"only seven-tenths of 1 percent of all homes are in foreclosure" (foreclosed, mortgage)

[momof2dfw]

This was an EXCELLENT article yesterday here in The Dallas Morning News. I know that recently one of the regular posters on here had asked this question since the "doom and gloom" news stories came out and wanted to know EXACTLY how many homes are "mortgage free" and how many homes REALLY face foreclosure. This article relates that info.

Tiny numbers make foreclosure increases look huge | Dallas Morning News | News for Dallas, Texas | Scott Burns | Personal Finance | Business Columnist | Dallas Morning News (http://www.dallasnews.com/sharedcontent/dws/bus/columnists/sburns/stories/DN-burns_24bus.ART.State.Edition1.3998024.html - broken link)

[jobless]

Speaking of foreclosure, can banks still go after borrowers after they leave the country and never come back??

[pghquest]

Originally Posted by jobless

Speaking of foreclosure, can banks still go after borrowers after they leave the country and never come back??

Banks usually dont go after borrowers who move next door, let alone another country.

[Captain Bill]

Originally Posted by momof2dfw

This was an EXCELLENT article yesterday here in The Dallas Morning News. I know that recently one of the regular posters on here had asked this question since the "doom and gloom" news stories came out and wanted to know EXACTLY how many homes are "mortgage free" and how many homes REALLY face foreclosure. This article relates that info.

Tiny numbers make foreclosure increases look huge | Dallas Morning News | News for Dallas, Texas | Scott Burns | Personal Finance | Business Columnist | Dallas Morning News (http://www.dallasnews.com/sharedcontent/dws/bus/columnists/sburns/stories/DN-burns_24bus.ART.State.Edition1.3998024.html - broken link)

Great article that puts more perspective into the situation than most other articles. Thanks for posting it.

[Captain Bill]

Originally Posted by jobless

Speaking of foreclosure, can banks still go after borrowers after they leave the country and never come back??

Some states are recourse states where the banks can go after you, and they may continue to pursue you until they get their money.

Other states, such as AZ, are non-recourse states, where the banks cannot go after you.

[palmcoasting]

Is there a list for non-recourse states? And aren't their limitations?

[jobless]

Originally Posted by Captain Bill

Some states are recourse states where the banks can go after you, and they may continue to pursue you until they get their money.

What can they do to go after someone if that person is in another country?

[bentlebee]

Wouldn't it be the same as having a ticket not paid. When you enter the country you pay or get arrested? People at one point will return for one reason or another.

I heard that Country Wide (now Bank of America) has frozen many lines of credits on homes that the value has come down, so many people all of a sudden can't use them anymore. That is going to be the next thing in this mess...

[momof2dfw]

Originally Posted by bentlebee

I heard that Country Wide (now Bank of America) has frozen many lines of credits on homes that the value has come down, so many people all of a sudden can't use them anymore. That is going to be the next thing in this mess...

One reason why the State of Texas for so long did not allow home equity loans. Only up until a few years ago could a homeowner in Texas get a home equity loan. The largest majority of us natives were actually AGAINST it and it was only the big push from those that had moved from other states that did allow it did it finally get approved. Guess they wonder why know? We kind of believe in the "castle doctrine" that no one can take away a mans home/land. Now they can

But, if you read the article there are a good number of people out there that don't owe a dime on their home. Over 30% of all homes are MORTGAGE FREE and those owners are not living in fear of their homes getting foreclosed on. As with everything else it is the majority that will pay the price for the few that don't know how to behave.

[jobless]

Originally Posted by bentlebee

Wouldn't it be the same as having a ticket not paid. When you enter the country you pay or get arrested? People at one point will return for one reason or another.

But that applies to crimes and serious misdemeanors, right?