Approximately 5 million homes have gone
through foreclosure in the last half decade since the housing market collapsed.
If the lender gets the property
back through foreclosure, it will have to pay the unpaid property taxes — and that's a cost lenders don't want to bear.
Paying off a mortgage means you'll be less at risk of losing your home
through foreclosure if you lose your job or have a reduction in income.
The speed with which the firms handle foreclosures has drawn criticism that they are overly aggressive, unnecessarily taking homes and rushing
through foreclosures for bank clients concerned with speed above all else.
I've been buying
foreclosures through foreclosure websites for the last year, but have begun to notice that there is more competition and it's getting harder to get the discounts on price.
The couple going
through a foreclosure at the same time they are going through a divorce should be aware of a number of issues that may arise.
A federal law that provides tax relief for home owners who receive debt
forgiveness through a foreclosure, short sale, or modification is set to expire at the end of this year.
Another option is putting the
properties through foreclosure and taking ownership, a lengthy procedure that often means paying costs such as real estate taxes, legal fees and insurance.
Pet owners who lose
housing through foreclosure or other misfortune can feel forced to make impossible decisions: Either surrender their beloveds to overcrowded animal shelters and hope for the best, turn them loose in an area where animal lovers might take pity on them, go homeless until they luck into a pet - friendly home, or give them to someone who may be ill - prepared for the responsibilities.
Over 20,000 veterans, active - duty military personnel and reservists with VA home loans lost their homes
through foreclosures last year, the largest number since 2003.
By Marie Rohde One out of every 10 homes in Milwaukee has been lost by owners to their
lenders through foreclosure during the past three years.
«Lenders are somewhat unevenly pushing batches of bad
loans through foreclosure as they overhaul their paperwork and documentation procedures.»
We will now be able to catch properties going
through foreclosure before they become dilapidated, and also stop the spread of blight by addressing those properties that are too far gone to save.»
«This home here at 35 Gary Lane has fallen into disrepair as a result of Bank of America dragging its
feet through the foreclosure process,» Kennedy said.
Kearns has focused his message on representing residents as an independent voice, addressing derelict properties and cleaning up
neighborhoods through the foreclosure process, and making all offices more accessible.
New guidelines bar lenders from making Fannie Mae loans to applicants who went
through foreclosure within 5 years unless they can prove extenuating circumstances.