Comments on: Home Foreclosures Hit Rich Too

By: steve

steve — Fri, 07 Jan 2011 06:57:27 +0000

Everyone — not just those with sub-prime loans — will feel the pain. Need money for home improvements or college? Don’t count on using your house as a piggy bank; 60 percent of banks are making it harder to get home equity lines of credit. Many banks have raised standards on other consumer loans, which could be a problem if you want to finance a new car.

The credit crunch is hurting businesses, too, leading to layoffs and fewer new jobs. That could spark more foreclosures, since at least 10 percent of families are upside-down on their mortgage: They owe more than their home is worth.

By: dlf

dlf — Sat, 11 Sep 2010 04:14:51 +0000

A person who faced foreclosure might face another problem soon after the foreclosure business ends – he might have problems with lawsuits. The mortgage company can go after him for damages. In all cases, ‘foreclosure’ is considered a damage. Therefore, the person who let the damage happen will be deemed responsible to pay for it.

By: Wayne

Wayne — Sat, 07 Aug 2010 05:01:17 +0000

The contractor, the banks, and the person that ends up getting hurt is the home buyer.

By: danna

danna — Thu, 05 Aug 2010 18:41:53 +0000

While it is true that home foreclosures may prevent some folks from owning a home due to tighter regulations now on loans, for people who have secure credit, it is a great time to buy. Buying houses at auction, or because of tax lien, is also a cheaper way to acquire a home.

By: new homes in north idaho

new homes in north idaho — Sun, 25 Jul 2010 23:10:54 +0000

Most lenders look more favorably on new construction because new homes are built to the latest standards and tend to be less influenced by market trends. This means, in most cases, through competitive financing, you are able to buy more home for your money. So i guess I would say that those who just let their house foreclosed wanted to move to a new innovative house which they can more enjoy.

By: park homes

park homes — Fri, 16 Jul 2010 10:54:04 +0000

Foreclosure notices seem to be everywhere at the moment but i guess this is the price we play for allowing the banks to lend without a high level of screening for who borrows the money for housing. If this was kept to a tighter level then perhaps it wouldn’t leave many people homeless.

It is also meaning that less people can buy holiday or park homes now due to so many foreclosures on properties. Its only now a case of people who can afford to buy a home or well any kind of property out right with cash who are benefiting from this.

By: Brainerd Real Estate

Brainerd Real Estate — Wed, 12 May 2010 16:56:43 +0000

In the Brainerd real estate market we have 1 foreclosure in 2,651 housing units, that’s according to Realty Trac and seems awfully low to me. We have been selling quite a few foreclosures and the ratio can not be that lop sided. One thing that is for sure is that lending institutions created a ton of loans that they should not have ever considered making and now we are left with brand new homes that are sitting empty because pretty much everyone involved with the new homes were crooked. The contractor, the banks, and the person that ends up getting hurt is the home buyer. Good thing we learned our lesson from the housing bubble burst! Well, let’s hope we did anyways! One thing is forsure, and that is Brainerd real estate market will go on without the first time home buyer tax incentive program.

By: Minnesota Realtor

Minnesota Realtor — Sat, 27 Jun 2009 17:53:39 +0000

A lot of times while looking at short sale homes I will see Playstation 3′s, Wii’s, four wheelers, snowmobiles, and all kinds of toys. Oddly enough the properties are facing foreclosure and the majority of them have had no maintenance or upgrades to the house. Makes you wonder!

By: Loan Modifications

Loan Modifications — Fri, 06 Mar 2009 02:39:31 +0000

I live in Southern California and see foreclosure notices in affulent neighborhoods also. In these tough economic times we should keep in mind that it is in the UNITED States and we should keep in mind that this is everbodys problem and not just a select few. Lets UNITE to be solution oriented to this national problem.