Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice. The foreclosure process can end one of four ways:

  1. The borrower/owner pays off the default amount to reinstate the loan during a grace period determined by state laws. This grace period is also known as pre-foreclosure.
  2. The borrower/owner sells the property to a third party during pre-foreclosure. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
  3. A third party buys the property at a public auction at the end of pre-foreclosure.
  4. The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction. These are also known as bank-owned properties.

The foreclosure process presents three bargain-buying opportunities.

Pre-Foreclosure (Notice of Default, Lis Pendens):

Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property. The borrower/owner can walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history. The buyer has time to research the title and condition of the property and can realize discounts of 20-40 percent below market value.

Auction (Notice of Trustee Sale, Notice of Foreclosure Sale):

If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.

Bank-owned (Real Estate Owned):

If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will probably make sure the title is clear for any buyer, but the potential bargain is typically less than a pre-foreclosure or auction property.

This is an article reprinted courtesy of Trulia.

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According to the Bureau of Labor Statistics, this fall, for the first time in U.S. history, women have surpassed men and now make up more than 50 percent of the nation’s workforce. In 1967, by comparison, they accounted for just one-third of all workers.

Signs of the changing landscape in gender relations are just about everywhere you look:

Single women are now purchasing homes in America than there are single men.

Four out of every 10 women are are now their family’s primary breadwinner, a sharp increase from past decades.

The New Hampshire State Legislature is now made up of a majority of women, a first for a legislative body in the U.S., and the number of women in government continues to edge up nationwide.

Women now account for 30 percent of math Ph.D.s, up from just 5 percent in the 1960s.

On average, women read nine books every year. Men only read four, and women account for 80 percent of the U.S. fiction market.

The World Bank recently estimated that the global earning power of women will reach an estimated $18 trillion by the year 2014, up $5 trillion today.

“Women really have become the dominant gender,” said Guy Garcia, author of “The Decline of Men.” “What concerns me is that guys are rapidly falling behind. Women are becoming better educated than men, earning more than men, and, generally speaking, not needing men at all. Meanwhile, as a group, men are losing their way.”

That seems especially true during tough economic times. While the economy has shed millions of jobs during the recession of 2008 and 2009, men have been three times more likely to lose theirs than women, according to the Bureau of Labor Statistics.

Dr. Heidi Shierholz, an economist with the Economic Policy Institute, said that in the case of the recession, there really haven’t been any winners in the labor force.

“As the economy improves, many of the blue-collar jobs that men hold are likely to return,” Shierholz said. “But the longer-term picture is that we’re seeing women continue to make relative gains in the workplace. That’s not surprising when women are getting good educations and earning solid degrees.”

In fact, a gender education gap, in which women are far outpacing men in terms of educational achievement, has been quietly growing in America over the past few decades. In 2009, for instance, women will earn more degrees in higher education than men in every possible category, from associate level to Ph.D.s, according to the U.S. Department of Education. When it comes to master’s-level education, for instance, U.S. women earn 159 degrees for every 100 awarded to men.

“The big reason for the disparity is that women are going back to finish college or get new degrees and training,” said Heather Boushey, senior economist at the Center for American Progress and one of the co-authors of The Shriver Report, which considers the implications of shifting gender roles.

“Girls today grow up in a post-feminist environment, being told they can do whatever they want in life,” Boushey said. “But then they get out into the workplace and they find that they still make just 77 cents on the dollar compared with men.”

That harsh realization, Boushey argued, helps account for why women have flocked to colleges at a time when the country finds itself shifting from a manufacturing-based economy to knowledge-based one.

“It’s a huge shift,” Boushey said, “when you think that a generation and a half ago our attitudes and expectations for what roles women and men could play in our society were entirely different than they are today.”

As for the discrepancy in wages between men and women, that, too, may be soon be a thing of the past. A study of U.S. Census data conducted by Queens College sociologist Andrew Beveridge found that young women in New York and several other big American cities actually earn more than their male counterparts.

Garcia bemoaned what he sees as a “fragmentation of male identity,” in which husbands are asked to take on unaccustomed familial roles such as child care and housework, while wives bring in the bigger paychecks.

“There was a division of labor, right or wrong, that men understood,” Garcia said. “Now, the trade-offs are murky, and women often get stuck doing both jobs–taking care of kids and playing the primary breadwinner.”

Boushey, on the other hand, thinks that now that both men and women are starting to share in the dual burdens of work and home responsibilities, we’re more likely to find solutions that benefit both genders.

“It’s about finding a mutually beneficial balance,” Boushey said.

This article was reprinted form AOL News, writer David Knowles


















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