RealtyTrac estimates that 1 in every 171 United States households were in the process of losing their home – up 121% on last year. To give some perspective on that number, RealtyTrac estimates that almost 740,000 United States homes entered the foreclosure process in the second quarter of 2008. That number includes receiving a default … [Read more…]
A recent Reader’s Digest article highlighted Clint Medford, referred to by some as "Mr. Foreclosure." While the foreclosure epidemic certainly has hit many homeowners and would-be investors hard, it has created a host of interesting opportunities for savvy investors and thieves alike. Often a foreclosed home will sit empty for a time, which has invited … [Read more…]
Simply speaking, a short sale is when a bank or mortgage lender agrees to allow a homeowner to sell their home for less than the outstanding balance on the home. Lenders often only consider this option if it makes if the cost of a foreclosure is greater than the loss it will suffer as a … [Read more…]
Clearly, the foreclosure crisis is real and is affecting a broad spectrum of people. In other words, the epidemic is not just hitting homeowners with subprime mortgages with adjusting rates. Indeed, it seems those at the upper echelons are being hit as well. Indeed, Ed McMahon‘s six-bedroom, five-bathroom, 7,000-square-foot house is on the verge of … [Read more…]
I will be focusing many of my future posts on the foreclosure crisis. Here is a good article talking about the record number of foreclosures in the United States. NEW YORK (CNNMoney.com) — More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday … [Read more…]