Guevares went to Sunday's USHomeAuction.com's foreclosure sale at in New York City's Jacob Javits Convention Center.
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Y. developer who bought the land at a foreclosure sale in 2004.
If mortgages could be written down to a value above the likely foreclosure sale price, that would generate benefits for both creditor and borrower.
Fannie Mae and Freddie Mac have become reluctant owners of more than 200, 000 properties thanks to the foreclosure crisis, working through the backlog, one painstaking foreclosure sale at a time.
Mr. LAPPE: Purchasing at a foreclosure auction today is probably much less of a deal than it was a year ago or two years ago, because previously, with credit standards being fairly loose, an investor who bought a property to foreclosure sale stood a pretty good chance of finding a qualified buyer to sell the property to.
That may be an overshoot because several major lenders suspended foreclosure and sale of repossessed homes until they are able to clear a way through the foreclosure logjam.
After a deed-in-lieu of foreclosure, preforeclosure sale, or short sale, there is a mandatory waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV.
Among all non-foreclosure homes for sale on Trulia, in early January, 33.6% of homes were priced lower than their original listing price. (For homes originally listed more than six months ago, we compared the current price to the price six months ago, not the original price.) One year ago, in early January 2012, 36.7% of homes for sale were marked down from their original listing price.
The APR at the time of the quote was a jaw-dropper, at less than 5%. (Keep in mind rates can change daily, and depend on individual circumstances.) FHA requires a three-year wait after a short sale or foreclosure, however.
That would include mortgage debt which is forgiven as a result of foreclosure, as well as debt restructuring, short sale or deed in lieu of foreclosure, so long as the debt is associated with the purchase, building or improvement of your main home and even if that debt is considered recourse debt.
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You know, you have to have this kind of credit score and you kind of had a short sale or a foreclosure in your recent history and stuff like that.
Similarly, if a property is sold at foreclosure or in a short sale and the underlying mortgage is recourse (meaning the borrower has personal responsibility for any excess loan deficiency remaining after the sale), then to the extent the remaining deficiency is forgiven, the borrower will again recognize COD income.
Potential homeowners are reluctant to bid on homes in foreclosure or negotiate a short-sale in light of the continued uncertainty of the legal regime.
About 10.7% of all homes not in foreclosure in the U.S. currently for sale were built between 1970 and 1979, according to real-estate website Trulia, which analyzed listings that contained a home's build date in the property description.
This exclusion applies whether a taxpayer restructures his or her acquisition debt on a principal residence, loses his or her principal residence in a foreclosure, or sells a principal residence in a short sale.
Which also means ultimately, because many people are so highly leveraged, they have such high outstanding mortgages, they will ultimately go into foreclosure because they can't repay their mortgages with a lower sale price.
Some of those non-performing loans will be directed into one of the many foreclosure alternatives now available to lenders: from loan modification to short sale to even sale of the loan at a discount to another entity who then can try to get that loan performing again.
The firm also found a number of foreclosure sales that occurred less than 20 days after the Notice of Trustees sale, casting doubt on the legitimacy of the title transfer to the new owner.
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This is when a borrower negotiates with his lender to sell his home at a loss, taking a bet that home prices will further depreciate and that a short sale will bring in more cash for the lender than would a foreclosure and auction.
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