HOAS (homeowner's associations) in need of cash are using a tactic to force banks to pay association fees . The "reverse foreclosure" tactic works like this:
When a homeowner/borrower stops paying their mortgage, backs more times than not delay taking the property into foreclosure. During this delay neither the owner nor the back pay the association fees. So, to remedy this the association files its own foreclosure notice. If and when the association takes over the title, it is still not able to sell the property due to the bank's lien. So, the association goes to court, renounces the property and asks the judge to give title back to the bank. When the judge does this, the bank has the obligation of paying the fees. Touche HOAS!!!
When it RAINS it POURS!
We all know, especially us here in Florida, this cold winter was not only unexpected but not appreciated. However, that's not all Floridians had to "woe" about. Homeowners who faced foreclosure during our housing downturn were not just driven there by one factor but were victims of multiple issues that left them financially strapped, according to a study conducted by Strategic Guidance Stems. Joel Searby, their director of marketing, said “What we found in talking with people who've gone through foreclosure is that there's a 'plus-one factor,' meaning job loss coupled with other circumstances such as divorce or health problems that usually led to homeowner distress."
Are distressed sales gaining greater market share?
Yes, according to First American Corelogic, distresses properties accounted for 29% of all U.S. homes in January 2010 (average sales price $161,600). Real estate owned sales rose 22% up from December's 19% (average sales price $247,700) and short sales rose to 8% from 7% with an average sales price of $141,900.
Numbers don't lie folks prices are rising, however the ship has not sailed so
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