The Real Estate Professional

What most economists are only now hinting at is the “third wave” of foreclosures soon to be on their way. The first wave of foreclosures came from investors who simply walked away from homes they couldn’t afford. The second wave, which included many California foreclosures, was made up primarily of those who took out subprime loans. This coming third wave of foreclosures will be made up of people who have lived in their homes a long time, but who have been laid off or had their hours and income drastically cut. This third wave, quite a few of whom live in California, will hit the economy yet again, like a pile driver. People who have lived in their homes for five, ten or even fifteen years, people who had nothing to do with the subprime mortgage crisis, will be facing foreclosure and asking themselves what they can do to avoid losing their home. What they will inevitably come to discover, is that a loan modification program could be right for them. California loan modification professionals will be there to help people pick up the pieces when their homes begin to go through foreclosure. In fact, California loan modification attorneys are already planning on working many long hours helping those people who have lost their jobs and now face a grim reality. Dealing with the third wave of foreclosures, especially California foreclosures, will be a scary ordeal, especially for those who never expected to be in this position. What this means, is that read more

Buying Virginia lake homes can be a very viable investment option.   Virginia foreclosures have accelerated which depressed the values of listed foreclosed properties in the state.   Essentially, you will be able to find extremely affordable Virginia lake side properties today.   Banks and lenders usually want these properties off their books so they sell them with heavy discounts.   Because you can buy cheap Virginia lake side properties, you can make a decent profit when you relist them at the homes market.   On the other hand, you can also sit on the property and develop it further so you can increase its market value while enjoying a second home.    One of the first things you need to do if you want to invest on Virginia foreclosures is to get a pre-approval.   You will certainly need financing when you purchase Virginia lake homes.   A pre-approval means that you are highly qualified to acquire properties on listed Virginia foreclosures.   You can easily find source of financing once you are ready to purchase Virginia lake homes.   You can also negotiate better with banks, property owners, and lenders if you have a pre-approval.   It is critical therefore to secure a pre-approval first so you will have an easier time in finding the right Virginia lake properties. The next thing you have to do is to look for suitable Virginia lake homes.   There are many tools that you can use in order to find the best lake side properties in Virginia.   You can utilize read more

Last year we kept hearing how the recession was over or almost over and things were going to look up at any moment. Well, 2009 came and went and we soon discovered that the recession was, in fact, not over. The question now is not if millions of people are going to lose their homes—which millions already have—but what the final toll of homes in foreclosure is going to be when this economic is finally over.

Part of the problem was that many people across the nation lost their jobs last year or had their hours severely cut back, leaving them with smaller household incomes. The concern for the current year is that number of unemployed people across the US is still very high and may in fact continue to rise this year. This will continue to be a problem until not only the official unemployment rate changes for the better, but also the rate of under-employed people across the country.

Another problem is that the Federal Reserve program to buy mortgage-backed securities will be ending on March 31st of this year; this program has been helping to keep the interest rate on mortgages low. The program was quite a success and did, in fact, help keep interest rates down to much more appealing levels than we had seen in years for all of 2009.

Another issue looming on the horizon in 2010 is that many home owners who’ve been struggling to have their mortgages modified by the government Home Affordable Modification Program are not qualifying read more