Why is There Help for Banks But Not Homeowners?

Americans want to know why the big companies that financed their homes and repackaged the debt into securities can simply take writedowns, and watch the value of their shares drop temporarily, while so many people are losing their homes.

Most of all, they want to know why the Federal Reserve is rallying to help the banks, while leaving individuals to suffer the consequences. After all, it was former Fed chairman Alan Greenspan who once urged homebuyers to take advantage of adjustable-rate mortgages.

The latest plan from Greenspan's successor, Ben Bernanke, is to allow Fannie Mae and Freddie Mac to guarantee "jumbo" loans (those bigger than $417,000) so the lenders can keep on lending.

 
A bill introduced in Congress that would actually provide some relief to homeowners has provoked the wrath of the banks.

The concept of "too big to fail" has been with us for a while.  Americans have accepted that the Fed will bail out those who make really big mistakes that could impact the entire economy.  The airline industry got a chance to "restructure" through bankruptcy and is still flying.  Even Donald Trump could "restructure" through bankruptcy and today hosts seminars on how to create a fortune.

Are we, the general public, missing out on something?  Why can't the millions of homeowners facing foreclosure simply "write it off" and continue to live in their houses?  What's wrong with this picture?

Anyone else upset over what seems to be taking place with this Federal Bank Bailout plan while millions of homeowners take it on the chin?  Leave us your comments or thoughts on this.  We'd love to hear from you!

Home Sales Decline in 46 States

Sales of existing homes fell in 46 states during the July-September quarter as the housing market's slump worsened

The new third-quarter figures from the National Association of Realtors underscore the severity of the housing market's slump, which has economists increasingly pessimistic about the economic outlook.

Vermont and North Dakota were the only two states to show sales increases.  No sales figures were available for Idaho and New Hampshire.

The NAR Report did see a silver lining in the data however, noting that home prices rose in 93 of the 150 metropolitan areas surveyed.

Trade group officials emphasize the real estate market is not a national one, and conditions vary — sometimes dramatically — from market to market.

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Should You Freeze Your Credit?

Finally, anyone in the U.S. can freeze his or credit report to make it a lot tougher for an identity thief to ge a loan or open a credit account in your name.  The question is, should you? 

We'd love to hear your thoughts on this subject.  Just use the "Comments" link below.

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Buying Foreclosures: Things You Should Know

 

If you're considering buying a foreclosed property, there is a lot you should know if you have never done it before.  Yes, there are a lot of great deals in the market these days, but there are different stages of foreclosure and the more you know, the more you can protect yourself.

 

Pre-foreclosure is when the homeowner still owns the property and knows there is potential for foreclosure. They’re likely not current on their payments and are in danger of destroying their credit and losing any equity they have.

 

The second option is buying at auction.  Approach this method with caution - there is a lot of risk such as liens on the title and unknown repairs.  Also, cash is typically needed at this stage if you beat the bank's bid and win the auction.

 

The last option is post-foreclosure.  At this point, the home is known as REO - real estate owned property by a bank or lender.  The bank won at the auction and is now selling the home to recoup as much money as possible - at least what is owed on the property.  The bank will most likely hire a local real estate agent to put it on the market.  The longer the home is on the market, the more willing the bank is to work with you on selling price.  Keep in mind, banks do not want to be in the business of owning real estate – they want to get rid of it as quickly as possible.

 

Here are a few things to keep in mind when purchasing a foreclosed property:

 

1. Get a full approval from a mortgage lender who has verified your income and assets. This will give you more negotiating power.
    
2. Pick a zip code you are interested in and do research on what homes are selling for and the recent trends with property values in that area.
    
3. Get an inspection done and make your offer contingent on satisfactory results from the inspection.
    
4. Determine potential repairs and their costs.
    
5. Remember you have the upper hand in negotiations when it comes to the bank paying closing costs and making repairs.

 

Be cautious and patient in the foreclosure buying process.  If handled properly, you could find a great home in which you may have some instant equity.

 

Considering a foreclosure?  Have any questions?  Post them here by using the "Comments" link below.

 

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Mortgage Rescue? Rip-Off!

With housing prices falling and mortgage money scarce, foreclosures are going through the roof. And desperate times bring scam artists out of the woodwork. In the first part of a special three-part series, money reporter Stacy Johnson examines mortgage rescue scams.

Have you been scammed by a Mortgage Rescue Rip Off Artist?  We'd love to hear your comment by using the "comment" link below.

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