Here is something you want to see

Wednesday, December 26th, 2007 | Investment, Money, Real Estate, The Economy | No Comments

Those who do bid are getting increasingly sweet deals, however, as lenders have begun slashing the prices they’re willing to accept for foreclosed homes. To lure potential buyers, lenders have begun accepting starting bids far below the outstanding debt on foreclosed properties.

“Investors at auctions typically will buy at a 30 percent discount to market,” explained Sean O’Toole, who owns ForeclosureRadar. “So lenders are trying to give as much of a discount as possible to entice investors to buy.

Bargain houses largely unsold

Courthouse-step auctions offer 1,336 properties in foreclosure — 17 are sold

By J.N. SBRANTI
jnsbranti@modbee.com

last updated: December 15, 2007 04:23:07 PM

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Know Your Home’s Future

Friday, December 14th, 2007 | Investment | No Comments

Is a neighborhood you’re interested caught up in the housing bust? How do the schools rate? This information is a few clicks away.

By Joe Light, Ismat Sarah Mangla and Pat Regnier

December 8 2007: 6:41 AM EST

NEW YORK (Money Magazine) — Whether you’re thinking of moving to a new city or just want to know more about what’s up in your own backyard, the Web lets you see a town from countless angles.

Scope out the houses

You can start your neighborhood search from miles up at Trulia.com. Type in a town and you can choose a satellite view or street map of the place. You can also choose a “Heat Map” that breaks down the city by neighborhoods and shows you how hot (red) or cold (green) each area is, based on prices, sales or popularity among Trulia users.

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A Few Alternatives to Foreclosure

Friday, December 7th, 2007 | Money, Real Estate | No Comments

1. Do Nothing – If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information. Not the best option.

2. Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home.

3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.

5. Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.

6. Partial Claim – A loan from the lender for a 2^nd loan to include back payments, costs and fees.

7. Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan applications ask if this has ever happened.