Archive for the Foreclosure Category

5 Tips to Buy a Foreclosure Property

Here in South Florida, banks are still processing an extensive housing backlog, finishing the wave of foreclosures that began with the housing market collapse. While this news is bad for some, for would-be homeowners, these new foreclosures, coupled with low interest rates, make this an excellent time to discover how to buy a foreclosure property at a great bargain.   The following are our five top tips on how to buy a foreclosure: 1.   Avoid Auctions. There are many effective and safe ways to buy foreclosures, but bidding at court auctions is not one of them. This is because you are

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South Florida Foreclosures Still Lead the Nation

It’s fairly common in South Florida to see abandoned homes or homes that seem badly in need of repair. Desperate homeowners find themselves unable to afford to pay their mortgage or care for their homes. South Florida foreclosures have transformed many thriving communities into ghost towns. It’s fairly common in South Florida to see abandoned homes or homes that seem badly in need of repair. Desperate homeowners find themselves unable to afford to pay their mortgage or care for their homes. South Florida foreclosures have transformed many thriving communities into ghost towns.

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Loan Modification Programs Help Struggling Homeowners

To assist those willing to stay in their home and who are able to pay their mortgage, the Federal Housing Administration passed HARP, the Home Affordable Refinance Program. If the homeowner is current on their Fannie Mae or Freddie Mac mortgage, the borrower could refinance the loan at a lower interest rate under this program.To assist those willing to stay in their home and who are able to pay their mortgage, the Federal Housing Administration passed HARP, the Home Affordable Refinance Program. If the homeowner is current on their Fannie Mae or Freddie Mac mortgage, the borrower could refinance the loan at a lower interest rate under this program.

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Foreclosure free ride: 3 years, no mortgage payment

In some states, delinquent borrowers have been squatting in their homes much longer. In Florida, the average time was 861 days, and in New York it was 1,056 days — close to three years.”Perhaps a million foreclosures could have been pursued last year but weren’t,” said Rick Sharga, executive vice president for real estate investment company, Carrington Holdings.In some states, delinquent borrowers have been squatting in their homes much longer. In Florida, the average time was 861 days, and in New York it was 1,056 days — close to three years.”Perhaps a million foreclosures could have been pursued last year but weren’t,” said Rick Sharga, executive vice president for real estate investment company, Carrington Holdings.

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Only 26% claim mortgage deduction

The use of the deduction varies from region to region, ranging from a high of 37% of taxpayers in Maryland to a low of 15% in North Dakota and West Virginia, according to a USA Today analysis of IRS data.The use of the deduction varies from region to region, ranging from a high of 37% of taxpayers in Maryland to a low of 15% in North Dakota and West Virginia, according to a USA Today analysis of IRS data.

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