Foreclosure

A foreclosure occurs when a bank repossesses a house, usually when the person who bought the house has not made mortgage loan payments over several months. The home owner must vacate the home and the bank sells it in a foreclosure. A foreclosure looks bad on a credit report and will make it more difficult for the person who lost the home to buy another one. Foreclosure is the legal action taken to extinguish a home owner’s right and interest in a property, so that the property can be sold in a foreclosure sale to satisfy a debt.

What to Expect When Buying a Short Sale Home

When buying a short sale home, you should know what to expect. If you’re having issues with buying a short sale, you can file a complaint. By: Ilyce Glink and Samuel Tamkin Q: We have been trying to buy a …

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Home Eviction on Credit Report: How to Remove It

If you have a home eviction on your credit report, knowing how to remove it is important. Ask for a copy of your report and look for mistakes. By: Ilyce Glink and Samuel Tamkin Q: I had a mortgage with …

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Should I Short Sale My House Or Foreclose?

Should I short sale my house or foreclose? If you’re underwater, short sale is one option where you can sell your home for less than it’s worth. By: Ilyce Glink and Samuel Tamkin Q: We live in Clayton County, Georgia, …

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Is The Foreclosure Crisis Over?

Is the foreclosure crisis over? Home prices are rising, but there are still too many foreclosures to be a normal housing market. It depends on where you stand. Is this your reality? The housing market is on an upswing. Mortgage interest rates …

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Getting a New Mortgage After Short Sale or Foreclosure

Getting a new mortgage after a short sale or foreclosure is now possible for many Americans who lost their homes during the housing crisis. Even if you’ve gone through a foreclosure or a short sale, you can still buy a home. Here’s …

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How to Avoid Paying Taxes on Forgiven Mortgage Debt

Ilyce Glink explains how to avoid paying taxes on forgiven mortgage debt if you’ve done a foreclosure or short sale in Real Estate Minutes. If you go into foreclosure or complete a short sale, you could wind up owing tens …

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Investing in Foreclosures | Real Estate Minute with Ilyce Glink

Investing in foreclosures can lead to big gains. Ilyce Glink talks about real estate investing and foreclosure in today’s Real Estate Minute. There are two key factors that will predict your success as a real estate investor: How savvy you …

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Options for Removing Your Name from a VA Loan

In order to remove your name from a VA loan, you have several options: strategic default, short sale, foreclosure or bankruptcy. Q: I’ve read about strategic default and bankruptcy, and I’m a bit confused as to which is the better …

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Home Prices on the Rise – Real Estate Minute With Ilyce Glink

Home prices are on the rise with fewer foreclosures. Ilyce Glink talks about the fall of underwater homes on today’s Real Estate Minute. Over the past five years, your home probably lost at least a third of its value. The …

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Avoid Foreclosure With Deed In Lieu – Ilyce Glink’s Real Estate Minute

Ilyce Glink explains how to avoid foreclosure with a deed in lieu of foreclosure on today’s Real Estate Minute. If you’re on time with your payments, but underwater with your mortgage, and your loan is owned by Fannie Mae (FNMA) …

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