[georgia woman]

Wouldn't you think with the banks holding all of these foreclosures that they would rather sell them to than to sit on these bad loans. Well, it seems like if they wanted to, they could create a free website to show these properties and then unload all of this bad debt. But, instead you have to pay these websites a fee to even access them. I think this is stupid! We are going to have to move to Kzoo, so why can't somebody help us find these foreclosures?? Anyone have any ideas? It sure would help us out. Thanks in advance!! Hope someone knows something we could do about this problem. Something that doesn't involve a credit card.

[tryin2buy]

A lot of the individual Real Estate Company web sites let you search for Bank Owned Homes only as part of the search criteria. I know Preview Properties web site has this feature and the results are not limited to just their listings using IDX where realtors share information.

Your realtor (if you have one) can also run a list of just REO properties. It's all free!

[Cliffie]

Originally Posted by georgia woman

Wouldn't you think with the banks holding all of these foreclosures that they would rather sell them to than to sit on these bad loans. Well, it seems like if they wanted to, they could create a free website to show these properties and then unload all of this bad debt. But, instead you have to pay these websites a fee to even access them. I think this is stupid! We are going to have to move to Kzoo, so why can't somebody help us find these foreclosures?? Anyone have any ideas? It sure would help us out. Thanks in advance!! Hope someone knows something we could do about this problem. Something that doesn't involve a credit card.

They should be able to mail out a list for free. Most banks have done it for ages. It lacks a virtual walk-through but using MapQuest you can get as far as an aerial map of the house, street and neighborhood.

[Coldjensens]

If the banks had a lick of sense, the y would work out deald to keep people in their houses rather then ending up witht he house sitting empty and getting vandalized. They could even make a deal to foreclose but rent the house back. Or reduce the loan and interest and keep the people there and eventually get paid back instead of losing 70% of the loan. However lenders and morgage buyers do not seem to have a lick of sense.

[sike0000]

We bought a foreclosure last year. The other posters are correct about real estate agents. They were able to give us a listing of foreclosures. Some we were able to find by ourselves for free online.

I wish the banks would stop holding out. Some of these houses sit vacant for months or more. Part of the problem is the mortgage. If the previous owners had a second mortgage the banks do not want to negotiate. Some banks will only accept cash. If the previous owners used a heloc for something other than home improvement the house probably has negative equity. Mortgages are also not only difficult to get these days, but certain loans (such as FHA) make it difficult to buy a foreclosure.

We lucked out and found a house that although had never been updated (ktichens/baths original), it at least had a newer roof and mechanical and nothing was missing from the home. Some of these homes are gutted down to the door handles and the banks do not want to come down in price.

[michigan83]

If the banks had a lick of sense, the y would work out deald to keep people in their houses rather then ending up witht he house sitting empty and getting vandalized. They could even make a deal to foreclose but rent the house back. Or reduce the loan and interest and keep the people there and eventually get paid back instead of losing 70% of the loan. However lenders and morgage buyers do not seem to have a lick of sense.

Uhhh.... better yet, they could just make payments optional. Everyone deserves a house whether they can afford one or not. It's in the constitution.

[JimmyInGreatLakes]

Originally Posted by michigan83

Uhhh.... better yet, they could just make payments optional. Everyone deserves a house whether they can afford one or not. It's in the constitution.

Great post!

[Cliffie]

Originally Posted by Coldjensens

If the banks had a lick of sense, the y would work out deald to keep people in their houses rather then ending up witht he house sitting empty and getting vandalized. They could even make a deal to foreclose but rent the house back. Or reduce the loan and interest and keep the people there and eventually get paid back instead of losing 70% of the loan. However lenders and morgage buyers do not seem to have a lick of sense.

Well, they probably do not have enough warm bodies to process that many special arrangements. Banks are laying off and reorganizing right and left, and have been for probably 5 years now. And of course a lot of people who are behind on their payments won't answer their phones for love or money, especially if they see it is the bank calling. It wouldn't occur to them that the bank wants to work with them.

Everyone deserves a house whether they can afford one or not. It's in the constitution.

That's in the Constitution?

[YAZ]

Originally Posted by Cliffie

That's in the Constitution?

The NEW one.

Remember what our new president said:

"We're gonna fundamentally change the United States of America."



Cool.

I'm quittin' my job.

Now give me a new car.

Ya see, now that we elected the "Messiah" into office, none of us will have to worry about car payments, mortgages, or gasoline.

[tjay]

if it means we get our money back from the government i'm down with the messiah. or would you rather they keep it?