A foreclosure occurs when a bank repossesses a house, usually when the person who bought the house has not made mortgage loan payments over several months. The home owner must vacate the home and the bank sells it in a foreclosure. A foreclosure looks bad on a credit report and will make it more difficult for the person who lost the home to buy another one. Foreclosure is the legal action taken to extinguish a home owner’s right and interest in a property, so that the property can be sold in a foreclosure sale to satisfy a debt.
Avoid Foreclosure Through Home Sale
How can you help out a relative who can't make mortgage payments? The relative could quit claim the property to you or sell it to you. Learn what to consider (including taxes) in deciding how to protect the property from foreclosure.
House Foreclosed On Seller Prior To Closing
A home buyer was due to close on a house and the lender foreclosed on the seller. Can a deal be saved on a foreclosed home? The buyer should be sure to understand what is going on with the seller and the foreclosure before attempting to move forward.
Over-Appraised Loan Results In Foreclosure
Homeowners need to be careful about over-appraised mortgages. If the loan is over appraised, the homeowner may not be able to pay it back upon sale of the property. Beware of a predatory lender and file a complaint against the lender with the office that regulates banks and mortgage brokers and lenders, perhaps even the attorney general in the state in which you are located.
Owing More Than Market Value Of Home
Owe more than your house is worth? When home debt exceeds home equity, it's a big problem. Economists have predicted this might happen more when consumer start tapping their home equity at the same time home appreciation tapers off or even stops. The best way to get on top of the loan is to spend a year or two making extra loan payments.
Real Estate Scam: Condo Owner Scammed By Real Estate Company
The owner of a condominium believes she was scammed by a real estate company who bought her condo to get her out of foreclosure. In the scam, the condo owner never got most of the money she was supposed to get from the real estate company for the condo purchase. Ilyce recommends the condo owner get in touch with an attorney immediately to help her retrieve her money from the real estate company that scammed her.
How To Determine Foreclosure Market Value
When you're buying a foreclosure you'll likely bid on the property with the lender. How can you know how much cash to bid on a foreclosure? You'll want to bid something comparable to the foreclosure's market value. How can you figure out the market value of a foreclosure?
Keep The Bank From Foreclosing On Your Home
In rough economic times, don't ignore your mortgage payments. If you're juggling the bills to get them paid, make sure you pay your mortgage first. And pay it on time. Once you start paying late, you begin to wreck your credit history and could rack up late fees and penalties, which will make it tougher to get back on top of your payments.
Home Loan Foreclosures Hit A Record High In September
Home lome loan foreclosures reached a 30-year high in September due to rising unemployment, stock portfolios and unexpected expenses. If you're worried about missing a mortgage payment and having your home go into foreclosure, here are some things you can do to keep your home and credit history safe.
Keeping Your Home Out Of Foreclosure
Although it may seem that lenders are quick to foreclose on a home, mortgage experts say foreclosure is an expensive, time-consuming process for lenders. If you are in danger of not making a payment to your lender, or if you are struggling to pay all of your bills, there are some ways you can avoid foreclosure and work out a different payment plan with your lender. The most important thing you can do is not avoid the problem; take action on your situation.
Mortgage Lenders Share News
Some home owners had trouble making mortgage payments after 9-11. Experts from the Mortgage Bankers Association put their delinquency rates into perspective. Learn also how mortgage lenders and secondary market players such as Freddie Mac work to combat mortgage fraud.