Foreclosure News

According to CNN report...

There are 1 million 8 hundred thousand forclosures currently in the United States.

1 in every 593 homes is in foreclosure.

30% of sales in the U.S. are foreclosures.

The average price of a home in the U.S. is now $200K

The average price of a forclosure in the U.S. is now $171K

If your an investor and your looking for properties that have renter with lease option to purchase property back. We have the deals for you nationwide. You tell us the state and we supply you the deals. These are distressed home homeowners who want to stay in there home. They could not get a loan modification but would like to purchase home back for what they owe the bank. If you are an investor and are looking for these types of deals we find them for you. Ex: Home value is $500,000 homeowner owe bank $300,000 owner rent with lease option to purchase back at the $300,000 you paid $150,000 cash to bank. You keep rental income and and owner buy back from you in 5 to 10 years. You make $150k in 5 to 10 years plus rental income.

This article can be found at: http://www.linkedin.com/news?actionBar=&articleID=445515408&ids=0MejwUej...

After reports that the largest mortgage servicers, some attorneys general, and even some government agencies are not comfortable with the terms in the servicer proposal, there has been renewed effort to try to come to a solution that works for all parties.

The proposal was given to servicers with the intent of revising and coming to a final draft in two months. Nearly half of that time has passed without significant strides, and many are worried that the process could be stalled at a time when a solution is considered necessary for recovery.

http://www.american-apartment-owners-association.org/blog/2011/03/23/inv...

Investor Admits to Rigging Foreclosure Bids
March 27, 2011

Foreclosure real estate investor in Sacramento pleaded guilty this week to conspiring to rig bids and commit mail fraud at public real estate
foreclosure auctions held in San Joaquin County, Calif.

The 38-year-old admitted to conspiring with a group of real estate speculators who agreed not to bid against each other at certain public real estate foreclosure auctions in San Joaquin County in order to keep prices low.

If you guys are like me, you are unindated with articles, blogs, guru programs etc, but my broker sent me this link to a website a lot of RE folks subscribe to. I read it and it is full of pertinent RE infor which you dont find elsewhere in this form.

Hope you like it and it is helpful to all.

http://kcmblog.com/

This article can be found at: http://www.reuters.com/article/2011/02/25/us-bankofamerica-foreclosures-...

Bank of America Corp (BAC.N) said the wide-ranging probe into banks' foreclosure problems could lead to "significant" legal costs in 2011, according to the bank's annual report filed on Friday with U.S. securities regulators.

The largest U.S. bank by assets said it could not predict the outcome of the various investigations now being conducted by state and federal authorities, but said the probes could results in enforcement actions or various fines and penalties.

Bank of America temporarily halted foreclosures nationwide last fall after it found problems with the documents used to repossess homes.

This article can be found at: http://www.upi.com/Business_News/Analysis/2011/02/28/Economic-Outlook-Pr...

Federal and state officials are struggling to find a settlement to impose on the U.S. banking industry for its part in last year's foreclosure debacle.

This emotion-filled scenario starts, it could be debated, with bankers giving up their role as guardians of the financial system by handing out mortgages pell-mell in a housing market boom that certainly showed signs of potential collapse. Some, at this point, also point out that millions of borrowers signed loans they could not afford, but banks are the professionals and shoulder, as such, the larger burden -- the burden of acting responsibly.

This article can be found at: http://www.send2press.com/newswire/2011-02-0228-006.shtml

NEW YORK, N.Y., Feb. 28 (SEND2PRESS NEWSWIRE) -- ForeclosureWarehouse.com calls attention to future homeowners to some states with the best price values of foreclosure properties. Foreclosure Warehouse statistics show that the top states that had the lowest prices in the beginning of the 2011 compared to the same time in 2010 reveal advantageous situations for those who are looking for a new property.

Why are they good opportunities?

The statistics:
The top States listed from February, 2010 to February, 2011 with the most inexpensive homes (and their prices) are:

1. Kansas (Feb 2010: $88,500.00/ Feb 2011: $80,630.00)

Financial penalties extracted from large banks over their mortgage servicing practices may be used for loan modifications, a top Obama administration official said on Monday.

Deputy Treasury Secretary Neal Wolin said he did not have a set timeline for when regulators and a coalition of state attorneys general will forge a settlement with the largest U.S. banks.

Those banks, including Bank of America, JPMorgan Chase, and Wells Fargo, and other mortgage servicers, have been accused of foreclosing on borrowers without having the necessary paperwork in place.

Asked if authorities are considering using penalties to encourage loan modifications, Wolin told the Reuters Future Face of Finance Summit that option is being discussed.

I have seen many posts regarding the Right of Remption period for foreclosures, and how there exists confusion about whether it exists in a certain state....or not. As Anita says, the crazy states of AL MS and LA do have right of redemption. We realize that only about 1% of owners will redeem their property, but for those investors who buy a 4closure with the knowledge that they will not only have to rehab the property; but also, make major improvements do worry about the owner possibly redeeming the property at the forclosed on price. For example, an investor buys a 4closure for a total of $100,000, and in order to make it marketable he adds $20,000 in improvements.