Find a cure for foreclosures, win a prize
By Inman News, Friday, May 1, 2009.Bookmarking Sites
This month, Inman News will gauge the depth of the U.S. real estate foreclosure problem with a series of articles, a reader survey and other news and features.
We'd like you to share you personal experiences in working with homeowners and properties facing foreclosure, and to hear your suggestions about ways to treat the financial and emotional wounds inflicted by the foreclosure wave and to minimize the impact of foreclosures on individuals and communities.
We are offering a $200 Amazon.com gift card to the author of the best essay we receive this month on the topic of "Fixing the Foreclosure Crisis." Essays should be 500-1,000 words in length, should not be promotional in nature and Inman News will retain all copyrights for published works. Send essays to: future@inman.com.
We will also award a free pass (for new registrations only) to the upcoming Real Estate Connect conference in San Francisco to the author of each essay we choose to publish in full at Inman.com.
Flickr photo by austrini.
All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
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Submitted by Jerzy (George) Szkup on May 3, 2009 - 9:51am.
George Szkup
www.DestinationTucson.biz
It will be difficult to write a 500 words (minimum) essay and be specific and stay on the subject.
Most foreclosures are result of various occurrences: increase of mortgage payment above "affordable", loss of job, medical emergencies, divorce, and death in a family.
In all cases there is one direct result:
inability to make payments.
There are only two ways to fix the problem:
give”sufferer" money to pay, reduce payments to "affordable" or delay payments.
At present, the only available solution is to negotiate with the lender loan modification - based on available date it works in 54% of situations. The other solution would be to give bankruptcy judges authority order a "solution".
As of to day our Senate does not see it this way - "Cram-down" provision was defeated 54 to 45 (or something like this). This act will result of weakening President Obama initiative on helping to prevent foreclosures. "Official" reason for vote against was that provision would increase mortgage rates - ridicules! - Lenders will charge maximum that they can get in any way.
Actual rates will be regulated by amount of available money and competition among lenders.
Credit worthiness of individual borrower will always be an issue (for the next few years anyway) - right now it is difficult enough to get a loan.
George in Tucson
http://www.DestinationTucson.biz
Submitted by jack james on May 4, 2009 - 7:37am.
This is really good to see articles in this topic...
Students must work as part time.. It will improve their knowledge as well as their confident...
Home Mortgage
Submitted by Steve Hicks on May 4, 2009 - 9:39am.
Allow simple assumptions again on all fed. backed mortgages. This will prevent many foreclosures. New buyers will come back into the market looking for assumptions. Buyers with cash but can't qualify for a loan. Investors that do not want to use up their credit line,or can't qualify at this time due to lending rules. It is a win-win-win technique of selling homes. The seller can sell his home, the buyer becomes a homeowner, and the lender has the mortgage brought current. Best of all this cost the taxpayer nothing! Lets give this a chance before trying another bailout or cramdown. Let the market work its way out of this mess.
Submitted by Jill Black on May 7, 2009 - 12:58am.
One of the problems is that people have an arm on a property. When they got the loan the bank was fine with their income and the property. But now (even though they have been making payments) either the house or the individual can't get a loan. Basically I think for all arm's if someone has been paying they should be automatically able to get a new 30 year loan with current mortgage rates.
Submitted by Becky Washam on May 9, 2009 - 5:25am.
I personally think if the banks were allowed to fail in the first place this mess would be over by now. Government intervention just dragged out the problem.
Flower Mound Homes for Sale
Frisco Real Estate
Submitted by Jay Thompson on May 10, 2009 - 10:47am.
The "click here for more details" link leads to a page that is only viewable by Premium members.
Can only Premium members submit an essay?
What is the cut-off date for submission?
Jay Thompson
Broker / Owner
Thompson's Realty
Blog: www.PhoenixRealEstateGuy.com
.
Submitted by George Hagan on May 10, 2009 - 10:39pm.
Hi,
It seems interesting but here is the same question like Jay Thompson.
--------------
George Hagan
Real Estate Buyers Agent
Submitted by Dennis Hearing, The Hearing Group on May 14, 2009 - 4:03am.
I am an REO agent in the Greater Ft Lauderdale area. As some of the experts have hypothicated, I am seeing a strong shift in the market here. True prices have come down, much to the shegrin of Seller's, but, the Buyer's are truly recognizing the immense buying opportunity.
A year ago, well priced REO properties would get the attention a few savvy Buyer's. Now, it is not uncommon for well priced REO's to experience intense bidding wars, with multiples offers numbering into the dozens!
I strongly believe that South Florida will lead the way to the housing rebound. In fact, I will go out on a limb to say that those Buyer's "waiting for the bottom", will be saying tomorrow "Oh wow, the bottom was yesterday!"
THIS is the time to buy!
written by Dennis Hearing, The-REO-Guy
Submitted by Jim Lee, Knoxville TN Realtor on May 18, 2009 - 5:32am.
Here's the easiest, fastest, and cheapest solution to the housing glut.
Let new buyers and investors assume existing loans without having to qualify.
That would put these 'at risk' homes in the hands of more financially capable owners and even if they ultimately had to be foreclosed on the lender would be no worse off than now.
Personally I believe this would clear out a lot of the backlog of unsold homes and save lenders money in some cases by not having to go the short sale route.
Jim Lee, CRS, ABR, GRI, NAR Certified e-PRO Trainer
Realty Executives Associates, Knoxville, Tennessee
www.KnoxvilleHomeCenter.com mailto:Jim@JimLee.com
(865) 693-3232, My Personal Toll Free # 1-800-662-2488 ext. 163
**********************************
Submitted by ECO Realty on May 22, 2009 - 3:52pm.
In Canada, the foreclosure process has some protections for the foreclosed upon party. I do not know if it varies from state to state in the US, but I have heard that buyers need only settle the balance with the lending institution.
The courts do not just accept the best bid, even if it satisfies the lending institution. Though the price is typically a "bargain" for buyers, judges are mandated to ensure that the property is sold for a fair market value price. This reduces the financial damage suffered by the foreclosed upon. Everybody wins, and the value of surrounding homes are not driven down so easily.
This would only be effective if applied early, before entire neighborhoods begin to drop in value exponentially, and it is only one strategy that could mitigate the damage to individuals, communities and economies caused by massive foreclosure.
More in this article on foreclosure procedures in British Columbia: http://www.ecorealtyinc.ca/Articles.html#Foreclosure-Article
Contact ECO Realty manager@ecorealty.com
Submitted by Mike Allen on June 9, 2009 - 4:32pm.
Here in Dallas, housing prices are beginning to turn around see chart here. How this plays out on foreclosures can be seen on this map can be seen on this map. Note the red circle surrounding Dallas. It would be interesting to hear foreclosure stories segmented according to what the market dynamics around the house are like.
Just a thought.
Mike Allen
HomeProdigy
Submitted by Ron Redlich on June 22, 2009 - 11:27am.
Perhaps jobs can be created for those on welfare. Caring for older people at home, working in pre-school centers, etc.
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Submitted by aaron williams on June 30, 2009 - 4:09am.
The biggest thing we can do to prevent foreclosures is to require down payments, good credit, and regulate that the government only allow fixed mortgages. We need to make people work hard to buy a home so they value it with passion. Its easy for people to walk away if there is nothing to lose and there were no challenges or any loses on their part. There will be less homes bought but minimal foreclosures on the banks. We also need to enforce the fraud that these mortgage brokers are doing on the applications with fines and jail time. They need to take their jobs seriously.
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Submitted by Nick McCully on July 2, 2009 - 3:22pm.
We can help with your short sale or foreclosure. Our services are free to agents and homeowners. We professionally negotiate with our contacts at the banks, and then we close the transaction because we are the cash buyer. Don’t wait for the market to bring you a buyer call us. We are ready to buy now. We close 6 to 7 for every 10 properties we take on in the short sale arena.
http://stophomeforeclosuresite.com/pgs/Home.php
info@stophomeforeclosure.com