ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

It seems like it took a while to get the ball rolling on lenders who engaged in illegal foreclosure practices (eg, robosigning), but now that the feds are rolling, they seem to be putting the pedal to the medal.

In addition to the five lenders that have already agreed to a foreclosure settlement, there are eight more banks the government is going after. Who are they?

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Spring is Almost Here! And, as job listings on this site illustrate, there are plenty of foreclosure cleanup (and RE-related jobs out there). Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

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The 8 New Lenders the Feds Are Targeting for Illegal Foreclosure Practices 

HSBC: This will be great news for many homeowners whose mortgages are held by this lender because it’s been notoriously hard to find out what’s going on with them.

Suntrust; 

Goldman Sachs;

EverBank; 

MetLife, U.S. Bancorp;

PNC; and  

OneWest.

What’s in this for affected homeowners? Hopefully something that’s in line with the previous foreclosure settlement with five large banks (listed below). What we know for sure is that these eight institutions will be fined. According to the Wall Street Journal article, Fed Plans to Fine Eight More Banks for Foreclosure Violations:

The Federal Reserve believes that monetary sanctions in those cases are appropriate and plans to announce monetary penalties against them,” Killian (a senior associate director of the Fed’s division of consumer and community affairs) said in remarks prepared for a hearing of the House Oversight Committee.

The 5 Lenders that Have Agreed to a Foreclosure Settlement with the Justice Department

The following institutions worked out a $25 billion foreclosure settlement recently.

Bank of America;

JPMorgan Chase;

Citigroup;

Wells Fargo; and 

Ally Financial.

Affected homeowners are eligible for some financial compensation. Who does it affect? Homeowners who were in some stage of foreclosure in 2009 and 2010. Get more details on this foreclosure settlement, including info on how to proceed if you’re eligible – and info on if you are indeed eligible.

Related Posts

Foreclosure Deal: One REALLY Good Thing to Come Out of It for Homeowners

The Foreclosure Deal: Homeowners Who Lost Homes to Foreclosure Have Money Coming — and More Benefits for Those Trying to Hang Onto Their Homes

5 Banks Settle Foreclosure Lawsuits — How It Can Save Homeowners Facing Foreclosure Thousands of Dollars

Timeline For Foreclosure In All 50 States  

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Stopping Foreclosure: What the “Produce the Note” Defense Is & How It Can Help You Save Your Home from Foreclosure (Or at Least Stall)

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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

©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Buying foreclosures cheap is so easy, even a child can do it. Proof? A 14-year-old Florida girl bought a foreclosed property for just $13,000 (her mother bought it with her as minors can’t own real estate in Florida).

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Learn How to Buy a Foreclosure Cheap! Get Firsthand Advice from a Real Estate Investor, Landlord and RE Cleaning Company Owner

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The MSN real estate article, 14-year-old buys distressed house for $13,000, details how this  enterprising teen not only accomplished this feat, but has plans to buy out her mother by the time she’s of legal, real estate-owning age (18) and possibly purchase other properties, stating:

Willow hopes to buy out her mother by the time she’s 18. She may even buy another house. Willow’s house last sold for $28,500 in 1987.  . . .  After cleaning up the home with help from her family, the teenage entrepreneur rented it to a young couple and their baby for $700 a month, which she splits with her mother.

Beats a summer job every time, no?

Related Posts

Buying Foreclosures Cheap — for as Little as $500 — Is REALLY Possible! Here’s Proof

Buy Foreclosures Cheap: Private Equity Firms are Snapping Up Foreclosed Properties – What This Means for the Average Joe

Buy Foreclosure House: What You Need to Know about Purchasing Pre-Foreclosures

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Home Foreclosure News of the Day: Why Some Cities are Tearing Down Foreclosed Homes

Cleveland Foreclosures: City Giving Land Away — The Reality of Foreclosure and What It’s Going to Take to Stop the Crisis from Getting Worse

Buying Foreclosures Cheap: Homes Under $20 and the Debt Ceiling Interest Rate

Foreclosure Auctions: Turf War Ensues Between Local Municipalities and Private Foreclosure Auction Firms (Opportunity Knocks for Foreclosure Business Owners)

Home Foreclosure Auctions: The Biggest Advantage and Disadvantage of Them

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

When the word foreclosure is mentioned, a picture of misery follows — for individuals as well as the housing market in general. But actually, more foreclosures can be a good thing. An article on the blog of the Washington Post, Foreclosures will probably rise in 2012 — and that could be a good sign, does a good job of explaining why, ie:

The number of foreclosures is expected to rise significantly in 2012, adding to a housing overhang that has depressed prices and held back the recovery. But some of these new defaults may be necessary medicine for the housing market to recover in the long term: They represent homes that have been backlogged in the courts and elsewhere that can’t be sold until they finish going through legal foreclosure proceedings.

Why More Foreclosures Is a Good Thing: The Housing Market as It Is Right Now in a Nutshell

The bottom line is, there remains not only a backlog of housing inventory, ie, homes that have already been foreclosed on that are sitting empty and shadow inventory.

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Spring is Almost Here! And, as more foreclosed properties will be hitting the market, it’s an excellent time to start a foreclosure cleanup business. Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

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This means there’s more supply than demand. Consequently, buyers can be more choosy and have more barganing power. This is what drives housing prices down. So until the problem of “too much inventory” can be addressed, the housing market can’t fully recover. And, this is why more foreclosures happening this year is a good thing. It gets all of these homes onto the market so they can be resold and/or rented.

Then, supply can become more in line with demand. This will drive housing prices up again.

Related Posts

Home Foreclosure News: 9 Million Homeowners Could Go Into Foreclosure Between 2009 & 2012

The OTHER Foreclosure Settlement: You May Be Eligible to Be Paid TWICE – Even If You Didn’t Lose Your Home to Foreclosure

Some Banks are Purposely NOT Foreclosing on Homeowners in Default: Here’s Why

Home Foreclosure News: Was Your Home Foreclosed on in 2009 or 2010? You May Have Money Coming (Or Other Options)

Foreclosure Deal: One REALLY Good Thing to Come Out of It for Homeowners

The Foreclosure Deal: Homeowners Who Lost Homes to Foreclosure Have Money Coming — and More Benefits for Those Trying to Hang Onto Their Homes

5 Banks Settle Foreclosure Lawsuits — How It Can Save Homeowners Facing Foreclosure Thousands of Dollars

Timeline For Foreclosure In All 50 States  

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Stopping Foreclosure: What the “Produce the Note” Defense Is & How It Can Help You Save Your Home from Foreclosure (Or at Least Stall)

Could Recent Mortgage Law Challenges Mean More Homeowners Won’t Face Foreclosure and/or That They Were Illegally Foreclosed On and Can Keep Their Homes?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

In light of the continuing housing crisis, many neighborhoods around the country are taking some creative measures to protect the value of homes.

Continuing Real Estate Crisis Births New Housing (Foreclosure) Laws

The MSNBC article, Do Renters Ruin a Neighborhood?, details how a neighborhood in Minnesota has limited the percentage of homes that can become rentals. The article explains, stating:

. . . in West St. Paul, Minn., an area that’s been severely battered by foreclosures and falling home values, a law permitting no more than 10% of homes on a block to be rentals went into effect on Jan. 1.

The article also cites one town, Madison, MS, which has banned rentals altogether.

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Learn How to Buy a Foreclosure Cheap! Get Firsthand Advice from a Real Estate Investor, Landlord and RE Cleaning Company Owner

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The Housing Crisis: The Pros and Cons of Renting

There are pros and cons both sides of the “renting and foreclosure home” equation. For example, as the aforementioned article highlights, studies have shown that more homeownership in a neighborhood (as opposed to renters) does protect property values.

On the con side – and particularly relevant in today’s housing market – is that homeowners who may need to rent their property for whatever reason, eg, loss of job; relocation to find a job; being underwater which makes a homeowner unable to refinance, etc., are stuck.

Live in a Neighborhood with Lots of Foreclosures? Here’s a Fear Many Like You May Have

Drilling down deeper though, what seems to affect property values more than it having more rentals than homeowners is the type of renters. One of the fears a lot of neighborhoods face is having lower-income renters (eg, Section 8) come in, as opposed to higher-income renters.

As with everything in this foreclosure crisis, only time will tell.

What do you think?  Will allowing existing homeowners who are facing foreclosure to rent out their homes cause a decline in the neighborhood? Should they be allowed to, or not? Share your thoughts in the comments section below.

Related Posts

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Home Foreclosure News of the Day: Want to Protect Your Property Value? Good Schools the Key

Foreclosure Crisis Lessons: How Foreclosures Affected One Neighborhood

Home Foreclosure News: Foreclosures Continue to Drag Down Housing Demand, Preventing Economic Recovery

Home Foreclosure News of the Day: Gov’t Seeks “Partners” to Buy, Rehab, Invest in Foreclosures – Can You Help?

Buy Foreclosed Properties at a 40% Discount: Why This Isn’t Necessarily a Good Thing

How to Lose Your Foreclosed Home at Auction and Still Receive Thousands of Dollars

Home Foreclosure News: More Foreclosed Properties Expected to Hit the Market, Presenting Opportunity for Homebuyers Willing to Take Risk

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Buying foreclosures cheap — very cheap! –  has never been easier. Proof? According to the MSNBC article, Investors buying homes by the dozen, for as little as $500. In fact, some are taking the words of uber-rich investors like Warren Buffet literally and tapping their 401Ks and other savings to get a better return on their dollar. In the aforementioned article, Mr. Buffet is referenced as saying:

But no less than Warren Buffett recently said in a CNBC interview that he would like to “load up” on a couple of hundred thousand single-family homes because it is a “very attractive asset class now.” . . . In Detroit, the Midwest’s aspiring Donald Trumps are buying bungalows for $500 each.

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Learn How to Buy a Foreclosure Cheap! Get Firsthand Advice from a Real Estate Investor, Landlord and RE Cleaning Company Owner

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Why Buying Foreclosures Cheap Is a Very Attractive Investment Right Now: 3 Reasons

1. Prices Can Hardly Get Lower: You simply can’t be buying a house for as little as $500 or $3,000, which many are doing. Even if you didn’t have one red cent to put into it right away, you could board it up for a year or so, or make repairs slowly. With so little invested . . .

2. There’s No Place to Go But Up: As in profits. If you’re worried about the real estate market tanking, how much could you possibly lose on a $500 or $3,000 property. Again, even ifyou just bought it and sat on it for a few years without doing ANYTHING, you’re almost guaranteed to recoup your investment in a few years when the market starts to recover.

And, the recovery doesn’t have to be in full swing. Buying foreclosures cheap — literally at rock-bottom prices — means you’ll recoup your investment no matter how slow a housing market recovery is.

3. Immediate Cash! When you buy a house cheap and put a little money in to it to make it habitable, you can be in the black (eg, turning a profit), immediately — especially if you rent the property out. You don’t have to wait until the mortgage is paid off (if you even took one out), or wait to recoup monies from any upgrades you did.

Often, market rents cover any mortgage, taxes, insurance and property maintenance expenses you have — with some left over.

As Mr. Buffet alluded to, there’s no down side to buying cheap foreclosures now. So, if you have money sitting in a 401K, or a savings account and you can afford to, pick up a couple. It can not only be a great return on your investment right now, but bring in income for years to come. In fact, it may be the best investment in your future financial security you can ever make.

Related Posts

Buy Foreclosures Cheap: Private Equity Firms are Snapping Up Foreclosed Properties – What This Means for the Average Joe

Buy Foreclosure House: What You Need to Know about Purchasing Pre-Foreclosures

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Home Foreclosure Crisis in Chicago Highlights Nationwide Issue: Will Renting Foreclosed Properties Cause Existing Home Values to Plummet?

Home Foreclosure News of the Day: Nearly 29% of Homes with Mortgages are Underwater in the U.S. Which States/Cities Have the Highest Rates?

Foreclosures Set to Skyrocket Again: 1.5 Million Homeowners Scheduled to Be Foreclosed on Next Year

Home Foreclosure News of the Day: Why Some Cities are Tearing Down Foreclosed Homes

Cleveland Foreclosures: City Giving Land Away — The Reality of Foreclosure and What It’s Going to Take to Stop the Crisis from Getting Worse

Buying Foreclosures Cheap: Homes Under $20 and the Debt Ceiling Interest Rate

Foreclosure Auctions: Turf War Ensues Between Local Municipalities and Private Foreclosure Auction Firms (Opportunity Knocks for Foreclosure Business Owners)

Home Foreclosure Auctions: The Biggest Advantage and Disadvantage of Them

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Foreclosure sales accounted for almost a quarter of home sales in the third quarter of last year. The Bloomberg article, Foreclosures Rise to 24% of U.S. Home Purchases as Short Sales Increase, states:

Deals for bank-owned and distressed properties rose to 24 percent of total home sales from 20 percent in the third quarter, according to RealtyTrac Inc. . . . Banks may “aggressively” resume unloading distressed property after an 18-month delay brought on by federal and state legal probes into flawed foreclosure paperwork and documentation . . .

So, what does this mean for homeowners facing foreclosure? The following:

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Lenders Will Probably Be Speeding Up the Foreclosure Process

Now that lenders have worked through the robosigning debacle and a foreclosure settlement is in place, lenders are free to resume foreclosing on properties. If you’ll remember, large lenders across the country halted foreclosure proceedings against homeowners last fall because of alleged illegal foreclosure practices (eg, robosigning).

Now that this issue has been resolved, they’ll probably be quicker about doing it because one of the terms of the foreclosure deal is that extra staff be hired (eg, foreclosure consultants / loss mitigation experts) to properly handle foreclosures. 

This brings us to the next point, ie . . .

Homeowners Facing Foreclosure Need to Make Some Decisions Now 

If you’re facing foreclosure, you need to figure out what it is you want; as in, do you want to fight to keep your home, or leave it (and ask for cash for keys). 

If you want to keep it, what’s your bottom line? Do you know – REALISTICALLY – how much you can REALLY afford to pay in mortgage, taxes and insurance, along with other homeowner costs? 

Don’t kid yourself on what these costs are. Financial experts advise that housing costs shouldn’t make up more than 25-33% of your AFTER TAX income.

Look at your income? What are your housing costs (mortgage, taxes, insurance, HOA fees, estimate of home repair bills, etc.)? If they’re more than roughly a third of your after-tax income, doing a voluntary foreclosure may be the best thing for you. That way, you can move on with your life and regroup with this new knowledge (and further budgeting lessons) in mind.

This brings us to the last point, which is . . .

There are Tax Consequences of Doing a Short Sale After the End of This Year 

Did you know that if you do a short sale after December 2012, you will be responsible for paying income tax on any “shortage?”

See the article, Foreclosed Properties Continue to Drag Down Construction of New Homes: What It Means for the Average Joe, for a full explanation (cursor down to section entitled, Home Foreclosure and Taxes: Important Tax Consequences of a Short Sale after December 31, 2012).

Related Posts

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Underwater On Your Home? Filing Chapter 7 Bankruptcy? Should You Reaffirm Your Mortgage?

Mortgage Foreclosure Timeline: How the Foreclosure Process Works & How Long You Actually Have to Move if You Eventually Lose Your Home

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move 

Right of Redemption Laws: How to Get Your Home Back – Even After It’s Sold as a Foreclosure

Stopping Foreclosure: What to Do When the Bank Refuses to Accept Your Mortgage Payments & Tries to Escalate the Home Foreclosure Process

Home Foreclosure News: Bankruptcy Attorney Explains Why Foreclosure Is Inevitable for the Vast Majority of Homeowners Going Through the Home Loan Modification Process

Timeline For Foreclosure In All 50 States

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

Home Loan Modifications: 30% of Those Made in 2009 Were Seriously Delinquent or in Foreclosure Process — Lessons Learned?  

Foreclosure Crisis to Drag on for Another 9 Years?

Stop Foreclosure: How to Ready Your Home for a Fast (Short) Sale

Stop Foreclosure Help: What Happens When You Stop Paying Your Mortgage

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

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

FYI: See this post for some helpful info — Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/ Landscaping / Construction Type Jobs.

City Request for Proposal for Landscaping Services (Laredo, TX): City seeks qualified vendors to provide landscaping/lawn maintenance services for the Utilities Department. Scope of Duties: Restore landscaping to previous condition after water main breaks. Deadline to submit: Wednesday, March 8, 2012. Get full details on this city RFP for landscaping services.

Property Preservation Firm Seeks Trashout Crews (Miami, FL): Duties: Trashout crews need to rekey locks; secure / cage pools; board up window and doors; maintain/cut lawns, remove debris; clean interiors; etc. Get full details on this property preservation job.

Post continued below . . .
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Spring is Almost Here! And, as these opportunities illustrates, there are plenty of foreclosure cleanup (and RE-related jobs out there). Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

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City Request for Proposal for Cleaning / Janitorial/Maintenance Services (Memphis, TN): The Downtown Memphis Commission (DMC) is seeking a contractor to manage cleaning of the Peabody Office Tower Parking Garage. Scope of Duties: clean stairwells, sweep litter, empty trash containers, pressure wash floors, etc. Liability insurance needed.

Contract Term: The proposed contract for services will be a three-year contract, to begin on May 1, 2012, with the Downtown Parking Authority (DPA) having the option to renew the contract for one additional year. The option to renew will be at the sole discretion of the DPA and will be confirmed in writing prior to the end of the first three years. Deadline to submit: Wednesday, March 14, 2012. Get full details on this city RFP for janitorial/cleaning services.

Property Preservation Company Seeks Handymen (Los Angeles, CA): Scope of Duties to be Handled: Lockouts, rekeying, trashouts, cash for keys, window boarding, ongoing lawn maintenance, etc.  Need digital camera to take/send before/after photos. Get full details on this handy man / property preservation job.

City Request for Proposal for Cleaning / Janitorial Services (Capitol Heights, MD): City seeks qualified proposal for Janitorial and Maintenance Services for municipal facilities, which include, Town Hall Offices and the Police Department.  Liability insurance needed.

Scope of Duties: Duties include, but are not limited to: collecting trash in designated receptacles; replacing trash liners; dusting/polishing furniture, including cabinets, counters, fixtures, etc.; vacuuming and spot-cleaning carpeted areas; sweeping and mopping all tile/linoleum floor areas; and spot cleaning walls, doors, door jams, partitions, light switches, etc. as needed. Get full details on this city RFP for janitorial/cleaning services. Deadline to submit: Wednesday, March 1, 2012 (4 pm).

Most Recent Job Listings

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 2/9/2012

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 2/6/2012

Related Posts

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/Construction Type Jobs

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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

Copyright ©2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Lenders are being pressured to cut principal balances on home loans like never before. It’s something that should have happened a long time ago. We’ve been discussing it here on this blog for a couple of years now, outlining in one post 3 specific ways cutting principal balances on mortgages would help to reduce the number of foreclosures; hence, help the housing crisis come to an end.

And, we weren’t the only ones. Experts, eg, a Harvard professor who was an economic advisor to the president, touted that cutting principal balances was the one thing lenders could do to stem the tide of foreclosures.

So, what took lenders so long to reach this all-too-obvious conclusion?

Stopping Foreclosure: Why It Took Lenders So Long to Cut Principal Balances on Mortgages

The official stance given by lenders has been that it would cost taxpayers too much. Proof? Edward J. DeMarco, the regulator who controls Fannie and Freddie, was quoted in The New York Times article, Pressure Grows on Fannie and Freddie to Cut Principal on Loans, as follows:

Mr. DeMarco has resisted principal reduction, saying it would cost taxpayers too much.

So, just how/why does this cost taxpayers? Basically, what happens when a lender takes a loss on an asset (eg, a home), they just pass that on to taxpayers in the form of losses on their balance sheets.

When you consider that many of these agencies/lenders received bailout money, it really is galling that they balk at reducing the principal balances owed on home loans. Taxpayers — many of them homeowners — have ALREADY paid, in the form of the bailout money many of these agencies took to get back on their feet. It leaves struggling mortgage holders shaking their heads in wonder, asking:

Where’s OUR bailout Mr. “Too Big to Fail, So I’ll Take Bailout Money” Lender?

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As we said, this something that should have happened a long time ago. The foreclosure crisis started in earnest around the fall of 2007. This is something that should have been presented and acted upon at least by 2009/2010, because this is when the third wave of foreclosures started to happen.

How the Foreclosure Crisis Unfolded: The Players in the Third Wave of the Foreclosure Crisis

This wave of foreclosure victims consisted NOT Of subprime mortgage holders or speculative real estate investors, but homeowners who had good credit, stable jobs and conventional home loans.

The Perfect Foreclosure Storm

Then, the rececession started to deepen; many lost their jobs, went through their savings and exhausted unemployment benefits. Couple this with the fact that many were underewater on their homes and had ARMs that were adjusting up, then it was a perfect “foreclosure storm” waiting to happen.

Now, one could argue that a fourth wave of foreclosures is happening. Who are the players in this? The mega-rich.

The bottom line is, a lot of this could have been averted if lenders and our leaders in Washington had gotten serious about the foreclosure crisis from the beginning.

Now, it seems they have no choice, thanks to the recent foreclosure settlements. FINALLY, it looks as if the Average Joe is going to see some foreclosure relief.

It’s about damn time!

Related Posts

The OTHER Foreclosure Settlement: You May Be Eligible to Be Paid TWICE – Even If You Didn’t Lose Your Home to Foreclosure

Home Foreclosure Question of the Day: Should Lenders Write Down Principals to Help Homeowners Keep Their Homes

How the Foreclosure Crisis Started: Investors, Speculators, Mortgage Fraud & Lax Lending Standards All to Blame

Home Foreclosure News of the Day: Some States Not Using Foreclosure Settlement Monies to Help Struggling Homeowners

Some Banks are Purposely NOT Foreclosing on Homeowners in Default: Here’s Why

Home Foreclosure News: Was Your Home Foreclosed on in 2009 or 2010? You May Have Money Coming (Or Other Options)

Foreclosure Deal: One REALLY Good Thing to Come Out of It for Homeowners

The Foreclosure Deal: Homeowners Who Lost Homes to Foreclosure Have Money Coming — and More Benefits for Those Trying to Hang Onto Their Homes

5 Banks Settle Foreclosure Lawsuits — How It Can Save Homeowners Facing Foreclosure Thousands of Dollars

Timeline For Foreclosure In All 50 States  

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Stopping Foreclosure: What the “Produce the Note” Defense Is & How It Can Help You Save Your Home from Foreclosure (Or at Least Stall)

Could Recent Mortgage Law Challenges Mean More Homeowners Won’t Face Foreclosure and/or That They Were Illegally Foreclosed On and Can Keep Their Homes?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Because of the recent foreclosure settlement, there are some hot job opportunities in the foreclosure industry these days. Most of these positions are in the compliance department. According to the BusinessWeek.com article, JPMorgan, BofA Strain for Qualified Staff to Clear Foreclosures, following are some of the positions these large lenders are seeking to fill:

The company [Bank of America] planned to increase risk professionals by more than 30 percent to 236 by the end of 2011, and by more than 40 percent in compliance to 308 people. 

Wells Fargo & Co., the biggest U.S. home lender, is looking to hire a new chief compliance officer  . . .

And . . .

Citigroup . . . expects to create 880 additional full-time positions . . . “to strengthen the operating model” [ie, operations staff]

Post continued below . . .
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Spring is Almost Here! And, as this opportunity illustrates, there are plenty of foreclosure cleanup (and RE-related jobs out there). Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

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Why These Jobs are Available in the Foreclosure Industry Now

Part of the foreclosure deal that lenders struck with the government is that they would review how they foreclosed on homes. This means no more robosigning of documents, which means that more staff has to be hired.

The CNN Money article, The other foreclosure settlement: Millions of homeowners eligible, explains it the following way, stating:

As part of an enforcement action by federal authorities last April, 14 mortgage servicers, including Bank of America (BAC, Fortune 500), Chase (JPM, Fortune 500), Citibank (C, Fortune 500), HSBC (HBC), MetLife Bank (MET, Fortune 500), PNC Mortgage (PNC, Fortune 500) and Wells Fargo (WFC, Fortune 500), agreed to hire independent consultants to investigate foreclosure abuses and compensate those who suffered financial harm.

How to Apply for These Foreclosure Jobs

Check your local branches to see if they’re hiring; check major job boards like Monster, CareerBuilder and Yahoo; and network with anyone you know who works in banking/finance. In other words, use the same channels you would to find any other job.

The Best (and Worst) Way to Find These Foreclosure Jobs

Going directly to the source (ie, visiting/calling local branches) is always the best way to find a job. Networking is the second best.

Job boards tend to be the worst way to find jobs. BUT, now that you know lenders are actually hiring, if you spot their foreclosure job on one of these sites, apply as soon as possible — and follow up.

Good luck!

Related Posts

The OTHER Foreclosure Settlement: You May Be Eligible to Be Paid TWICE – Even If You Didn’t Lose Your Home to Foreclosure

Some Banks are Purposely NOT Foreclosing on Homeowners in Default: Here’s Why

Home Foreclosure News: Was Your Home Foreclosed on in 2009 or 2010? You May Have Money Coming (Or Other Options)

Foreclosure Deal: One REALLY Good Thing to Come Out of It for Homeowners

The Foreclosure Deal: Homeowners Who Lost Homes to Foreclosure Have Money Coming — and More Benefits for Those Trying to Hang Onto Their Homes

5 Banks Settle Foreclosure Lawsuits — How It Can Save Homeowners Facing Foreclosure Thousands of Dollars

Timeline For Foreclosure In All 50 States  

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Stopping Foreclosure: What the “Produce the Note” Defense Is & How It Can Help You Save Your Home from Foreclosure (Or at Least Stall)

Could Recent Mortgage Law Challenges Mean More Homeowners Won’t Face Foreclosure and/or That They Were Illegally Foreclosed On and Can Keep Their Homes?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

According to the CNN Money article, Million-dollar foreclosures rise as rich walk away, rich people are losing their homes to foreclosure at a faster rate these days than poor people. And, it’s by choice. The article states:

Five years after the housing bubble burst, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country — and many of them are doing so voluntarily.

Post Continued Below . . .
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Voluntary Foreclosure: What the Rich Know that We Don’t

Speaking very generally, when most of us buy a home, we do so NOT as an investment; at least not totally. We do so because homeownership is a dream – a place to raise a family, build a community, send our kids to good schools, etc. And, when things go sour (eg, our homes lose value), we still do our best to hold onto it because it’s not looked at solely as an appreciating or depreciating asset.

But, the rich know better. They’re primed to think of every dollar they spend as an investment. And, what do you do with a bad investment? You dump it.

This seems to be what’s happening with many at the top end of the housing market. We can argue about the morality of doing a strategic default / voluntary foreclosure all day long, but the bottom line is, many homeowners are strapped for cash and feel stuck in homes that continue to deteriorate in value.

To “rebuild portfolios” and make them profitable again, many at the higher end of the economic scale know exactly what to do — dump the toxic asset and move on.

Related Posts

Home Foreclosure News: 9 Reasons Strategic Defaults (eg, Voluntary Foreclosures) Will Continue to Rise

How to Lose Your Foreclosed Home at Auction and Still Receive Thousands of Dollars 

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Foreclosure News: Homeowner Hasn’t Made Mortgage Payment in 8 Years, Is Still in His Home & There’s Nothing His Lender Can Do About It

Foreclosure Consequences: Exploring “Voluntary Foreclosure” 

Foreclosure Crisis Deepens Yet Again: The One Thing Lenders Won’t Do That Could Significantly Decrease Foreclosures Immediately  

2 Foreclosure Options for Homeowners with Little or No Equity in Their Homes

Home Foreclosure: How the “Greed Is Good” Culture Has Come Back to Bite Us in the A**

Stopping Foreclosure: Loan Modification Program That Helps Struggling Homeowners  

Foreclosure Crisis to Drag on for Another 9 Years?

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

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

Foreclosure & Credit: How Does Foreclosure Impact Your Credit Report?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.