5 Tips for Foreclosures

5 tips for Foreclosures

It is important for you to use a good realtor; realtors with at least 5 yrs experience and preferably one that has a proven track record of working with foreclosure sales.

Foreclosure sales are sold as is and home inspections are a home necessity. The money you spend on inspections may save you ten of thousands of dollars later. 

 People assume that the same financing options are available for foreclosure properties as all other properties.  The truth is property conditions are being evaluated by lenders more closely than ever. Certain properties may not be eligible for financing. Review the property condition with your lender up front.

As a general rule, sellers of foreclosed properties including banks, mortgage companies, Fannie Mae, Freddie Mac, HUD, etc….will not accept an offer that is not submitted with a pre approval letter.  It is imperative that you are re pre approved up front.

Real Estate property taxes are may times under estimated in the preliminary research when buying a foreclosed home.  You may have gotten a bargain price on the home but the sticker shock can arrive wit tax bills.  Be sure to take the actual property taxes into account when budgeting for your new payment. 

Tuesday, March 8th

Fixed-rate mortgage? Homeowners should consider all alternatives - The Guardian

The Dark Side of Home Subsidies - NY Times

Pressure builds for US mortgage loan write-downs - Reuters

Decline In Late Mortgage Payments May Be A Positive Indicator For Foreclosures - NuWire

FDIC Chairman Questions Mortgage Interest Tax Deduction - FOX Business

After the Fire, Rebuilding U.S. Housing Policy - The Atlantic

Fed launches reverse repurchase agreement program - Forbes

Fannie Mae Mortgage-Bond Spreads Fall to Record: Credit Markets - Bloomberg

FDIC’s Bair eyes low interest rates, more lending - Reuters

How to cope with new fees, rule changes on credit cards - USA Today

Monday, March 8th

Home-Saving Loans Afoot - WSJ

Program Will Pay Homeowners to Sell at a Loss - NY Times

Business economists see Fed rate hike in 6 months - Reuters

 AIG Settles U.S. Claims of Black Mortgage Fee Bias - Business Week

Help for First-Time Buyers - NY Times

HDB extends mortgage help - Today Online

Fed proposes rule to limit credit card fees - USA Today

U.S. consumer credit rises for first time in year - Market Watch

New rules or not, consumers pile up debt with credit cards - Brownwood Bulletin

Interest-Free Financing War Heats Up - Fox Business

Friday, March 5th

30-year fixed mortgage rates dip below 5% again - LA Times

Is Mortgage Refinancing a Loser’s Game? - Time

Fannie Mae’s Mortgage Delinquencies Climbed in December - BloggingStocks

FDIC’s Bair says tackling underwater mortgage woes - Reuters

January’s mortgage delinquincy rate surpasses 21 percent - Las Vegas SUN

The Fed-backed mortgage market -  Christian Science Monitor

New rules for your plastic - Credit- and debit-card issuers react to restrictions - Consumer Reports

Lower interest rates? Not in the (credit) cards - AP

Time To Rethink That Cash-Back Credit Card - Forbes

Video

New Bill Could Help Consumer Credit, Economy (Video)