Foreclosure Fetcher Blog

There is consistantly a lot of buzz surrounding foreclosures.  Real Estate errupted into the entertainment world, and as a result a lot of unique home buying and selling experiences are reaching the masses and becoming generally thought of as truths, when in fact many of them are myths.  Shows about foreclosures, and other fixer uppers are no different.  Take note of these ”5 Foreclosure Falacies” provided to you by www.ForeclosureFetcher.com.

1. Buying a foreclosed home from the bank is the best way to purchase a foreclosed home.
2. Lenders are ALWAYS eager to get foreclosed property off their hands.
3. ALL mortgage lenders advertise and manage their foreclosures in the same way.
4. When purchasing a foreclosed home from a lender there are probably liens against the title.
5. A bank can not make profit when selling a foreclosed home.

 Go to, http://www.foreclosurefetcher.com/foreclosure-info/Fact-and-Fiction-About-Foreclosures, to learn about the details of each of these fallacies, and how the truth can help you buy or sell a foreclosed home.

Here are some highlights from the below article on the Connecticut foreclosure market appearing in www.nytimes.com on March 18, 2007.

1. A slow housing market and continued growth of risky mortgage products is leading to increasingly  high foreclosure rates in Connecticut.
2. 1,451 February foreclosure filing in Connecticut; 61% higher than last year.
3. Connecticut was 17^th in the nation for foreclosure rates in 2006; one foreclosure filing for every 118 households

Foreclosure flippers and homebuyers in Connecticut be sure to read this article, and then check out the Foreclosure Fetcher Connecticut Market page at http://foreclosurefetcher.com/connecticut.html.

March 18, 2007
In the Region | Connecticut

A Surge In Foreclosure Filings

By LISA PREVOST
AFTER 20 years as a lawyer, David Volman has handled enough divorces to know that many marriages collapse under financial strain. So when his practice, in Shelton, began receiving an unusually large number of divorce cases last summer, Mr. Volman took it as an omen. “Divorces go hand in hand with foreclosures and bankruptcies,” he said.
Sure enough, in the first two months of this year, Mr. Volman took on some 50 bankruptcy cases, an “enormous amount,” he said, given that in all of 2006 he handled 19.
Many of the cases involve working-class couples in the Lower Naugatuck Valley who can no longer afford their mortgages. “People are walking into my office and saying: ‘Here are the keys. Do whatever you have to do. I just want to get out of this so I can sleep at night,’ ” he said.
A slower housing market and the proliferation of risky mortgage products continue to drive up foreclosure rates across Connecticut. Preliminary figures for February gathered by RealtyTrac Inc., a national online marketplace for foreclosure properties, show a total of 1,451 foreclosure filings in Connecticut, a 61 percent increase over the corresponding period last year.

(more…)

Foreclosure Fetcher is not only providing you the search tools for your next affordable home.  Foreclosure Fetcher is here to be a general real estate learning resource.  If you are buying a home and in need of a loan make sure you are not easy prey for the loan sharks out there.  Here are ten easy ways to stay informed: (See the full article here http://www.foreclosurefetcher.com/foreclosure-info/How+to+Avoid+Loan+Fraud)

1. Attend an educational course on homeownership offered by the U.S. Department of Housing and Urban Development (HUD)
2. Be fully informed about the price of surrounding homes in the neighborhood
3. Hire a home inspector you can trust.  Be sure to get references
4. Always be suspicious if someone tries to steer you to one lender.  Shop around and compare.
5. Never make a false statement on your loan application, i.e. overstating your income, the source of your downpayment, debt information, or how long you have been employed.
6. Interview real estate agents to help in the home buying process.
7. Never borrow more money than you know you can afford to repay.
8. Never sign a blank document or a document containing blanks.
9. Read everything you sign.  Ask questions if there is something about the loan process you do not understand.
10. Finally, Foreclosure Flippers intending to resell, do state on your loan application that you intend to occupy the house if you are renting it.  This violates federal law and is a crime.