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Update on Foreclosure Crisis

davidguide — Thu, 28 Oct 2010 16:41:09 +0000

Courts in two states have enacted rules in foreclosure cases expressly aimed at the affidavits at issue and placing attorneys who proffer them for their clients at risk for sanctions in the event the affidavits are false or inaccurate. Many politicians and homeowners groups have called for a Congressional investigation into the “robo-signing” issue. The Obama administration’s Federal Fraud Enforcement Task Force recently announced the opening of a criminal investigation into the submission of mortgage foreclosure-related documents to federal and state courts and federal housing agencies.

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BofA, GMAC Cautiously Move Forward

davidguide — Tue, 19 Oct 2010 16:42:24 +0000

In its earnings report, Bank of America Corp. said it is amending and re-filing foreclosure affidavits in the 23 states that require judicial foreclosures. Review and remediation activities at GMAC Mortgage LLC tied to judicial affidavits in the 23 states have gone on for around two months and are continuing, according to a spokesman. “As each of those files is reviewed, and re-mediated when needed, the foreclosure process resumes,” he said.

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Wells Still Stands By Foreclosures

davidguide — Wed, 13 Oct 2010 16:43:07 +0000

Wells Fargo & Co. insists that its overall procedures in handling delinquent mortgages are sound. “Wells Fargo has no plans to initiate a foreclosure moratorium,” the bank said in a statement. But Wells Fargo did say that it will intensify scrutiny of its upcoming foreclosures.

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CU: Foreclosure moratorium and lender audit needed

davidguide — Sun, 10 Oct 2010 16:37:33 +0000

Moratorium and audit needed in light of revelations showing lenders failed to comply with laws governing foreclosures.

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Other Servicers Could Suspend Foreclosures

davidguide — Fri, 01 Oct 2010 16:43:58 +0000

JPMorgan Chase is the latest firm to suspend actions against homeowners in foreclosure — putting the brakes on 56,000 cases nationwide. But South Florida attorneys and mortgage industry executives expect other major lenders to follow. “We know it goes beyond GMAC and JP Morgan, although we don’t necessarily have the depositions yet to support it,” one attorney said.

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How to Buy Foreclosures

davidguide — Tue, 22 Dec 2009 19:44:48 +0000

When you are looking for a safe, clear investment, that will give you a good return in the next five to ten years, then the best place to look for that investment is in real estate, and especially in foreclosures. This type of real estate offers several benefits. The most drawing of the advantages in investing is foreclosure is the ability to get property at up to a 50% discount, and purchase it with a low interest mortgage. Foreclosures are the easiest way to get an investment that will quickly appreciate, but you have to know what you are looking for and wher to find those foreclosures. This means you have to do diligent research.
The safest ways to buy foreclosures

Slow moving economies create a perfect environment for the small investor to buy a foreclosure property to either reside in, rent or to resell. This means all types of properties go into foreclosure, and this includes upscale homes, and not only homes in poverty ridden areas. Realistically speaking, foreclosures can be found at discounts of 30 to 40%. But to get the best foreclosure deals, an investor needs to learn about the foreclosure process, and spend a few hours a week consulting, reading up on, and investigating foreclosures in your area.

Foreclosure happens when an owner falls behind in his payments, and because of this he is usually having financial difficulty and has probably been having difficulty for some time, so the home may also be in disrepair. These can be simple maintenance issues like missing light bulbs, paint needs, or can be something major. All of these aspects also need to be considered when you purchase foreclosure property.

How do real estate investors find foreclosure property to invest in? Well, there are actually two ways to get foreclosure listings. You can opt to find free foreclosures, and to do this you go to the county public records office and find out which properties are in foreclosure. The records office is helpful, but it will still take you some time to get the information. You will have to sort through the files and wait your turn. You can also search through the local newspapers because foreclosures must go in the notification section prior to being foreclosed on.

Although the above method is a viable way to find foreclosures it is not very practical, as it takes up a lot of time, so a better method is by purchasing one or more foreclosure listings in your area. You can find these online. Then you need to locate the ones in nice areas and see if they are worth investing in. When investing such a large amount of money you always want to protect that investment as much as possible so you really need to investigate the listings you may consider purchasing, and you also need to do a full inspection.

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