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California Foreclosure Article
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Purchase a Bank Foreclosure for your Next Investment Opportunity
from:A bank foreclosure is also known as a real estate foreclosure and it occurs when a borrower is unable to repay their outstanding debt to the bank. The real estate property was put up for collateral for securing the loan and a lien was put upon the property giving the bank legal right to seize that property should there be a default in payment.
The bank foreclosure takes a while and a wise investor will be aware that there is a period in between the time the bank will actually taken possession of the property. This period is known as the pre foreclosure period. During this time the property owner can attempt to sell the home in order to preserve his good credit standing. For the investor wishing to buy the property it becomes a very lucrative deal as many homeowners need to sell the property so quickly that they will give great deals on the sale of the home.
If the property was not successfully sold during the pre foreclosure period, the bank will take over the title of the property and repossess the home or other real estate property in question.
When a bank foreclosure has occurred the bank will not wish to keep the property that it now owns for several reasons:
• Banks are moneylenders; they are not real estate owners.
• Having possession of property on their books shows bad decision making on their part resulting from lending money to consumers who are unable repay the loan.
• Banks lose money on the ownership of repossessed homes. They must maintain the buildings, pay taxes and insurance fees. The longer they own the property the more loss they incur.
• The bank will also want to recover the money lost on their bank foreclosure.
Since banks want to rid themselves of the foreclosed property as soon as possible, they too will sell the property thus, opening up a wise investment opportunity for an investor as well. The investor can obtain property at between 20 – 60 percent below the market value from purchase of a bank foreclosure.
A wise investor can search for bank foreclosures and choose the property that is right for his/her current needs and budget. There are several online sites that offer bank foreclosure listings. Not all provide current listings. Bankforclosuresales.com will provide the most update bank foreclosure listings on foreclosure homes, commercial foreclosures, and government foreclosures. They charge a nominal fee but provide an excellent service.
Investing in a bank foreclosure home or other property is risk free, the deals are well below market value, and all liens on the property have been lifted. The investor is only responsible for the cost of the sale price of the property.
California Foreclosure News
Monique Acosta, California Foreclosure Victim, Found Guilty Of Vandalizing Home - Huffington Post
Monique Acosta, California Foreclosure Victim, Found Guilty Of Vandalizing Home Huffington Post Foreclosure can be frustrating, but one couple found the process so upsetting that they allegedly decided to cut down some trees and throw them in their pool before moving out. A jury in Riverside, California found Monique Acosta of French Valley ... |
Foreclosure-prevention efforts face obstacles in Sacramento - Los Angeles Times
 Los Angeles Times | Foreclosure-prevention efforts face obstacles in Sacramento Los Angeles Times (Ricardo DeAratanha, Los Angeles Times / May 14, 2012) By Marc Lifsher and Alejandro Lazo, Los Angeles Times SACRAMENTO — Efforts to ease California's foreclosure woes, among the worst in the nation, are running into roadblocks at the state Capitol. Mortgage settlement could go in state's budget hole Foreclosure victory deflated |
Regulator balks at California foreclosure fixes - Chicago Tribune
 The Real Deal New York | Regulator balks at California foreclosure fixes Chicago Tribune WASHINGTON (Reuters) - The housing regulator for mortgage-giants Fannie Mae and Freddie Mac on Tuesday said laws under consideration in California to halt illegal foreclosures could restrict mortgage credit and hamper necessary home seizures. Needy States Use Housing Aid Cash to Plug Budgets Evans to hold May 16 telephonic town hall on California's foreclosure crisis California Homeowners and Advocates Ask State Legislators: "Whose Side Are You ... |
Lawyers prey on foreclosure-facing homeowners in San Fernando Valley and beyond - Pasadena Star-News
Lawyers prey on foreclosure-facing homeowners in San Fernando Valley and beyond Pasadena Star-News These attorneys charge fees with the promise of stopping the foreclosure, but then don't follow through with the case and disappear with the money, according to Laura Ernde, spokeswoman for the California State Bar, which has reported a spike in these ... |
A federal foreclosure lecture California can do without - Los Angeles Times
A federal foreclosure lecture California can do without Los Angeles Times At issue are two bills backed by California Atty. Gen. Kamala Harris to set new rules for the foreclosure process. The bills ran into stiff opposition from lenders, so the top Democrats in the Assembly and state Senate moved them to a conference ... Reply to comment Special programs to reduce principal on mortgages are attracting praise ... |