Personal Finance and Money Management

From the

South Carolina’s highest court on Tuesday temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages.

The injunction — which mortgage experts said appeared to be the nation’s first court-ordered stop for an entire state — prevents judges in South Carolina from finalizing foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed on to a federal assistance program.

I find this a little troubling considering Fannie and Freddie recently lifted their national moratorium on foreclosures, and the injunction was initiated by a Columbia attorney representing Fannie Mae.  I find interesting the statement “homeowners who might be eligible for federal assistance from being shut out of the process“.  So, Fannie wants to protect homeowners who “might” be eligible for assistance, and that’s their only motivation?

South Carolina’s unemployment rate for March was something like 11.4%, which was only surpassed by Oregon and Michigan.  High unemployment rates and a fairly high foreclosure rate can cause significant deterioration in housing prices in a given area, Detroit, Michigan is a pretty good example of that.

Bubbles pop, and the pain associated with that process usually cannot be minimized effectively.  I’m sincerely hoping the GSE’s aren’t attempting to sweep bad news under the proverbial rug, but are actively trying to get specific loans performing again.

A Foreclosed home for sale is a type of home that has been foreclosed by a financial institution, because the owners failed to make its mortgage payments.

There are three types of deals for such a home:

Pre foreclosure

The pre-foreclosure deals are the most profitable ones. These deals are available just before the foreclosure auction. They are beneficial for the investor as well as the homeowner.

In this deal, the home is sold for an agreed price without getting the lender involved. It helps to save the homeowner’s credit rating and lets the investor get his hands on the property for a really small price.

Foreclosure

The foreclosure deals are different from one state to another. T

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The property dealing in the area of Jersey City and the Hoboken can be a huge task for anybody. There are so many professionals out there who can easily make the claim of helping you in your job of finalizing a real estate deal. It is quite possible that many people claiming to be Jersey City real estate agents or the Hoboken real estate agents can take you for a ride. Under such circumstances it is highly impossible to entrust your property dealings to somebody who is either a novice in the field or simply a local who is trying to make some quick money.

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When the economy takes a downturn and unemployment rates skyrocket, tax foreclosure numbers are also going to increase. This type of foreclosure results from a failure to pay the appropriate taxes on the property as required in your local area. However, before the tax foreclosure takes place, some areas also offer an alternative which may be appealing to investors.

The Preliminary Step

Prior to repossessing the home and selling it at auction, many parts of the country will conduct what is known as a tax lien certificate sale. Because the local government is depending on that tax money to pay its own expenses, so the certificates in the amount owed in taxes and related fees are sold to investors.

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