Upcoming Foreclosures

I dont understand foreclosures can anyone help? Im a first time home buyer and have been looking through the local listings on yahoo real estate and other places and keep coming across homes that are like $15,000 and say they are in foreclosure. I know they arent dumps because they are in nice neighborhoods. Does it mean I can buy this house for $15,000 or is this some gimmic or a catch that im not understanding?

Understanding foreclosures and banks? We scheduled to look at a bank owned property tomorrow at 5pm. The realtor working with the bank told my realtor they were looking to "get rid of it" and wanted a quick sale. The bank put it up for auction, but had no bids. They have owned the property since June 2007. Mysteriously there is another couple looking at that same house tomorrow and asked if we could view the house at 5:30 instead. Is this the banks way of making it seem that someone else wants it so we'll offer more money, or are they being honest? Please HELP!!

help with understanding bank owned foreclosures? If a bank owns a house that is worth 200,000 lets say. And lets also say that all that is owed on the house is 100,000. As a buyer, if I put in a bid of 115,000(to cover closing costs) is the bank going to accept this offer. I heard a rumor that all the bank wants to do is collect the money owed on the house and whatever they recieve after that, they give to the original owners. Is this true? Help clarify some of this for me. I am in the state of Texas if that makes a difference. Thanks. Ya but lets say that whatever I am offering is covering all of the banks cost, if this is so, then what's to say that the bank won't sell me the house with a low-ball price?

How do foreclosures in large numbers damage economy. I don't understand. Please explain? I admit, i don't have much understanding of economics. But how does a house that is foreclosed, have an impact on the finances of other people and companies which have no relation whatsoever to the foreclosed property? if some people are doing well, how is their finances negatively affected by the foreclosures of other strangers?

I need help understanding a foreclosure? Can someone explain to me what a deed-in-lieu is??? And what's the difference between that and a foreclosure, if there is a difference??? We are not understanding a thing and don't want to sign things without understanding...thanks.

Need help in understanding how to read foreclosure listings at the courthouse? I have been up to the courthouse twice and still have a hard time figuring them out.They list an amount and I assume that is what they either want to get out of the property or is that what is owed on the property.Also how do you contact someone about these.They have a law office usually listed but they dont seem to be of any help.Can they not give out that info?What is the best way to find a contact person on these listings..Thanks for any help you can give me on understanding this paperwork..

How Many Home Foreclosures Has President Obama Prevented? Thanks to President Obama, home foreclosures are at an all time low and falling by the minute. President Obama has saved and created millions, upon millions of jobs, created great wealth and the strongest dollar we've seen since Woodrow Wilson created the Fed and IRS. Skyrocketing food and fuel is a thing of the past and the United States is now admired and respected by the entire world. Since my Christian conservative mind is far too feeble to understand accounting methodology used to count jobs saved and created, can liberals tell me the actual number of people losing their homes to foreclosure that would have happened, had President Obama not pulled us from the brink?

Who's responsible for the mass number of recent and upcoming home foreclosures? A significant number of people that don't qualify for traditional home loans accept subprime loans to get into a home of their own, often without understanding that their mortgage will jump dramatically. Lenders, on the otherhand, are making loans to people that can barley make the starting mortgage and will find it almost impossible to make the payment once the mortgage increases. Many people got into these loans with the expectation that the value of their home would increase and they could refinance, but in the current cool market it's nearly impossible to refinance. Again, who's to blame? A person for taking the loan they can't afford or the lender that knows that the family will probably lose the house?

How do foreclosures and defaults work? As far as I understand if a home owner misses 2 or 3 mortgage payments, his property is put on the county notice of default report. At that point the owner has 2 or 3 months to start making payments. If no payments are made, then the property is up for foreclosure and will be put on the auction. Is this correct? Do I have to pay cash on the auction?

When does the moratorium end on foreclosures? Are there a lot more foreclosures hitting the market soon? i hear some people are living in there home for 12- 18 months without paying any mortgage, how long will this go on. I understand they are doing this to prevent houses from sliding further, but eventually they will need to have these homes foreclose.

Filing chapter 7 and surrendering home, can you help me understand foreclosure process? We will be surrendering our home in our Chapter 7 bankruptcy due to my husband being unemployed, and we can not afford the house any longer. Our lawyer briefly explained the foreclosure prcoess to us, but my question is, do we have to go to court for the foreclosure as well? Or is everything taken care of through the bankruptcy?

Do you need a law degree to handle banks foreclosures? Why are all of the "foreclosure mills" lawyers? I didn't even think they needed to be involved because from what i understand you do not need to be a lawyer to deal with foreclosing on someones property.

Does having FHA approval increase the chance of foreclosures for a condo building? I am looking to purchase a condo, but the condo association believes that FHA mortgages increase the chance of foreclosure. I have steady, reliable income, but I simply lack a 20% down payment. My debt-to-income ratio is also well below the maximum permitted. I've seen wealthy people use FHA mortgages because of the better interest rate and low down payment, so I don't understand why the association would feel this way. Thoughts?

Why is it the so-called experts are predicting another wave of home foreclosures even worse than we've seen? I'm in Riverside County, California and we've already been hit pretty hard in this economic slowdown. Now I'm hearing on the radio, etc. that the next wave of foreclosures will be much larger in scope and far worse. I don't understand this. Thought we were through the worse.

What will the amount of foreclosures do to the real estate market? I have not been able to find the numbers, however from what I understand banks have a significant amount of them on their books. What I mean by significant is that there are enough that might matter to new developments.

How do foreclosures affect buying a house in the future? Here's the deal. The last five years I have made my living flipping houses and owning rental property. Everything was going great until last fall. I fell off a ladder and boke my leg in 5 places . I was unable to walk or do any physical labor for 6 months. And long story short I lost everything. By the time it was all said and done I had 15 of my places get foreclosed on including my house.I'm probably going to end up filing bankruptcy because I don't have the money to pay the creditors what I owe them. I understand that can't go back out and get a mortgage tommorrow but my question is will I ever be able to buy a house again? And if so. Realistically how long before I can get a mortgage?

How can I invest in foreclosures without cash? There is a book about this topic. I don't understand how this could work.

What caused the increase in foreclosures ? I don't understand why people are complaining about this and why our government have to bail these people out. Most of my family are middle class people and they did not experience this because they were responsible. I am thinking it is the these peoples fault who failed to plan properly not the tax payers The banks are there to make money. Loans are not free, people know but they always seem to have a false sense of security. It is the mostly the burrowers fault not the lender. No one can force you to get something you dont want or cant pay.That is why we have to sign contracts.

What does Mccain think about FORECLOSURES and JOB OUTSOURCING? All he has said so far is that he doesn't quite understand Economics. Do you admire such honesty?:) D you think if you'd practice such honesty at your job you'd have a job?

Why are banks buying their own foreclosures at real estate auctions? I've been to a few New York Real Estate auctions at courthouses recently and often the banks are buying the properties back, They either have a specified bid they come in with or will outbid the public. I don't understand. Don't these banks want these properties off the books?

How do people profit from foreclosures? I understand the concept, buy low, sell high. What I don't understand is why a home will go for sale for 50 grand in a neighborhood where the average house sells for 300 grand, just because the owner owes 50 grand. Why doesn't the owner list the house for 100 grand so it sells right away, pay off the loan, and walk away with a profit?

Understanding Foreclosure? I've been renting a house from a couple, for almost a year now, and every month I pay my rent. When I rented, I asked to see proof that the house was not in foreclosure and I got that. But today I got a knock on my door, stating that since the month I moved in they have stopped paying mortgage. Can I sue for that, since I have been paying my rent and should at least me entitled to know about them not paying? Can I call the bank and do a takeover, since I do not want to move again? How do I go about dealing with this, can someone please help me?

Can anyone help me understand the foreclosure process of my condo home? I have a condo unit that have not been able to pay, I have kept up with assessments. I recently put it up for short sale and am usually working but I think the bank is trying to serve me with court papers. I have received a first notice already but not a second. How much time do I have before i need to move out. And can i get in trouble if I am not home to receive second notice

I am having a difficult time understanding short sale consequences. Can someone refer me to a web site or #? I am being told that I have to pay the difference of the short sale back to countrywide pay taxes on a 1099 form, that California is not a deficiency judgement state so even though I have a recourse loan I don't have to pay the difference but I do have to pay the taxes. I am being thrown words such as insolvency, judicial foreclosure, non-judicial foreclosure, trust deed foreclosure...what does all this mean?

What are Mccain's positions on FORECLOSURES, on NAFTA, on job outsourcing???? Don't tell me he doesnt need to understand these issues:) Every other candidate has presented their position on these PRESSING issues. What is Mccain's economic platform?

I it possible to purchase a califonia foreclosure home for less than 50,000? My sister an I have been thinking about purchasing a foreclosure home, unfortunately we were only approved for a 45,000 mortgage loan( and we have 2,000 saved up). We have been searching online and we saw many homes with a remaining loan balance under 10,000. Under our understanding, a hopeful foreclosure buyer pays what the previous owner owed and other taxes and fees. Would this add up to more than 100,000? Or how does this process work?

If your investment home goes into foreclosure what liability do you have? A friend of mine got screwed into a scam to buy some homes to rent out and supposedly make some money. In the end he has been through many tenants and been unable to make the payments due to lack of renters and the declining market. A couple of them have started to go into pre-foreclosure and he is wondering what liability he will have with the banks if they go into complete foreclosure. He understands his credit is shot...which it already is, but not sure what else he will be liable for....

When buying Foreclosures some people have mentioned a 20 - 30 % rule of thumb. What does that apply to? I'm guessing it means that you only buy a foreclosure at 20-30% less that what the actual market value is. Is that correct? Or do you apply it to the assessed value from the county, or the estimated market value from somewhere like zillow.com (even though zillow usually underestimates by 10-30 K). I understand that you need to cover closing costs, loan payments, and any repairs that need to be made, I'd think that 30% below the actual market value would be about right, but just wanted to find out from any seasoned veterans out there. Thanks in advance.

What are the best real estate books to begin with for self-education? I'm looking to change careers into real estate, and have a personal interest in beginning a portfolio of investment properties. What are the best books out there dealing with real estate finance, buying foreclosures, renting properties, flipping, and understanding the general market? Also, what newspapers/magazines do you recommend?

Banks Asking "Highest/Best" Offers for Foreclosures? I'm looking to purchase a foreclosure property which the bank is asking $259,900 for. The bank is asking to get pre-approved by SunTrust and is also asking for highest and best offer. I already got pre-approved, sent my offer in for $265,000 because I really want this property. I will give 10% down. Need some help understanding the highest/best offer thing and am I in good shape with my offer?

Please explain foreclosures and answer this? I understand the whole process of taking out a mortgage so when you don't pay the bank, they take your house. But if you look at the Yahoo current events, they talk about how Bank of America foreclosed on a home when the people didn't take out a mortgage, I know after they went to court, the attempt was unsuccessful, but how could they do this?

How do you pay for a foreclosed home? Do you have to pay one lump sum when you make the purchase? Can you make monthly payments? Do you need to make a down payment? I don't understand how this foreclosure stuff works, I need some help.

Why suddenly banks in liquidity crisis? As I understand, the foreclosure of millions of homes cause the banks to suffer liquidity crisis (no money to lend). But why? Just because millions of people suddenly could not pay their mortage the banks now have run out of money? How much total aggregate money from these foreclosure homes each month that should go to these banks? I think there could be something else which I do not understand the mechanism of, that cause banks in the US and Europe suddenly in liquidity crisis.

About mortgage foreclosures? This is not typically a question I would ask in an open forum like this. Eventhough mortgage forclosure has been one of the biggest stories in the news I have to ask due to my lack of knowledge and understanding on the topic. How much does change in mortgage rates have to do with the recent foreclosure phenomenon? What is the relationship between real-estate and mortgage increases? What ultimately lead to the foreclosures of so many families with in such a short period of time?

Can someone recommend a good buyer's agent in Chicago? I am looking to buy a property in Chicago, and I would like to get an opinion from the public...referrals are good but can be biased, and I really need an agent who understands foreclosures, bank owned properties, distressed real estate, and is a good hard negotiator. Thanks much!

I don't understand all the foreclosures because of an ARM. Aren't people able to refinance their home and ? keep it at a lower rate they can afford? I am concerned about how this works because we have an ARM loan that expires in 2010 and I don't want to be surprised with the fact that we won't be able to refinance for some reason. If someone could explain to me how this works, I would really appreciate it. Also, is it best to refinance, or to sell and get another home...or does it matter? If it was people with not so good credit getting the ARM loans, then I am not understanding why we didn't get a better loan. Our credit score was about 694. Maybe that's not good enough for a regular loan. I will call a different mortgage lender and see what they say.

I rent a hse in L.A & I believe it's in Foreclosure and my landlord hasn't said a word. What r my rights?Help? I understand that Foreclosures are public information. I've been getting alot of junk mail re: forclosures, notice of sale, etc., addressed to my landlord. He hasn't said a word to me about it and avoids my calls. Do I continue to pay rent?

Can someone use their VA loan after having a foreclosure FHA loan? Can someone use their VA loan after having a foreclosure FHA loan? I understand the the VA loan is a guaranteed loan for those eligible. However if someone has a recent foreclosure on a FHA loan can they still obtain a VA loan for a home purchase? How does this work?

Concerning home foreclosures question? If I understand this, the government is now stepping in and helping out by lowering interest rates, and other things. This is for people to be able to keep their homes. My question is this...What about the people who have ALREADY lost their house? Are they going to be getting any help to get their home back, or are they just going to be out of luck? Thanks.

If I lose my home to foreclosure, will I have to pay taxes? I purchased my home in April of 2006 for $675,000, no money down. It is now worth roughly $525,000 and I am facing foreclosure. I have not re-financed and my understanding is that I have a non-recourse loan. Will I owe the IRS taxes when my property is foreclosed on?

If i short sell my house, will the state of California consider the differance income and tax me on it? I understand there are a lot of foreclosures and short sales going on these days. Is California considering the forgiven amount to be income for the sellers? please point me in the right direction so I can do som addl research as well. Thanks! loan amount is about $270k, it would probably sell for around $200K. Purchased about 1 and a half years ago in Bakersfield. Ouch.

How long does it take for a foreclosure to be completed? My last payment was Jan. 15; but it seems the clock started ticking when I missed my payment on Feb. 15. Chase and Countrywide (primary and HELOC lenders) are telling me that the foreclosure begins on May 15, the three-month mark, if I'm understanding them correctly. But what I want to know is, when would the foreclosure be done with?

Why are some foreclosures listed at such low values when they clearly couldn't possibly be that price? I have been doing research on buying a foreclosure and I understand about preforeclosure, auctions and bank owned REO properties, but what I cannot understand is when I go to a website such as Realtytrac.com and do a random search in my area and find most 3 or 4 bedroom homes in the 250,000 to 350,000 range, but then there are a few listed at around the 3200 or 8600 or 26000ish range. I know that there is no possible way that these homes cost this much, so why are the amounts being listed as such?

Why does foreclosure make it a good time to buy a house? I read that there were approximately 1.6 million foreclosures in the US in 2006. Texas had the fourth largest foreclosure rate in the country. I am hearing that this is making it an excellent time to buy. I don't understand why.

For those of you who are having a hard time understanding, why doesn't Obama just come out and say it? Why doesn't he just come out and say, "People, this mortgage bailout plan is not really for the people in jeopardy of losing their homes, it is for the banks who are in jeopardy of losing money. We are using the American people as an excuse, as we are in a crisis and you should never let a good crisis go to waste. The damage has already been done. Home values across the country have already gone down over 20% because of foreclosures that have already happened, and will continue to go down regardless of what is done. So, my good people who are working hard to keep up, please be understanding. I am using you, just as you have been used for decades." The amount owed vs actual value will be balanced out, removing the risk from the bank should a person go into forclosure. What is the value of a forclosed home vs the value of a loan that goes the full term? You said it yourself. 80% of these people will probably lose their homes regardless. (I've heard 60%) So, who has more money to lose? Certainly not the person who loses the home. I don't listen to Rush so you can throw that thought out. I also don't believe a single thing any politician tells me. I've been around long enough to realize that most every one of them say what people want to hear, not what the actual truth is.

How much home equity do we have if the home we purchased was in foreclosure.? I know this sounds crazy but im having trouble understand home equity when it comes to a foreclosure. We purchased a home about 4 years ago that was in foreclosure for about 50k more than the original price at the time that the home was first built. Is the home equity just based on the current market value minus what we have paid for the previous 4 years or does the home equity date back to when the home was first purchased by the previous owners? Thanks.

How do I learn about foreclosure auctions in my ares and the specification of what is being offered?? As I understand it, there are plenty of homes going into foreclosure right now. I just don't know how to find out about them. I live in Jacksonville, FL. Thanks! Any advice is welcome.

I want to find the best free foreclosure website for Colorado.? I've google searched and looked through many of the sites and reached out to the Summit County gov and they sent me a site... the problem is there are all these status codes associated with the foreclosures that I don't understand. I just want to find a user friendly foreclosure website that is free and tells me what is available to purchase.

What do you guys know about foreclosure assistance companies? My mortgage is with Countrywide - we've had two years of major setbacks (company folding, 2 layoffs, illness, 3 slab leaks, major foundation shifting, theft of automobile (without theft protection insurance). I tried to make partial mortgage payments, but Countrywide would not accept - sent the checks back. I talked to them on a regular basis and said we were looking for work. I finally got a job and sent a payment to them with the understanding that I would start making payments once I found work and we would work out a forebearance agreement for the rest of the back payments. My first check to them crossed in the mail the notice from their lawyers that we were in foreclosure. And, true to form, they sent back my check. They gave me one week to come up with the total back payments or I was out of luck. So, now I'm looking at paying a company like Fresh Start Programs, where I give them $1200.00 and they negotiate with Countrywide. Does anyone have any info on these companies?

Why does the Dow Jones Industrial keep rising in a deep recession? Unemployment is rising even higher and foreclosures are increasing. I can't understand why the Dow is now rapidly approaching 9000. Where are the people getting money to invest in the stock market if they don't have a home or a job?

Can you afford property taxes as high as a salary? If not then you should understand the foreclosure rate of NJ homes. http://www.nj.com/news/index.ssf/2008/10/nj_foreclosure_filings_outpace.html It should come as no surprise.

what's difference between buying foreclosure and non-foreclosure house? I understand short sales, and I know I don't want any part of it. But what about foreclosures? What is the difference between foreclosures and non-foreclosures? If I see two houses for sale, and one says foreclosure and the other one says not a foreclosure how does it affect me from a buyer's point of view?

a question about foreclosures? I noticed that foreclosures are listed at a relatively low price. I understand that the lender usually asks for the remaining balance of the loan, but do the houses actually sell for such a low price? If so, how does one go about purchasing a house on foreclosure? thank

Pros/Cons of Foreclosures? I am completely inept when it comes to real estate. Currently, I am living in an ok suburb in the metro Detroit area with my mother sister and my 3 year old daughter. I am 22. Me and my mom recently came to the understanding that it would be best for me to move out. I am not as financially stable as I wish I could be right now, relying on student loans and financial aid from college to get by. I have a few people in mind that have said that they would be OK with rooming with me and my daughter. We've all come to the decision that it would be most efficient to live on the east side of Detroit, in the actual city and not the suburbs because it is so cheap. I found a 3 bedroom flat for $500 a month, but at the same time, there's a foreclosure on the same street for $4500, and another one a few streets down for $1500. Those are NOT typos. I just want to know the pros/cons of buying a foreclosure, especially one in the city, and if it's actually worth it or if I should just rent. Property taxes are only about $2500/year. I don't plan on staying in Detroit for much longer, maybe 5 years at the most, and if I bought a house I would most likely turn it into a rental property afterwards since I doubt I would be able to actually sell the house for what it would be worth. Thanks!

What's the difference between bank foreclosure and homeowner's association foreclosure? My sister is already facing bank foreclosure but she also just got a letter saying that she will be facing homeowner's association foreclosure because of unpaid dues. They're filling a lien against her ... I don't understand the difference ... I thought only banks could foreclose.

What is the process in buying a foreclosure, or distressed property in California? Also can you help me understand what a tax lien property is and it's buying process and foreclosure's buying process, which is better?

Best books to learn about buying pre-foreclosures? I'm interested in learning about buying pre-foreclosed homes (not for profit, but as an alternative to buying a new home) and was wondering if anyone can recommend a book that is easy to understand, has accurate information, and isn't some kind of get-rich-quick scheme. I've found quite a few on amazon.com but don't want to buy something unless it's actually going to help me. Does anyone have any recommendations? Also: has anyone else had any luck with pre-forclosures?

Any real estate gurus familiar with foreclosures that can explain this situation to me? I recently acquired a lease on a home that is foreclosed on or in preforeclosure status. My landlord is a corporation in S. Cal that buys foreclosures/short sales from banks. My lease agreement has a supplement that states: Tenant understands that the home is in foreclosure and the landlord is attempting to purchase from bank. Landlord has an agreement with the owner to purchase as a lease with option to buy subject to bank apprval. Tenant has first right of refusal to purchase from landlord as a lease with option to buy upon landlord buy. 5% down for term of 12 months for option to buy. We just moved in last month, this corporation has not received an answer from the bank yet. The owner actually came buy last weekend, not realizing there were tenants in his home. He said it was a short sale and he's still the owner. He is now authorizing his agent to show the property to prospective buyers before we've been given the right to make an offer to the landlord. What are my rights?

After filing for bancrupcy, how long is it before you can purchase a foreclosure? We filed for bancrupcy approx. 4 years ago and have been paying outrageous rent ever since. We would love to have a house and stop paying rent but the only way we could ever afford to get into a house would be something priced low enough such as a foreclosure home. Real estate agents we have spoken with are no help at all on the subject. Of course, I understand that this is their business and why they would not want to help with this type of sale. But surely we are not the only people who have ever had this problem, how does one go about getting into one of these foreclosure homes?

What are the advantages and disadvantages of buying a pre-foreclosure? I understand a preforclosure means the bank has not yet taken possession (the owner still owns the house). but will the seller be easier to work with or the bank when it does become an actual foreclosure? If I wait, can I count on the bank listing at a lower price than what it is now listed at?

Isn't it ludicrous that people actually take money out of their house to buy a car? Why would anyone take money out of an asset that appreciates to finance a liability that depreciates? If you can't afford to pay for the car outright, it's probably out of your price range! A Ford Focus can get you to the grocery store just as quickly as the H3 Hummer and uses less fuel. Is an H3 Hummer really worth the possibility of foreclosure? I don't understand how these people get through life the way they handle money.

Can any break down the foreclosure and sub-prime loan issues? I have to do a project on foreclosures for economic credit and I don't really understand the issues. Can anyone provide a website or article that explains it directly in easy to understand language. Or can someone describe it in easy to understand language in a short paragraph, so that i can understand all the articles and media i have to look at for my project. Thanks...♥

Who Understand Poverty/Foreclosure better"Obama or McCain ?

why are people losing their homes? foreclosures? i dont know anyone who has lost their job? but i recently see alot of homes for sale and hear its going on everywhere.so im trying to understand whats going on. hah,what perfect timing budhah.thanks

how hard is it to get a mortgage shortly after a bankruptcy ? I know that it will be on my record for ten years but with all the forclosures I am hoping that the standards will be lowered to allow those, like my self, that can afford a mortgage but foreclosed recently. I understand their reason for denying a loan approval but soon, I think, that foreclosures will bill so common that there will be some kind of curve.

Can anyone tell me what is causing the downward spiral in the US Economy? I'm trying to understand what is happening with the US Economy. I keep hearing all these things about foreclosures, people no longer being approved for mortgages and downward trends in the stock markets. I guess what I'd like to know is what is causing all this to happen? Is it lack of work or the high price of fuel or the rising cost of living? Can anyone try to explain to me what is happening and what all this says about the future of the average family?

Is it true that when you file a Chap 7 bankruptcy that the cancelled debt needs to be reported as income? I filed for Chap 7 bankruptcy before the law changed in 2005. My house went into foreclosure but was covered in the bankruptcy because I knew I couldn't afford to keep it even after the filing. I am of the understanding from the attny that I DON'T have to report this, but a CPA is sayin it is included. I am totally confused and wish that people in the legal field and cpas would make agreements on the law.

Gift of Equity - do I need to fill out a Gift tax Return? OK, my parents house was in foreclosure, so I bought it and got a mortgage on it. After a year and a half, they bought it back from me. Part of my sale to them was a "gift of equity" of about $48,000, so that they could obtain a mortgage. Do I need to report this "gift of equity", and if so how? From what I've read, it appears I need to file a gift tax return, but (since this is my first gift, I'm well under the $2,000,000 lifetime limit) I won't need to pay any tax on this. Am I correct in my understanding of this? Thanks for responses to far! A couple of details for clarification: 1) The house was sold in March, at which time I was single. I was married later that year. Can I split the gift between me and my wife? 2) Technically, only my Mom bought the house, so am I still able to claim part of the gift went to my Dad? 3) Exactly what affect does any of this have on estate taxes (this is the first I've heard of this)?

Why have US housing prices been falling? What is the underlying cause of all this? I have one more doubt but it might sound a bit silly: why can't Federal bank print more dollars and distribute it to the defaulters preventing them facing foreclosures? What is wrong with injecting more money for the sake of a good cause? Pardon me for my poor knowledge on financial industry, someone kindly help me understand this.

Can I be evicted if my landlord goes into foreclosure? I understand that when a property changes owners, the new owner has to honor all pre-existing leases. But what happens if a landlord loses his/her property to foreclosure? Can the bank kick everyone out, or do they have to honor the pre-existing leases? Would you get your security deposit back?

How do you feel about the stock market vs. the economy? I ask because I can't seem to understand how the stock market is going so great while the economy is in such a horrible state. The stocks are pushing 14,000 and the value of the dollar is getting less and less. The real estate market is hitting the dust. People are spending much more than they get. Foreclosures are running rampant. Unemployment is high. Last time this kind of thing happen, we ended up in the Great Depression. The stocks were great. The Roaring 20s were full of partying and pizazz. The 30s? People were living in shacks because the stock market crashed. Now, I may need to brush up on my history, but isn't this pretty much how things went? I don't think we're far from the same ordeal. Even if we don't hit a depression, things aren't getting better. I know there's an economic cycle, but it seems that we're not rebounding into the positive side. I can't see how things are going to get better. For those of you business scholars out there, maybe you can help me. I feel, though, that if we do hit another depression, it will be much, much worse than that of the 30s. Your thoughts?

How many of you live on, or know someone who lives on "Main Street"? My understanding is that 1 of 10 (10%) are suffering from foreclosure. Just wondering who really believes the little people didn't fall for this lending scam Lock Stock and Barrel. And if it's 10% how is it that the rest of America might have to pay for their mistakes? If it's 10%.

I understand that a short sale is usually better than a foreclosure. What does it mean to be "1099"d? What does it mean to be "1099"d for the difference? Is the loss added to your yearly income then taxed.... or is the difference/loss taxed...then paid off?

Can somebody explain to me why the media is saying the economy is doing so great? The Dow is up. That is great. Aren't foreclosures at an all time high, and the number of people buying homes are down. Aren't gas prices getting higher? I also hear that only 1% percent of the nation is saving, and almost everyone has more that 10k worth of credit card? Somebody make me understand this.

Did you lose your home to foreclosure? How do you feel about others getting assistance? Seems unfair that they'd consider an interest freeze now, after so many have lost their homes to forclosure, usually due to not knowing or understanding the terms of their loans.

did stress from oil prices lead to current economic crisis? what factors played into this crisis? high oil prices? home foreclosures? i dont understand the stock market too well, so im a little confused as to whats really going on here...

Why is the large number of foreclosures labeled a "crisis"? I don't understand why people are calling this a crisis. All I see is a price correction of a huge assest bubble hyperinflated by irresponsible lending and borrowing. Foreclosure are necessary to lower prices to normal. Are the politicians labeling this a crisis just to get cheap votes?

What is the best way to perform a title search in NC? I'd like to find all liens against properties, including IRS and mechanics liens. I'm in Charlotte, but I'm not sure if the process is different for different areas of the country. I post all of the Charlotte area foreclosures at http://www.CharlotteForeclosureExpert.com, but the Yahoo "join" link sometimes isn't working (I know, that's a second question, but the first answer I got from asking the question didn't really understand issue).

Why do my parents have to pay this tax? Last year my parent's home was foreclosed on. They moved and haven't been doing too bad since. My father leased a semi and now they finally seem to be getting back on their feet. Today my mother tells me that because of the foreclosure they have to pay $25000 in tax. Why is this and how can this be? I just got over seeing my parents deal with huge financial problems, if they have to file for bankruptcy because of some stupid tax my father will lose his semi. He was so proud to be running his own little business, this will destroy my parents. I've seen them have to deal with so much over the last three years, I just cant stand to see this happen. Why would they have to pay tax on a property that was taken from them and then sold? They were not behind on taxes either, so I just dont understand. Please help.

Is there an incentive to allow your house to foreclose? I'm looking into buying a foreclosed house or possibly talk with a homeowner in the LA area who has a Notice of Default to take over the title and help them avoid Foreclosure. (Plus this is the only way it seems I can afford a place.) Does anyone know if there is incentive for someone to let their house foreclose? If not, why not make offers way below market value to NOD homes? I'm just trying to understand how the market works. Also, can you make offers on Foreclosed homes that would be considered by banks, or do they usually deal with specific REO banks and auction companies? Thanks.

On a foreclosed home, who negotiates the price on behalf of the mortgage owner(s)? Let's say, a home goes through foreclosure. Its related mortgage was pooled and securitized among thousands of others. Now, the home is for sale. The real estate broker incentive is to set a low price to turnover the property quickly. That's because for a broker time is money. So, who negotiates the price and protect the fragmented owners interest (MBS investors). Is it the servicer of the mortgage? But, because of his own operating cost he also would have an incentive to sell quickly at a low price. How about the securitization bond trustee. Does the trustee step in and negotiate with the broker what price is deemed acceptable to the MBS investors? You can see it is kind of a gnarly question. If you have a clear understanding of this process, please educate me.

How will filing Chapter 7 bankruptcy in Illinois affect me? Last year at this time my credit score was 750, but over the past year I have had some financial crisis and am very deeply in debt. I talked with a lawyer today and I understand the difference between chapter 13, and 7. My question is, other than the obviouse destroying my credit, how will filing chapter 7 affect me? Will I ever get a credit card again? Will I lose my atm/debt card? Will I be able to rent a house or apt after my foreclosure? Please, anyone who has any experience with this, any info would help.

2nd mortgage Foreclosure: How long is the delay to put it on your credit? We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.

Should I mortgage a new home with the same brokers that are selling it? I am a first time home buyer, so please excuse my lack of understanding. The brokerage that owns the home (its a foreclosure), also has a mortgage arm. I was going to go through the mortgage arm through my realtor/close family friend, but arent there some potential cost savings if I proposed getting the mortgage through the company selling it. If it helps, the company name is era http://www.era.com/

After foreclousre what happens to the property? After a house has gone through foreclosure, and it is REO. What market does this house show on? Or, how can I find REO properties? I am trying to understand this whole problem is full circle, but I don't understand what happens to all these properties, after all the bank doesn't own them forever.... How do they get back into the hands of public middle class ownership? So, they are sold at a discount, but i imagine that the bank has a limit as too how much they will discount it, ie how much they will lose. So, why are all the foreclosure properties listed under "pay to browse" websites? Seems like a scam.....

What happens when I file for bankruptcy? I just received a letter of foreclosure on my house. I'm not going to be able to come up with the amount of money needed in the time allotted to stop it. So I'm considering filing for bankruptcy. If I do this, will they take my house anyway? I understand there are several different types of bankruptcy. I'm not trying to get out of my debt completely *unless that's an option* so I don't know if this effects whether we could keep our house or not. I need to know because if they are going to take it anyway, then I'd need to decide whether it's better to have a foreclosure or bankruptcy on my credit. I live in Texas. We have only owned this house since last September.

Can my home equity line lender force me to sell (or into foreclosure) if I own almost 70% of my home? We are not in foreclosure but this bank has had trouble. I'm trying to understand our position should they demand full payment of the equity line.

Why do people with excellent credit and a high FICO score get the lowest interest? I know I'm going to get a lot of flack for this. So here goes. High interest rates are given to people with bad credit or no credit. Or not enough credit. I understand the risk with bad credit. Why such high rates with the no credit or not enough credit? The banks shouldn't be surprised if some of these accounts result in default. People get into trouble when their interest rate is so high. Then they lose their cars and their houses. Doesn't it make more sense to give these people a lower interest rate to begin with? I realize it is a business and not a charity. If they are going to default. It doesn't matter what the interest rate is. A low interest rate is better than losing any profits from a repossession or foreclosure.

how long till the foreclosure rates go down and jobs go back uo? I understand the economy is in a downfall, and our dollar is weak but how long do you think itll take for jobs to come back, our dollar to become equal or close to the euro and foreclosure rates go down?

For those of you going into foreclosure, what did you in? I am just wondering and I don't quite understand why everyone seems to be going in foreclosure at the same time. Did you lose a job? Have a super high house payment? What was it?