Posts Tagged ‘Bank Foreclosures’
Big Banks Stockpile Toxic Assets with Non Foreclosures
When banks don’t follow through on home foreclosure proceedings they retain a non performing loan on their books. Yet under new accounting rules thay can show the value of the questionable asset at a mark to model evaluation. How crazy is that? To permit banks to carry toxic assets at near full original value while thay dream that value will somehow be restored is a recipe for total disaster.
In the video which you can see at the link below, a couple, at the request of Bank of America, moved out of their house as it was facing foreclosure. They thought that BOA had foreclosed on their house over a year ago. But BOA decided that the value of the house had fallen so far they did not follow through with a foreclosure. So the couple still has title to a house that is vacant, has back taxes due, and is in a sad state of disrepair.
What a nightmare for the couple and the bank. The bank is sitting on a non performing mortgage secured by a nearly worthless property and the couple may have liabilities as owners of a house that they thought had been foreclosed.
This situation is not unique. All across America banks are sitting on thousands, perhaps millions, of worthless, or nearly worthless mortgages that they are still carrying at near full value on their books. The mark to model from mark to market accounting rules were changed last year by congress who yielded to the pressure placed upon them by their masters, the banks. There is some effort now by the embrassed accounting profession to reinstate the mark to market evaluations.
When reinstated, this would reveal the sorry toxic asset structure of many of the banks “assets”. Until the too big to fail banks are allowed to fail and a rebirth of banking with more capable operators occurs there will be no real recovery in the American economy. How long can the big banks get away with this scam? Probably not for much longer. It looks like the accounting profession finally realizes thaty unless they reverse their mark to model ruling their credibily will decline into the dismal range of the rating agencies. Perhaps the accounting “professionals” now realize that the Enron principals went to prison for cooking the books.
The same fate should fall upon the banking big shots as the extent of the mispricing of assets and the providing of fradulent information to investors is revealed. For additional coverage of the long crisis in America go to The Long Crisis
How You Can Purchase a House for Sale for $1!
Posted on May 11th, 2009 by Lindsey Harper
Today, it’s very possible to find a house for sale for less than you would normally pay. In fact, you can find a home for as little as $1. That’s the type of deals I found at an online auction site.
Hello, it’s Lindsey Harper here to show you how you can save big if you are interested in real estate investments. I’d like to show you an example. It is with the Lansing, Michigan home pictured above.
This home is currently available for bidding until Wednesday, May 13. As of this writing, the home is available for a minimum bid of $1. This is a banked owned property. Originally constructed in 1917 and has 1344 total square feet. The two story home has three bedrooms and one bath.
Lansing Michigan House for Sale
Of course, you can imagine that a house for sale at such a low price is going to be in need of repairs, and you would be correct. The online auction site gives you photos of the inside of the home so that you can see what you’re dealing with.
With a potential $1 investment, that means you have more money to put into repairs. If you are interested in real estate investments that makes this house a good deal to look into.
I found this local real estate auction at Government Auction Network. They list bank foreclosures, local real estate auctions and government foreclosures. No matter where you live in the United States, you’ll be sure to find something that will interest you.
My focus is always on the best deals possible, and if you’re like me, you’ll be sure to find those at Government Auction Network.
You can contact me with any questions you may have. Simply click on “About Lindsey” then click on “Just Ask Me.”
Government Auction Network – online auction site – real estate investments – house for sale
Here are Some Cheap Houses for Sale Online!
Posted on May 21st, 2009 by Lindsey Harper
If you’re interested in investing in real estate, now is a great time! Cheap houses for sale are available to bid at record numbers right now.You can find homes with bids starting as little as $1.
For example, I found this home for sale in Michigan at an Internet auction site.When I first saw it, only a couple of hours ago, this home was available for a starting bid of $1.Right now the current bid is only $501. The bidding ends on May 29 at 7:00 PM. Since the home is at such a low price for a starting bid, the final bid could possibly be yours at still a low price.
There are factors about cheap houses for sale that you need to pay attention to.Many are in need of repair. Sometimes the repairs needed are extensive.Sometimes the homes need only minor repair.However, because they are inexpensive, they are great for investment. You can fix the house up for re-sale, as a rental property or to live in yourself. The home was built in 1920 and has a 2 car garage.It also be a great starter home.
If you are interested in investing in real estate you can get started at Government Auction Network. They list bank foreclosures, government foreclosures and local real estate auctions. You can find many cheap houses for sale online at Government Auction Network.
I’m always here to help with working with Government Auction Network. You can simply click on “About Lindsey” then just click on “Just Ask Me.” The economy is prime for investing in real estate and I’m here to help.
Government Auction Network – investing in real estate – cheap houses for sale – home for sale in Michigan
Finding a Cheap Home on the Internet!
Posted on May 17th, 2009 by Lindsey Harper
In today’s world, even though the economy is improving, it is still a buyer’s market. If you have the resources, now is the time to buy cheap homes for investment. The prices today make investing in real estate worth looking into, and real estate investing is no longer reserved for only the rich and well to do.
Bank foreclosures are a good starting point for investing in real estate. In my research, I am able to find many cheap homes when they are a result of bank foreclosures.When properties are seized by the bank they want to offer them back to the public in a low price to encourage a quick sale.
For example, I found this listing for a home in Aberdeen, OH. The owners of the home failed to make proper payments so it joins the list of the many bank foreclosures available today. The home is 896 square feet with two bedrooms and one bathroom.The home is for sale for just $14,900. That price is less than most automobiles.
My starting place for bank foreclosures is Government Auction Network. They have an extensive list of bank foreclosures, government foreclosures and local real estate auctions. No matter where you live in the United States you are bound to find cheap homes to invest in when you look at the listings over at Government Auction Network. The site is organized and easy to navigate.
Finds at Government Auction Network are constantly changing, because the site makes sure to keep everything up to date. Join the site today and get started on investing in real estate the smart way. Don’t miss out on great deals on cheap homes and more.
Contact me with questions. Click on “About Lindsey” then click on “Just Ask Me.”
Government Auction Network – bank foreclosures – investing in real estate – cheap homes
Get a Mass Condo at Bank Foreclosure!
Posted on May 1st, 2009 by Lindsey Harper
When you’re looking for a condo for sale, there will be many considerations you will have. You’ll investigate the neighborhood; you’ll check out the actual condo. One of the first considerations you will have is price.
You can save big with a bank foreclosure condo. When the owner of a condo fails to pay his or her mortgage and the bank forecloses on the property they often re-sell it at a significantly lower price. Often times the prices are close to unbelievable.
For example, this condo for sale in Massachusetts is going for only $24,900. The condo is located at 81 Colonel Bell Drive in Brockton. Condos are excellent deals for many people who do not want the responsibility of living in a single family home. Condos are perfect for small families, single people and people who are retired. Click on the link below for more information!
Today, bank foreclosure property is plentiful, but is there an easy way to discover where they are located? Yes. Government Auction Network is an excellent source.
MA homes or condos at great prices can be found at Government Auction Network. They have an extensive listing of government foreclosures and bank foreclosures from areas all over the United States. It’s very easy to use. For example, if you live in Denver, you would simply plug in your Denver zip code and wait for the results.
GAN (Government Auction Network) has great deals on autos and other stuff too. Some of the other stuff includes jewelry, televisions, cameras, furniture, etc.
Contact me with questions. Simple click on “About Lindsey’ then click on “Just Ask Me.” Saving money is one of the most important things you can do today. Government Auction Network is the perfect source for deals on MA homes.
Government Auction Network – Bank Foreclosure – condo for sale – MA homes
Buy this Outstanding Home for Sale in Iowa!
Posted on May 4th, 2009 by Lindsey Harper
There’s a great way to find a home for sale in Iowa – and that’s by checking out government foreclosures. These are homes that have been financed through government programs such as HUD ( United States Department of Housing and Urban Development) or VA (United States Department of Veteran Affairs), among others.
When the owners of these homes fail to pay on these loans, the government takes the homes back, and they are re-sold to the public. Foreclosure homes offer some of the best deals on homes for an investment or to live in. The goal of the government is to get rid of these homes quickly; therefore, the costs of these homes are often incredibly low.
I found this excellent home for sale in Iowa. This is a two story, 1889 square foot home. It features a large front porch, big living room, dining room, three big bedrooms and a two car detached garage. You can get all of this for a mere $39,900!
Government foreclosures, like this one in Iowa, can be found at Government Auction Network. They list government foreclosures, bank foreclosures and local real estate auctions. No matter where you live in the United States, Government Auction Network can find a deal for you.
Join the site today and start saving big on real estate. They also list vehicles and other stuff like televisions, cameras, computers, jewelry and more. You will find that if you tune in to Government Auction Network regularly it will be your one-stop shopping center!
Click on “About Lindsey” and then “Just Ask Me” if you have questions about foreclosure homes or anything else that Government Auction Network can provide. I’m ready to save you big money on a wide variety of opportunities!
Government Auction Network – government foreclosures – foreclosure homes – home for sale in Iowa