Posts Tagged: "Bank Owned"

Housing Market 2013

CBS Moneywatch article predicts housing depression will persist through 2013; interest rates will stay low through 2013 and probably through 2014; short sales and loan modifications will continue to increase.

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Mortgage Debt Relief Extended

The final act by the 112th Congress to avoid the fiscal cliff was a significant victory for homeowners. As a part of the legislation that cleared the US House of Representatives, Congress extended the cancellation of the mortgage debt relief provision for one year, through the end of 2013.

What does this mean?
If a lender forgives some portion of a homeowner’s mortgage in 2013, either as part of a short sale or foreclosure, or in a loan restructuring that reduces principal, the owner/seller will not be required to count that forgiven amount as income for tax purposes.

Why is it important?

  • Homeowners shouldn’t be forced to pay a tax on money they’ve already lost with cash they never received – and will never receive.
  • More than 20% of current homeowners with a mortgage are in a distressed financial situation and owe more on their homes than the current market value.
  • The housing market, while recovering, is still fragile enough that this tax relief is necessary to provide stability in the coming year.
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Flood of foreclosures to hit market

Now that a settlement has been agreed upon by the big five banks, we will be seeing more foreclosures. Although a flood of foreclosures hitting the market has its downsides, it is good for buyers that are looking at bank owned properties hoping to find a “good deal”.

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Prices May Withstand Foreclosures

Another wave of foreclosures is on its way according to this article on AOL Real Estate.

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Public Auction Announcement

Public Auction Tax Foreclosed Property

On May 16, 2012, Deschutes County will hold a public auction. The sale begins at 10:00am in the Barnes Hearing Room, 1300 NW Wall Street, Bend, Oregon. You must be present to bid. The Public Notice and list of Property for Sale are in the “Related Information” section on the right.

For more information on the properties, please see attached flyer.

Registration

You can register in advance by e-mail, fax or in person between May 8 and May 15. Complete the Registration form in the “Related Information” section on the right and send to Teresa.Rozic@deschutes.org; or fax to 541-317-3168; or visit/mail to Property & Facilities Department, 14 NW Kearney Ave, Bend, Oregon 97701 . The office is open for registration between the hours of 09:00am – 04:00pm. Register before 09:30am the day of the sale.

Payment

You must pay in full by cash or cashier’s check only. You may leave the room and return before 02:00 pm with the exact amount.

Financing

For property sold for $25,000 or more, Deschutes County will offer financing – no prequalification. You must pay a nonrefundable 20% down payment. You can choose to pay the balance in equal payments over 10 years at 5% fixed interest, or make a second (final) payment within 30 days.

Terms

Fuels Management Agreement

Some property will be sold subject to buyer agreeing to eliminate the wildfire fuels within one year of purchase.

All Parcels are Sold “As Is”

Potential bidders should thoroughly investigate all aspects of a property prior to bidding. Deschutes County has not surveyed the properties offered for sale and makes no representation as to boundaries, encroachments or encumbrances. Deschutes County does not guarantee or warrant that any parcel is buildable, suitable for septic system, has legal access, is vacant or is usable for any particular purpose. The County shall not warrant or defend the fee simple title of real property offered for sale to be free of defects or encumbrances, but will only sell and convey such interest as the County acquired by foreclosure or other means and holds at the time of sale. Furthermore, conveyance is subject to all valid, recorded easements, road right of way dedications and the right of any municipal corporation to purchase such property pursuant to State law and subject to the right of the Board of County Commissioners to reject any and all bids.

Please note: If you choose not to seek professional help to investigate these properties, real property and deed records can be found in the Deschutes County Clerk’s office. The Clerk’s staff can help you, on a limited basis, to locate documents that you want to review. They cannot do a title search or give you legal advice.

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BofA ‘Mortgage to Lease’ Program

Homeowners with Bank of America mortgages that are facing foreclosure could stay in their home and make rent payments rather that mortgage payments. It is only available in select markets at this point, but it will be interesting to see how it works.

Read full article Bank of America offers rentals to some facing foreclosure on CBS News

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Foreclosures: a rising tide ahead

According to this CNNMoney article it looks we might be seeing an increase in foreclosures.

Read full article Foreclosures fall, but there’s a ‘rising tide’ ahead on CNNMoney

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