Will The Wall Street Bailout Become Another RTC?The Resolution Trust Corporation is similar in many aspects to the Troubled Assets Relief Program. The RTC was expected to handle nearly 300,000 properties and $400 billion in failed SandL assets.
Government And Banks: No Failure Left BehindThe busting out of the SandL industry in the 1980s was repeated during the subprime crisis, and Congress is now doing everything it can to inflate a similar bubble. When the only regulation that remains is federal insurance against failure, then failure is invited and encouraged.
No Failure Left Behind: The Foreclosure CrisisFor homeowners and bankers who took advantage of the housing boom and easy credit conditions to borrow far beyond their means, congratulations! You can expect to receive the greatest benefits from the government's new $700 billion bailout plan, with your greed, ignorance, or self-defeating financial decisions handsomely rewarded.
In The Foreclosure Crisis, Banks And Government Always WinAnyone hoping that the wildly gyrating stock market will stabilize anytime soon and begin its inevitable march back upwards to 14,000 and above may be severely disappointed for the foreseeable future. The most recent bailouts of the banking system and injections of liquidity have thus far failed to calm the markets for any reasonable length of time.
The Time Between A Foreclosure And The Sheriff SaleThe length of time between an initial foreclosure notice and the sheriff sale of the property depends on a number of factors, including the homeowners' state, the severity of the foreclosure crisis in the area, and how the borrowers respond to the bank's lawsuit.
Damage To Foreclosure Properties - Who Is Responsible?When buyers purchase a foreclosure home, they should not be surprised if the house is damaged or in a state of disrepair. Even if previous owners did not cause any damage, banks do not take care of properties while they have possession, which means that the condition may deteriorate rapidly.
The Credit Reporting Agencies And The Foreclosure CrisisDuring the housing boom, virtually the entire loan application process depended on the borrowers' credit scores. If a home buyer had displayed responsible use of credit, a prime loan was almost guaranteed, while debtors with lower credit scores were often given subprime mortgages to purchase or refinance a house.
What Type Of Bankruptcy Should You File To Stop Foreclosure?One of the most recommended but least desirable options to save a home from foreclosure is filing bankruptcy. It seems like a solid legal defense against eviction and a way to get more time to work out another solution, but few homeowners really want to damage their credit for nearly a decade just for another chance to save their home.
On The Bailout Bill To Save The Houisng And Financial MarketsThis past weekend, the philosopher kings from Congress and the Executive branch met in Washington with the high priests of finance from the Treasury Department and Federal Reserve to decide how best to transfer $700 billion from the American people to the financial firms which have spent the past few decades taking advantage of the American people.
Attorneys Who Threaten Homeowners With Deficiency JudgmentsSome attorneys may even use the threat of further litigation after foreclosure as a reason to file bankruptcy prematurely or otherwise pressure borrowers into retaining legal counsel throughout the process of disposing of the home. Lawyers, though, have a vested interest in keeping clients in fear of litigation, even for such a rare case as deficiency judgments.
Why Foreclosed Homes are Not Used in AppraisalsAppraisers use sales of homes that were made as arms-length transactions where neither the buyer was desperate to buy nor the seller was desperate to sell as a basis for comparing other similar properties in an area and estimating fair market values. A foreclosure property does not meet these criteria.
How To Know When to Give Up a Home in ForeclosureForeclosure is a very costly procedure, both mentally and financially, so knowing when to stop fighting and when to move on with your life is very important. The only real issue for homeowners is to realize when it is time to quit fighting and how to successfully navigate the foreclosure process.
When Can You Get a New Mortgage After Foreclosure?Some borrowers believe, mistakenly, that they will never be able to buy another house, qualify for a car loan, or even get a credit card at a decent interest rate just because they lost a house. While the foreclosure will have serious negative consequences, the myths surrounding the issue can be much worse than the actual effects.
The Foreclosure Prevention Act of 2008 -- Do You Qualify?Difficult requirements for homeowners to meet and onerous ones for lenders virtually guarantee the failure of government programs such as the Foreclosure Prevention Act of 2008. Its track record thus far has compared to the other plans in falling short of expectations.
The Collapse of Merrill Lynch and the Subprime FalloutWith the surprising news from this weekend that Bank of America has decided to purchase Wall Street investment firm Merrill Lynch, some of the financial thunder has been stolen away from Lehman Brothers. But Lehman and Merrill are two of a kind, and the collapse of both firms indicates how much confidence has been lost in any firm that took on exposure to the subprime mortgage market.
During Foreclosure, When Should You Move Out?Often, the bank, other financial experts, and even foreclosure help companies will continually bring up the threat of eviction. But the idea of quick impending evictions carried out weeks after the first missed mortgage payment is little more than a myth
Only Work with Reputable Foreclosure Loss Mitigation CompaniesJust as no ship can sail without a plotted course and no plan can take off without a flight plan, no homeowner in foreclosure can contemplate a successful journey to save a home from foreclosure without a comprehensive plan.
Thousands of Investors May Own Your MortgageHomeowners and lenders worked together to take advantage of the low mortgage rates and easy money conditions, and now they are forced to work together to prevent rising defaults from decimating the real estate market. But in this case there may be dozens or hundreds of other parties involved.
Forcing a Foreclosing Lender to Negotiate an Out of Court SettlementIn terms of saving a house from foreclosure, defending the lender's lawsuit in court may be one of the most effective ways of going about this. Banks can easily become frustrated at the slowing down of the legal process and are more open to settling the matter out of court.
Foreclosure Scam Artists Always Use the Same TacticsForeclosure scam artists are one of the most dangerous predators in the real estate industry. Unfortunately, many borrowers are taken in by these sociopaths, who use the same tactics over and over again to persuade owners to trust in unrealistic schemes.
How to Get More Time from the Bank to Stop ForeclosureThe bank, working through its local attorneys, will typically attempt to push through the legal process as quickly as possible, in order for the lawyers to get paid and the bank to have an empty house they can sell on the market. Homeowners, on the other hand, would like more time and negotiating room in which to put together a more beneficial solution.
A Few Positive Economic Signs for Foreclosure VictimsSince the subprime crash and credit crunch, seriously negative conditions have been prevailing in the market for over a year now. But it is also important for all people to look forward to something potentially positive in the days ahead.
How Come No One Knows Who Owns Your Mortgage?One of the most devious aspects of the mortgage industry is how loans are originated, packaged into large deals, sliced up, and sold to investors around the world. All the while, the borrowers are led into believing that the company they are making payments to is the owner of the loan. Nothing could be further from the truth.
Defend Yourself Against the Bank's Foreclosure LawsuitIn some states, the foreclosure process lasts only a few months, which is not always enough time to recover from a hardship and begin to get out of debt and establish a savings plan. This is why most borrowers should do everything they can, in and out of the courts, to delay the sheriff sale and eviction.
Six Reasons Government Can Not Stop the Foreclosure CrisisIt seems that no matter how hard the central planners in Washington attempt to alleviate the suffering of millions of American homeowners, the foreclosure crisis rages on. The failure of every one of these plans so far indicates that the financial shock that began a year ago will continue at its own pace.
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