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Real Estate - Washington's Foreclosure Rescue Plan

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					Presented by Daniel Toriola
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Real Estate - Washington's Foreclosure Rescue Plan By Mark Walters

Can distressed home owners expect a foreclosure rescue plan to save the day? Glad you asked, because the Federal Deposit Insurance Corp has been working on just such a plan, It's is designed to rescue between two and three million homeowners. By the time you read this the plan will probably have hit the street in some form. The key element of the foreclosure rescue plan is to motivate banks to rework real estate loans rather than foreclosing on homes. Your generous government will remove the bank's risk by providing a partial federal guarantee for any losses on all the modified mortgages that meet certain criteria. Remember that $700 billion bailout fund? That's right, the one that passes out a few million to any Wall Street firm that made money losing investments. Well the foreclosure rescue plan would use between $40 billion and $50 billion of that money to underwrite the rescue. Couple this plan with the recent announcement by some of the United States' major banks that they are halting real estate foreclosures and reworking many mortgage loans. All this should halt the slide in real estate values, right? Maybe not… Douglas Elmendorf is a real smart guy and former Clinton advisor. Good old Doug says, "Even an ambitious program of mortgage modifications will not prevent a further decline in house prices." "It might prevent an overshooting of house prices on the downside. But houses still look overvalued relative to people's rents or incomes, and it's going to be very difficult to sustain house prices at their current level." History has shown that any market must have a complete correction before it can begin moving to the up side, so it should come as no surprise that any attempt to keep home values artificially high will just postpone the inevitable and delay the eventual recovery. The bad news is that foreclosure sales have continued to drive price declines and fueled an increase in sale transactions in key local markets across the nation and there is no sure end of foreclosures in sight.
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The Federal Reserve reports that the nation's troubled economy has scared the pants off of foreign and domestic banks. They further tightened access to mortgage credit recently. A survey of 55 domestic and 21 foreign banks indicated that the large majority of domestic banks reported tightening their lending standards on prime, nontraditional and subprime residential mortgages over the past three months. Lending standards have even increased on prime mortgage loans. When it comes to prime mortgages about 70% of the banks tightened lending requirements. It should be no surprise that 90% of the banks tightened the screws on nontraditional mortgages. Tighter lending standards generally lead to reduced borrowing, which explains why 50 percent of domestic lenders experienced weaker demand for prime residential mortgages. 70% even indicated weaker demand for nontraditional mortgage loans and jumbo loan products. While lenders have been making it more difficult for potential home buyers to qualify for mortgage financing interest rates have been inching up. That's a double whammy for home prices. If people can't afford or qualify for a mortgage they can't buy a home. The final result is fewer buyers for an increasing number of homes for sale. Can those financial geniuses in Washington really come up with a foreclosure rescue plan that doesn't do even more damage to what's left of the free market? I wouldn't bet on it. Mark Walters is a third generation real estate investor and he wants you to have a Free copy of his big guide to finding private and hard money loans for real estate investing. Get yours here: http://www.FindPrivateMoney.info Mark offers free real estate investor training at http://www.MarkWaltersVideos.com

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Bank Foreclosures By Heather Seitz

Bank foreclosure real estate, also referred to as REOs (Real Estate Owned), is foreclosed real estate that is owned by the bank due to an unsuccessful foreclosure auction. There are several reasons the home may have not sold at the auction. The most common reason is negative equity- the bank foreclosure real estate is worth less than the amount owed to the bank. Of course, the bank seeks to receive the outstanding balance of the original loan; therefore, the minimum bid for the bank foreclosure real estate is usually the amount of the outstanding balance of the original loan, plus interest and any additional fees. No smart investor or buyer will consider bidding on such a property. Nevertheless, an unsuccessful sale will not stop the bank from trying to make an attempt to get the bank foreclosure real estate sold. The bank will consider removing some or all liens and fees on the bank foreclosure real estate in order to get it on the real estate market and resell it to the public. The resell process may be retrying an auction or working through a Realtor. This is a hot market for real estate investors. Real Estate investors take an eager interest in bank foreclosure real estate property. The market of foreclosed homes may be large; but, not always suitable for some investors. The foreclosed property may not meet some important needs. Nowadays home buyers and investors alike are scrambling through the market of bank foreclosure real estate looking for better deals. Though, most bank foreclosure real estate property is in poor condition, the low sale price of the home highly compensates for the property poor condition. Investing in bank foreclosure real estate property offers a great return for investors. Bank foreclosure real estate by far offers greater deals than typical foreclosed homes. As an investor you must consider all your options. Make sure you get the bank foreclosure real estate property at the best price. Hopefully, the bank foreclosure real estate that an investor chooses to invest in will give the investor rewards; such as a larger return in profit, either through renting the home out or through selling the home. There are several ways to search for bank foreclosure real estate property. You can search the Internet, magazines, and newspaper listings. The Internet can lead you to thousands maybe millions of connections. Here you can view listing by state, banks, county, and much more. You should also invest time in finding a good real estate agent. If they know what you are looking for, they can save you a lot of time and work. They can also help you determine the true market value of the home you are considering investing in. Want to make money investing in real estate? Get immediate access to real world strategies, tactics and tips for successful – and profitable – real estate investing – not outdated ideas from the 80s! Click here -> " target="_blank">http://www.RealEstateRant.net

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Patricia Johnson Patricia Johnson Management Consultant
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