Foreclosure Business News’s editor will be on vacation from Monday, May 24 through Monday, May 31st. The site will be updated again on Tuesday, June 1st. Meanwhile, enjoy the following posts.

Foreclosure Cleanup Business Advice

Foreclosure Cleaning Business Owners: Advice from a Banker Who Handles Foreclosed Properties on How to Land Foreclosure Cleaning Jobs

How to Bid on Foreclosure Cleaning Jobs: Inside Peek at an Actual Foreclosure Cleanup Bid

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleaning Business Advice: One Sure Way to Make Your Company Stand Out from the Competition

How to Get More Foreclosure Cleaning Jobs with Postcards

Cleaning Foreclosure Properties: Learn How to Price Jobs by “Spying” on the Competition

Foreclosure Cleanup: Why Winterization is a Lucrative Service to Offer on Foreclosed Homes

See complete library of ebooks on foreclosure cleanup and how to invest in cheap foreclosures.

Buy Foreclosures Cheap Advice

Foreclosure Homes for Sale: Why the Time to Buy is Now, Especially for First-time Homebuyers

How to Buy Foreclosures Cheap, Retire Early & Secure Your Financial Future

Stopping Foreclosure Advice

Foreclosure Lawyer: Need One? How Not to Get Ripped Off & Choose the Best One

Home Foreclosure News: Obama Admn Offers New Help for “Underwater” Homeowners  

Home Foreclosure and Your Credit: Details of the Mortgage Forgiveness Debt Relief Act of 2007

Stop Foreclosure: More than 90 Days Late on Your Mortgage? Here’s a Foreclosure Prevention Program for You

California Foreclosure Law: How to Stop Foreclosure Even If Your Home Is Sold at Auction

When home foreclosure specialists can’t get a clear handle on what’s going on with the housing market, it’s no surprise that many homeowners find themselves in “foreclosure limbo” when trying to refinance or modify their home loans.

Even Housing Experts Can’t Say for Sure What the Hell Is Going On with the Housing Market

According to the New York Times article, Mortgage Data Leaves Bankers Uncertain of Trend, bankers can’t say for sure what some recent data put out means. The article states:

Warning that “fundamental [housing] market factors” might be exercising undue influence over the seasonal [mortgage] numbers, the mortgage bankers said they did not know whether the optimistic or pessimistic sequence was more accurate. . . . “We may be at a point where the [housing] market is changing for the better, but we can’t be sure because of the confounding effect of seasonal differences” . . .

Facts NOT in Doubt About the Home Foreclosure Crisis

What’s known for sure is the following — and most of it ain’t good news:

Mortgage Delinquency Up: About 10% more homeowners were delinquent on their mortgages when compared to the same time last year;

Home Prices Falling: The decrease was .3% from February to March. This continues to put more homeowners underwater (or further underwater), which housing experts fear can cause many to simply walk away from their homes (ie, do a voluntary foreclosure);

New Home Applications Fall: The government’s $8,000 homebuyer tax credit expired on April 30th. This could be a contributing factor to the 27% drop in new home applications — with a further drop entirely possible as the economy still struggles to get back on track and credit remains hard to get (for home loans, car loans, small business loans, etc);

More Prime Borrowers are Defaulting on Mortgages: While the home foreclosure crisis started with subprime mortgage borrowers, over the last year and a half or so, more and more homeowners with “good credit” (ie, who had conventional, fixed-rate home loans) are now defaulting on their home loans. The aforementioned article states:

The percentage of new foreclosures in the first quarter [of this year] that were prime fixed-rate loans — traditionally the most conservative kind of mortgage — was 36.7 percent, up from 28.9 percent last year (emphasis added).

Many of these, of course, are due to job losses — and in industries that aren’t coming back — as we discussed in the post, Stopping Foreclosures and President Obama’s Job Summit: What’s the Connection?

Home Foreclosures Now Happening Outside of “Bubble Markets”: A lot of the home foreclosures that happened initially were in what’s known as sand states with bubble markets, eg, Arizona, Florida, California, Nevada.

Now though, foreclosures are being seen in states where the economy is struggling. This makes sense because as alluded to in the point just above about prime borrowers defaulting — if a homeowner doesn’t have a job, they can’t afford to pay the mortgage.

Why So Many Homeowners are In Limbo When Trying to Refinance or Modify Their Home Loans Now

The final thing that’s leading to more foreclosures has been the government’s “prevent foreclosure” program which hasn’t helped nearly as many homeowners as it was intended to. Banks are simply refusing to play ball in some cases, as we discussed in:

Prevent Foreclosure Help: Another Big Bank Not Playing by the Rules — If Your Mortgage is With Chase, You’re Screwed; and

Stopping Foreclosure: Big Bank That Received $25 Billion in Bailout Money Against Mortgage Modification Help for Homeowners.

Because of “inaction” by a lot of lenders, many homeowners who want to refinance or modify their existinghome loans — who NEED to take some kind of action to stop foreclosure — are feeling like they’re in some type of holding pen with no start time for the race.

They’re in limbo — and many are running out of time and money — which means more home foreclosures may be on the way. It kinda makes one feel:

Oh what a tangled web bankers and lenders weave when they decide to fleece and deceive unsuspecting homeowners.

P.S.: Start a Business Cleaning Foreclosed Properties. While the foreclosure crisis has been a nightmare for many, it has presented a perfect small business opportunity for others. Learn how to start a foreclosure clean up business. Read how one foreclosure cleaning business owner rakes in $40,000/wk (not a typo).

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

After reading this post (Foreclosure Cleaning Biz Advice: What Are “Assuming Institutions” & How to Make Money from Them), a bank exec who handles foreclosed properties dispensed some really good advice as to what he expects from foreclosure cleaning business owners who approach him for work.

And you know what, most foreclosure cleaning businesses are not giving him what he needs. This means that if you heed his advice, you may be able to land more foreclosure cleaning contracts.

Foreclosure Cleanup Business Advice: What a Bank Exec Who Handles Foreclosed Properties Said

Following are three things this bank exec who handles foreclosed properties looks for from foreclosure cleaning business owners:

Resume (or some type of professional profile)

List of Services and Rates; and

License and Insurance.

He wrote specifically (forgive the typos; it’s the info he dispenses that’s supremely important):

Your number 1 tip [in the aforemetioned post]  is a good one, not a day goes by where i am not bombarded with calls or people who drop in that want to clean my foreclosure listings. I always ask for a business card and a resume. 90% dont have a card and no one ever has a resume with them. So then i ask for a list of what they offer with any assoicated prices, again they are not prepared and last ly i ask are you insured, by then most of tehm are on their way out.

I know that is tough and cold but it is my name on the sign and i am resposnible for anything that goes wront for teh properties i sell and manage for the banks. [emphasis added] I have had people come back though and be prepared and they are no dioing a great job for me. So my keys are be a legitaimate business, be insured and be prepared, have business cards, a resume and literature of what you do.

As he outright states – and I’m paraphrasing — it’s his butt on the line if things are done right. And, he’s not about to risk it by doing business with companies that are unprofessional, unlicensed and uninsured, as we’ve discussed time and time and time again on this blog.

So heed his words — and you could start landing more foreclosure cleanup jobs.

Learn more about foreclosure clean up business insurance.

While the number of homeowners who will face foreclosure in the future has hit a plateau many housing experts believe, more home foreclosures are on the way. And ironically, one of the big reasons is the government’s prevent foreclosure program, Making Homes Affordable. Here’s why.

The Washington Post article, Foreclosure continue to rise as banks work on backlogs, explains it best, stating:

Foreclosures have been suppressed over the past year by government and industry efforts to keep people in their homes. But those efforts have largely faltered, leaving millions of distressed borrowers facing foreclosure. Now more people are expected to lose their homes as lenders work through a backlog of delinquent borrowers.

We saw this coming, as was discussed back in February in the post, Some Banks are Purposely NOT Foreclosing on Homeowners in Default: Here’s Why.

When Will the Home Foreclosure Crisis Be Over?

Depending on where you ingest your home foreclosure news, experts estimate that we have anywhere between 3 years and nine years before the home foreclosure crisis is over.

P.S.: Start a Business Cleaning Foreclosed Properties. While the foreclosure crisis has been a nightmare for many, it has presented a perfect small business opportunity for others. Learn how to start a foreclosure clean up business. Read how one foreclosure cleaning business owner rakes in $40,000/wk (not a typo).

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Just yesterday, I was talking to a friend of my — a Navy veteran who’s done two tours in the current war no less — about his home loan. He’s been trying to refinance his mortgage off an on for the last year and a half or so. But, because he’s underwater on his home, of course, that’s been the big stumbling block.

Yesterday, he told me that his Chase, who is the lender on his home loan, had finally agree to modify (not refinance, modify) his mortgage. He showed me the modification package they sent him and said the Chase representative said:

You’re the perfect candidate for our mortgage modification program.

Even though he’s gainfully employed (same company for 14+ years) and has excellent credit, I said:

Hmm, I’m surprised because I know you’re underwater (just like a lot of other homeowners in his area area)). Just don’t celebrate until the papers are signed.

I smelled a rat. So imagine my nonsurprise when I ran across this CBS news story, Chase’s Foreclosure Disgrace. Even though — by Chase’s guidelines — the three homeowners featured in the story should have qualified for permanent home loan modifications, they were denied. Not only that, they were eventually foreclosed on.

To Stop Foreclosures, Homeowners Sue Lenders

But, these gutsy homeowners are not taking things lying down. They’re fighting back. With assistance from the  Urban Justice Center, a legal nonprofit agency in New York, they’ve filed suit in federal court in Brooklyn to force Chase (and hopefully other big home loan lenders like it) to do the right thing. Good for them!

As one homeowner who’s now facing foreclosure featured in the article states:

The Obama administration’s [prevent foreclosure] program was supposed to give people like me a lifeline and a chance to save our homes. But if the banks won’t play by the rules, what else are we supposed to do?

If you’re the average Joe out there facing foreclosure — and you’re hoping to work something out with your bank, as I told my friend, don’t hold your breath until the papers are signed. Even when you hold up your end of the bargain — there’s nothing that says your lender will.

Why Banks are Not Playing Fair When It Comes to Modifying Home Loans and/or Refinancing Mortgages for Homeowners Facing Foreclosure

It’s quite simple . . . there’s nothing or nobody that’s MAKING them play fair. Again, to quote the aforementioned article:

. . . the Obama Administration’s approach to foreclosure prevention . . . depends entirely on the banks voluntarily (emphasis added) doing the right thing. [But of course] . . .nothing will change until banks are forced (emphasis added) to do the right thing.

The “Bait and Switch” Campaign Big Banks are Running on Homeowners Who are Desperately Trying to Stop Foreclosure

This is but further proof that big banks — the very ones that we the taxpayers bailed out — have no interest in helping homeowners prevent foreclosure. They seem to be running a ”bait and switch” campaign that squeezes as much money out of struggling homeowners as they can before they officially foreclose on them.

Otherwise, why would the Chase homeowners be told they met all the guidelines (which included making payments for a certain amount of time), THEN be told that their home loan modifications were denied?

Care to explain that Mr. Chase Bank Home Loan Modification Specialist?

More Proof that Big Banks Have No Interest in Helping Hoemowners Stop Foreclosure

Get more seemingingly infallible proof that big banks have no desire to help homeowners prevent foreclosure.

P.S.: Start a Business Cleaning Foreclosed Properties. Learn how to start a foreclosure clean up business. Read how one foreclosure cleaning business owner rakes in $40,000/wk (not a typo).

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Uusally, when news comes out of the entertainment world about rappers, it’s not good. Well, Will.i.am of the Black Eyed Peas has put the kibbash on that. On Oprah recently, he paid off the mortgages of two families facing foreclosure.

His generosity underscores how a few thousand dollars to one man is like a few billion to another. He stated in the article, Will.i.am Pays Off Mortgages For Families Facing Foreclosure, stating:

Doing this isn’t gonna leave a dent in my house… but it could help somebody that really needs it. It’s something that means a lot to me.

Way to go Will.i.am!

What Would You Do If You Didn’t Have Mortgage Debt?

Most of us dream of the day when we don’t have a mortgage to pay. Proof? In the What Would You Do If You Had a Million Dollars poll on GenerationXFinance.com, many of the respondents mentioned either paying off mortgage debt or outright buying homes.

How would you spend the money you pay on your mortgage each month now if you no longer had a mortgage?

Get the FREE credit repair report, 6 Credit Repair Myths and 6 Specific Ways to Raise Your Credit Score and start repairing your credit.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Many homeowners don’t know it but by the time they get back to their cars after they close on their home, their home loan has been sold to another lender. It’s a very common practice. And this is the foundation of what has become known as the Produce the Note defense for homeowners facing foreclosure.

Stopping Foreclosure: What is the Produce the Note Defense?

Because home loans are sold so often, when a lender goes to foreclose on a home, many can’t find the original promissory note signed by the homeowners at closing.

This original promissory note is the proof that: (i) the homeowner signed the home loan (hence agreed to repay it); and (ii) that the lender is indeed the rightful owner of the property in question.

Get an overview of the Produce the Note Defense in the CNN video below.

Mortgage Foreclosure Law: What Legal Experts Say about the Produce the Note Defense

Some foreclosure lawyers have used the Produce the Note defense to delay foreclosures for years. But, they warn, this strategy for stopping foreclosure is only a temporary, stop-gap measure.

Just in case you’re wondering, judges around the country are accepting the Produce the Note defense. Following are some links to some cases.

New York Times: Foreclosures Hit a Snag for Lenders

Judge Christopher A. Boyko of Federal District Court in Cleveland dismissed 14 foreclosure cases brought on behalf of mortgage investors, ruling that they had failed to prove that they owned the properties they were trying to seize.

Tampa Bay Business Journal: State Supreme Court Seeks to Relieve Foreclosure Pressure Valve

The Florida Supreme Court has amended procedures for filing foreclosure complaints involving residential property, requiring lenders and lawyers to verify ownership of the note and providing sanctions for false allegations in foreclosure complaints.

What Happens If You Win the Produce the Note Defense

If you win your case using this defense, the lender won’t be able to proceed with foreclosure unless and/or until they indeed produce the original promissory note. And, this is why it can take years – especially if your home loan was sold multiple times since you’ve owned your home.

As stated above, this is very common – particularly during the last housing boom when a lot of home loans were packaged with other financial products and sold as securities to firms all over the world. Who knows where the original promissory note is.

What Happens If You Lose the Produce the Note Defense

If you lose your case using this defense, you will have gotten some extra time in your home – time that could have been used to come up with extra money to perhaps save the home or negotiate with the lender for more affordable payments.

This is why it’s important to know that this is only a temporary measure. Take advantage of the time you have to try to save your home.

Stopping Foreclosure:  The Steps of the Produce the Note Defense

Step 1: File a Request. When you receive the foreclosure notice from your lender, immediately file a request with the court asking the lender to produce the original promissory note.

Step 2:  File a Motion. If the lender hasn’t responded to your request within 30 days, then file a motion to compel them to produce the note. What this is is a request for the judge to order the lender to produce the note.

Step 3: Go to Hearing. After the requests and motions have been filed, usually you’ll receive notice to appear at a hearing. At this hearing the judge will render his decision as to whether you’ve won or loss, so you’ll proceed accordingly.

Foreclosure Scams Involving the Produce the Note Defense

All that’s needed to use this defense is the filing of a few forms. Hence, some online outlets have popped up that offer them for a fee. You don’t have to pay a fee to file the Produce the Note defense.

You can get the Produce the Note forms free at the Consumer Warning Network.

P.S.: Start a Business Cleaning Foreclosed Properties. Learn how to start a foreclosure clean up business. Read how one foreclosure cleaning business owner rakes in $40,000/wk (not a typo).

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

The actual nerve of some of these big banks who got government bailout money — ie, OUR tax dollars — is unbelievably astounding.

JP Morgage Chase, one of those banks deemed “too big to fail,” and so got $25 billion in government bailout money is now . . . are you ready for this . . . saying that homeowners in danger of losing their home to foreclosure don’t deserve mortgage modification help from the government. 

Mortgage Modification Help for Homeowners: What JP Morgan Chase Bank Doesn’t Like About It

Specifically, the bank doesn’t like the Obama administration’s call for lenders to decrease the principal amount owed on a home loan. This is one of the ideas put forth by the government’s mortgage modification program (HAMP), primarily to help homeowners who are under water on their homes.

Their argument, according to the article, JP Morgan Chase Argues Against Mortgage Modifications, Citing Sanctity of Contracts, goes:

Like all loans, mortgage contracts are based on a promise to repay money borrowed . . . Importantly, there is no provision in the mortgage contract, express or implied, that the lender will restore equity or reduce the repayment amount if the value of the collateral — be it a home, a car or a stock market investment — depreciates.

This argument might hold some water if they weren’t one of the ones with their hands out taking government bailout money when the housing market tanked.

But, I digress.

Stopping Foreclosure: Why Principal Writedown Is Neeeded to Help Many Homeowners Facing Foreclosure

The reason this is necessary say many experts is that homeowners who are underwater can’t refinance/modify their home loans because there’s no equity in the home. And, even though the mortgage modification help offered by the government let homeowners refinance up to 105% of the value of the home, it wasn’t enough to help many homeowners who are underwater by much more than that (eg, 15, 20 and 25% or more).

Why JP Morgan Chase’s Argument Against Mortgage Modification Help for Homeowners Falls Flat

As stated in the previously linked-to article, the simple fact is, contracts are rewritten all the time. After all, what is “refinancing a home loan” if it’s not a “contract rewriting/renegotiation.” But, when banks like JP Morgan Chase are collecting fees off of these kind of every day transactions — with no principal reduction — they’re only too happy to sign on the dotted line without putting up a fuss.

HOWEVER, when the pendulum swings the other way — ie, they’re asked to forego some of their profits — it’s all of a sudden tantamount to a “breach of contract?”

Give me a friggin’ break!

JP Morgan Chase: Here’s What the Average Joe Seeking Mortgage Modification Help Wants to Say to You

WE ALL have to suck it up and pay the piper, so to speak, to get through the foreclosure crisis. Because of actions some like you took — many homeowners who did everything right are suffering. We’ve lost value in our homes, money from our retirement accounts and are still paying outrageous property taxes — and there’s no bailout to help us get back on our feet.

Now that the shoe is on the other foot — stop waving the “but we have a contract” flag with one hand, while asking for “we are too big to fail” help with the other.

If you have to write down some principal balances to help the housing market recover so we can ALL get back on track to prosperity — stop being such a ninny and do it.

Man up for heaven’s sake! As the graphic accompanying this post says, “Suck it up” . . . which is just what the rest of us have had to do.

Millions More Foreclosures Coming This Year

In 2009, there were almost 3  million (2.8 million) homes foreclosed on. This year, home foreclosures are on track to exceed 2009 numbers, making mortgage modification help — and any other kind of help the government can give — all the more necessary.

P.S.: Start a Business Cleaning Foreclosed Properties. Learn how to start a foreclosure clean up business. Read how one foreclosure cleaning business owner rakes in $40,000/wk (not a typo).

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

One of the easiest things you can do to make your foreclosure cleanup business stand out from the competition is to come up with a unique selling proposition – and market the heck out of it.

Right about now you may be shaking your head thinking, “I don’t even know what a unique selling proposition is, never mind how to market it.”

Well, don’t worry. Here we’re going to discuss it – and why it’s critical to the success of your foreclosure cleaning business.

Cleaning Foreclosures: Market Like the Big Boys to Bring in the Business

A unique selling proposition, or USP as it’s known in the Madison Avenue world of advertising, is quite simply the feature or features of a business that make it stand out from similar businesses.

Following is an example of a USP.

Burger King: Have it your way.

Remember, the song. It went:

“Hold the pickles, hold the lettuce, special items don’t upset us, all we ask is that you let us have it your way . . . Have it your way, have it your way, have it your way at Burger King.”

How to Choose a USP for Your Foreclosure Clean Up Business

Now that you know what a USP is, following is how to go about choosing one for your business.

Benefit: The most important thing to remember about a USP is that it should center around a benefit to the customer. In the example above, the benefit to the customer is that they can have their burger any way they want it.

Draw on Your Experience: For example, if you’re a general contractor who’s started a foreclosure cleaning business, make this part of your USP. It might be something like, “Foreclosure Cleaning Company XYZ: For all of your property cleanup and general contracting needs.” You get the picture.

The benefit to the customer is that you’re a one-stop shop. For example, many properties that need debris hauled out, they also need lite work done – eg, doors and windows replaced, sheetrock hung, painting, etc.

As a general contractor who now operates a foreclosure cleaning business, you can offer the client all of these services. This means they don’t have to go looking for a contractor to make repairs, in addition to a foreclosure cleanup company to haul away the trash and debris.

Make it Short: USPs should be short so they can be remember – 10-12 words at most, with five or six being optimal.

Once you’ve settled on your USP, craft a logo around it and market the heck out of it. Put it on your website, flyers, pens, uniforms, etc. Pretty soon, everyone will be saying, “You know, the foreclosure cleaning company, the one that handles ‘all of your property cleanup and general contracting needs.’”

And that’s exactly what you want – your foreclosure clean up company to be easily remember – so easily that your USP rolls off their tongue even when they can’t exactly remember your company name.

P.S.: Learn How to Market Your Foreclosure Cleanup Business Right — Right from the Start. While the foreclosure crisis has been a nightmare for many, it has presented a perfect small business opportunity for others. But in order to capitalize, you must know how to market your foreclosure cleanup business – turning it into a success like this foreclosure cleaning business owner — who rakes in $40,000/wk (not a typo).

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Losing one’s home is fraught with stress, tension and fear. Some homeowners facing foreclosure are not taking it laying down though. They’re fighting back in some unconventional ways.

Following are four homeowners who took drastic action because they were facing foreclosure.

To Stop Foreclosure, Man Barracades Himself Inside Home

After having surgery and subsequently losing his job, this Ohio homeowner got fed up with banks who he says won’t work with him to help prevent foreclosure. So, he’s barracaded himself inside his home and has vowed to stay there until his “demands are met, or he’s dragged out.”

Read more on this Ohio man who is fighting foreclosure in this unique manner. Or, see his story in the video below.

Another frustrated homeowner facing foreclosure actually bulldozed his own home rather than let the lender take it, saying:

When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it – no, I wasn’t going to stand for that, so I took it down . . .

Read more on the homeowner who bulldozed his home rather than lose it to foreclosure.

Homeowner Gets into Fatal Shootout with Cops Resisting a Foreclosure Eviction Notice

Unfortunately, this case took a tragic turn when a homeowner, Mark D. Fussner, got into a 22-hour shootout with police who were trying to evict him from his ome. The article, Cops enforce illegal bank foreclosure Homeowner dies resisting eviction, details the tragedy in the following manner:

Two . . . officers had come to Fussner’s home . . . to carry out a writ of eviction after foreclosure. Fussner reportedly ordered the bailiffs to leave his property and said he would open fire to defend his home. [The officers] left but returned with armed cops determined to carry out the eviction. The bailiffs’ provocation led to the shoot-out.

Sadly, all of this was unnecessary as two days before this tragedy, President Obama had signed the Helping Families Save Their Homes Act. Part of this act stipulated that some lenders put a moratorium foreclosures and work out solutions with homeowners. Mr. Fussner’s lender, Chase, was one of those who had agreed to to so.

Read more on this homeowner who literally died trying to save his home from foreclosure.

Homeowner Facing Foreclosure Rams SUV into Home

From bulldozers to SUVs, some homeowners take the route of, “If I can’t have it . . . neither can you; at least not in good condition.” To that end, one Ohio homeowner who was served with a foreclosure notice from his lender rammed his SUV into his home, causing quite a bit of structural damage.

The article, Sheriff: Ohio man rams SUV into foreclosed home, states:

30-year-old Steve Doak told deputies he was recently served with foreclosure papers and wanted to destroy the house rather than turn it over to the bank. The sheriff’s office says Doak drove the vehicle into fencing and then into the rear of the house . . . They say he did extensive structural damage . . .

These foreclosure horror stories detail how emotion-packed losing one’s home can be.

Let’s hope the foreclosure crisis starts to abate soon.

P.S.: Start a Business Cleaning Foreclosed Properties. While the foreclosure crisis has been a nightmare for many, it has presented a perfect small business opportunity for others. Learn how to start a foreclosure clean up business. Read how one foreclosure cleaning business owner rakes in $40,000/wk (not a typo).

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.