Connect Realty, Rocklin Realtor® Franklin Burris
Serving Rocklin, Loomis, Roseville, Granite Bay, California
Franklin  Burris

Where do I find Foreclosure Lisings?


We've all seen the "Bank Owned" real estate signs in our neighborhood (and the corresponding brown yard full of Beer cans). Many of you have contacted me wondering how you would go about buying foreclosures. Well, here's what you want to do.

Start your research by looking at some bank inventory. Banks refer to their foreclosed property as Real Estate Owned or REO. This will get you a good understanding of what's available on the market. The following websites list various banks' REO properties:

-
Countrywide's Bank-Owned Properties
- Downey Savings' Bank-Owned Properties
- Wells Fargo's Bank-Owned Properties
- Fannie Mae's Foreclosure Listings

Also, many people don't know that banks have Realtors list their foreclosures on the local Multiple Listing Service (MLS).  So, most Realtors can show you foreclosed property and help you negotiate the lowest possible price with the bank.   I can access this information for you or you can go thru the public Metrolist portal online at the Sacbee.com or this link: http://www.metrolistmls.com/

Keep in mind that foreclosures are not always the best deals on the market, as Banks don't negotiate much or easily.  But, if you're seriously considering purchasing foreclosed property, I would be glad to help you.  I will even help you pick up the beer cans when you close the deal. 

The AP (3/13/08 Veiga) reported that RealtyTrac said about "60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California, and Florida showing" the steepest foreclosure rates." The California-based company said 223,651 U.S. homes "received at least one notice from lenders last month related to overdue payments, up 59.8 percent from 139,922" in 2007. And, about "half of the homes on the most recent list had slipped into default for the first time." The "overall U.S. foreclosure rate last month was one filing for every 557 homes. February's total represents a four percent dip from January, but the decline was just a seasonal blip, said Rick Sharga, RealtyTrac's vice president of marketing." According to the AP, February "marked the 26th consecutive month with a national year-over-year increase in foreclosure-related filings. Meanwhile, the number of foreclosed properties that didn't sell at auction and ended up going back to lenders soared more than 110 percent last month versus February 2007, RealtyTrac said." The new numbers "suggest many homeowners across the nation continue to struggle with mortgage payments, despite highly publicized efforts by government, financial institutions, and consumer advocacy groups to modify loan terms, or work out long-term repayment plans for troubled borrowers."

Nearly 150 U.S. Mortgage lenders have shut down in the last year (2007), according to Mortgage Daily's - http://www.MortgageGraveyard.com


Facing Foreclosure - Get Help


Homeowners who face foreclosure can become easy prey for scam artists claiming to offer aid.

If you need help, make sure you work with a legitimate organization. Some examples:

• The Homeownership Preservation Foundation provides help for individuals and families who are struggling financially. Call 888-995-4673 or go to 995hope.org.

• Some credit counselors will help homeowners negotiate with their lenders. You can find a counseling agency through the Association of Independent Consumer Credit Counseling Agencies (866-703-8787; www.aiccca.org) or the National Foundation for Credit Counseling (800-388-2227), nfcc.org.

• NeighborWorks America  provides a network of 240 local organizations that provide resources to help families facing foreclosure.  http://www.nw.org/network/foreclosure

• The Federal Reserve has a foreclosure resources directoy of government agencies here: http://federakreserve.gov/pubs/foreclosure 

• To find a counseling agency that's been approved by the Department of Housing and Urban Development, go to hud.gov (search under "Find a Housing Counselor") or call 800-569-4287.

Also check out U.S. Bankruptcy Court Northern District of California for more detailed information on Bankruptcy.

FORECLOSURE AVOIDANCE TOOLS
NAR Foreclosure Avoidance Brochure

Freddie Mac Avoiding Foreclosure
FHA Avoiding Foreclosure
HUD Tips for Avoiding Foreclosure

CREDIT COUNSELING SERVICES & CONSUMER PROTECTION TOOLS
HUD Approved Credit Counseling Services in California

Home Loan Learning Center Foreclosure Prevention Resource Center
Home Loan Learning Center Foreclosure Prevention Contact Information

Freddie Mac’s Don’t Borrow Trouble


            

There is no higher compliment I can receive, than when friends and family trust me
with their Real Estate investments or turn to me for help in a transaction. 

Franklin Burris - the Experienced Choice


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Franklin Burris    P: 916.275.4662    F: 866.665.3486    E: Connect@FranklinBurris.com   Rocklin, CA

 

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