While many people believe practically all foreclosures are the result of greedy borrowers who bought more than they could afford or proactively lied on their mortgage applications, according to a report by NeighborWorks, the loss of a job or reduced income is now the leading cause of foreclosures. The organization, which administers the National Foreclosure [...]
Second wave of foreclosures looming
November 19, 2009 By Leave a Comment
As reported by Stephanie Armour in USA Today, the next wave is poised to roll in, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices. These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales. About 7 million properties are [...]
Texas Foreclosure Procedures
November 12, 2009 By Leave a Comment
What’s involved? When: The first Tuesday of every month. Where: Usually at County Courthouse. When: Auction typically starts at either 10am or 1pm Primary Instruments: Promissory Note & Deed of Trust Type of Foreclosure: Both Non-Judicial & Judicial Timeline: Typically 60 days. As fast as 21 days. Right of Redemption: No, unless tax only foreclosure [...]
