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Bank Foreclosure: 3 Things You Need To Know
from: Deb St. George - HomelessInKingCounty.comWhat is a bank foreclosure? Unless you have been hiding under a rock you already, know that the housing market in the United States has been falling in value, which is caused partly by the number of homes that are facing foreclosure. In many situations, the borrowers of these loans failed to make their monthly payments as they had agreed to. In turn, the bank, which held the mortgage on the home, was forced to take back the property in the hopes of selling it and getting out of the debt. This is exactly what a bank foreclosure is. It is a home that is owned by a bank that held a mortgage on a home in which the owner failed to keep up with their monthly payments.
These homes are now on the market and being sold. There are many misconceptions about these homes and often people do not realize that they make a great investment. Here are three things you need to know about these foreclosures.
1: Bank's Sell For Less, Often
One of the key benefits of buying foreclosure homes is that the bank is often willing to sell the home fast even at a discounted price. They are not in the business of owning these homes and therefore they need and want to sell. Often, bank foreclosure homes will be sold below their appraised value. What this means to the average lender is that the property is quite profitable to them.
2: Bank Owned Homes Aren't A Mess
Many people feel that bank foreclosure properties are properties that are run down and beaten up. In fact, they are homes just like any other you would walk into in the hopes of buying them. The good news is that these bank owned properties are often in good condition. Many offer a range of opportunity for low cost, without a lot of repair. With that said, you should realize that you still need to invest in appraisals and home inspections to insure you understand the level of need the property presents.
3: Regular Home Loans Work
Another misconception people have about bank foreclosure is that these homes are being bought solely by those that can afford to fork over a great deal of cash. While some investors do this, most do not because it eats their reserves. Additionally, anyone can purchase a foreclosure with a standard home loan.
Bank foreclosure is not a pretty picture for many people, but for real estate investors, it can be an opportunity to get into a more affordable home quickly.
Bank Foreclosure Laws California News
California Legislative Analyst OKs mortgage settlement cash shift - Los Angeles Times
 ProPublica | California Legislative Analyst OKs mortgage settlement cash shift Los Angeles Times By Marc Lifsher SACRAMENTO -- Part of California's share of a national legal settlement with five big mortgage banks can be used to help fill a $15.7-billion hole in the governor's proposed budget, the state Legislature's non-partisan policy advisor ... Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds |
A federal foreclosure lecture California can do without - Los Angeles Times
A federal foreclosure lecture California can do without Los Angeles Times At issue are two bills backed by California Atty. Gen. Kamala Harris to set new rules for the foreclosure process. The bills ran into stiff opposition from lenders, so the top Democrats in the Assembly and state Senate moved them to a conference ... |
Falling Foreclosure Rates Hurt Investors, Says Report - NuWire Investor
Falling Foreclosure Rates Hurt Investors, Says Report NuWire Investor The report is from Foreclosure Radar, a foreclosure sales and analytics website. Foreclosure starts, the first stage in the foreclosure process, fell in April in the hardest hit states of California, Arizona and Nevada, according to Foreclosure Radar. |
Oakland law would pressure banks over blight - San Francisco Chronicle
Oakland law would pressure banks over blight San Francisco Chronicle The Oakland City Council unanimously expanded an aggressive blight program late Tuesday to include homes in the earliest stages of the foreclosure process. Banks would be required to register homes in a city blight database the moment they send ... |
Renters Fight Merced for Tenant Rights - CBS 47
 ABC30.com | Renters Fight Merced for Tenant Rights CBS 47 Merced renters packed Merced City Chambers Monday, as council members reconsidered the "Just For Eviction" law that protects renters from being evicted from their home for foreclosure. Roman Contreras pleaded with Merced council members to keep the ... Merced City Council repeals renter protection ordinance |
Lawyers prey on foreclosure-facing homeowners in San Fernando Valley and beyond - Pasadena Star-News
Lawyers prey on foreclosure-facing homeowners in San Fernando Valley and beyond Pasadena Star-News These attorneys charge fees with the promise of stopping the foreclosure, but then don't follow through with the case and disappear with the money, according to Laura Ernde, spokeswoman for the California State Bar, which has reported a spike in these ... |
California bankers say mortgage proposals too strict - Redlands Daily Facts
 The Real Deal New York | California bankers say mortgage proposals too strict Redlands Daily Facts The drive to write a new set of mortgage and foreclosure laws for the state follows the settlement agreement reached in March between the nation's five largest banks, the federal government and 49 states' attorneys general. Regulator balks at California foreclosure fixes Needy States Use Housing Aid Cash to Plug Budgets Brown Defends Foreclosure Fraud Settlement Raid With Talk of “Balance” |