Foreclosure

have credit how else are you going to be able to buy a house? Of course you could just pay with cash if you had won the lottery, but we are talking about the normal Joe working hard out in the real world. With the rent-to-own program the skittish “foreclosure victims” could use the waiting time limit to build their confidence back up and also build up their collateral package. The way that I understand the way that bank loans work is, the more value in your collateral that you personally have to…

But quickly you are stopped in your tracks because of the word foreclosure on your credit report. The economy is bouncing back, and home prices and interest rates are at reasonable levels, making it a perfect time to purchase a home. But with a foreclosure in your past it is holding you back from being able to purchase a home. There are many homeowners still trying to sell their homes without losing it to the…

The report continues to connect the disproportionate foreclosures to a widening of socioeconomic disparities. If communities of color have suffered the most from the sub-prime mortgage crisis their tax bases will decrease, their infrastructure will decline, businesses will close and opportunity will vanish,…

into foreclosure because they sometimes owe more than what they are able to sell their homes for, and in turn cannot repay their mortgages. As Marissa Weiss, author of “Attack of the Zombie Properties” explains, the title owner often assumes that the beginning of a foreclosure process signals that the lender, often the bank, is assuming responsibility for the property and that they must immediately vacate the property (Weiss 491). This assumption fails to account for the fact that foreclosure…

they need to take into consideration unstable markets’ value, leasing agreements and possible rate increase by the Fed before signing the contract. From the 2008 meltdown, the most trustworthy method for boomerang buyers who have been affected by foreclosures and are willing to move into the house again, meanwhile saving their finances for a down payment and work on the credit scores would be the rent-to-buy…

When a mirror is broken, the guilty party is in for seven years of bad luck; similarly, when a home undergoes foreclosure, the homeowner is in for seven years of bad credit. Nearly 2 million homes went into foreclosure during the real estate and mortgage meltdown. After seven years of piecing together their credit, many of these former homeowners qualify for a mortgage again. These potential buyers are referred to as boomerang buyers. Despite the repair of their credit, the shattering of…

Wow! Rent to Own! It gives the family that has lost their home to foreclosure a second chance to regroup, re-establish credit and potentially take advantage of today 's real estate market, while putting those significant lessons learned into practice. First of all, it 's hard to say that folks in this category have checkered pasts. Sometimes, job loss, illness or other catastrophic event scan thrust families with decades of good financial records into the most dire of circumstances. Savvy…

path. Where I was able to put this to use in practice came specifically when I was involved with a startup company in Highlands Ranch, Colorado. I have the ability to process map all functions that take place in the areas of loss mitigation and foreclosure. The classic example that is always used when trying to solve an issue is to deliver a tasty hot pizza in a 30-minute period. When you explain this example, in detail, you motivate employees to do a better…

not afford the payments. Unfortunately, those people called their mortgage servicers explaining that they cannot make the payments. Many were upset, some sold their houses, some could not sell their houses. Others found no way out other than foreclosure. I have experienced many callers and different situations customers experienced while working in the mortgage industry for years. Of course, bankers were not the only ones at fault,…

In his essay “The Mansion: A Subprime Parable,” Michael Lewis reported that most Americans tend to desire houses they cannot afford. They start blaming rating agencies and mortgage brokers because they find themselves financially underwater. But according to Lewis claim, the lending business didn’t create this desire. The people did. He explains that most people want a house that reflects how well they are. They think that they will control the house but the truth that the house controls every…