Is it because people were not making enough money at the time of purchase to make future payments on the mortgage when rates adjust up? In essence expecting to make more money in the future to be able to make payment? Also if rates on all these mortgages adjust up, please explain, I do not have a full understanding. If someone said it is because of a downturn in the economy…I don’t understand why a 1% uptick in unemployment would result in all of this. Also, it would assume that everyone of the mortgage defaults where owned by the 1% that made up the unemployment uptick. I don’t think so. I doubt everyone who cannot pay their mortgage has taken a paycut or lost their job. If that is true, why cannot they pay their mortgages? I am sincere with these questions, please no one take offense just help me to understand. Respectfully, Thank you.
Posts Tagged ‘real’
What do you think what could happen in the future of real estate and Loan Mortgage businesses?
It seems that foreclosures are all over california. I just felt for those homeowners that they have to go to foreclosure because they can’t pay their house payment everymonth. Some people who have 3 or 4 rental houses are foreclosing, is there anything remedy for these? What do you think they should do? Are these builders for new houses have something to do with the collapse or the realtors or the lenders? What does the government do to these houses that being foreclose, that no body seems to not interested in buying? There are thousands and thousands of them and they are very nice houses too???
real estate plus probate plus deed question?
I was interested in a foreclosed on home. The home was to be auctioned on March 8th and the house was removed from the auction schedule on March 2nd. I paid a lawyer to research the title and he found out this information.
The parents owned the house and paid the mortgage. Their will gave the house to multiple beneficiaries. Then the mother died. The father then supposedly, told to me by the probate office, that he left the house to a sole beneficiary.
Then the man died in Oct. 2008. The person who was his executor was also the sole beneficiary of the house. This person was foreclosed on in Nov. 2009 as were all the heirs to the house when the parents will was intact. In Feb. 2010, the executor put the house in their name. The lawyer says this deed is no good because there were multiple heirs. The father did not have a will naming the sole beneficiary he had no will. This person avoided the foreclosure some how. Maybe they got financing but the lawyer says, no one would loan them money because a loan would require a title search and a search would make it known that their are multiple heirs to the house, not the sole person who put it in their name in early Feb. 2010. The lawyer will to find out why the auction was pulled. This lone person may have come to some terms to correct the foreclosure and begin making payments. The lawyer said, yes, this could be what happened but the deed in that person’s name is still not legal and is worthless as the house is owned by multiple parties. The others ran for the hills when the foreclosure papers were served and very few was able to be served though their addresses were located. So, maybe this person has slipped through the crack and got around the foreclosure by making payment arrangements with the bank who foreclosed, and since they are getting their money, the really care less that the person possesses a non valid title.
1. If they move out of state in the future and want to sell the house, they won’t be able to because the deed is not valid. Right?
2. Who should be informed about this invalid deed?
I’ll still accept comments and ideas on this.
But, I just called the probate office. The deed will stay as is, even if invalid, until an individual petitions the court to challenge the validity of the deed. This leaves me out, I think. It also likely leaves out the other beneficiaries of the house because they surely want no part of the foreclosure and their share of the debt.
I wanted to buy the house at the foreclosure auction and it looks like fraud has been used to avoid the foreclosure. My title search lawyer said there was no will leaving the house to a sole child. The will for both parents left the house to multiple persons. And the will showing the father leaving the house to a sole person never existed.
what do you mean by:
T/E wros
Father’s interest passes to his heir ’s/executor again subject to the mortgage.
my lawyer said the father could not give the house to his sole daughter because he had no will. However, there is a will in the probate office saying Dad left the house to sole daughter the current occupant.
any way to get this house back on the foreclosure docket?
the lawyer said the father’s will is phony, that is why Wells Fargo foreclosed on about 6 people, they all own the house and the will of her father’s is a fraud, and she could not have put the house in her name (but she did) because she is not the only person to inherit the house. Probate told me an invalid deed stays invalid (as in it seems no one cares) until someone challenges it’s validity.
How to save the Economy and Real Estate Market?
With the current economic situation, here is one way to resolve the issue. What is your opinion or way to save the economy?
First off, $700 billion bailout from the government? ouch
By saving the real estate market, it will help the entire economy get back on track. Home owners bought outside their means, didn’t understand what they were agreeing to, or took out equity at the peak of the market. Now these individuals have lost their homes, or are in foreclosure. Banks/Lenders can’t sell these homes and are sitting empty. Ex-home owners have had to move in with family and friends, rent, and in some cases become homeless.
MY SOLUTION
Home owners that are unable to pay their mortgage, should be allowed to have their home value reassessed and be given a lower fixed apr. That being said, the difference between the current value of the home, and what is currently owed on the home will need to be repaid upon the home being sold. In addition, once the home is sold, any amount over what is owed, will be split 50/50 between the home owner and the government. The home owner would not be able to sell their home for 5 years, unless the home can be sold for at least what is owed (mortgage & gov).
Example
-Home owners have a mortgage for $400,000
-House is assessed at $200,000
-New house payment 1/2 as much
-15 years later the house is sold for $600,000
Home owner pays off what is remaining from mortgage. Repays $200,000 that the government paid, and splits the remaining $200,000 50/50 with the government.
This will drastically cut the foreclosures, and save the US economy, especially the real estate market. When homes are sold in the future the government will get its money back, and profit from all homes sold under that program well into the future.
My first draft had interest included in the repayment of what the government covered.
As far as living within ones means, I agree completely. However, with the current situation, its about limiting the houses reaching foreclosure, and keeping home owners in homes. My plan is not about forgetting about what a person owes, it is about making the payment within their means so they do not go into foreclosure. Also by the home owner having to repay what the government subsidized (w/wo interest), and splitting any profit from selling their home, it is not only removing a huge profit from a government program to a home owner, but also giving additional income back into the government.
Does anyone know where I can find real estate note holders?
I buy real estate notes, trust deeds, annuities, etc….if you know of anyone that is trying to sell a note, even business notes, please email me and let me know. Plus they can visit my website which is www.cash4cashflows.com/sconner where they can see exactly what it is that I do. Thank you!
what is the real difference between “Future value of an ordinary annuity” and “Future value of an annuity DUE”
what is the real difference between “Future value of an ordinary annuity” and “Future value of an annuity DUE”
In other words, from a given problem how would i figure out which one to solve for (ordinary annuity or annuity DUE)?
How does this real estate annuity work ?
At 70, I own a home I can not afford to keep. My home has been for sale for 2 years at a price set by 3 market cost reports. I’ve had lookers and no offers.
I’ve recently met a man that has offered to give me an up front lump sum of $10,000.00 + a 5 yr ( 60 month ) contract with payments of $2,000.00 monthly + a promise to close the purchase -standard mortgage- within 3 months of the 60th month. In the contract , I pay my homeowners ins. and prop. tax. I would agree to take $110K off today’s price less my pmnts for ins. & taxes..about 30K so, I net 80K over 5 yrs and sell my home for 80K less
I think it’s a good deal for me as
1- I move to Florida…he gets my house w/o permission to alter home or property…he pays utilities…I ( or my agent ) inspects once monthly
2-at the sale, my cap gains are less &
3- the deal is off if my buyer defaults &
4- I have a 2 K per month income
Am I crazy ?
Is my buyer Crazy ?
What are we missing ?
Thanks for your time !
Question about selling a home. What is the best approach with a real estate agent?
I have a home in a neighborhood where houses are selling for between 170000 and 190000. The house needs a little work, but a realtor told me a couple of weeks ago that with 2000 worth of repairs(carpet, paint, and a bit of landscaping) it could reasonably list for 179000. His commission is 6%. I haven’t signed a contract yet. I am aware commission is negotiable. My situation is I don’t have the 2000 for the repairs and have no way to come up with it in the near future. My payment is going to increase $450 next month and I can’t afford it. Refinancing is not an option. I absolutely have to walk away with at least 160000 and I need to sell pretty quickly. When talking with a realtor should I express my urgency to sell? Should I tell them up front that I have to make 160000 after their commission and closing costs? If I shared this info with a realtor would it hurt my chances of them trying to get me any more than 160000? How should I approach this? Thanks.
I am going to do the painting myself. The carpet is terrible. I want to put in something very cheap but more importantly clean. I just don’t have any extra money. I am in the middle of painting, but currently can’t even afford the paint I need to finish. As far as landscaping, really all that is needed is a few bags of mulch, otherwise the house looks pretty good from the outside.