Category Archives: Bank Foreclosures
Los Angeles City Council adopted a “responsible banking” ordinance
This will require banks doing business with the city of L.A. to disclose detailed data on loans and foreclosure activity by community. This information is already available but is hard to find in the federal banking reports. Even with the convienence of the internet information can be hidden and difficult to find. The new law would brings the information right up front on a city website that the public could search by census tract. Now if Banks decline to provide the information they will be deemed unqualified to bid for a piece of the city’s $6 billion in deposits and pension funds. This is great. It’s about time we start taking action.
Posted in Bank Foreclosures, Information, Real Estate, We Talk Real Estate
Tagged bank, butch, foreclosure, foreclosures, internet radio, real estate, reo, seniors, trust, we talk real estate
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Governor Brown Raids Housing Counseling Funds To Cut Budget
Here we go again, When things get tight Governors always look for the low hanging fruit. Governor Brown Raids Housing Counseling Funds As part of the $26 billion National Mortgage Settlement announced earlier this year, big banks contributed $400 million to Attorney General Kamala Harris’s office to administer the relief from the settlement. Just last Friday, Attorney General Harris announced that more than half of the funding would be given to housing counselors and legal service agencies who help homeowners avoid foreclosure. Then, yesterday, Governor Jerry Brown announced his May revision to the state’s budget, which included his plans to raid those funds to plug budget holes. Governor Brown is following suit after several other states have announced their own intentions to raid this necessary funding. Housing counselors and legal service agencies will definitely struggle and millions of homeowners across the state will suffer because of the losses. Attorney General… Read More »
Real Estate Foreclosure Bad Guys
A Day in the Life of a Real Estate Foreclosure Specialist;“We Hurt Too”! Throwing a person out of their home is definitely one of the “black hat” jobs in real estate. Even though those people who work in the foreclosure field are not the ones who have made the bad choices, missed payments, or caused the bad luck that prevents people from sending their check, foreclosure specialists are still regarded as the bad guys. Unfortunately, the typical day for a foreclosure specialist is filled with bargaining, tears, threats and sadness. How Foreclosure Begins Here is how it all starts. When homeowners default on their mortgage, they are no longer able to make their monthly payments and haven’t made an effort to for a while. At this point, the bank with the home loan contacts a foreclosure specialist in the area and hands over the case. It is now up to… Read More »
Real Estate Foreclosure Bad Guys
A Day in the Life of a Real Estate Foreclosure Specialist; “We Hurt Too”! Throwing a person out of their home is definitely one of the “black hat” jobs in real estate. Even though those people who work in the foreclosure field are not the ones who have made the bad choices, missed payments, or caused the bad luck that prevents people from sending their check, foreclosure specialists are still regarded as the bad guys. Unfortunately, the typical day for a foreclosure specialist is filled with bargaining, tears, threats and sadness. How Foreclosure Begins Here is how it all starts. When homeowners default on their mortgage, they are no longer able to make their monthly payments and haven’t made an effort to for a while. At this point, the bank with the home loan contacts a foreclosure specialist in the area and hands over the case. It is now up to… Read More »
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What To Look For In A Bank Foreclosure Purchase
A bank foreclosure has all the possibilities of being an excellent purchase for an investor and even for new homebuyers. In the L.A. area, as in much of the country, foreclosures are abundant right now and there are many deals to be had. However, it is important to know exactly what to look for in order to get the best deal possible. You want to find a home that is selling at half or less the cost than it would have prior to the real estate market’s drop in value. You may have to do some negotiation with the bank in order to get the home down to that price level. Remember, you need to do your homework in order to negotiate with the bank. Know how much the home sold for when the previous owners bought it. Know what comparable homes are selling for right now. Know how long… Read More »
Posted in Bank Foreclosures
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