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Home Buying in Zion : Real Estate Advice

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  • Local Info1
  • Home Buying4
  • Home Selling1
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Activity 4
Tue May 26, 2015
Robert Krop answered:
I would start looking around for a new place. Banks sometimes honor current leases, but there is no guarantee. Its a very unfortunate circumstance you are in. I hope the best for you! ... more
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Sat Aug 9, 2014
Jeff Nobleza answered:
If it's in some form of foreclosure, that's a matter of public record. You can check with the Lake County Recorder of Deeds
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Sat Jul 11, 2009
Nathan answered:
Foreclosure Rates Continue Rising and Housing Prices Continue Falling

NEW YORK, July 10 /PRNewswire/ -- ForeclosureDataOnline.com reports more dark days ahead for the housing market and for homeowners concerned about losing their homes. The data collected by the site shows that foreclosure levels continue to rise and are reaching record highs, particularly in states such as Michigan, California, and Florida.

The Mortgage Bankers Association released the National Delinquency Survey last week. The survey reported that the increase in foreclosure rates between quarters has reached its highest point since 1972 when the records were first kept. The increase in foreclosures on first time mortgages increased by 36% between the first quarter 2008 and first quarter 2009. Foreclosure rates have also increased in many major cities around the country, including Dallas (7.75%), Fort Worth (6.16%), Detroit (4%), and Cleveland (3%). Throughout the country, more than 600,000 mortgages have been affected by foreclosure actions.

In related news, Fannie Mae and Freddie Mac were given authorization by the Federal Housing Finance Agency to refinance mortgages through the Home Affordable Refinance Program for properties that are now worth a great deal less than what is owed on the property. The difference between value and outstanding debt can now be as high as 25% even though the program was originally only for homes valued at 5% less than their outstanding mortgage debt.

This change in policy comes at a time when home prices have plummeted. According to ForeclosureDatonline.com, nationally, prices have fallen by one-third since 2006. In key cities, prices have dropped significantly in just the last month: Chicago (1.8%), Atlanta (less than 1%), Houston (less than 1%), and Denver (3.7%).

While the change may provide some temporary relief for homeowners, the continuing economic problems facing the country, such as the 9.5% unemployment rate, may lead millions of foreclosures over the next 4 or 5 years.
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Tue Aug 14, 2007
Susan Mccann answered:
It is fine to purchase an "as is" property as long as you understand that there is no inspection, and ther may not be a disclosure. Even with a disclosure you can't really count on the accuracy of the information if the person is not the original owner.

You should gather as much information as possible about the property, neighborhood and surrounding area before making a decision.

Additionally, when buying "as is" you have to be prepared for the worst case scenario. You must really understand that this may go fine, or you may end up with a lot of expensive, and time consuming repairs. As long as you understand that going in and are ready, willling and able to handle any necessary repairs then you should be fine.
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