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+--- Thread: foreclosures (/showthread.php?tid=9015)
foreclosures - Lin W - 07-13-2011
Saw these two web sites mentioned on CNN, was surprised by the number of Puna properties, and by the prices. Looks like there are some amazing deals out there, wish I had some $ to invest.
http://www.homesteps.com/
http://www.homepath.com/
blessed are the cracked for they let in the light
RE: foreclosures - nanasohana - 07-14-2011
I am glad you brought this up, Lin. Anyone who buys a foreclosure must know that the title is "clouded". The banks are foreclosing illegally as they don't hold the note and don't even know who holds the note, in most cases. Local banks most probably do, but none of the "big" ones.
Sure you can buy it but more than likely, the title company will put an exclusion of fraud in there now. Because they know. And then when and if it comes time to sell, guess who will "hold the bag"?
The State of Hawaii now has the best foreclosure laws, trying to stop this theft of homes, than any other state. But the "big" banks are trying to curtail following the law, as usual.
I would not buy a foreclosure UNLESS the deal included a quiet title action in order to close. No way, no how.
RE: foreclosures - Lucy - 07-14-2011
To read some debate about both sides of the issue, you might want to look at this site:
http://www.civilbeat.com/
Todays blog is here:
http://www.civilbeat.com/articles/2011/06/15/11736-fannie-mae-skirts-landmark-hawaii-foreclosure-law/
Lucy
Having another Great day in Paradise, Wherever that Maybe!
RE: foreclosures - nanasohana - 07-14-2011
Thanks for pointing out that site..and the blog...yes, Fanniemae better not try their "tricks" in Hawaii courts....love it!
RE: foreclosures - John S. Rabi - 07-14-2011
Both Freddie and Fannie already instructed their loan servicing companies to pursue judicial foreclosures only, so the new law is basically pointless. IMHO, it was pointless to begin with, does anyone seriously think homeowners who are behind their mortgages for a year or more will pay up on properties that are worth 50% in value now? [
][][]Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)
RE: foreclosures - carmel123 - 07-14-2011
John:
Is there a cloud on the title? If yes, what should a buyer request?
RE: foreclosures - dwedeking - 07-14-2011
Do I think there should be a judicial review of documents presented by mortgage companies that do not have proper documentation of the loans/assignments? Yes I do. While I don't feel deadbeats deserve a free house I'm more inclined that large corporations need to adhere to property right law instead of running roughshod over the working class (ie I'll give the working class stiff that bought into the "property prices will never go down" marketing hype a break vs the banking/finacial market types that sold the "property prices never go down" marketing scheme).
The law (as I understand it) forces the large corporations to properly prepare their documents vs just cramming through the faked signed robo documents in a non-judicial system.
RE: foreclosures - John S. Rabi - 07-14-2011
quote:No there isn't, regardless of what some people will tell you. You get title insurance and you as the buyer are safe.
Originally posted by carmel123
John: Is there a cloud on the title? If yes, what should a buyer request?
Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)
RE: foreclosures - carmel123 - 07-14-2011
Execellent. Thank you.
RE: foreclosures - John S. Rabi - 07-14-2011
quote:There are tens of thousands of real estate transactions recorded in the US every day. Does anyone seriously think the title insurance companies would issue title insurance for all those if there were clouded titles? This whole issue is nothing else but an attempt by some desperate homeowners trying to delay the inevitable foreclosures.
Originally posted by carmel123
Execellent. Thank you.
Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)