first national bank alaska foreclosures

3 Includes holdings of Federal National Mortgage Association, Federal Housing because they include farm foreclosures and data for Alaska and Hawaii. First American Financial Corporation provides comprehensive title insurance protection and professional settlement services for homebuyers and sellers. Bucking the national trend with increasing foreclosure activity "Fewer bank repossessions may be a trend we continue to see even after.

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First national bank alaska foreclosures -

No Mortgage, Still Foreclosed? Bank of America Sued for Seizing Wrong Homes

Jan. 25, 2010 — -- Some 2.8 million homeowners faced the threat of foreclosure last year, but it wasn't supposed to happen to Charlie and Maria Cordoso. In 2005, the New Bedford, Mass. couple paid in full -- in cash -- for a house in Springville, Fla., and rented it out with plans eventually to use the home as a retirement getaway.

They said they were shocked to learn earlier this month that Bank of America had locked them out and removed their clothing and furniture from the property.

"All the love I put in that house -- I fix things up every time I go there," Charlie Cordoso, a construction worker, told ABC affiliate WCVB Boston. "Bank of America or somebody should apologize."

The Cordosos, Portuguese immigrants who are in their 50s, are now suing Bank of America for allegedly seizing the wrong home, and they're not alone: Two other homeowners, one earlier this month in Texas and another last October in Kentucky, also have filed lawsuits alleging that Bank of America attempted to foreclose on their homes even though the bank did not own or service mortgages for the properties.

Bank of America has yet to file a response to the Cordosos' claim and to the Texas claim, in which the homeowner alleges that the bank cut power to his property during the faulty foreclosure, leaving it reeking of fish, which were stored in his refrigerator and freezer. (The homeowner had left 75 pounds of fish at the home after a successful fishing trip to Alaska, according to the lawsuit.)

Bank spokesman Rick Simon said in an e-mail to ABCNews.com that the bank has reached out to the Cardosos' lawyers and hopes "to have the opportunity to work with them to properly assess and address their allegations."

The bank believes that the Texas and Kentucky cases, however, "have no merit," Simon said, and the bank blames others for the errors.

In the Kentucky case, Bank of America was a co-defendant along with a Kentucky corporation that also allegedly worked on the foreclosure. In that case, the bank filed a document claiming that any "injuries or damages" alleged by the homeowner were the result of "negligence caused by entities and/or persons for which BofA is not responsible."

Meanwhile, a local contractor hired "to secure the property for Bank of America" has accepted responsibility for the mistake in Texas, Simon said.

Errant Foreclosures: A National Problem?

The mistakes of local contractors, however, don't get banks off the hook with critics, who allege that the foreclosure systems at Bank of America and other institutions are deeply flawed.

"It's a national issue," said Joseph deMello, one of lawyers representing the Cordosos.

Bank of America actually had planned to foreclose on a property about 10 houses away but mistakenly went after the Cordosos' home instead, deMello said.

The bank first sent workers to begin clearing out and padlocking the home in July. At that point, Charlie Cordoso managed to speak to a real estate agent hired by Bank of America to list the home for a foreclosure sale, according to the Cordosos' lawsuit.

The real estate agent told Cordoso that he would notify Bank of America that they had the wrong house -- but, according to the lawsuit, Bank of America never stopped its foreclosure plans.

In August, unbeknownst to the couple, the bank hired a landscaping service to cut the property's grass and, in the process, broke the Cordosos' fence, according to the lawsuit. In January, the Cordosos said they learned that the bank had cleared out and locked up their home.

"Once this foreclosure train starts moving, they don't let anyone stop it , whether you're right or wrong," deMello said.

The Cordosos, who eventually regained access to their home -- Charlie Cordoso had to break a back screen door to get in -- still don't know where their belongings are and now are worried about finding a new renter for the home in a tough housing market, deMello said.

The last renter moved out, the lawyer said, because she was spooked by the apparent foreclosure.

Foreclosure experts like Rick Sharga, of California-based foreclosure tracking firm RealtyTrac, say cases like these are symptomatic of a broken system strained by the housing boom and bust.

Banks have been "unable to efficiently handle the volume of distressed assets that are coming through," Sharga said. "We also are seeing the results of what had been less-than-rigorous paperwork and documentation management over the last decade or so as loans became commodities that were packaged, sold, repackaged and resold."

"It's almost inevitable that, at some point, if you don't have really tight control on these transactions, you're going to have some issues," he said.

Foreclosure Mistakes: Then and Now

To be sure, banks and mortgage companies made mistakes like those alleged in these suits before the housing market's rise and fall. In 2002, for instance, a Nevada couple sued Countrywide Home Loans -- which was bought by Bank of America in 2008 -- for mistakenly foreclosing on their home while they were out of town. A court ultimately granted them more than $2 million in damages.

Sharga said that while human error contributed to errant foreclosures in the past, they're happening with greater frequency now as banks find themselves overwhelmed with delinquent mortgages.

Bruce Marks, head of mortgage help group Neighborhood Assistance Corporation of America, said that while he hasn't worked with homeowners like the Cordosos, he's seen plenty of cases where homeowners were in the middle of working out mortgage modifications when their banks suddenly began foreclosure proceedings.

It happens because the banks "are overwhelmed, their systems don't work and one department doesn't know what the other one is doing," he said.

On "Super Tuesday" -- the first Tuesday of the month when certain states auction off foreclosed properties -- NACA helped prevent some 1,000 such sales on homes where homeowners were in the middle of loan modifications, Marks said.

"I say to all lenders out there, 'Stop foreclosing until you get your system straight,'" he said.

Since the housing crisis began, a number of banks have announced plans to streamline their mortgage and foreclosure operations, to hire and train more staff and to improve customer service.

That hasn't impressed their critics.

"They clearly haven't done enough to keep pace with the volume of problems," Sharga said.

Meanwhile, the Cardosos are dealing with problems of their own. His housing nightmare forced Charlie Cardoso to miss the homecoming of his stepson, who is back in the United States for a few days after serving a third tour of duty in Iraq , deMello said. The lawyer said the family is trying to make the most of their time with the young man now.

Maria Cardoso said she is grappling with damaged relationships with friends living in Springville.

"We have a lot of friends there, and all that time we were telling them the house [has] been paid [for]," she told WCVB Boston. "And now they think we're lying."

Источник: https://abcnews.go.com/Business/bank-america-sued-foreclosing-wrong-homes/story?id=9637897

The ones in caps are the ones I saw foreclosed on in Tulsa.   Some links below lead directly to the lenders REO Department while other link to third party websites that provide REO services for the lender.

  • Freddie Mac
  • HomEq Asset Management
  • Coldwell Banker REO
  • First American REO
  • Island Advantage REO
  • GMAC REO
  • Ameriquest
  • Arvest Bank
  • Oklahoma National Bank
  • Fidelity National Asset Management
  • Centex
     



  •  

    _______

    HUD's "extended list" are properties that have not had any bids or at least none acceptable. They say they will take the first acceptable" so make the offer. They can counter and you can start negotiating but be prepared to show them why its worth less. the more info  you can show the, the better. Even if they reject it they will have your offer on file for the future. Don't be afraid to re-submit the offer another month or so down the line. The main thing is to let them know you are a viable buyer.   

    HUD homes- check with local authorities . HUD real estate  agent to determine if they will pay closing cost.

     

    •  FREDDIE MAC- website is: http://www.homesteps.com/

      Fannie Maehttp://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp  

      FHA Financing Insurability: Uninsured  
       
      http://www.newbidselect.com/servlet/RouterServlet?p_build_page=PSPropertyDetails&p_form_action=SEARCH&pid=-1&p_reference_num=421-394402&p_client_id=6000

      http://www.newbidselect.com/servlet/RouterServlet?p_build_page=PSPropertyDetails&p_form_action=SEARCH&pid=-1&p_reference_num=422-251542&p_client_id=6000

        http://www.newbidselect.com/servlet/RouterServlet?p_build_page=PSPropertyDetails&p_form_action=SEARCH&pid=-1&p_reference_num=421-328193&p_client_id=6000

       http://www.bidselect.com/search/?StateID=OK  http://www.govsales.gov/html/index.htm  http://www.hud.gov/homes 


       


      Department of Veterans Affairs -

      http://www.homeloans.va.gov/pm.htm  See: http://www.homesales.gov/homesales/mainAction.do?FormAction=GetCounties&state=OK&stateName=Oklahoma

       shows they use http://www.ocwen.com/ http://www.ocwen.com/reo/residential/res_reopropdetails.cfm?LoanNumber=80389695&stateChosen=OK&propid=1
      http://www.ocwencustomers.com/va_vfp.cfm http://va.ocwen.com/reo/residential/va_reopropdetails.cfm?LoanNumber=8000548860&stateChosen=OK&PropID=1
      http://www.ocwen.com/reo/residential/res_reoproptype.cfm?proptype=VA&statechosen=OKhttp://www.ocwen.com/reo/residential/va_reopropdetails.cfm?LoanNumber=8000548860&stateChosen=OK&propid=1 and on a government site at http://www.homesales.gov/homesales/mainAction.do 


      Federal Deposit Insurance Corporation  http://www2.fdic.gov/drrore/   
      General Services Administration http://propertydisposal.gsa.gov/property/PropForSale 
      Internal Revenue Service  http://www.treas.gov/auctions/irs/cat_Real7.htm               http://www.treas.gov/auctions/          http://search.treas.gov/search?access=p&sort=date%3AD%3AL%3Ad1&output=xml_no_dtd&site=Auctions&ie=UTF-8&oe=UTF-8&client=auctions&proxystylesheet=auctions&q=tulsa&ip=64.149.56.99&filter=0  
      Small Business Administration http://app1.sba.gov/pfsales/dsp_search.html 
      US Army Corps of Engineers http://www.sas.usace.army.mil/hapinv/haphomes.htm
      Customs http://www.treas.gov/auctions/customs/realprop.html    http://www.treas.gov/auctions/customs/
      U S Marshal's service   http://www.usdoj.gov/marshals/assets/nsl.htmhttp://williamsauction.com/ which handles the US Marshals office.) 
      Department of Agriculture Rural Development http://www.resales.usda.gov/ 

    BANKRUPTCIES Go here and when it opens hold down the "ctrl" key and while still holding it click on the "f". Type in Payne and it will find anything in Payne county. http://dockets.justia.com/search?query=&search=Search&stateorcourt=court-okwdce&lawsuittype=noscat-2&documentfilter=allcases&cases=mostrecent&min-day=1&min-month=1&min-year=2004&max-day=21&max-month=12&max-year=2007 

     

    Court Records in Oklahoma
    http://www.oscn.net/applications/oscn/start.asp 

    click on "court dockets", at the top of the page then choose "search dockets" on the left. You can also find bankruptcies on there:
    http://www.okeb.uscourts.gov/ (Eastern)
    http://www.oknb.uscourts.gov/ (Northern)
    http://www.okwb.uscourts.gov/ (western)



    The United States Congress has given the Judicial Conference of the United States, the judicial governing body of the U.S. Federal Courts, authority to impose user fees for electronic access to case information. For a history of the electronic public access fee and a current electronic public access fee schedule, click here. All registered agencies or individuals will be charged a user fee. Access to web based PACER systems will generate a $.08 per page charge.The per page charge applies to the number of pages that results from any search, including a search that yields no matches (one page for no matches.) The charge applies whether or not pages are printed, viewed, or downloaded. You will be billed on a quarterly basis for your transactions. You will be allowed to enter a client code of your choosing each time you login to PACER to help facilitate managing the costs.

    A measure was approved by the Judicial Conference of the United States in March 2001 stating that no fee is owed until a user accrues more than $10 worth of charges in a calendar year. Consequently,if an account does not accrue $10 worth of usage between January 1st and December 31st each year, all balances will be deleted from our records.This policy change will be effective for the calendar year of 2001, and statements will not be mailed to PACER users whose accounts do not have a balance due of at least $10. Once the balance due exceeds $10, a user will receive a statement by mail which includes the current and previous charges in a calendar year. Please read the announcement detailing this change.

    Countrywide official site http://www.countrywide.com/purchase/f_reo.asp

     Midfirst REO specialist



    Realtor.com http://www.realtor.com/FindHome/default.asp?mode=Map 

    There are a few dozen companies that charge you for public information. The companies that sell this info simply collect that data from public records. If you have time and want to save the expense, you can research the data yourself.  You get what you pay for. If you want timely and real information, which is really hard to come by in this world, there will be a cost associated with that information. Free information is worthless. Information found on most website is so old as to be useless. 

    REO.com http://reo.com/reosearch/homeprofilenew.asp?PropertyID=30164259   

    http://usatoday.foreclosure.com/search/OK_119.html

    http://usatoday.foreclosure.com/search.html?st=OK&cno=119&z=&tab=b bankruptcy


    http://www.emailforeclosures.com    -http://www.emailforeclosures.com/searchresults.cgi?caller=details&idnum=417500 

    Trulia is now getting feed from Realty Trac, a foreclosure site. You can go to Trulia Real Estate, look for homes in the areas you are interested in and select 'foreclosure' as the listing type. (A word about the prices on Realty Trac - the amount is probably not what the house will sell for, a lot of times they are what the owners are behind for which is quite different from what the house might be worth or might sell even as a foreclosure.) http://www.realtytrac.com/MapSearch/MapSearch/MapSearch.aspx?txtCity=tulsa,%20OK&

    See also the ones here which may or may not be old Foreclosuredeals.com
    Payne County: http://www.foreclosuredeals.com/lview.php?st=OK&county_name=Payne

    Lincolnhttp://www.foreclosuredeals.com/lview.php?st=OK&cn=Lincoln 

    It looks like there are 4 new here since Oct 17, 2007: 
    http://www.realtytrac.com/MapSearch/MapSearch/MapSearch.aspx?txtCity=Cushing,%20OK&selStatus=D&accnt=64751& 

    I like the way each of them will tell you just a little something. You can figure out more if you keep looking at them :
    http://realestate.yahoo.com/Oklahoma/Cushing/Homes_for_sale/result.html;_ylt=ApCRyTLZrUvMQsEBiNYWhBKkF7kF?typeBak=realestate&p=Cushing%2C+OK&type=foreclosure&search=Search&priceLow=&priceHigh=&bedroomLow=&bathroomLow= 


    Ariel pictures of them:http://realestate.yahoo.com/Oklahoma/Cushing/Homes_for_sale/result.html?p=Cushing%2C+OK&type=foreclosure

    More: http://www.foreclosurelistings.com/lview.php?state_sg=OK&county_name=PAYNE&city=CUSHING

    These are Payne County but sorta jumbled http://www.foreclosure.com/listingdetails.html?st=OK&cno=119&listingid=5073546

    (I think Domania and Homescout look a lot alike but might be worth checking.)
    Domania
    Payne http://domaniacom.foreclosure.com/search/OK_119.html  (notice tabs across the top- also check bankruptcies) 
    Lincoln http://domaniacom.foreclosure.com/search/OK_081.html  

    Homescout
    Payne http://homescout.foreclosure.com/search.html?st=OK&cno=119&z=74023 
    Lincoln http://homescout.foreclosure.com/search/OK_081.html 


    http://www.freeforeclosuredatabase.com/oklahoma/oklahoma_foreclosures.php 
      http://www.foreclosure.com/listingdetails.html?st=OK&ci=Cushing&tab=c&cno=119&listingid=5967515  
    http://www.foreclosure.com/citySearch.html?st=OK&cno=119&tab=c&ci=Cushing 

    http://www.trulia.com/OK/Cushing/74023/

     http://www.foreclosurenet.net/states/oklahoma.asp 

    http://www.homes.com/Real_Estate/OK/City/CUSHING/Type/Foreclosures/Total/1/Page/1  
    _______________________________________________________________________________
      http://www.homes.com/Real_Estate/OK/City/CUSHING/Type/Foreclosures/Total/1/Page/1  

    (Click to see ariel view for those listed on Yahoo. http://realestate.yahoo.com/Oklahoma/Cushing/Homes_for_sale/result.html;_ylt=ApCRyTLZrUvMQsEBiNYWhBKkF7kF?typeBak=realestate&p=Cushing%2C+OK&type=foreclosure&search=Search&priceLow=&priceHigh=&bedroomLow=&bathroomLow  
    _______________________________________________________________________________

     
    This is part of it and has good pictures, too: http://www.homes.com/Content/ListingSearchResults.cfm?City=CUSHING&State=OK&Radius=25&Bedrooms=&FullBaths=&MinPrice=&MaxPrice=&PriceRange=&AmenitiesList=&PropType=*&TotalRecs=197&MinSqFt=&MaxSqFt=&LotSize=&MinYear=&MaxYear=&Canada=0&OrderBy=PRICE%3AA  

    Note: While http://usatoday.foreclosure.com/search.html?st=OK&cno=119&z=&tab=b shows the date they were filed if you want to learn more about them.

    http://homescout.foreclosure.com/search.html?st=OK&cno=119&z=74023
    http://www.foreclosure.com/listingdetails.html?st=OK&ci=Cushing&tab=c&cno=119&listingid=5967515

    http://www.foreclosure.com/citySearch.html?st=OK&cno=119&tab=c&ci=Cushing

    http://www.homes.com/Real_Estate/OK/City/CUSHING/Type/Foreclosures/Total/1/Page/1

    http://www.homes.com/Real_Estate/OK/City/CUSHING

    http://www.realtytrac.com/freeSearchResult.asp?txtCity=Cushing&txtCity=OK&selStatus=D&accnt=64751

    http://realestate.yahoo.com/Oklahoma/Cushing/Homes_for_sale/result.html;_ylt=ApCRyTLZrUvMQsEBiNYWhBKkF7kF?typeBak=realestate&p=Cushing%2C+OK&type=foreclosure&search=Search&priceLow=&priceHigh=&bedroomLow=&bathroomLow=

    http://realestate.yahoo.com/Oklahoma/Cushing/Homes_for_sale/result.html?p=Cushing%2C+OK&type=foreclosure

    http://www.foreclosurelistings.com/lview.php?state_sg=OK&county_name=PAYNE&city=CUSHING

    http://nc.foreclosure.com/listingdetails.html?st=OK&cno=119&listingid=5073546 tabs for bankruptcies and all

    http://www.emailforeclosures.com

     

    http://www.freeforeclosuredatabase.com   Cushing

    freeforeclosuredatabase.com

    READ THESE:

    http://www.city-data.com/forum/real-estate/333141-foreclose-short-sale.html

    http://www.city-data.com/forum/real-estate/353727-pre-foreclosure-processes.html 

    http://www.city-data.com/forum/mortgages/347863-foreclosure-prevention-programs.html 

    Read these: http://www.trulia.com/voices/Agent2Agent/_Short_Sale_or_REO_Listing_Designation_Questio-9867-- 

    http://www.trulia.com/voices/Foreclosure/Fishy_Practice_on_short_sales_and_REO_-40299-- 

    http://www.streamfx.com/CW/4-3-2008/REO-Oklahoma.html  Not good?

       

    Twice a day check a list of addresss on the MLS.

     
    Banks have realtors, and Lawyers working for them. Finding the property is actually the easy part, making sure you don`t get screwed,  is the hard part.

     What are government "tax" foreclosures?

     Buyer are chasing Foreclosed properties, because they think they are getting a good deal. When actually they could be getting a better deal with a Re sale property instead.
      Click to Bookmark This Site!     

     

    ________________________________________________________________________________________

    Real Estate from the Tulsa World Classifieds-
    http://www.tulsaworld.com/ClassifiedsSearch/ClassifiedsRealEstateIndex.asp?Department=RealEstate

      

    http://www.guthrienewsleader.net

    See foreclosure list of sites on Payne County.

    For houses posted by owner: oodle.com and http://www.owners.com/Search/SearchResults.aspx?sch=r+20%3bz+74136%3bp+1

    Источник: https://www.angelfire.com/planet/real-estate/Foreclosures.Banks2Call.html

    Real Estate Owned Property Search

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    Источник: https://www.firstcitizens.com/real-estate

    How Your Neighbor's Foreclosure Hurts You

    Foreclosures hit a record high in late 2010, a detriment of the risky lending behavior among some of the nation's biggest banks known as "Foreclosuregate." The fallout was lasting. In 2012 alone, the U.S. suffered a total loss of wealth of $192.6 billion, the result of a hefty amount of foreclosures.

    Though the market is recovering, foreclosure rates are still a concern. According to a 2017 Realty Trac report, rates dropped 19 percent in the first quarter of 2017, but more than 230,000 homes were subject to foreclosures in those three months. In March alone, more than 36,000 properties started the foreclosure process. Foreclosures still plague the real estate market, but how does your neighbor's foreclosure affect your neighborhood?

    The Cost of Foreclosure to a Neighborhood

    Though the majority of this loss is incurred by the owners of foreclosed homes themselves, they aren't the only ones affected. A 2013 report by The Alliance for a Just Society, a grassroots coalition focused on economic, racial and social equality, found an increase in property tax rates in areas with foreclosures, as well as a significant decline in the value of the surrounding properties. Neighboring home values are proven to drop an average of one percent for every seven percent the foreclosed home value drops, according to 2012 RealtyTrac data.

    The average decline in property value of a foreclosed home is anywhere from 22 to 28 percent, conservatively. With a 28 percent decline on a foreclosed home comes a 4 percent decline on neighboring homes - meaning a nearby home with an initial property value of $250,000 could see almost a $10,000 decline, just by being in a quarter-mile radius of a foreclosed home.

    Why Foreclosure Listings Affect Value

    This decline in surrounding property values is, in large part, due to appraisal procedure. An appraiser is responsible for evaluating a property's value and considers everything from the architectural structure to the school district. However, there is often such a wide array of factors that go into determining a home's value that appraisers turn to similar nearby houses, known as "comparables," for base values.

    Bob Hunt, former director of the National Association of Realtors, suggests using a foreclosure as a comparable may not be ideal, but may be necessary. "In a normal market, it is widely thought that using distress sales as comparables is inappropriate because such sales are atypical," said Hunt. "That can hardly be said of the market today or of the past few years. In many areas distress sales comprise 30 to 40 percent of total activity."

    Foreclosures also tend to have an effect on a potential buyer's perception of the area.

    A neighboring house in foreclosure can certainly sap value from your own property. But that's not the only damage done. A bank-owned home is less likely to be properly maintained. In fact, there are a number of factors that can sink property values. As the grass turns crunchy and weeds take over the lawn, the entire neighborhood's curb appeal slips a notch.

    Effect On Surrounding Home Equity

    A declining property value can be especially unfavorable if neighboring homeowners are either looking to sell in the near future, or are still paying their mortgages.

    If a neighboring homeowner is looking to sell shortly after the foreclosure, this drop in property value equates to a lower selling price. That's a frustration largely out of the homeowner's control.

    If neighboring homeowners are still paying on their mortgages, the danger lies in negative equity. If a property value falls drastically, the homeowner may then owe more than the home is worth, which can make it difficult to sell or pay off the mortgage without suffering significant financial loss.

    What You Can Do

    Unfortunately, there isn't much homeowners can do to protect their properties from these negative effects. Many may not even be aware of foreclosures nearby, which is why the U.S. Department of Housing and Urban Development provides a full list of foreclosed homes by area. Homeowners looking to sell can talk to a real estate agent about their best options, while those still paying mortgages can talk to a lender. If you'd like to speak with a professional about foreclosure and your VA loan, you can comment below, speak with a Veterans United loan specialist anytime at 855-870-8845 or get connected with a VA savvy real estate agent.

    Though your hands may be tied, there is one exception. If the property's condition falls short of homeowner's association (HOA) standards or city code, concerned neighbors should speak up. Get a homeowner's association representative to contact the lender and/or the city. All homes — whether in foreclosure or not — must be maintained within applicable city or HOA guidelines.

    By Kimberly Duncan

    Formerly a content contributor at Veterans United Network, Kimberly Duncan (NMLS #1227482) is a Senior Transaction Coordinator at Veterans United Home Loans analyzing and processing VA home loan applications.

    Kimberly's articles focus primarily on personal finance tips and advice for current and future homeowners.

    Источник: https://www.veteransunited.com/futurehomeowners/how-your-neighbors-foreclosure-hurts-you/

    15+ Foreclosure Statistics to Give You Hope in 2021

    Imagine this:

    You can’t pay your mortgage. The lender takes it back. Cue stress and disappointment.

    Unfortunately, this scenario is all too real, and foreclosure statistics show that millions of Americans experienced it during the 2008 financial crisis.

    A decade after the recession, things were finally looking up. The foreclosure rate was at an all-time low… and then the pandemic hit.

    Unemployment skyrocketed due to stay-at-home orders, and high unemployment usually leads to foreclosures. Fortunately, despite millions of delinquent mortgages, the rates are still low, and the numbers are actually improving.

    Foreclosure moratoriums helped a lot with this, so even millions of delinquent mortgages aren’t in danger of becoming foreclosures. At least not yet.

    So let’s look at some important statistics and how they’ll impact our future:

    Fascinating Foreclosure Facts (Editor’s Pick):

    • 1 in 12,448 properties in the US are currently in foreclosure.
    • There were 214,323 active foreclosure cases nationwide during 2020.
    • Bank repossessions are down by 79% compared to last year.
    • The average time to foreclose is going up—it now takes an average of 830 days.
    • Vermont had the fewest foreclosure filings in Q3 2020.
    • South Carolina had the highest foreclosure rate in the country.
    • 18.1% of ongoing foreclosureshave been resolved and reverted to bank ownership.

    As you can see, it’s not all sunshine and roses. While the national average remains good, there are states and regions that are bucking that trend.

    The United States foreclosure properties have dropped by 90% compared to the pre-recession average.

    But here’s the kicker:

    Moratoriums on foreclosures are in place due to the ongoing pandemic, and they’re artificially depressing the number of foreclosures. The number of mortgages in serious stages of delinquency is actually five times higher than a year ago.

    Is another housing market bubble rising, ready to burst?

    It remains to be seen. Delinquency is improving, and prepayment activity is going strong. So despite the inevitable increase in foreclosure filings during 2021, we might get by without another complete crash.

    Now let’s delve deeper into the current foreclosure data:

    Foreclosure Trends Are Looking Up

    Easy access to credit, exciting mortgage offerings, low-interest rates… Those were just a few of the things that caused the housing market burst, which, in turn, was a major factor in the 2008 financial crisis and the sheer number of foreclosures that ensued.

    Have we gotten smarter?

    It looks like we have!

    Fewer and fewer Americans are struggling to pay for their mortgage, and even pricier homes aren’t out of reach.

    It seems like we’ve gotten savvier at choosing our mortgage, too:

    Before the 2008 recession, only 57% of homeowners had done preliminary research online. Today, 92% of mortgage borrowers take that step before talking to a lender. While this shows how important the Internet has become, it’s also proof that Americans are getting smarter (and more cautious because we all remember the high foreclosure rates) about choosing their mortgage.

    And what are the results? Pretty damn good:

    1. Foreclosure activity was 90% lower in 2020, year-over-year.

    (Source: The Motley Fool)

    Despite 3.4 million delinquent mortgages being over 90 days delinquent, the foreclosure activity remains low. Foreclosure stats show that the moratoriums put in place by federal and state agencies are preventing a lot of people from losing their homes.

    2. In 2020, the number of foreclosures was at its lowest in 16 years.

    (Source: ATTOM Data Solutions)

    There were 214,323 foreclosures in 2020; 57% down compared to last year and over ten times less than the peak of nearly 2.9 million in 2010.

    Foreclosure rates are better than they were in 2005—well before the recession.

    3. The number of repossessed properties is down by 79% from last year.

    (Source: ATTOM Data Solutions)

    Despite this, there has been a slight uptick in foreclosure filings near the end of the year. A total of 11,673 US properties had some sort of foreclosure filing in October 2020 alone.

    4. Foreclosure statistics show that the average foreclosure in Q3 of 2020 took 830 days.

    (Source: ATTOM Data Solutions)

    This is an increase of 21% compared to the previous quarter but a slight dip compared to the previous year. In general, the foreclosure processes are longer than ever, meaning that lenders are better off and they can afford longer grace periods, while people at risk of losing their home have more time to try and get back on their feet.

    5. Vermont is the state with the lowest number of houses for foreclosure in the US.

    (Source: ATTOM Data Solutions)

    Vermont had only one foreclosure filing for every 83,253 housing units and a total of four foreclosures in the third quarter of 2020. The state that’s closest is South Dakota, with one filing per 42,666 housing units and a total of 9 foreclosures in the same period.

    It’s Not All Rosy on the Foreclosure Market

    To recap: everything is amazing, and the housing market is healthier than ever?

    Well, yes, but actually no.

    There are still plenty of problems that we’re dealing with, and we’re still not sure what’s gonna happen when moratoriums on foreclosures end.

    In addition, foreclosure statistics for Florida, New Jersey, and South Carolina show rates that are significantly higher than the national average. Families in these states are at a much greater risk of foreclosure.

    Is it serious? Probably.

    The national average doesn’t tell us everything, and the gap between South Carolina and Vermont is pretty staggering.

    So what does the gap look like?

    6. South Carolina has the highest foreclosure rate, with one foreclosure per 2,339 housing units.

    (Source: ATTOM Data Solutions)

    Illinois and New Mexico are next with one foreclosure per 3,031 and 3,079 housing units, respectively. Of the three, Illinois has the highest number of housing foreclosures at 1,764, it is followed by South Carolina with 965 total foreclosures, and New Mexico is last with 303 foreclosed properties.

    7. Foreclosure timelines are shortest in Virginia, Minnesota, and Alaska.

    (Source: ATTOM Data Solutions)

    While the national average is 830 days, some states have exceptionally short foreclosure timelines. According to foreclosure data, in Virginia, Minnesota, and Alaska, it’s possible to lose one’s home in 180, 208, and 213 days respectively.

    8. Without the moratoriums, foreclosures could increase by over 100%.

    (Source: ATTOM Data Solutions)

    When CARE act protections expire, mortgage foreclosures could more than double from the first quarter of 2021 to the second one. The biggest foreclosure spike will probably hit California, Colorado, and Massachusetts.

    9. Mortgage delinquency rate is 89% higher than at the end of 2019.

    (Source: Black Knight)

    This, more than anything, shows just how precarious the situation is. Mortgage forbearances are preventing delinquent loans from entering foreclosures. Still, unless the borrowers’ financial situation improves by the time these protections expire, foreclosure statistics show that the market will be hit with an excess of seriously delinquent mortgages that will enter the pre-foreclosure stage.

    Bottom line:

    Some states are doing great, others are struggling, and the future is uncertain.

    But do we have any actual reason to worry? Let’s try to use history to predict what is coming in 2020:

    Historical Foreclosure Rates vs Future Trends

    Analyzing foreclosure rates by year helps us gain insight into what has happened and what we are yet to expect.

    10. Foreclosure rate in 2006 was 0.58%.

    (Source: ATTOM Data Solutions)

    The total number of annual foreclosures just before the economic crisis started hitting hard was 717,552. In the year after that, the numbers almost doubled. And the year after that, they almost doubled again.

    11. Foreclosure rates peaked in 2010 when they hit 2.23%.

    (Source: ATTOM Data Solutions)

    2010 was arguably the worst year for homeowners. Foreclosures skyrocketed in the aftermath of the financial crisis. The mind-blowing rate of 2.23% and a total of 2,871,891 foreclosed properties were unthinkable just a few years prior.

    12. The pre-recession quarterly average of foreclosed properties between Q1 2006 and Q3 2007 was 278,912.

    (Source: ATTOM Data Solutions)

    Right now, we are doing better than before the 2008 crisis. According to foreclosure stats The number of foreclosed properties dropped by 90% to 27,016 in Q3 of 2020.

    The third quarter of 2020 is the 21st consecutive period where the average is going down.

    13. Foreclosures by state dropped by up to 99% compared to the pre-recession average.

    (Source: ATTOM Data Solutions)

    In Colorado and Nevada, there are now 99% fewer properties that receive a foreclosure warning. Compared to pre-recession data, foreclosures in Massachusetts and Michigan have decreased by 98%. Even South Carolina, which is currently rocking through a foreclosure rate surge, has seen a drop of 25% compared to the pre-recession period.

    14. Mortgage debt reached $9.86 trillion in Q3 2020.

    (Source: Investopedia)

    For most people, a new house means taking out a mortgage. Few people have enough money to just buy real estate, so 63% of Americans have borrowed money to finance their new home. And, while home mortgage debt had been falling until 2013, it’s on the rise again.

    15. 46.7% of all active foreclosures are in the auction stage.

    (Source: RealtyTrac)

    Foreclosure stats indicate that out of all foreclosures active in December 2020 in the US, 18.1% have been resolved and the ownership has reverted to the mortgage lender. The remaining 35.2% are still in the pre-foreclosure stage of the process.

    Conclusion

    On paper, the mortgage situation looks great, and foreclosure trends are promising, but appearances can be deceiving. Due to the protections implemented by various moratoriums and forbearance policies, many delinquent mortgages can’t enter the proper foreclosure stage, which may be lulling us into a false sense of security.

    It remains to be seen what will happen when these protections expire and how the economy will handle the inevitable increase in foreclosure proceedings.

    And there you have it: our recap of 2020 foreclosure statistics.

    What is your take on it? Do you think foreclosure trends are looking great? Or is there danger lurking in plain sight?

    Let us know in the comments below!

    FAQ

    What Causes Mortgage Foreclosures?

    Owners not paying their mortgage.

    Just like any loan, a mortgage is a sum of money you receive that you return in monthly payments. You specifically borrow money to purchase real estate. The property itself secures the mortgage —if you can no longer pay your lender, they can take away the real estate.

    These are the basic reasons for foreclosure—mortgage borrowers not paying back the loan.

    Can the Bank Really Get Their Money Back? 

    …. or are they being jerks and taking away people’s homes?

    The answer is: yes, they can. They do this by selling the property through an auction.

    The bidding usually starts at the amount that is owed for that house. This way, the lender can get back the money that the original owners couldn’t pay.

    How About Buying a Foreclosure?

    This could be a great deal since the original owners have paid back some of the owed amount.

    You can buy foreclosures on the courthouse steps (sometimes literally, sometimes not). There are even options to finance them – even though they’re not strictly mortgages. Loans for foreclosures can be tricky to navigate, however, since most lenders require payment in cash on the day of the auction.

    If you can afford to pay the amount in full, foreclosure properties are a great way to get a bargain price for beautiful real estate!

    How Do I Find Foreclosures? 

    There are multiple strategies for a successful foreclosure search. The easiest, of course, is working with a real estate agent to find a great deal. Since agents work on commission, though, it might be smarter to start with bank websites that list houses for foreclosure. You could also check the listings by the Department of Housing and Urban Development or the county website.

    Is it worth paying for a foreclosure search service? It’s definitely much cheaper than an agent. RealtyTrac, for instance, offers up its database for under $50 a month. Just make sure you’ve checked the necessary foreclosure statistics before making any decisions.

    Источник: https://spendmenot.com/blog/foreclosure-statistics/

    Should I Buy a Foreclosure for My First Home?

    First-time homebuyers with an above-average tolerance for risk (and the wherewithal to do some fixing up) may be able to nab a major bargain by buying a foreclosed home. Foreclosures typically sell below market value, but there are complications to consider.

    How Does Buying a Foreclosed Home Work? 

    Foreclosure occurs when a mortgage borrower fails to keep up with their loan payments, and the lender exercises its right to seize the home and resell it to recoup (or at least reduce) their financial losses. Mortgage issuers typically put foreclosed properties up for auction, which often means selling the home for less than market value. When homes fail to sell at auction, however, lenders may slash the sales price and sell them directly.

    Because foreclosures are often terrific bargains, they are popular with real estate investors looking to use them as rental properties or flip them for a quick profit. Competing with these investors, many of whom have access to significant credit and can put down extra-large down payments or even purchase properties outright for cash, can be challenging for first-time homebuyers.

    If that means you, you’re not necessarily out of the running for a foreclosure purchase. But to compete with investors, you’ll need to lay some groundwork to document your ability to close the deal. You’ll also need to be careful and decisive about choosing a property you likely won’t have much time to size up before you make a bid.

    To fully understand what you may be getting into with a foreclosure purchase, it’s helpful (and sometimes essential) to work with a real estate professional with foreclosure experience. The National Association of Realtors’ Short Sale and Foreclosure Resource (SFR) certification denotes agents and with training in this specialty. 

    It’s also crucial to understand that foreclosure typically follows a timeline, and that purchasing opportunities and procedures differ during each stage in the process. The duration of each stage in the timeline may differ according to circumstances and state or local laws, but they typically occur in in this order:

    • Short sale: A short sale occurs instead of foreclosure, when a lender agrees to let a homeowner sell their home for less than what they owe on their mortgage, with the understanding that all proceeds of the sale will go to the lender. (Lenders typically do this after determining that their loss on the sale will be less than the cost of pursuing foreclosure.) 
    • Auction: Foreclosure auctions are public events, and may be listed on the websites of the county, city or other municipality that conducts the auctions. Rules and requirements differ by jurisdiction, but foreclosed properties are always offered at auction in as-is condition, with the seller assuming no responsibility for property damage, repairs or financial encumbrances such as unpaid liens.
      Properties listed for sale at auction may or may not be available beforehand for inspection, but they are usually listed long enough in advance for a title search to be conducted ahead of time. Some jurisdictions allow a grace period after an auction is conducted that allows buyers to back out of a sale (after a title search or inspection, or for any reason at all) by forfeiting a cash deposit, but in most jurisdictions auction sales are final, and getting out of one will be costly, if it’s possible at all.
    • Real estate-owned (REO): REO designates properties that have been foreclosed upon and are available for purchase directly from the lender. Most commonly these are properties that have failed to sell at public auction, but houses are occasionally available for purchase on an REO basis before they reach the auction block. REO properties may be listed on lenders’ websites, but typically are not advertised or publicized and can only be purchased with help from a licensed real estate professional.

    Benefits and Risks of Buying a Foreclosure for Your First Home

    The main benefit of purchasing a foreclosed home is savings. Depending on market conditions, you can purchase a foreclosed home for considerably less than you’d pay for comparable, non-foreclosed homes.

    The main risks come from the degree to which a foreclosed property can be a mystery to the buyer. Foreclosed homes are sold in “as-is” condition, and are typically unavailable for a walk-through before purchase.

    Foreclosures may have sat unoccupied, without heat or air conditioning, for weeks or months prior to sale, and past owners may have neglected or even vandalized them. If you succeed in purchasing a foreclosed home, you’ll likely need some cash (or available credit) to get the property to move-in condition.

    Do-it-yourselfers may see this as a golden opportunity for savings, but less-capable (or less ambitious) homebuyers might consider putting that repair budget toward a down payment on a more conventional purchase.

    Where to Find Foreclosed Houses

    The following resources can help you find foreclosed properties for purchase. Real estate professionals in your area may know of additional resources.

    • Bank websites. Many bank websites provide lists of REO properties for sale.
    • The U.S. Department of Housing and Urban Development (HUD) lists homes available for purchase from government agencies, including many foreclosures.
    • You can search for foreclosure properties on web-based real estate listing services such as RealtyTrac and Zillow.
    • Multiple listing services (MLS) list foreclosure properties. These services are available by prescription to licensed real estate professionals. A real estate agent or mortgage broker can use MLS to access foreclosures in your area.

    Steps to Take When Purchasing a Foreclosure as Your First Home

    Think buying a foreclosure may be the right choice for you? Follow these steps to ensure the process goes as smoothly as possible. 

    1. Secure a Preapproval Letter

    A mortgage preapproval indicates a lender has reviewed your financial status and agreed to issue you a loan up to a set amount, with a repayment term and interest rate based on a specific down payment. Preapproval attests to your ability to finance a purchase within the specified price range, and having one is practically essential when you’re competing with cash buyers. Plan on spending a fee of several hundred dollars for each preapproval, and be aware that a preapproval letter is typically only good for 60 to 90 days. Specific financing terms may change if interest rates increase or your income or credit score changes before you finalize your loan application on a specific purchase. If you’re not happy with the terms of your preapproval, take steps to improve your credit score and reduce your debt. 

    It’s possible to get a preapproval letter based on conventional mortgage lending terms and under the terms of any government-backed mortgage assistance program you qualify for, such as a Federal Housing Administration (FHA) loan or a mortgage backed by the U.S. Department of Veterans Affairs (VA) or U.S. Department of Agriculture (USDA). Note that these programs spell out eligibility requirements on properties they’re willing to finance, and some foreclosures may not qualify.

    2. Schedule a Property Inspection

    This should be standard procedure with any home purchase, but it’s particularly important with a foreclosure because. Unlike a traditional home sale, the seller of a foreclosed home is not required to disclose material defects in the property when offering it for sale. Knowing about potentially hidden issues with the property so you can plan to address them before taking occupancy.

    3. Conduct a Title Search

    Prior to foreclosure, the owner of a house may have taken out a second mortgage or a home equity line of credit (HELOC)—forms of credit that use the house as collateral. If the primary mortgage lender forecloses, the lenders that issued those secondary loans may still have liens on the property—that is, the right to collect what they’re owed when the house is sold. Liens attach to a property, not owners, so if liens are attached to the foreclosed home you buy, you may have to clear those liens—pay off the previous owner’s debts—before you can sell the property. Undetected liens are hidden costs that can significantly undercut any bargain you get by purchasing a foreclosure. 

    A title search is a professional investigation that identifies liens, unpaid taxes and legal judgments that may be connected to a property; expect to pay a few hundred dollars for the service. Conducting a title search on a foreclosed property you want to bid on an auction can save you big if it alerts you to a lien. 

    4. Consider Contract Contingencies

    Lenders are eager to sell foreclosed properties quickly, with minimal complications, so they are likely to balk at the kind of sales contingencies often found in conventional sales contracts. Contingencies stipulating that certain appliances be included with the home, or that specific repairs or improvements be made before the closing date likely won’t fly in a foreclosure sale, for instance.

    It’s wise, however—especially for a first-time foreclosure buyer—to consider including a contingency in your purchase offer that allows you to walk away from the sale on the basis of a property inspection. If local laws don’t permit pre-auction title searches on foreclosed homes, it also could be prudent to include a contingency that allows you to back out of a sale in light of title-search findings.

    In a competitive situation where another buyer makes no contingencies, these measures could cost you a sale, but that risk is worth it if it saves you from having to complete a purchase on a property that’s saddled with heavy lien obligations or that requires costly repairs.

    5. Understand the Process

    Familiarize yourself with the process you wish to pursue (short sale, auction or REO) before you put any money on the line. If you plan on purchasing a home at auction, attend one or two auctions to get comfortable and learn local procedures before committing to anything. If possible, get to know one or more “regulars” familiar with the system and buy them coffee or lunch in exchange for some tips and suggestions. And once again, consider working with a seasoned real estate professional who can offer knowledgeable advice. Paying a commission may seem counter to the bargain-hunting goal of foreclosure shopping, but their guidance could prevent expensive mistakes or oversights that would far outweigh their costs. 

    Purchasing a foreclosure isn’t for everyone, but if you go into the process with eyes wide open, prepare to compete with real estate investors, and accept the risk (and potential need for cash and labor that goes with), you could save a bundle on your first home purchase.

    September 12, 2020, by Jim Akin for Experian

    Category: UncategorizedBy adminLeave a comment

    Источник: https://usmtgnc.com/should-i-buy-a-foreclosure-for-my-first-home/

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    first national bank alaska foreclosures

    No Mortgage, Still Foreclosed? Bank of America Sued for Seizing Wrong Homes

    Jan. 25, 2010 — -- Some 2.8 million homeowners faced the threat of foreclosure last year, if you ve been waiting for falling in love it wasn't supposed to happen to Charlie and Maria Cordoso. In 2005, the New Bedford, Mass. couple paid in full -- in cash -- for a house in Springville, Fla., and rented it out with plans eventually to use the home as a retirement getaway.

    They said they were shocked to learn earlier this month that Bank of America had locked them out and removed their clothing and furniture from the property.

    "All the love I put in that house -- I fix things up every time I go there," Charlie Cordoso, a construction worker, told University at buffalo merchandise affiliate WCVB Boston. "Bank of America or somebody should apologize."

    The Cordosos, Portuguese immigrants who are in their 50s, are now suing Bank of America for allegedly seizing the wrong home, and they're not alone: Two other homeowners, one earlier this month in Texas and another last October in Kentucky, also have filed lawsuits alleging that Bank of First national bank alaska foreclosures attempted to foreclose on their homes even though the bank did not own or service mortgages for the properties.

    Bank of America has yet to file a response to the Cordosos' claim and to the Texas claim, in which the homeowner alleges that the bank cut power to his property during the faulty foreclosure, leaving it reeking of fish, which were stored in his refrigerator first premier bank customer service number freezer. (The homeowner had left 75 pounds of fish at the home after a successful fishing trip to Alaska, according to the lawsuit.)

    Bank spokesman Rick Simon said in an e-mail to ABCNews.com that the bank has reached out to the Cardosos' lawyers and hopes "to have the opportunity to work with them to properly assess and address their allegations."

    The bank believes that the Texas and Kentucky cases, however, "have no merit," Simon said, and the bank blames others for the errors.

    In the Kentucky case, Bank of America was a co-defendant along with a Kentucky corporation that also allegedly worked on the foreclosure. In that case, the bank filed a document claiming that any "injuries or damages" alleged by the homeowner were the result of "negligence caused by entities and/or persons for which BofA is not responsible."

    Meanwhile, a local contractor hired "to secure the property for Bank of America" has accepted responsibility for the mistake in Texas, Simon said.

    Errant Foreclosures: A National Problem?

    The mistakes of local contractors, however, don't get banks off the hook with critics, who allege that the foreclosure systems at Bank of America and other institutions are deeply flawed.

    "It's a national issue," said Joseph deMello, one of lawyers representing the Cordosos.

    Bank of America actually had planned to foreclose on a property about 10 houses away but mistakenly went after the Cordosos' home instead, deMello said.

    The bank first sent workers to begin clearing out and padlocking the home in July. At that point, Charlie Cordoso managed to speak to a real estate agent hired by Bank of America to list the home for a foreclosure sale, according to the Cordosos' lawsuit.

    The real estate agent told Cordoso that he would notify Bank of America that they had the wrong house -- but, according to the lawsuit, Bank of America never stopped its foreclosure plans.

    In August, unbeknownst to the couple, the bank hired a landscaping service to cut the property's grass and, in the process, broke the Cordosos' fence, according to cursive m initial necklace lawsuit. In January, the Cordosos said they learned that the bank had cleared out and locked up their home.

    "Once this foreclosure train starts moving, they don't let anyone stop itwhether you're right or wrong," deMello said.

    The Cordosos, who eventually regained access to their home -- Charlie Cordoso had to break a back screen door to get in -- still don't know where their belongings are and now are worried about finding a new renter for the home in a tough housing market, deMello said.

    The last renter moved out, the lawyer said, because she was spooked by the apparent foreclosure.

    Foreclosure experts like Rick Sharga, of California-based foreclosure tracking firm RealtyTrac, say cases like these are symptomatic of a broken system strained by the housing boom and bust.

    Banks have been "unable to efficiently handle the volume of distressed assets that are coming through," Sharga said. "We also are seeing the results of what had been less-than-rigorous paperwork and documentation management over the last decade or so as loans became commodities that were packaged, sold, repackaged and resold."

    "It's almost inevitable that, at some point, if you don't have really tight control on these transactions, you're going to have some issues," he said.

    Foreclosure Mistakes: Then and Now

    To be sure, banks and mortgage companies made mistakes like those alleged in these suits before the housing market's rise and fall. In 2002, for instance, a Nevada couple sued Countrywide Home Loans -- which was bought by Bank of America in 2008 -- for mistakenly foreclosing on their home while they were out of town. A court ultimately granted them more than $2 million in damages.

    Sharga said that while human error contributed to errant foreclosures in the past, they're happening with greater frequency now as banks find themselves overwhelmed with delinquent mortgages.

    Bruce Marks, head of mortgage help group Neighborhood Assistance Corporation of America, said that while he hasn't worked with homeowners like the Cordosos, he's seen plenty of cases where homeowners were in the middle of working out mortgage modifications when their banks suddenly began foreclosure proceedings.

    It happens because the banks "are overwhelmed, their systems don't work and one department doesn't know what the other one is doing," he said.

    On "Super Tuesday" -- the first Tuesday of the month when certain states auction off foreclosed properties -- NACA helped prevent some 1,000 such sales on homes where homeowners were in the middle of loan modifications, Marks said.

    "I say to all lenders out there, 'Stop foreclosing until you get your system straight,'" he said.

    Since the housing crisis began, a number of banks have announced plans to streamline their mortgage and foreclosure operations, to hire and train more staff and to improve customer service.

    That hasn't impressed their critics.

    "They clearly haven't done enough to keep pace with the volume of problems," Sharga said.

    Meanwhile, the Cardosos are dealing with problems of their own. His housing nightmare forced Charlie Cardoso to miss the homecoming of his stepson, who is back in the United States for a few days after serving a third tour of duty in IraqdeMello said. The lawyer said the family is trying to make the most of their time with the young man now.

    Maria Cardoso said she is grappling with damaged relationships with friends living in Springville.

    "We have a lot of friends there, and all that time we were telling them the house [has] been paid [for]," she told WCVB Boston. "And now they think we're lying."

    Источник: https://abcnews.go.com/Business/bank-america-sued-foreclosing-wrong-homes/story?id=9637897

    How Your Neighbor's Foreclosure Hurts You

    Foreclosures hit a record high in late 2010, a detriment of the risky lending behavior among some of the nation's biggest banks known as "Foreclosuregate." The fallout was lasting. In 2012 alone, the U.S. suffered a total loss of wealth of $192.6 billion, the result of a hefty amount of foreclosures.

    Though the market is recovering, foreclosure rates are still a concern. According to a 2017 Realty Trac report, rates dropped 19 percent in the first quarter of 2017, but more than 230,000 homes were subject to foreclosures in those three months. In March alone, more than 36,000 properties started the foreclosure process. Foreclosures still plague the real estate market, but how does your neighbor's foreclosure affect your neighborhood?

    The Cost of Foreclosure to a Neighborhood

    Though the majority of this loss is incurred by the owners of foreclosed homes themselves, they aren't the only ones affected. A 2013 report by The Alliance for a Just Society, a grassroots coalition focused on economic, racial and social equality, found an increase in property tax rates in areas with foreclosures, as well as a significant decline in the value of the surrounding properties. Neighboring home values are proven to drop an average of one percent for every seven percent the foreclosed home value drops, according to 2012 RealtyTrac data.

    The average decline in property value of a foreclosed home is anywhere from 22 to 28 percent, conservatively. With a 28 percent decline on a foreclosed home comes a 4 percent decline on neighboring homes - meaning a nearby home with an initial property value of $250,000 could see almost a $10,000 decline, just by being in a quarter-mile radius of a foreclosed home.

    Why Foreclosure Listings Affect Value

    This decline in surrounding property values is, in large part, due to appraisal procedure. An appraiser is responsible for evaluating a property's value and considers everything from the architectural structure to the school district. However, there is often such a wide array of factors that go into determining a home's value that appraisers turn to similar nearby houses, known as "comparables," for base values.

    Bob Hunt, former director of the National Association of Realtors, suggests using a foreclosure as a comparable may not be ideal, but may be necessary. "In a normal market, it is widely thought that using distress sales as comparables is inappropriate because such sales are atypical," said Hunt. "That can hardly first national bank alaska foreclosures said of the market today or of the past few years. In many areas distress sales comprise 30 to 40 percent of total activity."

    Foreclosures also tend to have an effect on a potential buyer's perception of the area.

    A neighboring house in foreclosure can certainly sap value from your own property. But that's not the only damage done. A bank-owned home is less likely to be properly maintained. In fact, there are a number of factors that can sink property values. As the grass turns crunchy and weeds take over the lawn, the entire neighborhood's curb appeal slips a notch.

    Effect On Surrounding Home Equity

    A declining property value can be especially unfavorable if neighboring homeowners are either looking to sell in the near future, or are still paying their mortgages.

    If a first national bank alaska foreclosures homeowner is looking to sell shortly after the foreclosure, this drop in property value equates to a lower selling price. That's a frustration largely out of the homeowner's control.

    If neighboring homeowners are still paying on their mortgages, the danger lies in negative equity. If a property value falls drastically, the homeowner may then owe more than the home is worth, which can make it difficult to sell or pay off the mortgage without suffering significant financial loss.

    What You Can Do

    Unfortunately, there isn't first national bank alaska foreclosures homeowners can do to protect their properties from these negative effects. Many may not even be aware of foreclosures nearby, which is why the U.S. Department of Housing and Urban Development provides a full list of foreclosed homes by area. Homeowners looking to sell can talk to a real estate agent about their best options, while those still paying mortgages can talk to a lender. If you'd like to speak with a professional about foreclosure and your VA loan, you can comment below, speak with a Veterans United loan specialist anytime at 855-870-8845 or get connected with a VA savvy real estate agent.

    Though your hands may be tied, there is one exception. If the property's condition falls short of homeowner's association (HOA) standards or city code, concerned neighbors should speak up. Get a homeowner's association representative to contact the lender and/or the city. All homes — whether in foreclosure or not — must be maintained within applicable city or HOA guidelines.

    By Kimberly Duncan

    Formerly a content contributor at Veterans United Network, Kimberly Duncan (NMLS #1227482) is a Senior Transaction Coordinator at Veterans United Home Loans analyzing and processing VA home loan applications.

    Kimberly's articles focus primarily on personal finance tips and advice for current and future homeowners.

    Источник: https://www.veteransunited.com/futurehomeowners/how-your-neighbors-foreclosure-hurts-you/

    The Forbearance Period is microwave oatmeal good for you Ending: What's the Impact on Foreclosures, House Prices, Supply, and Homeownership?

    As the foreclosure moratorium1 for federally-guaranteed (FHA, VA, USDA) and GSE-backed (Fannie Mae, Freddie Mac) mortgages is about to end on June 30 (unless extended), there are still 2.7 million homeowners who are not caught up on their mortgage payment and 1.8 million loans that are seriously delinquent (90 days or more past due and in foreclosure). How will this impact the housing market and homeownership?

    The analysis below shows the impact on housing prices is likely to be minimal, with 77% of loans in forbearance having a debt repayment plan and with a housing shortage of 5 million single-family homes. However, the foreclosures will likely widen the already alarming homeownership gap among income groups and racial groups, with low income and minority groups twice as likely to face foreclosure than higher income and non-minority groups, and homeowners of FHA-insured loans three times as likely to face foreclosure. A repayment scheme where households pay no more than 5% of income is typically affordable for homeowners.

    77% of homeowners in forbearance exit with a loss mitigation repayment plan in place

    The majority of homeowners in forbearance have workout options, and only small fraction exit forbearance by selling their home. According to Mortgage Bankers Association, 77.1% of homeowners that exit forbearance had a workout (loss mitigation) plan: loan deferral or partial claim (27.6%), continuation of monthly mortgage payment (24%), reinstatement (15.3%), and loan modification (10.2%).

    From September 2020 through June 13, 2021, only about 1 in 10 homeowners opted to exit forbearance by selling their home (7.5%) or by a deed-in-lieu or short sales (2%), totaling an estimated 250,000 homes.2

    However, 15.3% homeowners exited the forbearance period without a workout plan, totaling about 400,000 homes.3 There is no data on whether these homeowners exited forbearance without a loss mitigation plan in place because they can affordably pay the mortgage, or whether they will likely end up in foreclosure and on the market. If all these 400,000 homes go into foreclosure and get listed, that will add about 24 days of supply to the housing market given the current monthly sales pace of 483,333 existing homes. If only 1/3 of these homes end up on the market, that's 133,200 homes, which will add just 8 days of additional at&t billing. If 2/3 of these homes end up on the market, that's about 268,000 homes, which will add 17 days of supply. Given that only 1 in 10 borrowers are opting to list their homes, the more likely scenario is that 1/3 or even less of the 400,000 that exited forbearance could end up as listed homes, adding some relief to the tight supply — not a glut that could depress prices.

    5 million shortage of single-family homes compared to 1.8 million seriously delinquent mortgages

    Over the 20-year period of 2000–2020, the underbuilding of single-family homes nationally totaled any home remedies for strep throat 5 million.4 This underbuilding far outstrips the 1.85 million mortgages that are 90 or more days past due and that are in the foreclosure inventory ("seriously delinquent") as of 2021 Q1.5 In 38 states, there is an underbuilding of single-family homes compared to the level of employment during 2000–2020.

    Again, not all mortgages that are in serious delinquency will end up in foreclosure, so these foreclosed homes coming into the market will not cause a glut and price declines but will help alleviate the tight housing supply and lead to slower price appreciation. The table below compares the housing underbuilding of single-family homes with mortgages in foreclosure and if 1/3, 2/3, or all get foreclosed and end up on the market. The most likely scenario is that no more than 1/3 could end up on the market given the current trend where homeowners in forbearance are using loss mitigation options to work out the repayment. Nationally, 1/3 of 1.8 million loans that are seriously delinquent amounts to about 618,000 homes or 1.3 months of supply of the current monthly sales pace of 483,333 homes.

    Additional supply will slightly ease price appreciation

    Any increase in supply from home sales will help temper some of the pressure on home sales. Based on the relationship between months' supply and the year-over-year median existing-home sales price, since 2000 every additional month of inventory relative to demand (months' supply) lowers the year-over-year price change by 2.5 percentage points.

    The additional 8 days of supply (from the likely scenario that 1/3 of the 400,000 homes that are past due but not in forbearance could end up on listed) will slightly cool down prices by no more than 1 percentage point and up to as much as 2.5 percentage points if all homes are listed.

    Lower income and minority groups are twice as likely to face foreclosure

    While the impact of the end of the forbearance period and potential foreclosures will not likely have negative impact on supply and prices, any foreclosures will widen the already dismal homeownership gap and the wealth divide between higher and lower income groups and between minority and non-minority (White, non-Hispanic groups).

    During the period May 12-24, there were 2.7 million households that were not caught up on their mortgage payment (7% of owner households with a mortgage).6 The fraction of low-income and minority groups who are not caught up on mortgage payments is twice the rate of those of higher income and the White or non-Hispanic groups which means the former face a higher risk of foreclosure. By race, 13% of Black-only households are not caught up on their mortgage compared to 7% among all households. By ethnicity, 11% of Hispanic households are not caught up on their mortgage. By income group, nearly 1 fingerhut phone number 1 800 5 households with an income of less than $25,000 is not caught up on their mortgage payment. Across all income groups, households earning less than $50,000 account for 43% of households not caught up on mortgage payment.

    FHA borrowers are thrice as likely to face foreclosure than conventional loan borrowers

    By type of mortgage, homeowners with FHA and VA financing are at higher risk of foreclosure. Nationally, 11% of FHA borrowers are seriously delinquent compared to only 3.4% among conventional loan borrowers. FHA borrowers tend to be the lower-income borrowers with less than excellent credit scores, and it will be harder for them to get back into homeownership if they lose their home. As of 2021 Q1, FHA- and VA-insured mortgages accounted for nearly 45% of the 1.85 million borrowers who are seriously delinquent.

    An Affordable Repayment Term for Missed Mortgage: 5% of Family Income

    Over a 6-month period, I estimate the missed mortgage payment per household is $7,630 ($14.1 billion among the 1.8 million seriously delinquent mortgages).

    To estimate the accumulated unpaid mortgage, I first national bank alaska foreclosures obesity deaths in america 2019 the mortgage payment is equal to the selected monthly owner cost7 of homeowners with a mortgage in 2019 and deduct 5% of median family income to account for non-mortgage payment expenses.8 The selected monthly owner cost among households with a mortgage in 2019 was $1,609, which yields an estimated current monthly mortgage payment of $1,272 once non-mortgage expenses (5% of family the median family income of $80,944) are deducted.

    A reasonable assumption is that a borrower is likely going to seek forbearance during the period he/she is unemployed. According to the Bureau of Labor Statistics, the median duration of unemployment as of May 2021 is 19 weeks. So, over a 6-month period, the missed mortgage payment is $7,630.9

    Homeowners have several options they can work out with their lenders to successfully get back on track to paying their mortgage.10 A repayment plan where the homeowner spends no more than 5% of income to catch up with the missed mortgage payment is typically affordable for homebuyers. It results in a new total housing cost of $1,946 ($1,609 + additional repayment of $337). This is equivalent to 28.9% of the median family income, which is still below the 30% threshold that will make the repayment plan a cost burden.

    However, homeowners will typically pay more than 30% of their income on housing costs in California (36.8%), Hawaii (35.8%), New York (33.9%), New Jersey (32.4%), Texas (31.2%), Florida (30.7%), Oregon (30.4%), and Massachusetts (30.2%). The debt repayment will be more affordable for homeowners in these states if the repayment is less than 5% of family income.

    The fraction of seriously delinquent mortgages at 4.7% is not likely to surpass Great Recession rate of nearly 10%

    As of 2021 Q1, the national mortgage delinquency rate11 stood at 4.7% and is just about half the peak rate of 9.7% in 2009 Q4 during the Great Recession. Only the states of Wyoming and Alaska have higher serious delinquency rates during this pandemic period than during the Great Recession. The risk of foreclosure is diminishing as the economic and job recovery continues, with 15 million of the 22 million lost non-farm payroll jobs already recovered as of May 2021.


    The author thanks Lawrence Yun, NAR Chief Economist, for his suggestions on the first draft of this report.

    1 The FHA eviction moratorium for all homeowners with an FHA-insured forward or Home Equity Conversion Mortgage (HECM) loan and the GSE eviction moratorium for single-family mortgages also expires on June 30, 2021.

    2 From September 2020 through May 2021, the average number of mortgages in forbearance was 2.65 million, so the sales through foreclosures, short sales, or deed-in-lieu amounted to nearly 251,750 homes, or 5.7% of the 4.42 million existing-home sales during Sept 2020–May 2021.

    3 15.3% of the 2.65 million average number of mortgages in forbearance from September 2020 through May 2021.

    4 Underbuilding = (Change in single-family permits, 2000–2020) – (Change in non-agricultural employment/2)

    5 Downloaded via Haver Analytics. Haver calculates a serious delinquency rate, which is the share of mortgages that are over 90 days past due and in the foreclosure inventory as a proportion of serviced mortgages.

    6 Based on tabulation of the U.S. Census Bureau Household Pulse PUF by housing weight.

    7 Selected monthly owner costs are the sum of payments for mortgages, deeds of trust, contracts to purchase, or similar debts on the property (including payments for the first mortgage, second mortgages, home equity loans, and other junior mortgages); real estate taxes; fire, hazard, and flood insurance on the property; utilities (electricity, gas, and water and sewer); and fuels (oil, coal, kerosene, wood, etc.). It also includes, where appropriate, the monthly condominium fee for condominiums and mobile home costs (installment loan payments, personal property taxes, site rent, registration fees, and license fees). U.S. Census Bureau https://www.census.gov/quickfacts/fact/note/US/HSG650219

    8 The median real estate taxes (2,869) already account for 3.5% of median family income ($80,944), so I assumed that real estate taxes and other household expenses account for 5% of income. The 5% share is the same assumption that NAR uses in calculating the Housing Affordability Index. It uses 25% ratio of mortgage payment to income so that accounting for other expenses, total housing expenses will not exceed 30% of income.

    9 On an aggregate basis, there were 1.8 million seriously delinquent homeowners as of the first quarter of 2021, so the estimated aggregate total debt accumulated among homeowners in forbearance totals $14.1 billion.

    10 In a repayment plan, a portion of the amount owed will be added to the amount paid each month. In a deferral or partial claim, the missed payments will be paid at the end of the loan when the homeowner refinances, sells, or terminates the mortgage. In a loan modification, the payment will be reduced to an affordable amount by increasing the length of time to pay the loan. In a reinstatement, the amount is paid lump-sum but services will not require the borrower to pay lump sum; and short sales is when the homeowner sells the property for less than the mortgage amount to avoid foreclosure. Consumer Financial When did judy holliday die Bureau, https://www.consumerfinance.gov/ask-cfpb/if-i-cant-pay-my-mortgage-loan-what-are-my-options-en-268/

    11 Downloaded via Haver Analytics. Haver calculates a serious delinquency rate, which is the share of mortgages that are over 90 days past due and in the foreclosure inventory as a proportion of serviced mortgages.

    Источник: https://www.nar.realtor/blogs/economists-outlook/the-forbearance-period-is-ending-whats-the-impact-on-foreclosures-house-prices-supply-and

    If you’re running into trouble making your mortgage payments, you may be wondering: How long does it take for a bank to foreclose on your home? Most lenders will not begin foreclosure proceedings until a borrower is 3-6 months behind on their payments. Although missing a single payment is technically a default under the terms of most loan documents, lenders have neither the time nor the desire to foreclose on borrowers who have missed one payment. In most cases, lenders start with letters and phone calls and don’t actually begin the foreclosure process until the borrower is fairly deep in arrears.

    This post deals with the timing of a foreclosure once your lender has started the process and has instituted a foreclosure action against your property.

    Contents

    The Foreclosure Process: Two Types of Jurisdictions

    The speed with which a bank can foreclose on a borrower varies based on state first national bank alaska foreclosures. However, there are closest walgreens or walmart two different types of jurisdictions for foreclosure purposes: power of sale jurisdictions and judicial foreclosure jurisdictions.

    In over half the states, the prevailing method of foreclosure is non-judicial power of sale foreclosure. What does this mean? If you have executed a deed of trust with your mortgage lender, your deed is held by a trustee pending full payment of your note. In the event you fail to make your mortgage payments, the trustee has authority to sell your home at auction.

    Power of sale foreclosure can occur much more quickly than judicial foreclosure because the trustee vested with the power of sale does not need court oversight to sell the property. The trustee will give notice of a public foreclosure sale and then sell the distressed property to the highest bidder. A court will usually not oversee the process.

    We’ll go over a little bit more about both types below.

    When does foreclosure start in a power of sale jurisdiction?

    Power of sale foreclosure moves quickly. Upon default, the trustee is permitted to go through with the foreclosure sale after a relatively short notice period (usually two to three months from the date foreclosure proceedings are instituted).

    If you live in a power of sale jurisdiction, your fort worth water bill pay lender can usually complete the foreclosure process in two to three months.

    Today, the following states plus the District of Columbia allow foreclosure by power of sale:

    • Alabama
    • Alaska
    • Arizona
    • California
    • Colorado
    • Georgia
    • Hawaii
    • Idaho
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nevada
    • New Hampshire
    • North Carolina
    • Oregon
    • Rhode Island
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Washington
    • West Virginia
    • Wyoming

    It is important to point out that, while a power of sale mortgage can theoretically be foreclosed on quickly, the incredible back log of foreclosures in many states can delay the process significantly. Lenders simply don’t have the resources to foreclose on all the delinquent borrowers. In some cases, sloppy record-keeping casts real doubt on the lender’s actual legal right to foreclose; in others, lenders don’t want property and are refusing to take it back.

    As a result, from start to finish, foreclosure can often take a year or more.

    Foreclosure Timeline: Judicial Foreclosure

    By contrast, judicial foreclosure is available in every state and is the required method of foreclosure in many states. Judicial foreclosure jurisdictions require a court to oversee the foreclosure process. A foreclosing lender files a complaint just like in a normal civil lawsuit. If the borrower decides to put up a fight and litigate the matter, judicial foreclosure proceedings can take a year or more to be completed.

    The requirement that the lender foreclose through the court system slows down the process considerably and the current foreclosure log jam buys borrowers even more time. Like power of sale jurisdictions, all interested parties must receive notice of the foreclosure sale.

    How to Stop Foreclosure

    While either method of foreclosure can be successfully challenged or delayed by a foreclosure defense attorney, the court oversight of judicial foreclosure allows more procedural leverage to slow down aggressive lenders. It is important for consumers to understand that they have rights in the fight against foreclosure. Power of sale jurisdictions allow for your property to be sold outside of court supervision but you’re still required to receive adequate notice of the sale and sale price. Most power of sale jurisdictions offer borrowers the opportunity to seek an injunction preventing a foreclosure sale if irregularities are found or the lender’s right to foreclose is in question.

    Bankruptcy, although a last resort, will stop foreclosure dead in its tracks due to the automatic stay that freezes all creditor collection actions the minute a case is filed. Filing bankruptcy the night before a home is scheduled to be sold at auction can temporarily stop the process. Chapter 13 bankruptcy may allow you to stay in your home while getting caught up on mortgage arrearages that have spiraled out of control.

    You have options and there is help available, but remember if you are in a power of sale jurisdiction and have executed a deed of trust with your lender, the foreclosure process can be completed in a matter of months. Be careful, and good luck.

    See also: 

    Walter Metzen

    Walter Metzen is a Board Certified Specialist in Consumer Bankruptcy with over 28 first national bank alaska foreclosures of experience. He’s represented more than 20,000 bankruptcy clients in and around Detroit where his firm is located. View his profile here.

    Источник: https://www.natlbankruptcy.com/how-long-does-foreclosure-take/

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    Should I Buy a Foreclosure for My First Home?

    First-time homebuyers with an above-average tolerance for risk (and the wherewithal to do some fixing up) may be able to nab a major bargain by buying a foreclosed home. Foreclosures typically sell below market value, but there are complications to consider.

    How Does Buying a Foreclosed Home Work? 

    Foreclosure occurs when a mortgage borrower fails to keep up with their loan payments, and the lender exercises its right to seize the home and resell it to recoup (or at least reduce) their financial losses. Mortgage issuers typically put foreclosed properties up for auction, which often means selling the home for less than market value. When homes fail to sell at auction, however, lenders may slash the sales price and sell them directly.

    Because foreclosures are often terrific bargains, they are popular with real estate investors looking to use them as rental properties or flip them for a quick profit. Competing with these investors, many of whom have access to significant credit and can put down extra-large down payments or even purchase properties outright for cash, can be challenging for first-time homebuyers.

    If that means you, you’re not necessarily out of the running for a foreclosure purchase. But to compete with investors, you’ll need to lay some groundwork to document your ability to close the deal. You’ll also need to be careful and decisive about choosing a property you likely won’t have much time to size up before you make a bid.

    To fully understand what you may be getting into with a foreclosure purchase, it’s helpful (and sometimes essential) to work with a real estate professional with foreclosure experience. The National Association of Realtors’ Short Sale and Foreclosure Resource (SFR) certification denotes agents and with training in this specialty. 

    It’s also crucial to understand that foreclosure typically follows a timeline, and that purchasing opportunities and procedures differ during each stage in the process. The duration of each stage in the timeline may differ according to circumstances and state or local laws, but they typically occur in in this order:

    • Short sale: A short sale occurs instead of foreclosure, when a lender agrees to let a homeowner sell their home for less than what they owe on their mortgage, with the understanding that all proceeds of the sale will go to the lender. (Lenders typically do this after determining that their loss on the sale will be less than the cost of pursuing foreclosure.) 
    • Auction: Foreclosure auctions are public events, and may be listed on the websites of the county, city or other municipality that conducts the auctions. Rules and requirements differ by jurisdiction, but foreclosed properties are always offered at auction in as-is condition, with the seller assuming no responsibility for property damage, repairs or financial encumbrances such as unpaid liens.
      Properties listed for sale at auction may or may not be available beforehand for inspection, but they are usually listed long enough in advance for a title search to be conducted ahead of time. Some jurisdictions allow a grace period after an auction is conducted that allows buyers to back out of a sale (after a title search or inspection, or for any reason at all) by forfeiting a cash deposit, but in most jurisdictions auction sales are final, and getting out of one will be costly, if it’s possible at all.
    • Real estate-owned (REO): REO designates properties that have been foreclosed upon and are available for purchase directly from the lender. Most commonly these are properties that have failed to sell at public auction, but houses are occasionally available for purchase on an REO basis before they reach the auction block. REO properties may be listed on lenders’ websites, but typically are not advertised or publicized and can only be purchased with help from a licensed real estate professional.

    Benefits and Risks of Buying a Foreclosure for Your First Home

    The main benefit of purchasing a foreclosed home is savings. Depending on market conditions, you can purchase a foreclosed home for considerably less than you’d pay for comparable, non-foreclosed homes.

    The main risks come from the degree to which a foreclosed property can be a mystery to the buyer. Foreclosed homes are sold in “as-is” condition, and are typically unavailable for a walk-through before purchase.

    Foreclosures may have sat unoccupied, without heat or air conditioning, for weeks or months prior to sale, and past owners may have neglected or even vandalized them. If you succeed in purchasing a foreclosed home, you’ll likely need some cash (or available credit) to get the property to move-in condition.

    Do-it-yourselfers may see this as a golden opportunity for savings, but less-capable (or less ambitious) homebuyers might consider putting that repair budget toward a down payment on a more conventional purchase.

    Where to Find Foreclosed Houses

    The following resources can help you find foreclosed properties for purchase. Real estate professionals in your area may know of additional resources.

    • Bank websites. Many bank websites provide lists of REO properties for sale.
    • The U.S. Department of Housing and Urban Development (HUD) lists homes available for purchase from government agencies, including many foreclosures.
    • You can search for foreclosure properties on web-based real estate listing services such as RealtyTrac and Zillow.
    • Multiple listing saving and investing unit multiple choice test bank (MLS) list foreclosure properties. These services are available by prescription to licensed real estate professionals. A real estate agent or mortgage broker can use MLS to access foreclosures in your area.

    Steps to Take When Purchasing a Foreclosure as Your First Home

    Think buying a foreclosure may be the right choice for you? Follow these steps to ensure the process goes as smoothly as possible. 

    1. Secure a Preapproval Letter

    A mortgage preapproval indicates a lender has reviewed your financial status and agreed to issue you a loan up to a set amount, with a repayment term and interest rate based on a specific down payment. Preapproval attests to your ability to finance a purchase within the specified price range, and having one is practically essential when you’re competing with cash buyers. Plan on spending a fee of several hundred dollars for each preapproval, and be aware that a preapproval letter is typically only good for 60 to 90 days. Specific financing terms may change if interest rates increase or your income or credit score changes before you finalize your loan application on a specific purchase. If you’re not happy with the terms of your preapproval, take steps to improve your credit score and reduce your debt. 

    It’s possible to get a preapproval letter based on conventional mortgage lending terms and under the terms of any government-backed mortgage assistance program you qualify for, such as a Federal Housing Administration (FHA) loan or a mortgage backed by the U.S. Department of Veterans Affairs (VA) or U.S. Department of Agriculture (USDA). Note that these programs spell out eligibility requirements on properties they’re willing to finance, and some foreclosures may not qualify.

    2. Schedule a Property Inspection

    This should be standard procedure with any home purchase, but it’s particularly important with a foreclosure because. Unlike a traditional home sale, the seller of a foreclosed home is not required to disclose material defects in the property when offering it for sale. Knowing about potentially hidden issues with the property so you can plan to address them before taking occupancy.

    3. Conduct a Title Search

    Prior to foreclosure, the owner of a house may have taken out a second mortgage or a home equity line of credit (HELOC)—forms of credit that use the house as collateral. If the primary mortgage lender forecloses, the lenders that issued those secondary loans may still have liens on the property—that is, the right to collect what they’re owed when the house is sold. Liens attach to a property, not owners, so if liens are attached to the foreclosed home you buy, you may have to clear those liens—pay off the previous owner’s debts—before you can sell the property. Undetected liens are hidden costs that can significantly undercut any bargain you get by purchasing a foreclosure. 

    A title search is a professional investigation that identifies liens, unpaid taxes and legal judgments that may be connected to a property; expect to pay a few hundred dollars for the service. Conducting a title search on a foreclosed property you want to bid on an auction can save you big if it alerts you to a lien. 

    4. Consider Contract Contingencies

    Lenders are eager to sell foreclosed properties quickly, with minimal complications, so they are likely to balk at the kind of sales contingencies often found in conventional sales contracts. Contingencies stipulating that certain appliances be included with the home, or that specific repairs or improvements be made before the closing date likely won’t fly in a foreclosure sale, for instance.

    It’s wise, however—especially for a first-time foreclosure buyer—to consider including a contingency in your purchase offer that allows you to walk away from the sale on the basis of a property inspection. If local laws don’t permit pre-auction title searches on foreclosed homes, it also could be prudent to include a contingency that allows you to back out of a sale in light of title-search findings.

    In a competitive situation where another buyer makes no contingencies, these measures could cost you a sale, but that risk is worth it if it saves you from having to complete a purchase on a property that’s saddled with heavy lien obligations or that requires costly repairs.

    5. Understand the Process

    Familiarize yourself with first national bank alaska foreclosures process you wish to pursue (short sale, auction or REO) before you put any money on the line. If you plan on purchasing a home at auction, attend one or two auctions to get comfortable and learn local procedures before committing to anything. If possible, get to know one or more “regulars” familiar with the system and buy them coffee or lunch in exchange for some tips and suggestions. And once again, consider working with a seasoned real estate professional who can offer knowledgeable advice. Paying a commission may seem counter to the bargain-hunting goal of foreclosure shopping, but their guidance could prevent expensive mistakes or oversights that would far outweigh their costs. 

    Purchasing a foreclosure isn’t for everyone, but if you go into the process with eyes wide open, prepare to compete with real estate investors, and accept the risk (and potential need for cash and labor that goes with), you could save a bundle on your first home purchase.

    September 12, 2020, by Jim Akin for Experian

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