One of the most economical ways for first time home buyers to break into the real estate market is by purchasing bank-owned foreclosure properties. Most banks are eager to eliminate the costs of maintaining and insuring foreclosure properties and will let them go at a significant discount to their open market price, provided the banks get enough to pay off the outstanding loans on the foreclosure properties.
Is a government foreclosure bailout a good idea? If this were almost anything else in a capitalist system but the “American Dream” (i.e. homeownership) we’re talking about with a government bailout by protecting or legislating, for me the answer would be a simple and short: NO.
But for me it’s not so cut and dry when […]
Each year thousands of families find they can’t keep up with their mortgage payments. It can be for a variety of reasons such as too much debt, losing a job, illness, or even divorce. Regardless of the reason, bank foreclosures occur when the buyer of the home doesn’t keep up with the terms of the […]