Las Vegas and the state may be changing from the nation’s foreclosure capital to the nations short sale capital say realtor Stuart Sheinfeld
Short sales averaged about 8% of total existing-home closings last year, but averaged 25% of the market by the end of the year and in early January
Short sales are becoming the trend as banks try to find ways to avoid letting homes go into foreclosure.
The most undervalued market is Las Vegas where homes sell for 41.4% below fair market.
The Ritz-Carlton Lake Las Vegas in Henderson will close its doors May 2.
Casino Monte Lago at Lake Las Vegas will close at midnight March 14. (more…)

Dan Smith, a thirty-three year old electrician, bought a house for his wife and six-month old baby. For the first two months, Dan was able to pay the mortgage payment. Unfortunately, in the third month, Dan suddenly was faced with a mortgage bill that was significantly higher than what was originally set and also, definitely beyond his financial means. In an effort to save his family’s home, Dan applied for loans to momentarily stave off mortgage foreclosure.

In the end; his efforts where futile, Dan lost his home; furthermore, he is deep in debt. For Dan’s account of his experience, search for his story on YouTube or FightingForOurHomes.com, a website dedicated on putting a face on the recent housing crisis. (more…)

There are two types of foreclosures; a judicial foreclosure and a non-judicial foreclosure. Only 13 states including Arizona process non-judicial foreclosures also referred to as a Notice of Trustee Sale. Lenders and Mortgage Companies still retain the right to process a judicial foreclosure but this type of process is more time consuming and costly. We will not discuss the process of a judicial foreclosure in the following information. We will only provide you with the process of a non-judicial foreclosure.

For a Trustee Sale to occur, a homeowner must be 90 days past due on their mortgage payment. On the 91st day the Lender also known as the beneficiary has the legal right to begin foreclosure proceedings. The Lender or Mortgage Company can file a “Notice of Trustee Sale” with the County Recorders Office. Upon recordation, a copy of the notice is delivered to the homeowner or anyone else that has an interest in the property. Arizona Law states that the “Trustee Sale Auction” cannot occur until after the Notice of Trustee Sale is recorded and a period of 90 days has passed. (more…)

Many home owners have been holding onto devalued properties in desperate hope that the value of their homes would recover enough so that they could recover some of their investment when they put their property up for sale. It is looking now like the sliding home values have hit that bottom that home owners have been waiting for. Unfortunately, at present we are also experiencing a huge volume of vacant properties across the nation, potentially making for a less than ideal situation in which to put your home up for sale.

According to the census bureau homeownership fell to 67.2% at the end of 2009 which puts current levels of ownership at the lowest rate in ten years. Understandably, home ownership is lowest in areas where the cost of owning a home is highest and the biggest drops have occurred in the states that have been hardest hit with foreclosures. Vacancy rates have risen as home ownership has fallen; there were approximately 100,000 more homes sitting vacant at the end of 2009 than there were only mere months earlier. (more…)

It depends. The answer below assumes that the loan is not for a corporation, but an individual consumer.

State of California allows for non-judicial foreclosure process. This means that the foreclosing entity instead of going through the judicial system and filing a lawsuit can choose to foreclose under the contract. Majority of foreclosures in California are done in this manner. (more…)

Buying foreclosures does not have to be a daunting task. While competition is tough, working with a seasoned real estate agent that knows the area, market and has the intestinal fortitude to negotiate a good deal on your behalf is key. With over 43,000 Orlando foreclosures on the market, choosing the right property is key.

There are many things a buyer can do prior to looking at foreclosure properties that will strengthen their chances of landing the property they like most: (more…)