Your Questions About Foreclosures |

Your Questions About Foreclosures

Your Questions About Foreclosures

Ruth asks…

How do I find foreclosures in Brooklyn, NY?

Im on a budget and was told that foreclosures are a good way to go to find a new home.

Your Questions About Foreclosures

The Expert answers:

This article provides information on how to find foreclosure homes for sale all over the country:

Your Questions About Foreclosures

Mandy asks…

how do banks make money off of lending and then foreclosures?

and which do they make the most from and how?

please explain.

btw, what is your opinion on the acts past by governments that give “aid” has this benefited banks or people who are in trouble of foreclosures?

has this always been the case?

also, please explain.

btw, which area of world are you and how is situation there now regarding this issue? and how do you think it will improve or not? why and how so?

thanks for your answers!

Your Questions About Foreclosures

The Expert answers:

The banks make nothing out of foreclosure (all they are doing is trying to avoid a total loss on the loan) ..

Re giving the Banks loans to prop up the financial system .. Really, the Governments had no choice ..

1) Who do you think fills up the ATM’s every night ????

2) What would you do if the Supermarket stopped accepting Credit / Debit Cards (‘sorry Sir, it’s too risky, what with the Banks going bust we never know if we will get paid .. Cash only from now on …’ )

Then what happens when the ATM’s are empty ???

It used to be said Civilization depended on 3 meals a day .. Personally I think it depends on ATM’s being filled every night ..

Your Questions About Foreclosures

Sandy asks…

Why is Obama having a job fair and helping people with foreclosures?

He will promote green jobs as they are advertising in the states to get Al Gores goal taken care of. As far as the foreclosures go those people were given loans way out of their wage earnings and that is their fault and the banks or organizations where they got their monies. He is just giving our monies away and not thinking like a President should when the economy is bad. Obama is making America go down fast.

Your Questions About Foreclosures

The Expert answers:

Mr. Obama has to appease his Left Wing Base, hence his promotion of “Green” jobs. However the jobs he is promoting, wind and solar, are at this time economically infeasible. They aren’t efficient enough to significantly refuse the use of foreign oil. They Can be of assistance but to become “Energy” independent, we need to use our own fossil fuel resources. However that means getting by the N.I.M.B.Y.s. The Housing Bubble which is responsible for this current economic mess is the result of several Federal Government programs that interfered with the free market system. First was the Community Re-investment Act sponsored by Rep. Barney Frank (D-MA) and Sen. Chris Dodd (D-CT). This act FORCED banks to make loans to people that they otherwise would have turned down. Then there’s the fact that Barney Frank made it appear as the Government would secure those loans via Freddie and Fannie. Add the Federal Reserve has been keeping interest rates at a artificially low point and there you go. Obama as a Senator and campaigning for president voted for the bank bail outs (T.A.R.P. Toxic asset recovery program). Bush was forced to sign the legislation and when Obama took office 01/20/09, he then used the money for TARP and his Stimulus Plan to further the Left Wing by increasing the size of government and not actually help the part of the economy that causes it to grow and that is employment. If he had helped small business’ with tax cuts and incentives to invest their capitol into their business’, unemployment would/could have stayed below 10%. Instead, because he has increased the size of government and demonized investment banking and has threatened to take over still more pieces of the banking industry along with prosecuting the investment side, no one will loan money. Obama’s policies are also keeping the housing market unnaturally high after it’s bubble burst by guaranteeing these home loans and stopping foreclosures. By letting the housing make to reach true bottom and by keeping government completely out of it, the economy would have righted itself and we would have started to see real growth. We have no recovery and won’t have one until jobs in the private sector are created. When people have jobs and reasonable security that their jobs will remain, they will spend money. Money that will be used to further increase the private sector workforce and further increasing spending. GDP and GNP will rise at a standardized and predictable rate, interest will rise to what it truly needs to be without causing inflation and then all will be well. But since the Liberals are in charge of the current reigning party, this will never happen. They will spend, spend and spend and when they run out of OPM (Other People’s Money), they’ll just run the presses faster and longer and soon it’ll cost you $1,000,000.00 just to buy a loaf of bread. You’ll need a wheel barrow just to buy gas. Don’t believe me, look up Wiemar Republic in Germany right after WWI and just before Hitler.

Your Questions About Foreclosures

James asks…

Why weren’t the foreclosures stopped in the housing market if they cause so many problems?

One people started losing their homes to for closure why couldn’t the foreclosures stop, have people continue the same payments until something could be figured out without so many people losing their homes and creating the state of the housing crisis?

Your Questions About Foreclosures

The Expert answers:

This is a very complex problem, I will attempt to do my best to answer it.

Firstly, one must realize that banks are private organizations. Thus, under American law, they are allowed to do anything with their money that they want, so long as it is legal. And the American way of doing business is for the Gov to keep their noses out of it as much as possible. Thus, very few things are illegal compared to how many ARE.

Now, since banking and loaning are all private, the government is hardly justified in stepping in to FORCE the banks to stop foreclosing on property. It is still their property after all.

Another problem is that many people that are being foreclosed on probably should be. Again, the error most likely falls to the banks for lending money to households that had little probability of being able to pay it back, but the fact remains that many homeowners either should not own homes, or own homes that are well beyond their means to support. In those situations, it would be UNJUST for the government to force banks to stop foreclosures.

It is still a fact that much of the financial problem in America stems from a collapsing mortgage market and ever-mounting foreclosures. However, mounting debts is a more fitting description, since one of the reasons that Americans can’t pay their mortgages is that they are entirely waylaid by other mounting debts that offset their ability to pay (credit cards). So the problem is bigger than foreclosures anyway, and forcing them to stop wont’ likely fix anything.

In fact, it might make things worse by encouraging homeowners not to pay their mortgages, because of a forced security.

What banks need to do, in all probability, is loan out MORE money. However, better measures need to be in place to ensure that those loans are likely to be returned. If the government needs to do anything, it likely needs to be forcing banks to be more careful where they put their money.

Anyway, this is a very partial explanation to an immeasurably complex problem.

Your Questions About Foreclosures

Paul asks…

how can you check which states have the best real estate appreciation AND the ones with the most foreclosures?

1) which states/cities/counties have the best real estate appreciation

2) which states/cities/counties have the most foreclosures?

Your Questions About Foreclosures

The Expert answers:

I read one article yesterday that FL & CA make up 37% of the nation’s foreclosure alone.

2007 Foreclosure Stats
Rank State Total % of Homes
1 Nevada 34,417 3.376
2 Florida 165,291 2.002
3 Michigan 87,210 1.947
4 California 249,513 1.921
5 Colorado 39,403 1.919
6 Ohio 89,979 1.797
7 Georgia 59,057 1.566
8 Arizona 38,568 1.516
9 Illinois 64,310 1.25
10 Indiana 27,980 1.027

Foreclosure Activity for the Nation’s 100 Largest Metro Areas – 2007 Totals

For best appreciation for 2008 I am seeing Oregon, Raleigh-Durham, Richmond, VA. Most stats that has top 10 lists were complied prior to the subprime taking a dookie, so I don’t know as though 2006 & 2007 stats would still be valid.

Powered by Yahoo! Answers

Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures