Upcoming Foreclosures

Can you really buy government tax lien foreclosure properties free & clear with only hundreds dollars?

Is this the Liberal dream of tax that cripples economies? Bank and Tax Lien Government Foreclosures Trap Homeowners in NJ [Valid RSS feed] Category Rss Feed - http://www.realestateproarticles.com/rss.php?rss=265 By : John Cutts 99 or more times read Submitted 2010-12-04 14:10:42 With the high number of bank foreclosures and tax lien government foreclosures in New Jersey, most will probably expect people to be leaving the state in droves. However, most troubled homeowners have admitted that despite being on the brink of losing their homes, they are unable to make the decision to leave because of the potential losses that such a decision will incur. For those who own Elizabeth foreclosed homes, NJ and distressed properties in other areas of the state, leaving the region and selling off their homes to get out of the foreclosure mess are not very good options. For one, finding buyers willing to give them even half of the true worth of their properties had become even more difficult. For another, job prospects in other regions are as bad or might even be worse than what New Jersey has to offer. This scenario has become quite common among owners of New Jersey foreclosure homes, with local population data showing fewer people leaving the state since 2006 when the housing crisis started. As the number of bank foreclosures and tax lien government foreclosures increases, the number of New Jersey residents leaving the state decreases. According to a study conducted by economists from Rutgers University, over 76,000 people left the state in 2006. Last year, that number was down to over 31,000, representing an almost 60% decline. The drop in migration has been attributed by economists to two major factors. First is the declining value of properties due to huge supplies of foreclosure property for sale and the second is lack of employment opportunities in almost all parts of the country. They added that homeowners facing foreclosures are the most reluctant to leave since majority of them are unable to sell their homes at a price that will at least give them some return, no matter how small, for their investments. Economist also reveal that around 15% of homeowners in the state have underwater mortgages, which means that they pay higher rates for their loans that the worth of their properties. They further reveal that those who own bank foreclosed properties and tax lien government foreclosures are the most likely to stay in the state for quite some time. Author Resource:- Original Post: Bank and Tax Lien Government Foreclosures Trap Homeowners in NJ on Foreclosure-Support.com. http://www.realestateproarticles.com/Art/31569/265/Bank-and-Tax-Lien-Government-Foreclosures-Trap-Homeowners-in-NJ.html The Liberal agenda is that people cannot leave NJ without going totally broke due to taxes. Great way to keep people in NJ Liberals. We all know that won't last though cause sooner or later we won't be able to pay your taxes and then what.

how do I find Foreclosures in New York City? I would like to find property that will be potentially in foreclosure due to late mortgage or tax liens. I know when you owe property tax, the government can seize your home. I would like to see a list that has potential foreclosure listings. Any help is appreciated. Thanks

Before buying at county tax auction?? I'm interested in buying land/lots at a county foreclosure sale in NC. I understand I should get a title search done before I even BID. Regarding liens - is it true that all non-goverment liens (mortgages..creditors) are wiped clean if property goes to tax sales? As I understand it...the county files/advertises Notice of Default three times..or for a period of time, giving opportunity for creditors to step forth and basically assume the county taxes in arrears. Government liens go with the previous owner or stay on the property?

What's the deal with the Government not coming to the table with regards to these foreclosures? We all look for who to blame and the Government is quick to look all around for a resource however they were aware of what was happening to housing prices and at the time only stood by and watched property taxes increase in some cases 500%. Why are they not rolling back past due tax bills to the amount before the sale that caused the increase and apply the amount as a lien due in 10 years? The economy will not withstand their hard line approach. First 5, you have a point and I completely agree that it's the responsibility of the home owner. However I work in the industry and this thing is goin to hit the fan in the next few months if we don't do what we need to here rather than whats right. Do you realize that the sale of an REO property in your neighborhood hits your home value in the immediate area by as much as 27%? Who do you think pays for all of this if the banks most effected by this cease to exist and leave a trail of debt in their wake. I'd rather pay now than wait till things get really bad. All of you out there in their 40s and 50s remember the S&L problems in the 80s don't you? Besides I suggested a bond type lien, not a bailout gift. Please reread the question till you get it. Foreclosure Fish has the right idea, however the negative impact of expensive Government involvement is already in place with the programs created. It's as though Local Government has a trashbag full of money and when the trashbag gets a tear they increase the costs to the tax payer to buy more trash bags. It's already costing us money, as well most lenders required an impound account to make sure taxes and insurance on the property are maintained. I've found that most lenders are not just absorbing the cost of the P&I but in many cases the T&I as well. One of my Loss Mitigation clients owed 12k in back payments and an additional 15k in taxes and insurance so local government has not even begun to feel the pain yet... who do you suppose they're going to run to when they stop getting paid. Further, you cannot tell me that the costs to operate local community has increased to the same 500% degree as property tax revinue.

Will this stop me from getting a Grad Plus Loan? Hi I'm in law school, and I've borrowed up to the regular 20k allowed without a credit check from the government. I want to study abroad this summer though, so I want to borrow 7k from the grad plus loan program. I looked up the requirements. It says "You are considered to have an adverse credit history if you are 90 or more days delinquent on any debt or if, within 5 years of the date of the credit report, you have been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or writeoff of a Federal Student Aid debt" I forgot to pay an electric bill after I moved and it went to collections... does anyone have any experience on this?

What can the government do when a condominium owner fails to pay real property taxes? What can the government do when a condominium owner fails to pay real property taxes? a. Foreclosure for taxes against the apartment. b. Seek to recover from the condominium association c. Exercise its right of eminent domain d. Place a lien on the common elements For your information, It's not my homework. I'm studying for a Finance final and can't seem to found the right answer! I'm a 4.0 student and I don't come to yahoo answer to do my homework. I asked the question because I'm stumped on it If you don't no the answer that's fine. But there no need for rude comments

Here's my problem... while I was involved with my exboyfriend, he was involved? in various real estate transactions... he would buy, fix and sell. After a few months of dating, with the assumption and knowledge that the relationship was a lasting one, I agreed to having him put some houses in my name. On one particular house, I also agreed to take out a mortgage for him with the agreement being that he would pay the mortgage every month ($225) and take care of the house and all bills included with the house, i.e. taxes, insurance, etc. All the bills for this house were put in my name. Unfortunately, i signed a quitclaim deed giving him the house for $1.00 in the event that we broke up. Well, that has happened two years later. Since the breakup, he has not paid the mortgage and I recently found out that he has not paid the property taxes for nearly two years. The house is currently in tax title and was going into foreclosure in a month. I just found this out a few weeks ago. I have been in total contact with the mortgage company from the beginning and they are doing everything they can to help so they don't foreclose on the house. Also, this was a rental property. The ex was renting it out to Section 8 housing and collecting checks from the government. After researching with the housing department, I found that he was collecting the partial rent checks under his name as the owner. I informed them of the situation, that he had not been paying the bills on the house, showed them my deed and they changed the owner status to me. I have received one partial rent payment. The renters are responsible to pay the owner the balance of the rent. They have been informed of the change in ownership status from the housing department. I have serious emotional anguish speaking to this man as he is never truthful in whatever he says and is very manipulative. I finally got him to pay me back $5,000 he owed me, after continually hounding him for 6 months and him continuously lying to me about the money. So now, after he didn't receive his monthly check, he called me and said he had his income tax money and wants to pay on the mortgage and to pay him back the money I owe . He is collecting $2,400 a month of rent from this rental!!! My question is this, is this quitclaim deed still legal after having been signed in 2009 and him just filing it on April 6? Also, how can a property be legally quitclaimed if there is a tax lien on it and an outstanding mortgage? Is there anything I can do to rebutt this quitclaim deed as he has breached his oral contract with me? please help, thank you!

What if every us citizen (over 18 & not in jail)got one million $ tax free. wouldn't that stimulate economy? This question was posed a month ago. Yet it is a resolved question so I couldn't post a reply. So I'll start a new one. While this is a valid question that MANY have been asking. I personally think it is possible to do so. However,not with just a hand out of $1million dollars. We are seeing the down side to giving Hand outs and the abuse it causes by what's happening on Wall Street. The way this could work would be by giving credits not a lump cash sum. Rather, a credit system. And it would be for US Citizens over the age of 18 not living overseas unless they are in the armed forces or working for a government agency and they must not be in Jail or have a Prior Felony history. At the start of the credit system, there would be a 2 year moratorium on price increases for anything purchased in the USA. This will create a two fold which I'll get into later. The first draw the Citizen shall take wil be for housing. If they have an existing Mortgage, the moratorium shall state they must pay off their mortgage and stay in the home for at least 2 yrs or if they HAVE to move, they can only purchase a home of equal value. If the Citizen just lost their home to foreclosure, then they can take their credit and purchase a home at the same value as their home they lost to foreclosure. (if the home hasn't been sold by the bank, they must buy back their home from the bank) If they do not own a home and are renting, they can purchase a home equal to the value that their income level would have allowed + $100,000.00. Or what a Mortgae payment would have been equal to their rent amount + $500.00. (which ever is the greater of the two) This will stop everyone from going out and buying homes way over what they normally would have been able to afford without the hand out. And the 2 yr moratorium on moving stands for everyone to insure that price gougeing will not take place. The second thing the US Citizen can do is draw a credit to pay off bad debt. Bad debt would be any medical bills, judgements, liens,repossessions, credit card debt. Then the 3rd draw would be to pay off their car. If their car is already paid off, or over 10 yrs old, they can purchase a new car of equal or comparative value at todays standards. In otherwords, If you own a Honda Accord, you can't go out and buy a Brand New Cadillac Escalade. I think you can see where I'm going with this. The credit you take out isn't to overextend, rather get you out of debt and stay in the lifestyle you are in and can afford without being strapped by mortgage, rent, car payments and bad debt. After all these credits are obtained, your employment can be evaluated. If you have lost your job, you can take a credit to go to school to reeducate yourself. If you are currently employed, the 2 yr moratorium stands. You stay employed so as not to disrupt the balance of everyone all of a sudden wanting to be Stock Brokers or MD's and no one wants to work at a retail store as a cashier. And hopefully after these 2 yrs, the economy will be back to an even keel that more jobs will be available so those out of work, or in school can obtain a decent job with decent pay. The 4th draw will be to create a retirement account. One that cannot be touched until the age of 65. The 5th draw will be to create a college fund for your child/children that cannot be used for anything but college. The 6th draw will be to purchase health insurance. The credit will be extended for 2 yrs - giving you enough time to incorporate the payment into your budget, or hopefully have employer coverage by the 2 yr date. If you already have health insurance, you are exempt from this credit. Once everyone has a home, a car, bad debt paid off, health insurance, retirement funds, and college funds. Their credit is cut off. It's up to them to figure out how to keep from getting into overextended situations in the future. They can either take out home equity lines and run up their credit card debt, or be responsible and happy living within their means. This has been a tough 2-4 yrs for many. And I think if given this kind of opportunity - many will be content with their lifestyle and set goals and levels of success in steps, rather than with irresponsibile behaviour. Will this take monitoring%

Will this stop me from getting a Grad Plus Loan? Hi I'm in law school, and I've borrowed up to the regular 20k allowed without a credit check from the government. I want to study abroad this summer though, so I want to borrow 7k from the grad plus loan program. I looked up the requirements. It says "You are considered to have an adverse credit history if you are 90 or more days delinquent on any debt or if, within 5 years of the date of the credit report, you have been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or writeoff of a Federal Student Aid debt" I forgot to pay an electric bill after I moved and it went to collections... does anyone have any experience on this?