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Bank Foreclosure: 3 Things You Need To Know
from:What 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 Of America Foreclosure Dept Specific links
Bank Of America Foreclosure Dept News
U.S. Justice Dept. Announces $25 Billion Foreclosure Abuse Deal
U.S. Government officials announced a record $25 billion settlement with the five biggest banks related to foreclosure abuses including "robo-signing" of documents.
Read more...Local homeowners seek foreclosure relief
After a year and a half of phone calls and back-and-forth, trying to work out a loan modification, the Griffith family from Goose Creek is feeling hopeful about saving their home from foreclosure.
Read more...Foreclosure deal nets Ore. at least $100M
PORTLAND -- Oregon's Attorney General says underwater homeowners will receive between $100 million and $200 million in a landmark settlement with the nation's biggest mortgage lenders over foreclosure abuses. Oregon and 48 other states joined the $25 billion settlement announced Thursday. Oregon Attorney General's Office spokesman Tony Green says the final figure is uncertain because it depends ...
Read more...How to get help
The state provided toll-free contact information for borrowers who may be eligible for help under Thursday's $25 billion settlement. It could take months for the banks to determine who is qualified: Bank of America: 877-488-7814 Citi: 866-272-4749 Chase: 866-372-6901 a...
Read more...Policy Updates: Mortgage Settlement Reached, Greek politicians agree on Debt Deal
Back in January I listed several policies and agreements that were expected soon. The agreement covers five banks: Ally Financial Inc., Bank of America Corp.,Citigroup Inc., J.P. Morgan Chase & Co., and Wells Fargo & Co. Together, the five handle payments on 55% of all outstanding home loans ...
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