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« Another Times Editorial on the Mortgage Meltdown Legislation | Main | Consumer Groups Oppose Predatory Lending Legislation »

Thursday, November 15, 2007

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Tom

By interviewing market analysts and consumer advocates specializing in foreclosure prevention, they say that this type of scenario where the foreclosing party cannot document ownership of the securitized mortgage is extremely common in foreclosure cases across the country. This article is accessible here.

John

Banks and mortgage lenders are not really in the Real Estate investing business. In fact they are really in the lending business and they want to collect interest on loans and the fees they get for servicing and so forth. But, they must deal with the large number of defaulting loans. Unfortunately for banks, many are not permitted to keep these non-performing assets on their books. This creates opportunities for investors to buy the banks' problem properties. But, buyer beware; do your homework and make sure that you understand you will be buying "As Is" unless you manage to get the bank to fix the property before you take it over. You may find properties for sale on the banks' own Web sites: Bank of America, Countrywide and U. S. Bank each have some.
http://www.thejohnbeck.tv

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