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Written by Julie Thompson
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If you are thinking about making a purchase at a foreclosure sale then there are many things that you need to know about the process. It is important to know these things so the process runs smoothly for all parties.
A foreclosure sale usually occurs on the front steps of the local county courthouse where the home presides. The banks will initiate the foreclosure and the courts will set a date of the sale. Homeowners have a few months notice before the sale of the property takes place. This gives them ample time to save their home from foreclosing if they want to keep it. If not then the home auction will take place on the set date.
A foreclosure sale usually has several properties that are being auctioned. If you want to purchase a property at an auction then you should have done your research first about the home. The auctioneer is not going to notify you about problems or repairs on the home. Placing a bid on a home you haven’t seen yet is very risky and could result in a loss of investment. You can find out about local foreclosures in the local newspaper classified public notice section. This will give you the address and you can call and find out more information this way.
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Written by John Cutts
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A disproportional number of foreclosed property units in the Buffalo area came from subprime mortgage loans, according to a three-year study conducted by the Western New York Law Center.
The foreclosed property study analyzed more than 5,000 mortgages of homes that were added to foreclosure inventories from 2007 to 2008.
The researchers found out those most foreclosed property units are located in the East Side of Buffalo and its surrounding areas and that most foreclosures were caused by subprime lending and predatory lending.
Lead researcher Kathleen Lynch said that the major objective of the foreclosed property study is to determine the real number and factors of foreclosures in the area and to inform local officials about the findings. The results of the study would help officials craft measures to prevent future mortgage and housing problems.
According to the study, 1 in 3 subprime borrowers in high-cost communities lost their homes to foreclosure from 2007 to 2008 and many foreclosed property units came from mortgages provided in the past three years.
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Written by Kelly g
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As we all aware of, the current interest rate forecast is very cloudy because of the treasury yield. Since the beginning of 2009, the 10 year treasury rate has increased from 2% to almost 4%. There is little doubt that the 2% was way too low, but should we really be seeing a quick double in less than half a year. With the yield going up so quickly, it was only time before mortgage rates followed.
Many are learning to their surprise that condo and neighborhood associations that oversee security patrols, mow lawns, plant flowers and clean the community swimming pool may have the right to foreclose when dues aren't paid. That right is often written into the purchase agreement signed by the homeowner. Many homeowner associations have turned the job of collecting member dues over to outside management companies. And to them, it's strictly business, not personal.
Homeowner association boards and their management companies defend the practice, saying maintaining the neighborhood preserves everyone's property values. "We have compassion for those folks. At the same time, we feel for the rest of the homeowners who are paying their dues," said Andrew Schlegel, executive vice president for Merit Property Management, which manages more than 140,000 California homes in community associations.
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