Archive for the 'Foreclosure' Category
5/5/08: A tour of Gary, Indiana, where families who struggle to keep their homes find little solace in election pledges. (Video: Lee Wang)
Duration : 0:5:27
Jacob Nordby breaks down the government’s latest bail out plans for individual homeowners
Duration : 0:6:30
In a state with one of the highest foreclosure rates in the country, more and more Florida residents face the unexpected loss of their homes
Duration : 0:4:27
Wasn’t the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?
The FHA has a loan program you an try to qualify for, although the requirements and terms make foreclosure seem the more beneficial resolution to your situation.
1. You have to show that you can not afford the payments.
2. Your mortgage-to-income ratio must be below 31% of your gross income.
3. Your tax statements must be used to qualify you for the new loan. If you had a stated income loan before, you probably won’t qualify.
4. Any second mortgage must be paid off before the FHA will refinance.
5. You must have a down payment of at least 3.2% of the new loan.
6. Your new interest rate may be .25-.50% below the norm, but you must pay a 1.5% insurance fee, which could raise the costs.
7. If you sell in the next 5 years, you have to split any proceeds with the FHA (up to 90% would go to the FHA).
8. This can only apply to your primary residence.
9. The max loan amount is based on the current market value of your home; your bank must be willing to write down the mortgage if you are underwater.
That’s the best the government can do. It’s quite a bit worse than a regular foreclosure loan or a hard money loan. But if you want to give it a try, contact the FHA. In the meantime, it would make sense to work on other solutions, too, and not trust solely in the government.
Good luck.
ForeclosureFish
FDIC Chairwoman Sheila Bair unveiled a proposal that would attack the foreclosure crisis at its core by keeping at-risk homeowners in their homes and extending payoff terms. Anthony Mason reports.
Duration : 0:1:36
(Recorded October 2007) Part II of III Part YouTube Series “Foreclosure Crisis” (originally aired in full on MNN, BCAT, QPTV, Bronxnet, sicTV, GoTV, and PNN)
Pt. I - Host and Co-Director of NEDAP, Sarah Ludwig, discusses predatory lending and foreclosure with guest Herman DeJesus from South Brooklyn Legal Services.
Pt. II - Meet Nerida Soto-Cuccia, a homeowner in foreclosure.
Pt. III - Sarah and Herman discuss the impact of foreclosures on communities.
Duration : 0:9:28
” I am not a musician, that much will be obvious. However, I feel so strongly about this whole foreclosure crisis and economic fiasco that I had to express it somehow. If you like the song, and if you can make a better slide show or movie for it, please do. Just make sure you give me credit, and my brother, too (It’s copyrighted!).
Let me know what you think.
tcarosel@sbcglobal.net ”
-TLC
Duration : 0:5:28
It can cost the bank much more to foreclose than renegotiate terms, which is what some banks are doing. Harry Smith gets a detailed explanation from Joanne Lipman from Portfolio magazine.
Duration : 0:2:50
I know a person who has a property management company. She wants to start working for foreclosure listing agents and to provide services such as rekey, trash-out, winterization, etc. To all you agents out there who specialize in listing foreclosures, what would be her best strategy as far as marketing to you?
Thanks in advance!
To all you agents out there who specialize in listing foreclosures, what would be her best strategy as far as marketing to you?
Its the same questions of mine. I'm coming from jakarta
A look at the Crosby Mint Farm in St. Johns, MI, and how the foreclosure crisis is hurting them. Senate Bill 1306 would establish a moratorium on foreclosures and save this farm. The sponsor of this legislation is Senator Hansen Clarke.
Duration : 0:3:29