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Disability And Foreclosure Article
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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.
Disability And Foreclosure Specific links
Disability And Foreclosure News
Austin Foreclosure Rates Drop
Foreclosure rates in the Austin area are falling. A report from the firm Corelogic shows February the foreclosure rate was 1.4 percent. That is down slightly from January.  The national rate is almost three and a half percent. The foreclosure rate measures the percentage of loans in some stage of the foreclosure process. ...
Read more...Lawmakers push foreclosure relief for military
WASHINGTON (Reuters) - The House of Representatives on Friday voted to further insulate some service members from home foreclosures and extend borrower protections to disabled veterans and surviving military spouses. The measure passed 394-27 on a bipartisan vote and was attached to a $554 billion defense spending bill that is set for a final vote Friday in the Republican-controlled House. The ...
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Read more...Sponsored By:
NOTICE OF PUBLIC SALE BILL'S TOWING gives Notice of Foreclosure of Lien and intent to sell these vehicles on 05/28/2012, 8:30 am at 425 S 8TH ST FERNANDINA, FL 32034-3609, pursuant to subsection 713.78 of the Florida Statutes. BILL'S TOWING reserves the right to accept or reject any and/or all bids.
Read more...Race discrimination after foreclosure: Are communities of color treated differently?
(Special to the NNPA from the American Constitutional Society for Law and Policy) — The current foreclosure crisis constitutes a monumental civil rights issue.
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All things being equal, the purchase price of a short sale will be less than a regular home on the market, and a foreclosure will be lowest of all. Here's the breakdown -- on average -- for the Baltimore region in April:
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