Foreclosure Resources
March 23 NCAR REALTOR® Report
Know how to handle a Owners' Association Disclosure and Addendum (for 2A-12-T) on a bank owned property? Check out this article from NCAR.
Handling Owners' Assocition Disclosure and Addendum on bank owned property
Field Guide to Foreclosures
(Updated February 2010)
Foreclosures are still having a substantial impact on the U.S. housing market. However, programs by federal agencies (including the Homebuyer Tax Credit), as well as depressed prices have chipped away at foreclosure inventories. This field guide provides links and tips for those trying to prevent foreclosure as well as information for foreclosure investors. Also included is information on the government's Home Affordable Foreclosure Alternatives (HAFA). (D. Foligno, Project Specialist)
Home Affordable Foreclosure Alternatives Program (HAFA)
The U.S. government has expanded the Home Affordable Modification Program (HAMP) to include incentives for servicers offering options to eligible homeowners in default wishing to avoid foreclosure. The new program is called Home Affordable Foreclosure Alternatives (HAFA). The HAFA program is set to begin on April 5, 2010 and all HAFA agreements must be finalized and signed by December 31, 2012.
A Much-Needed Road Map, (REALTOR® Magazine Online, Feb. 2010).
Am I eligible for a Home Affordable Modification, (Making Home Affordable.gov) brochure, (National Association of REALTORS®). (text-only version).
NAR HAFA FAQs, (National Association of REALTORS®, Dec. 11, 2009).
Home Affordable Foreclosure Alternatives Program (HAFA), (NATIONAL ASSOCIATION of REALTORS®, Nov. 30, 2009).
HAFA forms and guidelines, (Making Homes Affordable, Nov. 30, 2009).
NAR's summary on the homeowner affordability and stability plan, (NATIONAL ASSOCIATION OF REALTORS®, Government Affairs).
Foreclosure in the News
$350K Home Bulldozed to Avoid Foreclosure, (CBS News, Feb. 23, 2010).
Should you ditch your house?, (CBS News, Feb. 16, 2010).
Battling back, builders work fast, cut prices, (Wall Street Journal, Feb. 3, 2010). Q
You lost your house - but you still have to pay, (CNN Money, Feb. 3, 2010).
Modified loans help housing market, (Wall Street Journal, Jan. 20, 2010). Q
1 in 4 mortgages 'underwater', (CNN Money, Nov. 24. 2009).
More than a third of homeowners in foreclosure suffer from major depression, Penn study shows, (University of Pennsylvania School of Medicine, Aug. 18, 2009).
Economy, housing woes slow migration, census shows, (Brookings Institution, Dec. 24, 2008).
Seven ways foreclosures impact communities, (NeighborWorks America, Aug. 2008).
Foreclosure Help
As homeowners’ dreams die, he’s the undertaker, (New York Times, May 6, 2010).
Another foreclosure alternative, (New York Times, Feb. 24, 2010).
Debt-relief plan offered to distressed homeowners, (Wall Street Journal, Feb. 11, 2010). Q
Renters ‘Lost in the Shuffle’ in Anti-Foreclosure Efforts, (The Washington Independent, Nov. 20, 2009).
Pre-foreclosure FAQs, (HUD, Mar. 25, 2009).
Loan modification can stop the foreclosure crisis, (Wall Street Journal, Jan. 31, 2009). Q
Guide to avoiding foreclosure, (HUD, Jan. 15, 2009).
Forestalling foreclosure, (Time, Jan. 12, 2009). Q
The case for walking away, (Newsweek, Jan. 12, 2009). Q
Profiting from Foreclosures
12 tips for buying foreclosures at an auction, (MSN.com, Apr. 21, 2010).
To boost sales of foreclosures, FHA suspends anti-flipping rules, (Washington Post, Jan. 30, 2010).
House flipping makes a comeback, (Wall Street Journal, Dec. 8, 2009). Q
7 tips for buying foreclosures, (CNN Money,com, Nov. 19, 2009).
Finding your dream foreclosure, (MarketWatch.com, Sept. 29, 2009).
Condo Association to Buy Foreclosures, (REALTOR® Magazine, Aug. 10, 2009).
Foreclosures gaining buyer interest: inspect before you buy, (Realty Times; May 29, 2009).
9 tips for buying a foreclosure, (This Old House, Feb. 24, 2009).
Short-sale pre-foreclosure investing, (Realty Times, Jan. 22, 2009).
Buying a Fannie Mae home, (HomePath.com).
Freddie Mac "Foreclosure Scam 101" video
Freddie Mac "Foreclosure scams 101" video, (English & Spanish, Dec. 6, 2007).
Related Websites
Foreclosure assistance programs by state, (NATIONAL ASSOCIATION of REALTORS®).
Report to congress on the root causes of the foreclosure crisis, (HUD, Jan. 2010)
Landscapes of Foreclosure: The Foreclosure Crisis in Rural America, (Harvard JCHS, Nov. 2009)
Foreclosure rates by state, (Oct. 15, 2009).
A federal response to the secondary impacts of the foreclosure crisis, (Brookings Institution, Feb. 2009).
Where does your state rank?, (CNN Money, Mar. 5, 2009).
Foreclosure laws & procedures by state, (RealtyTrac.com).
Foreclosure FAQs, (HUD).
Foreclosures.com - Brief summary of foreclosure laws by state
Learn How to Avoid Foreclosure and Keep Your Home - NAR downloadable brochure
Federal Trade Commission - Mortgage payments sending you reeling? Here’s what to do
Renters in foreclosure toolkit, (National Low Income Housing Coalition).
Foreclosure prevention resource center - Home Loan Learning Center
CNN Money - Renovation calculator
Internal Revenue Service - IRS seized property auctions
RealtyTrac.com - Fee-based foreclosed property search
EBOOKS & OTHER RESOURCES
The following ebooks and digital audiobooks are available to NAR members:
42 Rules for Saving Your House From Foreclosure (Adobe eReader)
The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else (Adobe eReader)
The Everything Guide to Buying Foreclosures (Adobe eReader)
American Foreclosure (Adobe eReader)
Make money on foreclosures answer book (Adobe eReader)
Short-sale pre-foreclosure investing (Adobe eReader)
Buying Real Estate Foreclosures (Adobe eReader)
The foreclosures.com guide to making huge profits investing in pre-foreclosures without selling your soul (Adobe eReader)
Goldmining in Foreclosure Properties (Adobe eReader)
How to Make Money on Foreclosures (Adobe eReader)
Make Money in Short Sale Foreclosures (Adobe eReader)
Quick Cash in Foreclosures (Adobe eReader)
BOOKS, VIDEOS, RESEARCH REPORTS & MORE
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Short-sale pre-foreclosure investing: how to buy "no-equity" properties directly from the bank--at huge discounts, (Chicago, IL: John Wiley & Sons, 2008). HG 4521 B43
Short sales and forclosures: What buyer's representatives need to know, (REBAC Course; 2009).
FIELD GUIDES & MORE
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Investing in Real Estate
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The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
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