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A New Brand of Foreclosure

6/28/2010

1 Comment

 
 Where it comes to real estate foreclosures there are plenty of terms and descriptions associated with the issue. Well-known terms such as default, pre-foreclosure, pending foreclosure, mortgage acceleration, deed surrender, forbearance, and foreclosure proceedings, among others. Most of these terms were within the realm of expected and/or acceptable courses of action the results of which were pretty much predictable.
Build massive wealth with Real Estate foreclosures!

A home buyer sought a mortgage to finance the home being purchased, a lender agreed to provide that financing to the buyer after requiring that s/he goes through a qualification process which included an appraisal (paid for by the borrower) of the property being purchased and at the end of such a process, agree to sign various documents that effectively secured the lender's interest in the property. In short, this bunch of papers the borrower signed at loan closing states that in the event that the new homeowner fail to repay the money borrowed the lender has the right to foreclose the mortgage and take the property.
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Many homeowners dreaded the term foreclosure associated in any way with their name
or around their home so they faithfully made their mortgage payments to their respective lenders even if they could afford to pay nothing else as a consequence of making that mortgage payment. Those attitudes have changed as a result of the mortgage crises which devastated the real estate and mortgage markets and depressed home values in some markets to the tune of 70% of their original value. Many homeowners literally suffered deep psychological pain as a result and others simply refused to allow themselves to continue suffering.
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They took bold steps unlike any that mainstream America have ever taken i
n any significant numbers. These homeowners engaged in a system known as Strategic Mortgage Default which is a method of ceding the property to their respective lenders and simply walking away from it with no further worries. What is different in the case of a strategic default as compared to the traditional foreclosure is this:
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The homeowner in some instances have not been in default on the mortgage otherwise. They have the means with which to continue repaying the loan, but they argue that if the mortgage balance is higher than the value of their homes (a condition referred to as "underwater"), it is not in their interests to continue throwing hard earned money into a negative equity property which may never regain the pre-meltdown value.
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This method of foreclosure has caused many in the real estate and mortgage industries to reexamine the way business is done.
Simply put, if strategic mortgage default should become a more viable alternative for homeowners whose property values have continued to decrease at the rate of a year ago (2009), the increased pressure on banks that hold these mortgages to own these homes, secure/repair them, pay the taxes on them and insure them will certainly have negative economic consequences for years to come.
Filing Chapter 7 or Chapter 13 to combat foreclosure

For more information relating to Strategic Mortgage Default, click here!

1 Comment

     

     Ann Sieg and Ty Tribble's Blogging For Prospects

    Author

    Hello I'm Tony, known also as Javeton among family, friends and a number of Web networks that I have a membership in.

    My residence is in the central New Jersey city of Woodbridge and my professional background is in real estate and mortgage broker/banker services, the last nineteen years having been spent in mortgage lending with three New York-based mortgage bankers.

    Over the past thirty months I have managed to combine my offline and online experiences and efforts in order to create TPJaveton & Associates, a Web-based entity specializing in "Affiliate Marketing". TPJaveton, in carrying out its affiliate marketing duties, is actively engaged in the promotion of products and services offered for sale by certain recognized and highly respected Web merchants and affiliate networks.

    As founder of TPJaveton & Associates and TPJaveton Enterprises ("TPJaveton"), my objectives are to manage the affairs of these Web entities by ensuring that the content provided on our thirteen websites is relevant, useful, qualitative and socially acceptable to readers and supporters; whether the topic(s) be related to real estate and/or mortgages, affiliate marketing or any of the other topics covered on our blogs and websites.

    Information is provided freely and in an effort to reach those who may benefit most by utilizing it. In addition, TPJavetonSelect newsletter which was published on June 11, 2010 is available free of charge to present and future visitors to our websites. I've made these sites available in one convenient location, reachable by simply clicking the the highlighted "author's profile" towards the end of this paragraph. Your comments and suggestions will be appreciated. Please see
    author's profile for more. Thanks.

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