Real Estate News Blog March Archive

Real estate relief

By Art C Ryter at 03/29/07 18:37

Suggests that states might step in to help homeowners facing foreclosure avoid it. The help might come by reducing property taxes while increasing other taxes elsewhere. There are a number of plans before legislatures that seek to help potential foreclosure victims avoid it.

Original source: Detroit Free Press. [404 Check: was link to http:/ / www. freep. com/ apps/ pbcs. dll/ article?AID=/ 20070325/ OPINION01/ 703250537/ 1068/ OPINION, anchor: Real estate relief]

How to fend off a foreclosure

Offers tips on how to help avoid a forclosure. Five strategies are to modify the loan agreement to make payments affordable; schedule a new repayment plan; obtain a forebearance to suspend payments for a few months; sell pre-foreclosure and hope some equity makes it to your bank account; and finally ask to trade the deed-in-lieu of foreclosure, where the bank or lender takes the house and you walk away. Each of these sounds reasonable to avoid foreclosure.

Original source: CNN. How to fend off a foreclosure

Your Home: 5 tips if you're in too deep

Suggests five tips to homeowners who maybe facing foreclosure. Homeowners wanting to avoid foreclosure or need help should: size up the situation regarding the mortgage; determine if the financing debt problem is temporary, cut back on other expenses to make the avoid foreclosure; if it is permanent, then try refinancing to help bring mortgage payments down; if the problem is too deep, ask your lender for a forebearance; and as a final step, sell out before your reach foreclosure and move on.

Original source: CNN. Your Home: 5 tips if you're in too deep

Subprime losses lead to drop in home ownership

Notes that approximately 88% of the 2.4 million homeowners who face foreclosure are in trouble due to subprime refinancing rather than first time home buyers. Officials from the Center for Responsible lending have argued before congressional committees that a majority of people in forclosure, or who soon will be after interest rates adjust, are homeowners that drew equity out on their homes under the assumption that prices would always rise. Now many are seeking ways to avoid foreclosure and losing their part of the American dream.

Original source: CNN. Subprime losses lead to drop in home ownership

Five Reasons To Avoid Subprime Bargains

Helpfully suggests that it may not be time yet to start picking up investment properties in the foreclosure market. The five reasons to avoid subprime bargain foreclosures are: excess subprime lending capacity must be destroyed; housing market must stabilize; subprime paper must be repriced; the regulators must respond, and the greater impact on the economy must be considered. Basically, now is a time to avoid foreclosed property, that is unless you have a strong stomach (or big wallet) to assume risk.

Original source: Forbes. Five Reasons To Avoid Subprime Bargains

What To Look For In A Foreclosed Home

Suggests what to look for in turning a foreclosed home into an investment opportunity. Buying a foreclosed property, or even better, one that is going through the forclosure process is definitely one way to help a homeowner avoid foreclosure and start over. Some tips are to find homes up for foreclosure in good general locations, investigate any encumbrances and make sure it’s insurable.

Original source: Best Syndication. What To Look For In A Foreclosed Home

Florida foreclosures lead nation

States foreclosures in Florida are the highest in the nation. The strong demand by investors raised real estate prices and lead to an artificially tight inventory. Now that the subprime lending boom is coming to a close, the are more people trying to sell out before foreclosures mar their credit. Foreclosures are also rising in Las Vegas, Nevada and Phoenix, Arizona.

Original source: CNN.com. Florida foreclosures lead nation

Homeowners, lenders skirt default

Describes one way homeowners and lenders avoid foreclosure. In areas only moderately affected by foreclosure pressures due to the subprime mortgage failure, with credit institutions strong enough to maintain neighborhoods, banks are allowing homeowners facing foreclosure to sell short of the full value and forgive, i.e. write off, the difference between the sale prices. It’s a great way for people to avoid foreclosure if they find someone willing to buy the property.

Original source: Arizona Central. [404 Check: was link to http:/ / www. azcentral. com/ business/ articles/ 0321homeowners21 -ON. html, anchor: Homeowners, lenders skirt default]