right timing.

You could also choose to build equity in a home. You see a house that is in really bad shape. You can buy the place for cash, get it ready for market condition and either resell the home or find a tenant buyer using a lease purchase option. There are many consultants to help you find or sell distressed properties. If you are aware of any distressed properties or if you have one available that you wish to sell, give them a call. The distressed property presents an opportunity for the investors to make a reasonable profit.

Making environmentally distressed properties inhabitable once again can help homebuyers with huge savings and also present a good opportunity for the home sellers. Owners can sell the distressed properties directly or through property sellers. Such properties also have excellent rental potential throughout the year and therefore remain a popular investment avenue for many. If you wish to find information on distressed properties, the quickest method is to go online. In a few simple steps, you would probably receive plenty of quotes to help you make the right choice. So, go for distressed properties if you wish to make huge profits with small investment. Why don’t you talk to the real estate agent?