Foreclosures Rise from 6yr Low

Foreclosures Are Up

Foreclosure activity accelerated in July rising off of the 78 month low it reached in June, RealtyTrac said today. There were 130,888 foreclosure filings – including default notices, scheduled auctions, and bank repossessions – in June, the Irvine, California company reported, a 2 percent increase from the previous month but a level 32 percent below that in July 2012. One in every 1.

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Banks are not paying attention to the law.

Gavel on Money
Last year the 5 biggest banks cut a deal with 49 attorney generals.They were B of A, Chase, Wells Fargo, Citigroup and Ally financial.  In return for not being sued, they agreed to certain practices.

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Flipping is dead

Every time you make an offer to  a bank, be prepared to close. There is no assignment regardless of what some “guru” tells you. You can do a double close but it is risky and complicated. Your deposit is at risk unless you have someone who is willing to put up the deposit in the 2nd escrow before the inspection contingency expires. YOU CAN NOT ADD ANOTHER NAME TO THE CONTRACT OR CHANGE IT IN ANY WAY.

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