Foreclosed homes, the solution? | Real Estate Bloom

Failure to pay a mortgage, or exchange that banks make debt for real estate developers and construction companies are the main sources from which their foreclosed homes. Thus, since the banking crisis has burst and has slowly been gathering a significant number of properties of this type to be dispatched. Its distinctive: the acronym IPE, which is hidden under the label Coming Foreclosure Property.

The real estate portals are witnessing how their databases are beginning to have homes where their owners openly acknowledge being in foreclosure. Some might start rubbing their hands thinking that will make the deal of the century when buying a repossessed flat but is it a bargain is pure of heart attack or commercial claim?
History of a seizure

The embargo is the end of the end of a process that starts when the holder of a mortgage is seen in smoke and stop paying monthly letter. In this situation the bank alarms go off, and soon gets in touch with your customer to ensure that the default has not occurred by mistake or oversight. If the default persists, the savings bank or promote a rapprochement with the client, especially if it has been anticipated and has informed their managers their payment difficulties. This is the time when the bank tries to find a solution to the problem that is looming, as any embargo is a traumatic process in which neither party wants to ?be stuck?. Therefore, the bank outlines various solutions to try to ease the mortgage payment. Grant grace periods in which the customer only pays interest on the loan, extend the term of the mortgage, or accept a partial deferment of payment of bills are some of the tools which the entity has. But at this point the debt is even greater because the mortgage holder continues to accrue interest for late payments monthly.

Within about six months from the date of first default, if the mortgage holder fails to comply with the requirements of the entity or whether the proposed alternatives are not viable, the bank proceeded to foreclose. The entity referred to court a lawsuit for breaking the mortgage contract and recover the guarantees that were signed when you signed up. Thus began a process executive who, after six to eight months since the lawsuit is filed, culminating in the seizure of the property and the subsequent publication of the date of the auction house. But far from resolved, the client?s debts are getting fatter. And is that while the bank recovers the property, if after sale fails to collect the amount of money the holder of the mortgage owed, the judge rules seize other assets to pay bills. Salaries, pensions and salaries of all kinds are the first target attachable, provided the amount exceeds the minimum wage. However, in the best case if the bank gets to sell the property above the amount of money your customer owes the bank has to return it.
?Tsunami? of foreclosures

According to data collected by the General Council of the Judiciary (CGPJ), 13,487 foreclosures were filed in the High Court late last year. An increase of 145.9% compared with the number of complaints filed to this effect in 2007. For areas include the communities of Andalusia, with 2,737 foreclosures, 2,480 Catalonia and Valencia with 2,341 complaints filed.

Although it is expected that the processes of foreclosures continue to increase in a generalized way throughout the country, the figures are far from the perspectives that are managed for the U.S. housing market and for English. It is estimated that over this year, the American giant is seen nearly three million foreclosures. However, comparisons with the American market is a complicated task because there foreclosures are carried out in a very different. First, the typology of Spanish mortgages is very different from the Americans. Here when you sign a mortgage contract a debt personnel, while ensuring there mortgage loan is the house itself. So when things ?get ugly? simply return the keys to the house to the bank for Americans to settle the mortgage.

Meanwhile, England expected to occur about 80,000 foreclosures. Once that is levied, the property is offered for sale through estate agents linked to the bank that foreclosed. If within a period of 10 weeks is not sold, auctioned becomes. Something that the British seem to coexist quite naturally for even the BBC has a television program ?Homes under the hammer? (homes under the hammer), in which real estate experts provide advice to the audience to purchase auctioned properties.

Source: http://www.realestatebloom.com/foreclosed-homes-the-solution/

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