The foreclosure basics about the current foreclosure mess we are in, the different stages of foreclosure, and which stop foreclosure option to leave for last is revealed as follows.
How Did The United States Get Into This Foreclosure Mess Due to the 2008 mortgage meltdown crisis, corruption within financial institutions creating millions of foreclosures and upside down mortgages, (homes worth less than owed on mortgage) has brought this nation into an era of the 1920's, called the Great Depression.
Although many say we are not in a depression, we are in the brink of the greatest depression the United States has faced since the crash of the 1920! Well known banks & other financial institutions brought out country down to its knees due to greed.
I am personally disgusted with our government's system, in how they allowed the financial institutions of this great country to create the greatest scheme perpetuated by a few major financial institutions and get away with it.
These banks, wall street firms not only got away with corruption, but got paid and rewarded with millions of dollars in bonuses to the guys at the helm running the financial institutions for ripping of investors, and then using tax payer taxes to bail them out of their problem.
Before going into the foreclosure basics I wanted to just bring you up to date quickly how to got into this mess.
There were mortgage loans called Stated Income Loans or No Doc Loans known to those in the industry behind closed doors as...
LIAR LOANS!!! These loan products were created purposely to make it easier to approve loans for home owners who really didn't qualify for a home loan.
These loans were then packaged to sell to investors as high risk loans to make money from the sale of these loans.
Occupy wall street - demonstrations we have not seen since the Vietnam war era, is a reflection of younger individuals sick and tired of the current economic situation, no job prospects after graduation from college, corruption of financial institutions responsible for many of the problems they are having and no going to jail for it.
It is the opposite of the American dream home ownership, which is the worst nightmare you the home owner can go through.
It can destroy your finances and credit history for 7 - 10 years, displace your family into becoming homeless, rob the equity from your home, and place you and your family through the worst stress one can go ever go through.
There is a positive side to foreclosure.
Real estate investors are benefiting from this chaos and helping the housing market stabilize itself as well by buying these foreclosures.
In addition they are helping the home owner stop foreclosure for those home owners who are at the stage and saying buy my house now...
please anyone just want to get out of this and move on with my life.
These investors are cash home buyers, and you can spot them with those we buy houses cash signs posted throughout your town.
There Are 3 Types of Foreclosure * Pre-foreclosure - The 1st stage you will face if you miss making 1 - 3 mortgage payments * Foreclosure Stage - When your property ends up in a foreclosure auction run by your county clerks office * Post Foreclosure - Your home ends up as a Real Estate Owned Property on your lenders foreclosure list What Is The Last Stop Foreclosure Option You Should Consider Short sale should be one of your last options if you are facing foreclosure.
In fact you should research it carefully and proceed with caution if thinking of doing a short sale.
Now that you got the foreclosure basics on the financial crisis, different foreclosure stages, make sure you research the short sale questions you should be asking & answers to them in case you decide to do a short sale and other alternative options you may have missed the pros keep secret!!!