 Articles tagged: Bank Owned Property
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Then he fell and broke his neck and was out of work for 18 months. How would any of us deal with a back mortgage and loans totaling $4.8 million after being unemployed that long? Ed, take this as a sign, maybe it's time to down size and retire. written by Lee Cameron
Yet another program has been introduced to help borrowers who are in arrears - but this looks like it could truly be beneficial. "Project Lifeline" will 'pause' foreclosure proceedings for borrowers for more than 90 days in arrears, during which time services will determine if there is any way to avoid it. written by Mark Hostetler
One of the best pieces of advice to come out of this foreclosure/short sales/mortgage fiasco came from "Hope Now". This group is formed from representatives of America's largest mortgage servicers. Hope Now is comprised of a private group based in Washington and their objective has been to try and halt the flood of foreclosures in order to help people keep their homes. written by RE Writer
When a home gets repossessed due to a delinquent mortgage, they will often sell it at a great rate, just to get their money back as soon as possible. Sometimes, there's great deals to be had in purchasing bank or real estate owned property. But not always. written by Dale Rogers
Areas of the country that have enjoyed a big run up in values the past year are now paying for it. Local tax assessors doing their jobs, based on comparable sales, are moving assessed values up to increasingly high levels. Housing affordability is a function of interest rates, housing prices and the taxes and insurance and income levels of the citizenry. With the recent run up, in some cases the property taxes have more than doubled.
What is particularly disturbing is that many municipalities (NOT ALL OF COURSE) are awash in cash with this new surge in revenue. These governing bodies have the power to reduce the mill age rates to offer some sanity to these homeowners. Yes, there are always projects and departments that can use more cash, but every stinking penny of it?
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