Cleveland Ohio 6500 ForeClosures Listing Cheap Houses..

The foreclosure engine spit out over 6500 listings of FORECLOSURES...

$90,000 Houses listing for $45,000 and LESS

And the interesting thing is the banks in that region are DUMPING houses right now further driving down the housing prices and leaving people 'down under.' Down under is the term used where even after the sale of their home they would still be left with a sizeable mortgage. In instances like these it makes no sense to own the home but to walk.

Don't believe it go read the engine outputs yourself

www.foreclosure.com...

People should support Cleveland and BUY A HOUSE, especially retirees from Canada, Britian, Japan, Snowbirdies, Summer Retreaters etc. Please copy and spread the word. Don't let the banks crash their economy by dumping the houses...

I fel for those people.
I'm almost in the foreclosure situation myself but not because I overextended myself but because of the drastic drop in house values. I bought a house in 2006 in Phoenix AZ for $295k it was appraised at the time at $309k so I got it at a "good price" at the time. Fast forward to today, I am now living in Carrolton TX was transferred here for work. I cannot sell the house in AZ because the latest appraisal as of two months ago has it valued at $278k
Houses are currently selling for $30k under appraisal value.
So I am $47k upside down on the AZ house right now.
And I am also having to rent a house in TX for $1,200 a month and cannot put the AZ house up for rent because it is supposed to be a primary residence.

So I am paying over $3,000 a month for housing.
I obviously can't keep that up very long.

Does anyone know what happens when you foreclose?
do they take the house, auction it off for a pittance and then I have to pay the remaining balance of the loan?

[edit on 29-12-2007 by Mogwai]

In California it is really bad. I was talking to a friend who lives out there and what has been happening is the housing there was going for 600k to 700k for your average size house. (Smaller than my 200k Texas house).
Well with an income of the middle class no one can afford a 700k house, and so they would get a 2% loan and pay only interest in the hopes that their 700k extremely over inflated house will go even higher.

Well, two things happened first their 2% went up to like 8% plus and the 700k house value dropped to like 450k both almost overnight. Now they found themselves with a monthly payment of 6k on the house without the ability to sell and so they had to just walk away and take a huge hit on their credit score for the next ten years.

I think when you walk away the bank ends up holding the bag of sh_t for it is like you do a form of bankruptcy.

reply to post by Xtrozero

I'm going to have to take a close look at it here real shortly, i dont know how long i can keep making payments on an empty house that is just declining in value.
Not really looking forward to the bankruptcy option though..yikes!

I live in Cleveland and yeah it is getting bad. On my way home one day I counted the number of vacant boarded up houses on just 3 side streets and there were 12. I didn't even bother to count the number of houses with for sale signs up, I have at least 4 on my street alone. I feel sorry for some of my neighbors trying to sell there houses, they keep lowering the asking price and its not helping, the neighbor across the street cut the price he was asking for in half a couple of months ago and still nothing. I just hope this housing market crash isn't the final blow to my community.

Cleveland is an awful city. It is entirely ghetto and very dangerous. I don't think anyone would want to buy a house there

Originally posted by Mogwai
Does anyone know what happens when you foreclose?
do they take the house, auction it off for a pittance and then I have to pay the remaining balance of the loan?

[edit on 29-12-2007 by Mogwai]

It takes months for the mortgage holder to foreclose. After they do it takes months for them to hit you for the deficiency when it is sold or given away to developers who buy it for pennies on the dollar.

Right now the way things are, contact the mortgage holder and to inquire about making just the principle payment till you can sell or make other arrangements.

If they take it back in foreclosure, you will be held for any balance owed if the property sells for less than owed.

*sarcasm* What's the big deal? Haven't you all heard that the economy is doing great? I mean, it's not like we're in a recession or anything. *end sarcasm*

Check out this 150+ pages of forclosures in Wayne County Michigan.
www.disclose.tv...

Just one county. Nation wide how bad will it get?

Screw the banks!!! I'm seconds away from simply declaring bankrupcy and insolvency, giving Chase Mortgage their damned house back and walking away. I have been trying for months to work with them on a wya to stay in my home AND make payments. They haven't responded.

It will cost them THOUSANDS to foreclose on it, thousands a month in maintenance, utilities and property taxes, thousands to sell it and they will lose tens of thousands because they are too damned stubborn to do the right thing and work with homeowners. I am almost $50K upside on this house and still want to do the right thing but the bank is too stupid to work with me.

F*@# Them! And to boot, they are getting all of my tax dollars! I'm tellin' ya folks, the revolution is just about ripe and ready to start!