Here’s another example of a botched foreclosure. Who pays at the end? The Buyer. Read on, it’s an eye opener
Richard Gaudreau: Foreclosure Sale — Buyer Beware!
(Via The Huffington Post.)
Category Archives: Short Sales & Foreclosures
This tale of foreclosure has lessons for any homebuyer
This is an amazing true story was printed in the Chico Enterprise Record about a homeowner who ran into mortgage problems like many others. But her story has a different twist and outcome.
Read it here Chico woman’s tale of foreclosure has lessons for any homebuyer.
(Via Chico Enterprise Record.)
Short sales, what to expect
In Wikipedia, the broad definition of a short sale is this: “To sell a title that we do not hold the day the sale is negotiated but that we expect to hold the day of the promised delivery.” In real estate, what does that mean? An owner wants to sell his property but at the closing of the sale, he will be unable to repay in full lenders and others who have financial liens to his property. In other words, this property belongs to the bank and other lenders and therefore the owner does not have a clear title to sell.
How did this situation happened where so many sellers now want to sell short? In the years 2004 to 2008, during the real estate booming market, property prices soared and the economy seemed invulnerable.You could buy a house and sell it a few months later with an incredible profit.It was like a Ponzi scheme. Everybody was making money, banks, individuals, investors, manufacturers and the government of course. Banks were lending to anybody without even asking for a down payment. Those were good times for all and you could double your investment in 3 or 4 years only. What a dream! Making money without other people’s money.
Foreclosure crisis hits home for all
I recommend this article for all those who want to understand the situation in Florida with foreclosures.
(Source: By Toluse Olorunnipa, The Miami Herald) — In the years since South Florida’s housing market began its historic crash, a debilitating ripple effect has spread to many of the region’s institutions, sparking a number of satellite problems, ranging from fabricated foreclosure documents to faulty mortgage note transfers.
Major lenders, local governments and county courts have spent the last three years trying to deal with the fallout from the housing crisis. Each institution quickly found out it was unprepared and undermanned to handle the crisis, and most have been trying to play catchup ever since.
Letters From Foreclosure Hell
This article in The Huffington Post really brings a human touch to this foreclosure mess. It’s worth reading the opinion and concerns of this writer.
Read the article Letters From Foreclosure Hell.
(Via The Huffington Post.)
Caught by mistake in foreclosure web
Here’s another sad story about foreclosures and the mess banks brought upon us. Read it here.
(Via Yahoo News.)
