October 14, 2008

President Bush said that the US Government will be Buying Back Major US Banks’ Stocks

President Bush on Tuesday said that the US government will be buying back stocks from the countries’ leading banks. A few of the large banks had to be pressured into the program because Treasury Secretary Henry Paulson wanted to start with banks that were doing well to show that the bailout is not just for banks that messed up. President bush said that this will provide financial stability for the economy and help stabilize the economy.

We regret having to take these actions,” said Paulson. “Today’s actions are not what we ever wanted to do — but today’s actions are what we must do to restore confidence to our financial system.”

The Fed will be buying large amounts of short term debt starting Oct 27th. Depression era emergency plans are being rolled out in order to buy commercial paper, which is crucial for small companies to pay short term needs. Fed Chairman Ben Bernanke is for the plan, and also noted that planners will continue to push plans to fix our broken economy.

I think that this will help the economy, and it’s good that at least some people are trying to make it seem like the government isn’t bailing out just the failing companies. Of course these plans over time (if they work) will lessen the amount of foreclosures that are occurring. NJLispendens recorded 207 pre-foreclosure records on October 1st alone, and the numbers keep climbing.

October 10, 2008

A Sheriff is trying to stop all of the foreclosure Evictions in Chicago has an interesting article about Sheriff Tom Dart of Cook County, Illinois who apparently wants to put an end to all foreclosure evictions. He noted the record number of foreclosures including in Chicago Illinois and wants to put a stop to them.  

“These mortgage companies only see pieces of paper, not people, and don’t care who’s in the building,” Dart said yesterday in a press statement posted on his office’s Web site.”

Chicago is the third largest city in the United States and Cook County consists of about half if the population of Illinois and more than 43,000 cases will be filed this year in the courts. 

Dart was specially referring to giving tenants notice if their landlord’s properties were in pre-foreclosure proceedings or close to foreclosure status.  

Steve Patterson, a spokesperson for Dart said that it’s too hard to tell who is a home renter and who is a home owner, so they are going to sop everyone. 

Accredited Home Lenders is owned by Dallas-based Lone Star Funds, which acquired it for $299 million dollars during last year. They are going to court over trying to evict a Chicago suburban women which they gained the right to dispossess on September 25th

The case: Ex Rel Accredited Home Lenders Inc. v. Dart, 08CH37776, Cook County, Illinois, Circuit Court, Chancery Division (Chicago).

October 7, 2008

Center for Responsible Lending Calls on Congress to Help Families Facing Foreclosure

Even though the U.S bailout plan will help the economy (which will take some time), the main problem with the economy was still caused by foreclosures and the housing crisis. If this problem is still not addressed, then the economy will still not recover quickly. The center for responsible lending is asking congress to do something immediately about the foreclosure situation.

“Any plan that fails to stop foreclosures will ultimately fail to fix the crisis,” said Michael Calhoun, president of CRL. “Wall Street firms and banks caused a massive foreclosure crisis in this country, and this bailout provides no meaningful way to end it. It doesn’t stop the epidemic of foreclosures that will continue to drag down property values for everyone.”

About 7 million foreclosures are expected to occur in the next few years to come involving some 40 million families. Existing measures are not working.

The foreclosure crisis could have been prevented. There were plans, ones that gave home owners the same foreclosure judicial rights as business owners in the foreclosure process. They were plans that didn’t incur heavy tax burdens and duties on home owners. Over half a million home owners would have been saved from foreclosure hearings if simple precautionary steps had been taken.

October 2, 2008

House in Saginaw Michigan sold for $1.75 on Woman never saw home and has fees or faces foreclosure hearing.

Filed under: Uncategorized — americanforeclosures @ 12:59 pm
Hosue bought on eBay for $1.75

Hosue bought on eBay for $1.75

The home, which sold for $1.75 on Wednesday, received eight bids. The high bidder was 30-year-old Joanne Smith, of Chicago, Illinois.

“I am going to try and sell it,” she said of the home. “I don’t have any plans to move to Saginaw. I don’t have any plans of moving from (Chicago).”

She will now owe about $850 in back taxes and cleanup. If she does not pay, the house will face a judicial foreclosure hearing.

All she has is the seller’s email for, Southern Investments, LLC.

“I was trying to go see it, but I am not gonna make a 300-mile trip if I can’t go in the house and see inside,” Smith said. “It could be haunted or something.”

The question is, will she be able to sell it? Or will she have to pay 4-5 thousand dollars in demolition costs?

Certainly not seeing the house or photos of the inside is definitely not the best tactic to use in buying and selling foreclosures. She should at least be able to see the inside before taking on an investment.

See this freely syndicated e-zine article below about eBay and selling foreclosures and Real Estate.

Selling Real Estate on eBay

Selling real estate over the internet may sound like an awkward idea. However, the exposure the real estate receives over such a widespread media like the internet is every realtor’s dream.

Can eBay be used to market real estate? The answer is a resounding ‘yes!’

eBay provides functionality that is clearly adaptable to the needs of most realtors. It provides a widespread medium of advertisement for the real estate. It is also a relatively inexpensive method of advertising.

One of the best things about selling real estate on eBay is that it “markets” to many areas around the world, not just a local area. Advertising on eBay makes the property available to more than 100 million potential buyers, including those from other countries. Visitors can browse through the property details 24 hours a day, 7 days a week – all without the realtor having to explain the details about the property to every single prospect wanting information.

Advertising Your Real Estate on eBay

When one has a house or other real estate to sell, he or she may list it for auction on the eBay Real Estate site. This is found at

There are many different ways to present the property for sale on eBay. If the realtor seeks to sell the estate at a fixed price instead of having the property go through an auction, he may request eBay to display a real estate listing in a format much like a local paper.

eBay’s Real Estate page has three selling formats. These are the auction, fixed price selling, and the traditional real estate listing.

For each of these selling formats, the “user” furnishes additional information regarding his or her property. Details may include lot size, number of bedrooms, number of bathrooms, type of property, year built, and other information. The auction listing period must also be specified, where the choices range from 1-, 3-, 5-, 7-, 10-, or 30-days, or a 30- or 90-day non-auction listing.

The eBay Real Estate website charges two types of fees for listing a property. There is a simple fee for listing the property and also a fee is based on the final amount of the property sale. The charge for a 1-, 3-, 5-, 7-, or 10-day auction listing is typically around $100. A 30-day auction listings cost about $150. A non-auction listing costs $150 for 30-day listing, and about $300 for a 90-day listing.

Fees for Timeshare property and land are usually slightly lower. The final fee amount for Timeshares and land is generally about $35.

Selling real estate on eBay is growing in popularity as the internet stretches it’s outreach to more countries. Although nothing beats direct and personal inspection of property, the convenience of having eBay connect seller and potential buyer is definitely appreciated.

Copyright 2005 MHG Consulting

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