Bank Owned Foreclosed Homes And Government Foreclosure Properties

Tuesday, February 24th, 2009

Chicago is to receive in excess of $55 million as federal aid from the government to tackle the foreclosure problem that has affected various neighborhoods within the city; this amount being more than what any other city within the country has received.

This money is to be used to buy and restore foreclosed as well as abandoned houses, thereby revitalizing neighborhoods that have been adversely affected by this ongoing foreclosure problem. This aid is part of the close to $4 billion Neighborhood Stabilization Plan that was passed last year.

The city plans to focus on twenty five neighborhoods, most of which are situated in the Western and Southern sides. These neighborhoods include Washington Park, West and East Garfield Park, Englewood, and Austin.

These neighborhoods were selected by the city after an examination of the seventy seven community areas in the city’s foreclosure numbers, and also the percentage of houses which were financed through subprime loans.

The recently created Department of Community Development has been given the responsibility to manage these funds. As per the plan, these funds will also be used for pulling down homes and establishing ‘land banks’ and ‘loan pools’. To make sure that the action be taken in an expedited manner, they have been given only eighteen months to use the available funds.

While the effects of programs such as this might take some time to show, many people who have access to funding are looking at this to be a good time to buy amidst Chicago foreclosures. The main reason behind this is the low prices these homes usually end up being sold for.

If you do intend to buy a foreclosure affected home, do make sure that you do not rush into making a deal, and go through as many options as you can.

Posted in Illinois | No Comments »

Monday, February 23rd, 2009

As per recently released data, foreclosure properties within Denver’s seven county areas have fallen by 11.8% when comparing 2008 figures with 2007 figures. While this is no indication of the foreclosure crisis in the region being over, some respite is definitely visible.

While 2007 saw 27,494 foreclosure filings with the offices of the public trustees, there were 24,494 filings in 2008. Figures for 2007 had witnessed a 41.5% increase in numbers when compared with 2006 figures.

With some respite in sight, many homebuyers who had placed their plans to buy on hold are now looking at the various options that are available in the market. Denver foreclosures are finding the fancy of many home buyers because of the discounted prices that are increasingly being associated with them.

While foreclosure affected homes can lead to considerable savings, it is necessary that you get some knowledge about the process in advance.

A home enters foreclosure proceedings when a notice of ‘election and demand’ is placed with the pubic trustees’ office. In buying a pre foreclosure home, your interactions would primarily be with the home’s existing owner.

If the home owner cannot fix the default in the given time and is unable to sell the home, the home is put up for sale at a publicly notified auction, wherein the homes generally goes to the highest bidder.

Homes that do not sell at these auctions are then transferred to the lenders holding the primary mortgages on these homes. Banks have to spend a fair amount of money in the upkeep of these homes, which is why they are usually in a hurry to offload their foreclosed homes.

Since homes in all the stages of foreclosure are known to offer discounts, it is best that you go through all the options that are available.

Posted in Colorado | No Comments »

Friday, February 20th, 2009

As per a California based foreclosure listing company’s recently released data, Houston, in 2008, has fared better than many other cities. The area was at the 51st rank amongst the top one hundred US metropolitan areas, with close to 1.5% homes (31,981 homes) involved in foreclosure.

While this data does not indicate immediate relief, the existing low prices of homes are having a positive effect in home sales. Many of the region’s home buyers are looking to buy amidst Houston foreclosures in the hope of saving some money. This is mainly because these homes often end up selling at discounted prices.

While buying a foreclosure affected home can result in savings, some caution should also be maintained.

If you intend to buy a home in pre foreclosure, make sure that you go through the public records to see if any secondary liens or unpaid taxes are associated with the house. This is because once you buy the house you could be held liable for these.

Also, since foreclosure affected homes can be unoccupied for various durations of time, it becomes necessary for you to inspect these homes prior to making your offers. In inspecting these homes, you should check if the basic amenities of the homes are working, and look especially carefully for any damage to the structure of the building.

Looking for these homes is quite easy and you can start your search on the internet. Houston home foreclosures feature on almost all the prominent foreclosures listing websites. Getting in touch with local real estate agents can be fruitful and so can getting in touch with banks.

With there being an ample supply of foreclosure homes in Houston, it would be best if you studied your options carefully before making any commitments.

Posted in Texas | No Comments »

Thursday, February 19th, 2009

Standing before a crowd of tens of thousands in Phoenix, AZ, a city and state hit hard by the deepening recession, President Obama announced the Homeowner Affordability and Stability Plan that will pump $75 billion dollars into helping homeowners who are struggling to avoid foreclosure. The plan, which the administration hopes will reach out and help over 9 million people, is the administration’s first attempt at stemming the rising tide of home foreclosures which has been a major factor in the deep recession the US now finds itself in.

The plan aims to help homeowners on several fronts by throwing a wide net to help not only those who are currently facing foreclosure, but also those who are facing the possibility of foreclosure because of the rapidly changing economic climate. The program will begin on March 4th, 2009.

The initiative aims to help homeowners through a series of programs tailored towards different scenarios:

• Homeowners who find themselves “upside down” on their loans where they owe more than the home is worth, but are otherwise current on their mortgage payments, will be eligible for a refinancing program to help them get their mortgages back in balance again.
• Homeowners who are creditworthy and have shown good faith in trying to maintain their mortgage payments are eligible to apply for refinancing to help lower the interest rate, and therefore the payments, on their loans to more affordable levels at a fixed rate. This program may help millions who are facing rising payments because of adjustable rate mortgages (ARM) increasing teaser interest rates to higher figures.
• Homeowners who are facing immediate foreclosure will benefit from incentives being offered to lenders to work with homeowners to modify existing loans so that the borrower can afford to keep their home.
• Mortages held by Freddie Mac or Fannie Mae will be eligible for refinance and modification of the principal amount of the balance. Mortgages securitized by other lenders will be eligible to be brought into Freddie or Fannie as long as they meet loan requirements from these institutions.
• Lenders will be encouraged, through incentive programs, to bring loan payments down to less than 38% of household income. Through subsidy programs, the program aims to help bring this number down to 31% of household income as a maximum payment.
• The program aims to make the entire process easy for homeowners. Lenders will be encouraged to automatically determine who is eligible and notify them of their options. After March 4th letters will be sent out to homeowners who qualify notifying them of their status.

The Obama administration stressed that the most important thing homeowners facing immediate foreclosure can do is to contact their lender. Most lenders have enacted a quiet period of postponing foreclosures until this new program is put into place.

Posted in Home Foreclosures | No Comments »

Wednesday, February 18th, 2009

While houses in San Diego which have been newly built are finding it hard to attract buyers, an increasing number of buyers are looking at buying amidst San Diego foreclosures.

With prices of homes having dropped in excess on 24% in 2008 as compared with 2007, and with foreclosure homes selling for lesser than their valued prices, these homes present the buyers with interesting options.

According to a recently released report, the drop in prices has had a positive effect of the sales of homes. Home sales climbed by 34.7% in December 2008 in comparison with December 2007. What is interesting to see is that many of these sales involve foreclosure affected homes.

San Diego’s re-sale market has witnessed a drop in its inventory. Signs of the market cooling down come in the form of the region having its lowest inventory of unsold houses since the early months of 2006.

With signs such as these pointing to some relief in the market, more and more people who can afford to buy houses, are looking at doing so now. San Diego foreclosures are being viewed with interest simply because of their increasingly famous discounted prices.

While home foreclosures are known for the good deals on offer, it is advised that you also exercise some caution. Since these homes can be in various stages of neglect, inspecting these homes prior to making offers is imperative. Inspecting these homes should give you a clear picture of whether the deal is good or not.

With San Diego still having a fair number of foreclosure homes on its inventory, it would be best if you went through a number of options before making your decision.

Posted in California | No Comments »

Tuesday, February 17th, 2009

Recent reports have shown that many of the home sales that have taken place in the recent past involve homes in some stage of foreclosure. The main reason that home buyers are looking at home foreclosures as options is their usually discounted prices.

Foreclosure proceedings are initiated on a home upon the home owner’s continual defaults in making the monthly mortgage payments. The lender/bank initiating the proceedings is required to notify the home owner of its intent to foreclose on the property and also give the home owner some time to try and fix the default.

If the home owner is unable to take care of the default, he/she can opt to sell his/her house in pre-foreclosure. Since these home owners do not have the luxury to wait for ‘better’ offers to come by, they do end up accepting rather low offers from time to time.

Once foreclosed upon, at attempt to sell these homes is made at public foreclosure auctions. Buying a home at an auction is ideally best left to the experts unless you are willing to put in considerable amounts of effort in the process.

After the foreclosure auctions, the unsold homes are transferred to the lenders/banks who hold the primary mortgages on these homes. Buying homes in foreclosure from lenders/banks is often regarded as a safe option because they generally take care of arrears linked to these homes upon foreclosure.

An important thing to remember is that you should inspect any house that you intend to make an offer for. This is important because the inspection would give you an estimate of the costs you would have to incur in getting the house in order.

Remember that there are plenty of options for you to choose from, and you should go through as many as possible prior to signing on the dotted line.

Posted in Houses Foreclosure | No Comments »

Tuesday, February 17th, 2009

With the entire country having being affected by the foreclosure crisis to some degree, Columbus is no different. However, many financial analysts are of the opinion that the market could witness a bottom point some point soon (either by the end on this year or early next year).

This expected relief is getting many of Columbus’ prospective home buyers into the market again. Many of these buyers are looking at saving money by buying a home amidst the existing Columbus foreclosures. This is because these homes have a tendency of being sold for lesser than their estimated market values.

If you plan to buy a foreclosure affected home in Columbus, it would be best if you did some research before starting to look at these homes.

A home can be put up for sale while it is still in pre-foreclosure (directly by the home owner); at an auction of foreclosure sale; or through a lender/bank after the completion of the foreclosure proceedings.

In buying a pre-foreclosure home, you should make sure that you go through the relevant paper work to see if there are any arrears (such as unpaid taxes or secondary liens) linked to the home.

Buying a home at an auction should ideally be left to the more seasoned buyers, or you should be prepared to spend some time in studying the process.

Buying a foreclosure home from a bank is often recommended to first time home buyers as banks generally take care of the arrears linked to a home upon foreclosure.

However, the good deals do not limit themselves to any one process, and it would be best if you go through all possible resources and explore all your options.

Posted in Ohio | No Comments »

Tuesday, February 17th, 2009

According to a recently published report, Orlando holds the 7th position across the nation when it comes to the rate of foreclosure properties. With Miami and Fort Lauderdale also in the top ten, Florida is at the 2nd spot when it comes to State rankings.

However, the good news is that the low prices that have come into being due to the foreclosure fiasco are now having a positive effect on the sales of homes within the region. Another report states that inventory of homes in the region has seen a slight drop, with 22,524 homes in December ’08, as compared with December 2007’s 24,298 homes.

When it comes to the re-sale of single family homes, Orlando is faring batter than most other regions within the state, including larger markets like Jacksonville, Fort Lauderdale and Miami. What is interesting to see is that Orlando foreclosures constitute to a fair share of these sales. This is primarily due to the fact that these homes usually tend to sell for lesser than homes which are not affected by foreclosure.

A further boost in the figures of home sales is also expected, as Fannie Mae is now putting to test a small program designed to speed up the process of selling some of these homes.

Foreclosure affected homes in Orlando are finding the attention of many prospective buyers because of the savings that can be made in buying these homes. While you might have to spend some money in fixing these homes, they can still lead to substantial savings.

With there being a wide range of options in Orlando to choose from, it would be best if you take some time in carrying out an extensive search for these homes.

Posted in Florida | No Comments »

Monday, February 16th, 2009

As per a recently released report, the metropolitan area of Las Vegas’ foreclosure rate is the second highest in the country (for 2008), while Nevada retains the top spot. As per the report, 8.89% of the area’s total properties faced filing for foreclosure in 2008, a 121% increase from the numbers for 2007.

While this, in no way, translates into good news for the region’s home owners, home buyers are starting to see the silver lining. This is because the prices of homes are still low; as well as programs which are encouraging first time home buyers, and buyers wanting to buy foreclosed homes to be used as primary residences.

Many of these prospective buyers are looking at Las Vegas foreclosures with special interest. This is simply because a house involved in foreclosure tends to sell for lesser than a home that is not.

While you, as a buyer, should expect to get a good deal in buying a foreclosure affected home, some caution must also be maintained. Before looking to buy amidst the Las Vegas foreclosures, you should ideally do some research about the process itself.

Home foreclosures can be sold in different stages of the process and some knowledge about these would help you with your search. These homes can be sold in preforeclosure; at foreclosure auctions; and by banks/lenders post foreclosure.

In searching for these homes, you should use different resources. The internet is a good place to start. Getting in touch with banks, lenders, and real estate agents can also be helpful. You can also go through local newspapers which carry foreclosure notices and adverts.

Since there is no dearth of foreclosure affected homes in Las Vegas, make sure that you do not rush into making any deal.

Posted in Nevada | No Comments »

Monday, February 16th, 2009

Data from many recent reports across the country shows that a substantial number foreclosure home sales feature in the total number of nation wide home sales. This trend is chiefly being attributed to the low selling prices of many of these homes.

While discounted prices are increasingly being linked with houses foreclosure has affected, there are a few things you must keep in mind in you plan to buy a foreclosure affected home.

Since financial strife is one of the main reasons for foreclosure to take place, it is advised that you expect to find these homes in some stage of ‘neglect’. While you can find some very good homes with almost no need for repair or renovation, some others can turn out to be rather bad deals because of the costs involved in the renovation/repairing process.

This is the reason that you should inspect these houses before you decide to make any kind on a bid or offer. In inspecting a home, look for any damage to the structure of the building itself, as it is quite expensive to fix. Also, see if the basic amenities are in working condition. Once you have an estimate of the money you would have to spend later, you can go ahead and make your offer/bid.

In looking for houses foreclosure has affected, you should go through as many resources as possible. The internet is a good place to start. You can also approach real estate agents and banks and they would be more than happy to share their lists of home foreclosures with you.

Remember that since the numbers of foreclosure affected homes continue to rise, you can easily afford to take some time in going through all available avenues.

Posted in Houses Foreclosure | No Comments »