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December 2008

Found 3 blog entries for December 2008.

Bank Foreclosure Notice In MichiganAlmost a third of all property that is now on sale is owned by banks due to the rise in foreclosures and repossessions. Due to this continuation house prices are being pushed down and driving an expansion in this niche market. In the 2nd quarter of 2008 alone around 740,000 US homes entered into foreclosure. The number of US foreclosures has almost doubled over the years, especially due to the current economic situation.

The wave of foreclosures that has been and is continuing to sweep through the US comes in the wake of the sub-prime mortgage lending crisis. These issues could be the factors that end up destabilizing the US housing market and may also lead to further turmoil in financial institutions. 

The biggest reason that people end up having

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There are two things that are sure in life - death and property taxes.  As a homeowner you pay property taxes; and in many states, like Michigan, when you pay those taxes you are paying them a year in advance.  If you are in the current housing market looking to buy a home, you will be required to pay back the seller those taxes in an item called pro-ration of taxes.  This means that if I'm a seller, I paid my property taxes on July 1st 2008; and paid them through June 30, /2009.  If you wanted to buy my home on January 1st 2009; as the seller,  I would require you to repay to me the property taxes from January 1st 2009 to June 30th 2009, because that will be the time period in which you would be occupying the house, not me.

This compounded by the fact

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Bank ForeclosuresAlmost 740,000 US homes entered into foreclosure during the 2nd quarter of 2008 and the number of US foreclosures has almost doubled over the years. There are many explanations as to why people are having trouble keeping up with their mortgage payments such as the loss of a job or illness keeping them out of work. Whatever the reason is, it’s time to take action.

A foreclosure is a legal procedure in which a lender, normally a mortgage lender obtains a court order stating a termination of a mortgagors equitable right of redemption. A foreclosure is when a financial institution repossesses your home due to a failure to keep up with mortgage re-payments. If this were to happen you lose your property, all your rights to the property are terminated and you

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