Wells Fargo has admitted that a calculation error led to it foreclosing on hundreds of homeowners that were actually eligible for assistance from the bank. In total, some 545 homeowners who were behind on their mortgages had their homes taken from them after requesting assistance with their late payments. Moreover, a total of 870 homeowners
Buying REO is different; learn the steps that make it a challenge
December 16, 2017 by
People have been buying and selling REO, otherwise known as foreclosures, for decades. There used to be huge real estate courses specifically designed on how to make millions buying foreclosures
What a Fixer-Upper Really Entails
November 7, 2013 by
It’s no secret that buying a fixer-upper can give you much more purchasing power as you shop for a home. A home may need to be fixed up if it has been foreclosed, seized by the government or suffered neglect in repairs. It’s important to know which features of a particularly problem ridden house will
Cook County Passes Ordinance to Regulate Vacant Homes
December 15, 2011 by
Today the Cook County Board passed an ordinance that will introduce regulations for vacant homes. The ordinance is similar to one that the city of Chicago recently instituted and will cover the non-incorporated areas in Cook County. The move comes in spite of the fact that the Chicago ordinance is now involved in a federal
How Soon Can You Buy After Foreclosure?
June 27, 2011 by
What with the millions of former homeowners sitting around twiddling their thumbs following foreclosure or a short sale, many of them might be wondering how soon they will be able to get back into the real estate business. One article that recently caught our attention in the New York Times attempted to answer that question,
Foreclosure Purchases Not Easy for Most Buyers
February 9, 2011 by
With over a million homes foreclosed in 2010, and the news reports of decreasing values and the deals to be made on foreclosed properties, why wouldn’t any owner-occupant home buyer want to get the best possible value? These and other questions are justifiable when so much confusion and doubt rules any market.
Mortgage Crisis: When “Next Time” Arrives
January 5, 2011 by
The economic crisis has been blamed on everything from Wall Street conniving to sun spots, but in truth the biggest part of the recession is due to overinflated credit expectations. Loan approvals which never should have been given the stamp of approval caused borrowers and banks to fall into a deep crevasse of debt. The solution for budding homeowners is simple, ensure your ability to buy and maintain your home.
