The Mortgage Forgiveness Debt Relief Act of 2007 has yet to be extended, raising questions about how distressed homeowners could be affected

The good news in the housing market is that foreclosure starts are at a 95-month low, according to RealtyTrac, the nation’s leading collector and aggregator of foreclosure data. The bad news, at least for distressed homeowners who will need to short sell, obtain a principle reduction, or foreclose, is that the House of Representatives adjourned last week for the winter break without taking up a possible extension of the Mortgage Forgiveness Debt Relief Act of 2007. . . .

Read more about The Mortgage Forgiveness Debt Relief Act

{ 4 comments }

It is possible to buy a house after foreclosure, but patience is key

Believe it or not, there is life after foreclosure. There are ways to pick up the financial pieces, sort through them and, even without the help of all the king’s horses and all the king’s men, put them back together again. . . .

Read more about Tips for Buying a Home After Foreclosure

{ 2 comments }

There are online resources for homeowners facing foreclosure

Foreclosure has been running rampant over the past five years since the recession that began in 2008. It has stabilized to somewhat manageable levels, but millions of Americans are still facing foreclosure each year. Some are able to climb out of the hole that they have found themselves in, but others aren’t as fortunate. . . .

Read more about Online Foreclosure Resources

{ 1 comment }

home foreclosure

Jane Schrodinger was aghast when she learned that she was $80,000 underwater on her “sad little condo” in Washington state. After all, she purchased the condo back in 2008, when prices were low and interest rates were attractive enough to make buying more sensible than renting. Smart move, right? . . .

Read more about Home Foreclosure

{ 14 comments }

robo-signing foreclosure settlement

If you’ve been following the mortgage and banking industry closely, you’ve probably heard about the $25 billion settlement the banks made with a consortium of 49 state attorneys general, plus the District of Columbia. In a nutshell, the banks agreed to the settlement to compensate for the “robo-signing” of foreclosure documents without following proper procedures, verifying that the lender had a legitimate . . .

Read more about The Robo-Signing Settlement

{ 1 comment }

foreclosure houses for sale in las vegas nv

International investors aren’t the only ones snagging deals on houses for sale in Las Vegas. Buying a foreclosed home, at current low interest rates, is attractive to first-time buyers as well. Although the competition from cash-rich investors presents a challenging obstacle, buying foreclosure houses in Las Vegas is entirely within anyone’s grasp. Investors buy only 30 percent of foreclosures at auction . . .

Read more about Foreclosure Houses for Sale in Las Vegas

{ 2 comments }

winchester virginia

In 2005 the real estate market was flying high in the Winchester, Va. area. We were invincible. Even the most incompetent real estate agent could sell a house. Bidding wars, escalation clauses and heart-pounding ratifications were the norm, and we loved it. Then, September 2008 happened. The total sold properties in the Winchester/Frederick County area totaled 1,223 properties. . . .

{ 5 comments }

lenny dykstra foreclosure

While it takes an enormous amount of talent, time and effort to reach star-status in the athletic world, all of it can vanish, seemingly overnight. Whether through misfortune or stupidity, the mighty can fall into financial ruin like everyone else, just on a grander scale. RealEstate.com did a little digging and came up with the dirt on how some über wealthy athletes ended up broke and in foreclosure. . . .

{ 2 comments }

renting a foreclosure home

Many forward-thinking individuals have recently invested in foreclosure properties with the hopes of turning them into income-generating rentals. And why not? There has never been a better time than right now to “buy low” in real estate, lock in amazing interest rates, and “sell high” in a few years when the market recovers. . . .

{ 0 comments }

foreclosure investment

With foreclosure inventories likely to shrink over the upcoming years – or at least level off after the recent historic climb – more and more homebuyers are feeling the urgency to snap up bargain homes and turn them into cash cows by renting them out. It makes perfect sense: Home prices and mortgage rates are at or near the lowest levels in more than a decade. . . .

{ 0 comments }