Housing market outlook from real estate consultant John Burns. Demand for housing is still low, affected by jobs and mortgage rates. John Burns predicts where the housing market will be in six months and when the housing market will bounce back. John Burns offers advice on new construction, advice on buying and selling homes, and foreclosures and short sales.
Buying a foreclosed property might include taking ownership of unpaid back taxes. If you buy a foreclosed house with liens or back taxes, you could be held responsible for paying the liens and back taxes upon purchase of the home or property. Buying a short sale should not make a buyer subject to liens or back taxes. Know the difference between a short sale, foreclosed property and an REO property and make sure you research the property to see if the home has any unpaid real estate taxes or liens.
Job Loss and Medical BIlls were the main causes of foreclosure in a study from the Pennsylvania Association of Realtors. The survey of homeowners that had dealt with foreclosure in the past year gathered information on foreclosures in Pennsylvania, but it also highlighted a national foreclosure trend. The economy, more than bad lending, seems to be the main cause of foreclosure. Homeowners dealing with job loss and unexpected expenses, due to the tough economy, are the ones heading toward foreclosure.
Subprime mortgages are often pointed to as being the culprit behind the housing market crash, however a new study found that, in Pennsylvania, subprime mortgages played a very minor role. It was the loss of a job and one other significant lifestyle change that accounted for the majority of Pennsylvania homeowners falling into foreclosures.
Ilyce Glink Show Notes - August 1, 2010, Foreclosure, Loan Modification Hell, Economic Security Index, Refinancing. Stock market was up in July, but so was the number of people filing unemployment claims. Are we headed toward a double dip recession? It's getting hard to refinance your loans. And, the Rockefeller Foundation introduces its latest Economic Security Index. Free Books and Ebook deal. Don't forget to buy your tickets to How to Profit From Foreclosures - early bird ticket price ends soon.
Ilyce Glink Show Notes - August 1, 2010: Foreclosure, Loan Modification Hell, Economic Security Index, Refinancing. Stock market was up in July, but so was the number of people filing unemployment claims. Are we headed toward a double dip recession? It's getting hard to refinance your loans. And, the Rockefeller Foundation introduces its latest Economic Security Index. Don't forget to buy your tickets to How to Profit From Foreclosures - early bird ticket price ends soon. More details at Ilyce's blog
Refinance an adjustable rate mortgage (ARM) with interest rates as low as they are today is a wise decision. If you can't decide what new rate to pick to refinance your home loan, you have to make a decision that best fits your needs for the next five to seven years. With historically low interest rates, you need to pick the right interest rate and loan term. During the process to refinance your loan, you may want to negotiate for a better interest rate with your lender or find a new lender offering a lower interest rate and lower closing costs.
Buying a short sale can be a long and frustrating process, only made more so if the sale if held up by the lender. Lenders don't want to lose money on a short sale, so they have more incentive to hold up approving an offer on a short sale. Give the lender a deadline to approve or reject your offer to buy a short sale. If the lender doesn't approve your offer to buy a short sale, move on. There are a lot of short sales and foreclosures on the market. Don't let the lender control your future if the short sale process goes on too long.
Pregnant women and new mothers are being targeted by unfair mortgage lenders according to the New York Times. Mortgage lenders are illegally refusing to grant loans to women because of their maternity leave status. Lender discrimination is prohibited by The Fair Housing Act prohibits on the basis of sex, familial status (pregnancy or children in the family), or disability. The Department of Housing and Urban Development is investigating illegal lending practices that discriminate against pregnant women.
Going through a short sale or foreclosure after a divorce will severely hurt your credit. Dividing up debts, keepsakes and housing can be the hardest part of a divorce, but a short sale or foreclosure is not an easy solution. While a short sale or foreclosure after divorce can severely hurt your credit, you might be better off with a short sale or foreclosure rather than a bankruptcy. A good real estate attorney can help you make that financial decision and lessen the impact of a short sale or foreclosure on your credit after a divorce.
