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California homeowners who saw their properties turned into foreclosed houses this year may soon be hit by an income tax. A California law that provides temporary exemption on homeowners who lost their properties in a short-sale, foreclosure or deed in lieu of foreclosure is scheduled to expire at the end of 2009.
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The efforts of Fannie Mae and Freddie Mac to contain foreclosed for sale inventories as of May 31, 2009 under the Streamlined Modification Program of the Federal Housing Finance Agency have been described by FHFA Director James Lockhart in his recent report.
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More than half of total home sales in Grand Rapids, Michigan in June were foreclosed home listing sales or short sales, based on real estate sales data in Michigan.
Out of the 1,081 houses sold in June, 53 percent were foreclosed home listing properties or homes sold through short sales.
Additionally, more than 25 percent of [...]
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If you do your online foreclosed home search, you will probably encounter ads or news related to the foreclosed properties of celebrities.
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Arizonians say Southern Arizona is among the best places for retirees and other people looking for a place to live, but many of them do not relish the statement that many like to retire in their state because of large numbers of affordable listings of foreclosure homes.
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During the housing boom, you may have been enticed by lenders to take out a mortgage loan that comes with an adjustable rate option. Your excitement over owning a new home may have made you forget to ask your lender what this option would bring in the long term. When the interest rates started resetting, [...]
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Despite being one of the leaders of the pack, the high Florida foreclosures rate will be benefiting a group of people immensely. These are the foreclosure investors. Believe it or not, foreclosure investing is all about knowing when the time is right to buy. Right now the large inventory of Florida foreclosed homes are creating [...]
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Since last year, Illinois has suffered the same fate as the rest of the nation with regard to increasing foreclosures rate. But the situation is definitely improving. As of last May, the state has the 13th highest foreclosures rate, down four places or at least an 18 percent decrease from April. The reason for the improvement can be attributed to the mandatory counseling program that owners and borrowers have to complete to avoid Illinois foreclosures.
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Bank foreclosed homes are properties that a bank owns due to foreclosure. The homeowner was unable to make their mortgage payments, so it was necessary for the bank to foreclose on the property. When the home did not sell at public auction, the title of the home is transferred to the bank that financed the loan. This happens so that the bank can attempt to recover their losses on the home by selling it. Each bank usually sells their bank foreclosed homes differently. Some banks sell them on their own, or some use a realtor to handle the sale of their bank foreclosed homes. Advertisement of bank foreclosed homes can be aggressive, or done on a more discreet basis, depending on the policies of the bank.
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Distressed properties are another name for foreclosed homes. Distressed properties are houses and properties that have been foreclosed on by banks or lenders. There are several types of distressed properties depending on where the property is in the foreclosure process. For instance, distressed properties that have received a formal notification of pending foreclosure proceedings are called pre-foreclosures. Distressed properties that have reached the end of the foreclosure process and are being sold at a public auction are another type of distressed property. A third type of distressed property is bank owned properties. These are distressed properties that did not sell at auction and have the title transferred to the bank.
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