Freddie Mac: Home sales data will continue to decline by as much as 20 percent
Major mortgage backer Freddie Mac recently estimated about 4 million new and existing home sales for the third quarter of 2010, which would mark a 20.7 dip from the same time last year and a 23 percent slide from the previous quarter. Government stimulus, or lack thereof, is believed to be the primary culprit, according [...]

Major mortgage backer Freddie Mac recently estimated about 4 million new and existing home sales for the third quarter of 2010, which would mark a 20.7 dip from the same time last year and a 23 percent slide from the previous quarter.

Government stimulus, or lack thereof, is believed to be the primary culprit, according to HousingWire.com. The homebuyer tax credits both expired in April.

Poor home sales, as well as rising delinquencies, have pushed prices down overall. That’s great news for buyers, but at this stage — with the unemployment rate still high and money tight virtually all around — it seems that the pool is still super shallow.

It’s an ideal climate for investors in speculators, however. In fact, the recently-introduced “First Look” program was designed to help communities and traditional buyers beat cash-laden opportunists to the punch, providing them with much-needed time to land the best deals before they are gobbled up.

To check out the best distressed real estate deals in your area today remember that you can search Foreclosure.com free for seven days. You can start right here.

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Foreclosure scams: What to look for and other red flags
LoanSafe.org, which refers to itself as “America’s #1 consumer mortgage forum,” has compiled a helpful list of potentially suspicious requests from con artists who pose as foreclosure rescue experts. Here it is: guarantees to stop the foreclosure process – no matter what your circumstances instructs you not to contact your lender, lawyer, or credit or [...]

LoanSafe.org, which refers to itself as “America’s #1 consumer mortgage forum,” has compiled a helpful list of potentially suspicious requests from con artists who pose as foreclosure rescue experts.

Here it is:

• guarantees to stop the foreclosure process – no matter what your circumstances
• instructs you not to contact your lender, lawyer, or credit or housing counselor
• collects a fee before providing you with any services
• accepts payment only by cashier’s check or wire transfer
• encourages you to lease your home so you can buy it back over time
• tells you to make your mortgage payments directly to it, rather than your lender
• tells you to transfer your property deed or title to it
• offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
• offers to fill out paperwork for you
• pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand.

The most important thing that distressed homeowners who are facing foreclosure can do is seek help. There are numerous non-profit organizations and government programs available to help these folks out if and when possible.

Unfortunately, there is a criminal element that is aware of this reality and is out to exploit it for their own personal gain. So if an offer sounds too good to be true, it more than likely is when it comes to foreclosure prevention.

Do your homework. Stay on your toes. And be weary of unsolicited mail not from your bank/lender and anyone who shows up on your front doorstep.

Good help is out there, but chances are you’ll have to go and get it … don’t expect it to just magically appear.

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