With the number of Countrywide short sales, Countrywide Foreclosures, Indymac properties entering the market as foreclosures and much more more, there is no surpsrise that there is a large number of renters hurt by foreclosures.
As many landlords fall further behind on their mortgage payments and banks seize control of properties, many renters are finding themselves foreced from their homes. Across the U.S., a rising number of landlords are not able to make the monthly payments, sending their properties into foreclosure. Many renters just don’t know what to do. [...]
Looking at homes can be a daunting task especially in this market. Sure, there are plenty of online realty sites but there are a high percentage of homes now being sold as short sales and foreclosures. Now more than ever, it helps to have a professional Realtor working for you.
Currently the foreclosure and short rates in the real estate in Austin Texas, hasn’t been affected as much as other parts of the country. But it’s still important to get a professional’s help when coming across any of those [...]
Why insure your home? Why not?
Your home is the biggest investment you will possibly make in your lifetime and the most cherished item purchased for your family. Home insurance covers your beloved home and provides the coverage needed in case a small or large disaster unfortunately occurs.
So, how do you find the right home insurance coverage to fit not only your needs but your budget? First, you should find a company that gives you the best possible coverage at the best rate. Secondly, your next highest priorities [...]
Are you looking for a Las Vegas home? Currently prices in the Las Vegas area are falling rapidly, perhaps faster than any other city. For those looking to relocate to Las Vegas may love to take advantage of this opportunity to buy a home at bargain low prices.
You can look for Las Vegas homes here to get an idea of foreclosure listings, Repos and other properties foreclosed upon by Fannie Mae and Freddie Mac.
HOMES FOR 1/2 PRICE
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Short Sales and Foreclosure are quite different, but how different?
A short sale is when a bank or mortgage lender agrees to discount a loan balance due to the borrower’s hardship. The debtor sells the mortgage property for less than the outstanding debt on the mortgage and turns over the sale to the lender. The lender will typically be paying for realtor commissions and making the final decision on the sale of the home. The lender has the right to approve or disapprove the sale and [...]
Beware of REO bidding wars. It’s amazing, that already there are quite a few bidding wars happening in the market and it’s quite disturbing. Why?
A lot of short sales have been sitting on the MLS during the last few months and it’s reported that typically lenders are only able to successfully complete about 6 to 7 percent of the short sales coming in. That means many of those short sales will be entering the market within the next few months as foreclosures and will bring [...]
Mentioned by a Countrywide Loss Mitigation Negotiator: Countrywide has over 28,000 short sales in process, but only closes about 7% of these. What happens to the other 26,000 houses?? Most likely foreclosure. And this is with only one lender, although one of the largest.
So, expect to see a huge jump in foreclosures over the next 6 to 12 months. Inventory is going to dramatically rise causing even further price devaluation.
On the other side of the coin, this creates a big opportunity for those looking [...]
Renters Hurt by Foreclosures
