Is Foreclosure for You?

I live in Laredo, Texas. We sometimes call it the devil's bellybutton. We are the border town of Nuevo Laredo, Tamps. Our taxes are ridiculous and we have no entertainment or passtimes for our childre i.e. waterparks,zoo,nice parks with a bunch of tress etc. I have a 1115 square foot home and pay $3,400.00 in taxes. Can you imagine if I were to work for Wal-Mart, McDonald's, Burger King etc.

they should call them self the luckey ones at least they can own a home .. back in the olden days they would have everyone and there mothers live with them ,there was no space time you worked to make sure you have things in order ..this day and age is not going to get any better so we need to fight alot harder for what we work are butts off for

Well a lot of this has to do with this war that Bush has put us In and knows as well as all of us that those nuts In Iran and the such will not stop killing themselves!! They have been doing this for decades and why does this so called President who was selected last term think he can end this war? When we have wars you can guarantee things like this [homes foreclosing] gas prices up like wild fire, high employment rates, and of course lower class to middle class people are going to suffer while the upper class reap all the benefits. Bush doesnt give a good got d*m about this country, his first priority Is getting that oil from over there In that war back to him and his daddy. America Is not stupid, or maybe they are to a certain extend, because hey we know who got him In the second time to finish ruining this country. Foreclosures are going to gain a new high In the next year, with everything else that Is failing In this country due to a weak, ignorant, president that's not worth the crap a dog lays.

1. a secret agreement, esp. for fraudulent or treacherous purposes; conspiracy: Some of his employees were acting in collusion to rob him.
2. Law. a secret understanding between two or more persons to gain something illegally, to defraud another of his or her rights, or to appear as adversaries though in agreement: collusion of husband and wife to obtain a divorce.

Collusion between buyer, agent, mortgage broker and appraiser, that is the situation in many of the larger markets. Yes, in part the banks are to blame. Brokers pushed through thousands of loans while underwriters looked the other way. When the brokers are making 40,000 a month on crooked loans and agents are giving advice on how to "beat" the system, the responsibility is shared.

and there are poeple that buy 4 housees and them rents them out and when they don't make the mortage payments in 12 mo the poor teneates have to suffer due to stupid poeple buying so many houses and taking the money that they get from the poeple that rent there homes and they flat out run with the money and hide so the tenets have to face the law about these poeple,and move there family out on the streets

People need to not only call the lender, but take on 2nd jobs or get roomates for a period of time before they foreclose and walk away. Part of being a responsible homeowner is doing what needs to be done to make your financial commitments. I really hate that all these people have bought homes they could not afford if something went wrong and then sit idle with one job and no roommate!!!
I was raised by a single mother that did what she could to feed and cloth two kids, pay a mortgage and car payment and she never once cried woe is me like half these people I read stories about lately.

Know what makes me laugh? When this is made out to be the banks fault? It says clearly in the article she ASSUMED taxes etc were included in the payment. I'm sorry - there are a lot of people who fall on hard times through loss of jobs or income through no fault of there own. I have no sympathy for someone who gets themselves into a situation they can't afford because they don't take responsibility for their actions. It's cases like this that make it harder for the people who have legitimate hardships to keep their houses.

After read

redunder - Yes. All men are CREATED equal. However, not always treated equal.
hot tamale - You've answered my question. Thanks.

also found myself in a bad spot, story too long to go into but..Countrywide is my lender and after many attempts to speak to only ONE person instead of new people every time I called, I believe I finally got the point to them across. MODIFY!!! I am up for forclosure on Dec 4th so my timeline is critical. Instead of a default loan, it is in their best interest to work with the borrower...you. Dont think you dont hold the cards here, you do. If the modification is still above your budget say NO. Countrywide will work figures for you, they do not want you to default. I may be blind but I am wanting to see this as a win win situation. In situations where income has changed drastically, that is another story. If income is not there to modify then it just isnt. But if income is okay (reliable) and you CAN make a payment on a monthly basis then by all means MODIFY and get back to not worrying where you are going live and enjoying holiday time!

This is a vary insightful article. It points out ot the pain of having to walk out of property because of default or impossible to make payments. I would like to add this. How about sitll owing on the property after the foreclosure.

Foreclosure does not necesarily end the default problem. If part of the debt was not used for purchasing the property to begin with, and that creditor that creditor does not get paid in full after the foreclosure, the homeowner will still owe the debt.
Money not used to buy the property is called non-purchase money. In most states non-purchase money is not protected by anti-deficiency laws. That means the homeowner still owes to the creditor and the debt continues to accrue interest. This problem is only solvable by full debt payoff or bankruptcy chapter 7. The problem is that since the bankrupcy law of 2005 it is a lot harder to file for chapter 7 successfully.
In addition, if the bank takes a loss, the bank will send the homeowner a 1099C - Relief from Indebtedness. Basically the homeowner needs to pay taxes on the banks loss.

Oscar Morante
www.bestshortsales.com
www.rapidforeclosuredata.com
www.realhomehelp.com

What world do you all live in. $500 a month for property taxes is a Dream. I live in Long Island NY and on average homeowner pays $6000 per year and that considered on the low side. Also it angers me when here people say they are going to lose their dream house. What I finds from most of the people who say this that they bought a house they never could have afforded in the first place and now are crying foul. Let be honest most people went out and spent two times what they could afford. What makes thing worse is that everyone took all the money they were saving with the one and two precent loans and bought BMW's and boats they could have never afforded. Ladies and gentlemen read the fine print on you mortage. What did you think was going to happen when you 30 year mortage with a 5 year adjustable arm at 1% or 2% was over. Did you think that bank was going to forget about raise you interest rate. The problem everyone wast to live like a king and think they sould pay for it. PEOPLE HAVE TO LEARN TO LIVE WITHIN THEIR INCOME BRACKET.

This mortgage fall out is devastating; I too am a casualty losing my home at the auction in August and at the risk of losing my second property,which was to be my back-up plan, in a few months. But unlike the first where I didn't pay attention to the letters, I am going to give this one a fight. I knew nothing about payment modification until I attended a forum and another person spoke about it. Bankruptcy seem to be an option that too has its pitfalls. Experience does teach wisdom . I have come to learn not to move of your home no matter what the communique. No matter how long it takes spend time and respond to all actions submitted to the court. If it means dragging the process for years, through appeals then do so, don't just walk away from equity built-up and have some succubus going to the auction an take the property that you upgraded for literally nothing. I don't know how these investor sleep at nights off other people's misfortune. They are no better than dope dealers reaping from the destruction of the lives of addicts. The bankers are all part of the underground scams taking place; there are pool of people that literally know even before pre-foreclosure commenced when the property is in distressed. These banks.are actually winning back the homes for as little as $500; even though they get the insurance paying them for bad debt on their books. Then they go and make super profits as a result. My recommendation to all property owners that the bank has began foreclosure proceedings is to live out that equity and save your money for the future. There is a silver lining in the cloud. I will not discuss it here but your home can become yours again if you play it cool and smart..

There is something you can do: Did you know if the properties around you have dropped and the value of your home has dropped you can go to tax assors office and have your taxes lowered to the new value of your home. I have been in mortgage for 10 years and there are always other options then giving the house back try this.

You can get your taxes lowers if the value of your home or the homes around you have droppend in value. you need to go to your local counrty assors office to get the process started

I'm in the same boat, I've tried getting refinanced same thing! I'm probably going to give my dream back to the bank.