Learn the five stages of foreclosure: missed payments, public notice, pre-foreclosure, auction, and post-foreclosure. With that, Filipino buyers are sometimes apprehensive of buying foreclosed properties, be it because of the guilt associated with the misplaced feeling of taking advantage of the prior owner’s financial misfortunes, or because unbelievably affordable” properties tend to have a number of issues.
Often, the property owners who were responsible for maintaining their homes during this difficult time felt it unfair that they were still required to provide for regular upkeep of their properties or face code enforcement penalties while the abandoned foreclosed homes next door were neglected and left to bring down the value of their homes and detract from their neighborhoods.
Clean titles and complete property histories are always available from the aforementioned sellers, and in the event a buyer needs to take on a property loan to complete the purchase, the selling may also have a programs available, although it must be remembered that this does not lead to a discounted property price or influences the loan terms.
For homeowners in these two states, facing strict foreclosure can be a harrowing event, as all of their equity will simply be transferred over to the lender, which will then be able to list the property on the market and take all of the profits as their own.
A weak economy, continued declines in home prices and rising delinquencies among prime borrowers all but ensure that foreclosures “will march steadily higher,” he says.” Not such great news for the economy, but good news indeed for entrepreneurs interested in starting a foreclosure cleanup business to clean and repair foreclosed homes for the banks.