Over the last four decades, Detroit has gone from boasting the highest rate of home ownership in the nation to the highest rate of home foreclosures in the US. Last week, the mortgage research company RealtyTrac Inc. announced that the economically depressed automotive center had the highest foreclosure rate in 2007 of the largest 100 metropolitan areas nationally.
Tips On How To Avoid Foreclosure
By Susan Jan
Foreclosure occurs when you fail to make your payments and the mortgage company takes legal action to repossess your home or property. Mortgage foreclosure may take place if a homeowner, who has taken out a loan, defaults on the mortgage payments. Through the process of mortgage foreclosure, the […]
Areas that experienced a boom during the recent inflation of real estate are not in jeopardy. As property values begin to get back down to where they should have been to begin with there are many homeowners that are facing foreclosure. Prices that were rising on a steady and fast pace, making investors a lot […]
When a bank forecloses, they take ownership of the property, usually in order to resell it in hopes of earning back some of their money. Foreclosures happen because the owner couldn’t make the mortgage payments and had to forfeit the property. Bad for the home owner, good for you, since you can often get bank-owned […]
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.