foreclosures: FORECLOSURE OVERVIEW
- 01/13/09 07:00 AM
FORECLOSURES are not going away. It is estimated that 20-45% of real estate sales in 2009 will be a short sale or a foreclosure. Customers are asking me every day about foreclosures in this market area. Below is a brief overview of the foreclosure process that can give your customers a little better understanding of how these work. FORECLOSURE is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the … (6 comments)
foreclosures: THE FORECLOSURE BLOOD BATH IS NOT OVER BUT THERE MAY BE HOPE!
- 12/26/08 02:46 PM
We will see a new round of foreclosures by Spring of 2009 as option ARMS get recast and monthly mortgage payments skyrocket. With the continued devaluation of real estate, millions of additional homeowners will find themselves upside down. In many cases, their only option will be to walk away from their "so-called" investment. THERE MAY BE HOPE, HOWEVER. There is a group in Minneapolis who have taken it upon themselves to help at least a few of the families facing this desperate situation: The Hope Now hotline (888 995-HOPE). This is a mortgage-counseling phone line backed by lenders and the federal … (6 comments)
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