I have been following the media and my own homework. It appears that the amount of approved loan modifications are going down and people climbing out of the upside down market is shrinking as well. Is it safe to assume that the foreclosure market is going to continue to grow and the opportunities will be greater?
Rents are rising because people are losing their houses and need to live somewhere? Investors are getting positive cash flow, will be able to ride out the market until prices start rising
yes its a great time to invest in foreclosure property now. owing to financial crunch on people, individuals are forced to vacate their homes. if u efficiently explore this market, u will make good money out of it.
I read these forums quite a bit about being denied for loan modifications and going through the foreclosure process all the time. It’s a pain in the butt.
I was facing a foreclosure so I started trying to get a loan modification on my house to stop it. Well my lender (Bank of America) spent months “reviewing” my application only to come back, say it was incomplete, and deny it. I was no further along then when I started. I really had no clue what I could do anymore at this point. My situation was either really unique or I just had no idea what I was doing.I definitely though that my house was as good as gone and that I was going to have to stop trying. I found help using Yellowpages online directory which had a company i was real happy with. At the end of the day I was able to find Stop Forclosure Defense Attorneys to help me out and at least now the foreclosure process has been stopped and we’re in the process of finalizing the loan modification.
That is absolutely true the opportunity will be greater because of bad investments made by banks and this time as oppose to any other time in history we are in a bubble economy were the fundamentals in the market don’t match the inflated prices meaning demand is not what is should be As soon as investor’s sentiments changes more prices will continue to drop and they will remove their funds until the bubble pops.
Foreclosure is a specific legal process where a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Really? I wondered what that was…
Gosh. glad that was clarified…i was really confused! :beer
Hi,
The process of foreclosure is applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”.
I think it is very good to invest in it, having good scope in the future.
Wow! Thanks for clarifying this even further. :anon
WOW! Thanks a lot Jessica33…been at this for lots of years and finally find out they reposs real estate.
All this time I thought only personal property could be repossessed.
Do they actually send a tow truck out and reposs it like cars?
May I come watch…never seen this done before.
Bill and Mdhaas, you’re totally missing the point. What they are trying to say is that a foreclosure is when the bank wants to take your house because you are not making the payments. You see, the house is the asset, which is used as the collateral. Make sense? :banghead
:banghead …and my mother wonders why I still wet the bed :banghead :flush
It has already been predicted that in the 3rd and 4th quarter of 2012, more foreclosures are expected to wave the housing market, especially in the US, with mortgage rates getting higher as well.
ethomsen,
There are two classes of propety in the USA…Real and Personal…real estate is real
property and all else is considered personal…
Real estes is FORECLOSED upon…NOT…REPOSSESSED
Personal Property is REPOSSED…NOT…foreclosed upon.
Mortgages and deeds of trust are used in real estate.
Most states use deeds of trust and there are three parties involved. Trustor, trustee and beneficiary.
The deed of trust holds the “Power of Sale Paragraph” which says the beneficiary can direct the trustee, who holds naked tilte, to foreclose and get the property either sold at the sale or back into the lender inventory.
.Chattel mortgages are used in persoanl property…and…there is NO deed of trust…the property, be it a car, van, truck, wagon, etc., is the item covered by the agreement.
A Lender files a replevin (Right of Repossession for lack of payment) and gets the right to REPOSS his property under the chattel mortgage.
Most also do not understand te REO …IS NOT…Real Estate Owned…to the banks/lenders/ etc., it is Real Estate Other…meaning real estate that is a NON=PRODUCING asset.
Are there websites just for REO’s (REAL ESTATE OWNED/BANK OWNED PROPERTIES)? I know about the HUD website & MLS listings. What other websites (if any), can I go to, to find properties that are about to be foreclosed? Are there foreclosure/auctions list’s that I can obtain directly from the bank, Fannie Mae or other mortgage co?
Wanting to buy a home to live in, in Houston, but looking for a bargain like everyone else.
Appreciate your help.
Carolyn
Six proposals calling for greater transparency by banks dealing with homeowners at risk of foreclosure are being proposed in a package of protest bills that make up the Homeowner Bill of Rights in California. The landmark legislation is the largest effort yet in any state to aid millions of homeowners abused by lenders.
[b]This post is an excerpt from http://www.housingpredictor.com/halt-foreclosure-abuse/[/b]