Do Banks Need Original Docs to Foreclose? NC Court Decides

Do Banks Need Original Docs to Foreclose? NC Court DecidesMany banks have proceeded with foreclosures without original signatures and documents.  Their actions have caused much debate among law makers and home owners if this process is legal or not.  The North Carolina Supreme Court has heard arguments from attorneys representing Wells Fargo and home owner, Linda Dobson of Magnolia, NC.  The state Supreme Court ruling should be made within the next few months, and the decision could effect home owners and the foreclosure process across the U.S.

NC Courts Decide if Original Docs are Needed for Banks to Foreclose

 

Do you think that photocopies and/or sworn statements are adequate proof of monies owed on a home mortgage?

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Robo-Signer List at ForeclosureSelf-Defense.com

There has been lots of talk about “robo-signers” signing off on foreclosure documents without reviewing  them which led to homeowners wrongly loosing their homes.  Robo-signers are employees or contractors who worked for mortgage lenders and committed fraudulent activities.  The fraud was committed by signing foreclosure affidavits and assignment of mortgages without proper legal process.  The following link has a long list of alleged robo-signers as well as more detailed info on the act of “robo-signing.”  It is a good resource if you feel you’ve been a victim of “fraudclosure.”

Robo-Signer List and Info

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Winston Salem Recognized as a Top Market for Real Estate Investors

Winston Salem Foreclosures For Sale

Winston Salem: A Top Market for Real Estate Investors

Winston Salem Homes Blog reported today that Inman News announced their ”10 Best Markets for Real Estate Investors” report today, and Winston-Salem was listed as the 10th best market. You can read their entire post at the link below.

Winston Salem, NC: A Top Market for Real Estate Investors

Let us help you increase your real estate investment portfolio with our FREE Foreclosure HOT List.  Click the link below to fill out the request form.

Free Winston Salem Foreclosure HOT List

 

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Winston-Salem Area Foreclosure Filings Increased in January 2011

We still have an over supply of bank-owned REO properties for sale on the local Triad housing market, and it looks like more are on the way.  The Winston-Salem Metropolitan Statistical Area (MSA) had 345 foreclosure filings in January, 2011.  This was an increase of 36.9% from January of 2010.   The number of filings was up 45 percent from December, 2010.  The MSA includes Forsyth, Davie, Stokes and Yadkin counties.  The Greensboro-High Point MSA filings were up 9.3 percent to 484. 

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2011 Predicted to be peak of foreclosure crisis

Many people are hoping for a housing market rebound after the market crash began in 2007.  Foreclosures have been abound the last three years, however it looks like 2011 could be the worst yet. That’s not good news for a housing market that is already flooded with inventory. Many banks have been holding their “shadow” inventory in hopes that the market would rebound.  It looks like a strong rebound may not happen this year because of more foreclosures hitting the market. Continue reading

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Massachusetts Court Rules Against Wells Fargo and U.S. Bancorp in Foreclosure Cases

Wells Fargo and U.S. Bancorp each lost a crucial foreclosure case on Friday. The Supreme Judicial Court upheld a lower court’s ruling invalidating two mortgage foreclosures because the two banks did not prove they owned the mortgages before selling the properties at foreclosure. 

The court ruled in favor of the homeowners by a vote of 6-0.  This could have paramount implications on the nation’s largest banks.  For foreclosure sales in Massachusetts that were initiated without a proper mortgage assignment, this ruling means the former homeowners still own the property.  It also means it most likely will affect improper foreclosures across the country.  

Wells Fargo and U.S. Bancorp Lose Foreclosure Ruling

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Winston Salem Foreclosure near Ardmore (Lockland Terrace)

This home is currently listed for $84,900.  It’s a 3 bedroom, 1.5 bath brick ranch on .31 acre lot.  It has 2 fireplaces, hardwood floors and a basement.  The estimated repairs for a flip would be $20k, and the after repair value is $125,000.  The home is in good enough condition that someone could move in for less than $5000 in repairs.  It’s a nice quiet cul-de-sac street.  It would make a nice residence for an owner occupant or a nice real estate investment for rental or to flip. There is a comp currently under contract listed at $131,000. Call/text me if you have any interest or questions.  336.287.4423.

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North Carolina Foreclosures Up in 2010

The Winston Salem Journal has reported that 2010 is becoming a record year for North Carolina foreclosures.  Several consumer advocacy groups are reporting the NC foreclosure filings could set a record, but eight counties have already broken annual records.  The counties include:  Ashe, Davidson, Davie, Randolph, Surry, Watauga, and Yadkin.   The article says that five others:  Alamance, Forsyth, Guilford, Rockingham, and Stokes will set records before year end.

More NC Homeowners Have Lost Their Home in 2010

That being said, the market needs buyers and real estate investors to buy up these distressed properties to help improve the market.  There are many good foreclosure deals currently on the market for sale.  Don’t hesitate to contact us if you are currently in the market to buy or would like our FREE Foreclosure HOT List.  We can also help if you are facing foreclosure and would like to know your alternatives.  Contact us today @ 336.462.9544 .


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Bank of America is Back to Foreclosures

After announcing last week, that they would put a halt on all foreclosures, Bank of America is back to foreclosures in the 23 states where judges preceded.  After reviewing their foreclosure procedures, they decided they had done no wrong other than paperwork errors.  That being said, this is still not over.  All 50 State Attorney Generals are still investigating banks’ foreclosure processes.

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Mortgage Mess Could Lead to Foreclosure Probe and Moratorium

The mortgage mess keeps spreading across the nation like composted manure in a fertilizer spreader.  Now officials in 49 states are supporting a probe into the foreclosure proceedings of many of the nation’s largest banks and requesting a foreclosure moratorium.  Most of the problem is in relation to bank employees processing thousands of foreclosure documents without reading them, forging signatures, and falsifying social security numbers.  Some pundits in Washington don’t agree that we need a foreclosure moratorium.  Part of the challenge is foreclosures are handled at the state level, and are different in every state.

Some economists are saying the housing market is recovering…even though it is at a snail’s pace.  They were predicting by third quarter 2011, the market would be more in line.  Now the same economists are saying a stop in foreclosures could hurt the overall recovery.

This writer tends to believe that a foreclosure moratorium will stabilize prices for the short term, because there will be less inventory.  CNBC commentary is reporting at this moment that figuring this mess out could take months and months.  Going forward, and once banks start to release this shadow inventory, it will depress prices again.  However, if the recession is truly over, jobs should begin to pick up since they are a lagging indicator.  If that’s the case, then hopefully, there will be more buyers with jobs who can purchase the increase in inventory.  Nevertheless, it looks like it may be another year or two before we get back to some sense of normalcy.  Referring back to the initial simile, let’s hope the this “manure” has the same effect that it does over a crop planted field:  an increase in results!

Click the following link for more information on How to Buy a Foreclosure Home.

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