Welcome to An Informative Guide to Foreclosure
Countrywide Foreclosure List Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
from: Foreclosure Properties: Need To Distinguish The Good From The Bad
The term foreclosure refers to the legal steps that a bank or other secured creditor uses to allow them to repossess a real property or a parcel of it because the owner failed to comply with contract terms, such as falling behind in payments on a mortgage. The repossessed real property can then be sold in order to satisfy the debt.
In any case, foreclosure is a lengthy process and timeframes when the lending institution start their process can change from state to state. Also, there are two types of foreclosures in the United States under common law that include strict foreclosure laws in which a bank can claim the title and possess the property as full satisfaction against the debt, or the foreclosure may involve an auction by the county sheriff or another officer of the court.
This kind of situation is a means by which individuals and firms may make a business out of purchasing foreclosed properties at really low prices and making profits by reselling them at market value. Sometimes if the amount owed to the lending institution is more than the property is currently worth, the lender may opt to upgrade and resell the property at full value.
Many Horrific Tales
Foreclosures are a great economic leveler that can make a homeowner fall into the same hole as a wealthy person, yet it requires grit, determination and the wisdom to sort out the good from the bad properties. Anyone experiencing such a misfortune would need to heed advice such as “let the buyer beware”. Not surprisingly, many homeowners undergoing this process will be faced with many less than desirable business proposals from various interested parties including lenders, financial advisors as also realtors that will put forth propositions from which they can gain a lot and which, in the guise of helping the homeowner, could very well exploit him or her and leave them high and dry.
For anyone interested in this side of business, there are plenty of horrific tales about unethical as well as sometimes even criminal behavior that homeowner’s fallen prey to. The important thing to remember is to distinguish between the savory and unsavory elements in a foreclosure and opt for the better option. Since most real estate transactions are open to public scrutiny, it allows anyone interested enough to get wind of a homeowner’s foreclosure status and thus set the ball rolling.
Countrywide Foreclosure List Specific links
Countrywide Foreclosure List News
Foreclosure Prevention Event to Be Held Thursday
A group of mortgage lenders and nonprofit housing organizations will hold a free foreclosure prevention event in Milwaukee on Thursday.
Read more...No one went to jail, so why is Wall Street so mad?
In Newsweek, Peter Boyer and Peter Schweizer explore the question of President Obama's Justice Department's failure to press any major criminal charges against Wall Street. We learn, distressingly, that "finance-fraud prosecutions by the Department of Justice are at 20-year lows." Ex-Countrywide whistle-blower Eileen Foster, to name one prominent critic of the Justice Department's inaction, is ...
Read more...Wells Fargo may face fair lending claims
(Reuters) - Wells Fargo & Co could face civil charges from the U.S. Department of Justice under laws that prohibit discrimination against minority homebuyers, the bank disclosed on Tuesday.
Read more...Laura Gottesdiener: Organizing Against Bank of America in Enemy Territory
This week, thousands are descending on North Carolina for the Bank of America shareholders' meeting. Just as important as the mass action are the homeowners across North Carolina who are building a grassroots resistance network to keep the pressure on the banks.
Read more...Occupy Bank of America Protest Foreshadows Democratic Convention
Dozens of good-government groups, Occupy Wall Street contingents, environmental activists, struggling homeowners and institutional investors are descending on Charlotte, N.C., to protest Wednesday's Bank of America shareholders' meeting. Occupiers characterize the event as a test run for activism targeting September's Democratic National Convention, and expect thousands of protesters for a full ...
Read more...Bank of America CEO defends bank's leadership
Investors and activists hounded Bank of America Corp. during its annual meeting Wednesday over everything from its environmental practices to its role in the mortgage meltdown.
Read more...