List of Foreclosures Given by Bank of America

foreclosure. The bank of America maintains the list of foreclosures which have been credited to Bank of America. Foreclosure comes into existence when the borrower is not able to make the payments of the due amount of loan that the borrower had borrowed from the lender. When the borrower fails to make payment to money lender, then the borrower is declared as “default”. Thus the process of foreclosure takes place when the person who has borrowed money is unable to make the payments on time due to financial crises.

The person might be facing financial crises due to unemployment or natural calamities or because of any national tragedy or due to any other reason. Due the poor financial condition person fails to make payment and due to non-payment of money, lender files the case against borrower. The person under such situation is compelled to sell the property or the property of the borrower might be kept for auction. Sometimes the person under goes depression as a result of which that person can do something that is wrong.

Thus during this situation the borrower is in urgent need of money. This need of borrower is fulfilled by Bank of America. These banks provide loans to such persons who are in need of money for paying outstanding amount. This bank provide loans to the person who is in need of money for paying residential loan or other similar loans, which they are not able to due to financial crisis. The Bank of America gives the loan only up to the amount which the borrower is unable to pay.
Bank of America gives the loan only after knowing the reason behind the non payment of loan amount by borrower. So the defaulted person gets the loan only after giving proper reason for the non payment of loan. The information given by borrower is kept in record with this Bank of America, for future benefits. The information is maintained by the Bank and this information may prove to be useful in future. The bank does not disclose the information give by borrower unless it is deemed necessary for other person to know about it. The bank keeps record of such information only for their institution’s purpose. Like other private institutions, Bank of America also does not disclose any information regarding their activities as those given in the list of foreclosures. They maintain the confidentiality of the information and it is disclosed to the concerned parties only. This confidentiality is maintained to ensure the security of information of the concerned persons.

But if any information is required for inquiry, from the list of foreclosures, any concerned person can get it by requesting bank for providing that information. Once you request for any information, the authority will think whether to give the required information or not. If the bank authority finds that it is not necessary to give information, then it may not give information. Thus the final decision regarding disclosure of information depends upon bank authority.
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Tax Lien Homes

When somebody owns a property, they should pay all the relevant property taxes, income taxes or any such taxes levied by the Government on the said property fixed by the respective Government authority yearly or quarterly. These taxes will be used by the Government to the community for various purposes like, Road, Park etc., when the owner of the property will not pay the tax for a time frame fixed by the Government, those properties will be converted to Tax Lien Foreclosure. But Tax Lien foreclosures are less in numbers comparatively with other foreclosures like, Mortgage etc.

In the recent days, majority of the real estate agents are investing on the purchase of Tax Lien certificates of Tax Lien properties so that profit yielded by such property is very high and it doesn’t require much investment. Investing in Tax Lien property is very safe and the gain is so high with interest. In United States, during the sale of Tax Lien property, the original owner of the property will not be entitled to participate. Tax Lien foreclosure of the property is very much painful for the original owner by which they will loosing it for highest bidder in the auction without any regards to their memories in their life. Comparing with all types of foreclosure auctions, Tax Lien foreclosure is the roughest and it’s not easy for both the parties’ buyer and the owner.

Tax Lien foreclosure can be taken by the Government by forcing / pressurizing the defaulted owner and if required they will take the ownership of the property with police warrant. In United States due to non payment of taxes will put the owner in such a bad position by loosing their respect, properties, health & many more. Tax official will have many ways in selling of the Tax Lien auction. In this Tax Lien Homes auction not only the owner of the property, even their family members cannot participate. They are strictly prohibited by the Government as per the law and it will be enforced on such related Tax lien homes auction. When Tax lien home auction takes place in front of the home owner, it is really intimidating situation and it’s very uncomfortable scenario but nobody can help them including the tax officers. Tax lien property sale will be a heaven for the bargaining seekers and for a good investor. Even at the time of sale of tax lien certificates, home / property owner will be given a chance to pay the debt over a period of time which will be a longer duration. If the property owner wants to pay, he has to pay all the debt including interest and other penalties levied on such transaction if any. This payment should be made in county office. In turn county office will repay the tax lien with interest to the buyer of tax lien.

Hence it is advised better to pay all the relevant taxes to the Government authority from time to time by that can avoid such disheartening situation.

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Cheap Homes for Sale

Suddenly within the last few years the buzzword around USA is that there are many cheap homes for sale. This needs understanding. Can it be true that cheap homes for sale are available? If so – why?

Cheap homes for sale are as a fall out of the foreclosure crisis. Today the market is flooded with houses. There are more sellers than buyers and according to the simple rules of economics this is resulting in innumerable cheap homes for sale.

The great American dream is to own house. For one has to take a mortgage loan. But prime mortgage loans are not available for those with weak credit history. This led to the aggressive marketing of sub-prime ARM loans to buyers who did not understand the nitty-gritty of mortgages finances. Agents pitched in for commissions. Appraisers falsely increased the valuation of houses to expedite the sanction of generous loan amounts. As a result there was frenetic activity in the construction world. Prices of houses began to skyrocket. Speculators jumped in to invest. But when the honeymoon period of low interest rates expired monthly payments began to more than double. As one by one houses began to be foreclosed as borrowers failed to meet commitments the housing market began to fall and be flooded with cheap homes for sale.

In a desperate move the government at all levels held in check the rising interest rates but by the time that came into effect the damage had already been done. Like ninepins houses were bowled over by foreclosures. This led to more cheap homes for sale further pulling down prices – even below the loan amount. So more foreclosures led to more cheap homes for sale.

However what is one man’s poison may be meat for another. The cheap homes for sale are opening up opportunities for a new batch of investors and nest builders to snap up a bargain. With interest rates being lowered mortgages are once more beginnings to be available. Cheap homes for sale are available either in the court auctions or in auctions conducted directly by banks that have repossessed houses. Borrowers also resort to short sale. Before being taken up by the lure of cheap homes for sale it is expedient for the prospective buyer to thoroughly check the house. After calculating repair costs the cheap homes for sale might not be so cheap at all.

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Cheap Homes List

Surfing the web one will be staggered by the number of cheap homes list. Cheap homes list are increasing as a fall out from the foreclosure crisis. Increasing number of cheap homes list points to the grim picture of the real estate market.

Cheap homes list is a boon to many who want to buy houses cheap at this point of time when the nation is reeling under the sub-prime crisis. But one should not be content by merely browsing through the cheap homes list because there are many hidden factors. For instance the amount mentioned in cheap homes list belie the actual cost of the house. All these houses have been foreclosed and with the lenders being unable to sell off the units they are willing to sell them relatively cheap. But is the cheap homes list really cheap?

First of all during the housing boom the prices of houses were increased. In recent times these houses are included in cheap homes list but following the false escalation of prices some experts say that the house valuation has found its level – that is the price given in cheap homes list is what it should be.

Secondly most of the houses in the cheap homes list are foreclosed. The occupants have been evicted and as such most probably in their anger they have vandalized the house. Even if they have not, desolate houses are broken into by vagrants who strip the property of anything worth a dime – from plumbing to electric lines and even doors and window. So property noted on cheap homes list may not be all that cheap considering the maintenance cost.
Thirdly while browsing through the cheap homes list it is better to opt for those that the banks have repossessed and selling. Otherwise there is danger of unforeseen liens, unpaid taxes and other dues to the authorities.

The word cheap is relative. In a falling market the units on the cheap homes list may not be cheap in comparison to the prevailing real estate market. Thus the buyer must take all this into consideration before thinking about picking up a bargain. It may not be a big deal after all because why are so many abandoned properties being bulldozed and cleared? Surely the banks know better. There is an adage that one man’s poison may be another man’s meat but it needs tightrope walking to get the right feel about a deal.

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Cheap Florida Foreclosures

Florida is one of the most appealing areas in the United States regarding the investments on the real estate market. There are plenty of factors stand at the basis of this huge request, one of them being represented by the highly developed industry of tourism which really puts its mark on the real estate market. Due to its beautiful beaches, especially from the famous area of Miami, Florida attracts lots of tourists who are also interested in having a vacation home in this region for temporary use. Many of these people resort to cheap Florida foreclosures for sale.

Cheap Florida foreclosures for sale are a consequence of the fact that many people buy houses based on mortgage loans to lending banks and, when facing financial problems, they stop paying their loan debts to the lending banks. In need of recovering their loans, the lending banks dispossess the home owner from the house. The house is then placed on the market of cheap Florida foreclosures for sale and sold. The reselling of the cheap Florida foreclosures for sale usually takes place in an auction.

There are several types of cheap Florida foreclosures for sale on the real estate market. Most common ones in Florida are the bank owned cheap Florida foreclosures for sale, the government owned cheap Florida foreclosures for sale, the pre-foreclosures, the pre-auction cheap Florida foreclosures for sale. The cheap Florida foreclosures for sale come from two types of missed payments: those from mortgage default and those from tax property default.

In order to help people purchase cheap Florida foreclosures for sale, many home foreclosure listings have been created by professional agencies that have real estates as field of activity. The home foreclosure listings provide up to date available foreclosed homes in Florida, featured with all necessary details regarding price, location and all other conditions related to the foreclosed home. The home foreclosure listings also provide information about lately news concerning the market of foreclosed homes, about average prices, as well as advices for methods of avoiding and preventing foreclosure. For those in search of a Florida foreclosed home, it is advisable that several home foreclosure listings should be consulted in order to be well documented and be able to do some comparisons between offers. Attention must be paid to the conditions in which the house you are interested in is to be found because many of these houses stay sometimes abandoned in foreclosure for years before they are sold. In this period of time the owning institutions do not have in their duties to make investments in the maintenance of the foreclosed property, so the future home owner of the house must take in consideration the extra sum of money that he will have to put in the reconditioning of the house.
Thus, cheap Florida foreclosures for sale can be found, just that the persons interested in such deals must make strong research on the market of foreclosed homes in order to find the right one that fits their desires and also fits their budget.
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