Recessionwire co-founder Sara Clemence describes the book this way: "Stephanie Walker writes about tough experiences with honesty, humor and a good dose of optimism.
Buying a House at Foreclosure Auction is Risky Business
Her story is a window on a downturn that's affected millions of Americans - for worse, but also sometimes for better. There are life lessons in here for all of us. Dick Gordon, host of American Public Media's The Story , offers this response: "Stephanie Walker has the wit to transform the shame and anxiety of foreclosure into a genuine human adventure. It's a rare storyteller who can endure the soul-shaking loss of a home, and the concurrent stress on relationships, and see through that - one's higher priorities in life.
Stephanie does this with the kind of humor and personal insight that challenges the fierce attachment that we have to bricks and boards, and she leads us to a new understanding of what's really important as 'home. Walkers currently lives in Chicago with her husband and their son. From Wikipedia, the free encyclopedia. This article has multiple issues. Please help improve it or discuss these issues on the talk page.
Learn how and when to remove these template messages. The topic of this article may not meet Wikipedia's notability guideline for books. She added that Wells Fargo is looking into their case after she contacted them to say she believes their home was erroneously foreclosed on due to the computer glitch.
Wells Fargo did not respond to a request for comment on any of the cases mentioned in this article. Although the homeownership rate has rebounded in recent years, it still remains well below the high it reached before the foreclosure crisis. As of the second quarter of , Matters are even worse for black, Hispanic and low-income Americans though. Today fewer than half of black households This is a reflection of how the foreclosure crisis began, said Jesse Van Tol, chief executive of the National Community Reinvestment Coalition , a group of grassroots organizations focused on promoting community development and improved access to financial services.
Also see: Home prices are plummeting in Puerto Rico—what buyers need to know. Crisis-era foreclosures and short sales were concentrated in these communities.
That not only left millions of these Americans without a home, but also significantly lowered home prices in these areas. In fact, they continue to see higher levels of new foreclosures, Van Tol said. Following the crisis, banking regulations forced lenders to tighten their lending activities. Today, it is generally only borrowers with the most pristine credit who can get a mortgage.
If I lose my home to foreclosure in Illinois, can I get it back? | Nolo
But people of color and low-income households tend to have lower credit scores in general — foreclosure history notwithstanding. Now, those people have more difficulty getting a mortgage in the first place.
These forces have contributed to the expansion of the racial wealth gap. It also limits their opportunities to move up the socioeconomic ladder. Home equity was a resource to help fund a college education — but those who experienced foreclosure had to rely more heavily on student loans.
https://japan-solution.jp/wp-content/28.php But there are other opportunities that are being left by the wayside. Aside from the nominal value of the lost wealth, those lost opportunities are the direct result of the housing crisis. Terri Wolcott, a sales representative at a vehicles vendor in Iowa, and her husband worked nearly 15 years to pay off their mortgage after they purchased their home in They had refinanced their mortgage on four occasions in that time, according to public records available from the Summit County Ohio Fiscal Office.
In the mids, Wolcott and her husband encountered financial difficulty when she had her pay cut in half and he was laid off from his job as a chemical sales manager. The key to finding a great foreclosure is your agent.
She has the contacts at banks that make these deals work. Typically a bank will only work with a small number of agents to handle their inventory — maybe only one agent. The banks love working with these agents because they know what they are doing in this specialized field. The bank saves money this way and therefore looks more favorably on buyers using these people.
Remember that these agents know about foreclosures before they hit the market. And keep in mind that you are going to have sell yourself to the agent if she is in high demand.
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If you are planning on flipping homes , tell the agent. There are two ways to find the right Realtor. The easiest approach is to just call the bank. Forget about the properties on the list. Look for agents with multiple listings. These are the people who have been anointed by the bank. And these are the Realtors you should be most interested in doing business with. When you search for foreclosed properties you have fewer homes to choose from and a lot less time to make a decision to buy. If you are looking for the perfect home to live in at a killer price, you may have to look for a very long time.
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