|
XNET Real Estate Directory
|
|
|
|
Recently there has been an ugly turn in the foreclosure market.Most people are familiar with the foreclosure victim who is a homeowner that fell on hard times and is forced into foreclosure, or when a homeowner has re-financed his home and "cashed out" his equity, and stops making his mortgage payments.In effect, he has sold his home to his lender.Lately there is a third entry in the foreclosure arena.
The new foreclosures are investors who are unable to make payments on speculative real ...
|
|
|
|
|
|
Foreclosure is not a complicated legal process but it can be confusing to the average homeowner struck in it. The exact legal process varies from state to state and county to county, however, the overall process is very similar.
A homeowner gets behind on his mortgage and a Notice of Default ("NOD") is issued by a legal service processor, such as certified mail, sheriff, or public notice. The defendant has a period to reply and if the default is not cured, the entire amount of the mortgage ...
|
|
|
|
|
|
|
An "upside down" property is when the money owed (mortgage) is greater than the fair market value (FMV) of the home. For example, if the FMV of the home is $250,000 and the amount owed is $275,000, the property is upside down.
This situation generally happens when there is a real estate market decline, the homeowner refinances more than 100% of FMV, or an equity line is added that is close to or above the FMV. In some areas of the country where there have been substantial market decreases, ...
|
|
|
|
|
|
|
|
|