Category Archives: Foreclosures
Tax Savings with real estate
Under our existing tax code, we are able to deduct the interest and property tax that we pay in any given year from our gross income. This is basically the federal government subsidizing the purchase of our homes, according to Jeff Lowe, Real Estate Professional. Mr. Jeff Lowe, explains it like this. If your initial [...]
Foreclosure Increasing Again
The nation’s foreclosure crisis is worsening as homeowners battling high unemployment, slow job growth and an uneven rebound in home prices continue to fall behind on their mortgage payments. In all, 154 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity between January and June. Notices for [...]
Foreclosure can impact your credit
While homeowners who default on a mortgage due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again, walkaways may face double that time. Walkaway, meaning those who voluntarily walk away from their home loan. For example, say you owe $600,000 when you [...]
Foreclosure Down or No
Foreclosures in the month of January was 15% compared to the same month last year. But it is predicted that this number is going to dramatically increase as a surge of cash-strapped homeowners who have fallen behind were on their way. More than 315,000 homeowner received a foreclosure notice in January. That is less in [...]
Foreclosure Liability
Depending on the state that you reside in, you could be in for a rude awaking if your home was foreclosed upon. For what you asked? Well if your home sold for less than what was owed on your mortgage than you could be liable for the difference. This is known as a deficiency judgment [...]
Judge Wipes Out Home Debt
A Judge wiped out a $525,000 mortgage that a Long Island couple owed to a California bank. The Bank had received $814.2 million in federal bailout but had a record of being coldblooded in foreclosing in people who owed it money. The Judge called the banks actions “harsh, repugnant, shocking and repulsive. So the Judge [...]
Foreclosure Buying Tips
Foreclosures have dominated the market. More will hit the market in the months to come. Everyone is going after foreclosure properties because the prices are low. Here are some tips: 1. Carefully calculate your price and don’t get caught up in a bidding war. 2. Contact the Lenders Directly. The asset manager at the banks [...]