Bank Owned Foreclosure Property

Are You Off the Hook for Your Loan if Your Bank Goes Belly Up?

123foreclosure — Thu, 11 Mar 2010 05:12:11 +0000

As the banking industry continued to hemorrhage in 2008, 25 U. S. banks failed. Among them were Washington Mutual and IndyMac, the first- and third-largest bank failures in U. S. history, respectively, but there were also scores of smaller regional banks throughout the nation. According to the American Bankers Association, 98% of the nation’s 8,500 banks are considered well capitalized, making the chance of any one bank going bankrupt highly unlikely. Still, bank failures increased markedly in 2008 and will likely continue in 2009 under current economic stresses. Most U. S. banks are insured by the Federal Deposit Insurance Corporation (FDIC), so in the case of a bank failure, any one individual’s bank deposits, up to $250,000 at any individual institution, are protected by the FDIC. (The coverage limit, which Congress increased last year due to the banking crisis, will remain in force at least through December 31, 2009, but may then revert back to $100,000 if Congress takes no further action. ) But what happens to your mortgage, car loan or credit card account if the bank that loaned you that money goes out of business? Could their loss be your gain? Unfortunately, you are still on the hook for any and all debt you have incurred. If your bank fails, you’ll need to pay close attention to how you handle your loan payments in the ensuing months. Here’s what to do: 1. Continue making your monthly payments on time, and as usual. Don’t fool yourself into thinking that the upheaval of a bank failure is an excuse to skip payments. Doing so will only hurt your credit, as late payments will be reported to the credit bureaus; if you skip payments on a credit card account, late payments could also increase your interest rate. In the event of a bank bankruptcy, the FDIC will assume control of the bank until it finds a stronger bank willing to buy the assets of the failed bank. Because your loan is a legal contract, neither the FDIC nor any bank that buys the failed bank can change the terms of your loan, and you, as borrower, are still bound by the same terms to repay the loan as originally agreed Credit card account terms, however, are not fixed like a house or car loan. If another bank purchases a failed bank’s credit card accounts, the new bank is not required to honor the interest rate or other terms of the original account, like annual fees, over-limit fees or late fees. Still, it’s in the new bank’s interests not to reshuffle the deck, because making radical changes could trigger an exodus as the old bank’s credit card customers reject the new terms en masse In short, most credit card holders won’t notice any changes in how they can use their cards, but if you could be considered a borderline credit risk by the takeover bank, it’s possible they’ll change your account terms or even close it. Cardholders with a high credit score have the least to worry about. Financial planner and author Suzie Orman advises keeping copies of your cancelled checks and loan payments for at least six months following the takeover of your bank to avoid potential problems if your payments aren’t recorded during the transition. (If that were to happen, you would then need to check your credit report to ensure the takeover bank has not reported your payments as late or delinquent. ) If you’re already delinquent on your mortgage payments, there’s a chance that bank foreclosure proceedings will be temporarily stopped, giving you a chance to negotiate an agreement on payments that help you stay in your home. 2. Read your mail and any correspondence concerning your bank’s failure. It’s important to be aware of any changes regarding to whom you write your checks and where you mail them, but continue writing your checks and mailing payments to the same address until you are notified otherwise. Be careful, bank failures represent another opportunity for scammers looking to steal money from unsuspecting bank customers by concocting bogus emails or websites redirecting your payments. Check the FDIC website for specific details on how accounts and loans at each of the banks that failed in 2008 are being handled. Although the FDIC insures bank accounts, experiencing a bank failure when your personal savings are involved is still unsettling, and most customers would prefer to avoid that possibility altogether. To protect yourself: 1. Be sure your bank is FDIC-insured. 2. Be sure that your deposits at any one bank, whether they’re certificates of deposit, money market accounts or savings and checking accounts, don’t exceed the $250,000 FDIC coverage limit. 3. Be cautious about opening any one-year or longer-term CDs that exceed $100,000 before December 31, 2009. Unless Congress acts to continue the extension of the FDIC coverage limit to $250,000, a CD over $100,000 may not be fully insured after that date. 4. Check the strength of any institution with which you’re considering banking by visiting an online bank rating service. Although many bank failures can’t be anticipated, understanding the overall strength of your bank can be helpful in assessing the risks.

Dawn Handschuh has earned a living putting pen to paper for 25 years, including 10 years in financial services, where she wrote widely on retirement planning, personal finance and specific investment products such as annuities, mutual funds and 401(k) plans. Dawn writes on CreditFYI and on CreditFYI’s Credit Blog.

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123foreclosure — Thu, 11 Mar 2010 05:12:10 +0000

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Product DescriptionMMF Industries 2840117N00 Wall-Style FDIC Sign with Backplate, 7-1/2W x 3-1/2H Inch, Each depositor insured to at least $100,000, Black Nameplate / Silver Backplate / White Lettering, Laminate Sign / Brushed Aluminum Backplate (Each). . . More >>

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WaMu Truth: JP Morgan and FDIC Take Out Washington Mutual

123foreclosure — Thu, 11 Mar 2010 05:12:09 +0000

On September 25th Washington Mutual was seized by the FDIC and sold to JP Morgan for 1.9 billion dollars. wamu was clearly in the wrong, but was there actually a reason for the bank to be seized and for shareholders to be wiped out… or was this caused by collusion between JP Morgan Chase, The FDIC, and the Federal Reserve? Was Washington Mutual trying to auction itself off? Yes. But at the same the time the FDIC was literally going behind wamu’s back looking for any deal it could get, thus heading off any opportunity for wamu to sell itself at a respectable price. As of November 12, almost 2 full months since Washington Mutual was seized and sold, they still have not been given back their books and records so as to be able to file simple documents that were due back in September. For Some reason JP Morgan refuses to return the files and documents. Why would that be?

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Latest Fdic Auctions

123foreclosure — Thu, 11 Mar 2010 05:12:09 +0000

Hey, check out these auctions:

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[In Home Businesses] $11K/Mo Home Income Secrets!

123foreclosure — Thu, 11 Mar 2010 05:10:18 +0000

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Latest Ebay Home Auctions

123foreclosure — Thu, 11 Mar 2010 05:10:18 +0000

Hey, check out these auctions:

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Scavenger Hunt Party Game.

123foreclosure — Thu, 11 Mar 2010 05:09:20 +0000

Enjoyable Parties Guaranteed With Downloadable EBook(R) Packed Full Of Ideas On How To Run An Amazing Scavenger Hunt. Ideas For Hunts. Samples. Scavenger Hunt Party Game. Related posts:Home Party Riches EBook. Earn Up To $13.50*** The Home Party Riches EBook (207... Purse Party Profits. Earn Up To $23.50 With The Purse Party Profits EBook!... Home Party Sales Success: How [...] Related posts:

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Stopping the Foreclosure Process

123foreclosure — Thu, 11 Mar 2010 05:09:18 +0000

The foreclosure process can be stopped if you really want to save your home or your credit. There are a few things you can do which include getting caught up on your payments, sell your home, or a deed in lieu. These are options for any homeowner in danger of foreclosure. A mortgage payment should be considered the most important monthly bill you have. It is better to have the electricity shut off for a week than to miss a monthly mortgage payment. Once most people begin the foreclosure process because they have missed payments it is usually difficult for them to save their home. If you really want to save your home, you need to get caught up on the payments. Many banks will make deals to help you get caught up. Some banks will forgive you on the missed payments if you can begin making monthly payments again and you are honest with them. Always call your lender and learn which options are available to you. You would be surprised how willing the bank is to help you get caught up or save your home. They don’t want it. Selling a home is another option if you know your home will go through the foreclosure process but you don’t want a foreclosure on your credit. Many people are very successful with selling their home before it goes to the auction. Today, banks will offer you options to help sell the home like a short sale. This allows you to place the home for sale on the market for less than what you owe on the loan and below market value. The lender will then forgive you for the difference and when you file your taxes, the difference will appear as income and the only thing you must do is pay the taxes on this income. Another option if you want to save your credit from the foreclosure process is a deed in lieu. This is an option for all homeowners facing foreclosure. A deed in lieu is usually approved by the lender when they can see you have done everything you can to save the home or sell it. If you show active in the foreclosure and you remain in contact with the lender throughout the process, they will allow you to give them the title to the home. You sign the home over to the bank without a foreclosure on your credit. The foreclosure process can be stopped in three ways. These ways include catching up on all of your missed payments or making a deal to get caught up with the bank, selling the property, and a deed in lieu.

Foreclosure In Lieu Of Deed Q&a – (Correctly Known As Deed In Lieu Of Foreclosure) Before you consent to do a deed in lieu...
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123foreclosure — Thu, 11 Mar 2010 05:09:18 +0000

Jim Meyer from RE/MAX Gold in Fairfield California talks about the 100 most important real estate issues when buying or selling a home in America today! meyerjames@Aol.Com 1-888-JIM-7888

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Latest Deed In Lieu Auctions

123foreclosure — Thu, 11 Mar 2010 05:09:06 +0000

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