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As Many as 90% of Foreclosed Properties Held Off the Market, Estimates Suggest

By golfplan18   Follow   Thu, 16 Aug 2012, 1:54pm   883 views   8 comments
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http://realestate.aol.com/blog/2012/07/13/shadow-reo-as-much-as-90-percent-of-foreclosed-properties-are-h/

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1. David9 Follow Befriend (3) 28 threads 772 comments Tarzana, CA

   1   2:25pm Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   Yep. Mark to Market Accounting law of 2009 allows the banks to keep a delinquent loan on the asset side of the books, giving them zero reason to foreclose and book the loss.

2. David9 Follow Befriend (3) 28 threads 772 comments Tarzana, CA

   2   2:48pm Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   And here is proof from 2009, just in case.. http://www.nytimes.com/2009/04/03/business/03fasb.html

3. errc Follow Befriend (7) 30 threads 1,267 comments 31 male Premium

   3   3:00pm Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   Protected   What happens with the school/property tax bill on an REO?

4. David9 Follow Befriend (3) 28 threads 772 comments Tarzana, CA

   4   3:10pm Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   errc, I googled your question, according to this article: The lender also negotiates the removal of any existing property tax liens or IRS tax liens for back taxes owed. http://www.ehow.com/info_8178929_happens-foreclosed-house-not-sold.html Silly ;-) ;-)

5. Call it Crazy Follow Befriend 249 threads 2,913 comments

   5   3:20pm Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   David9 says errc, I googled your question, according to this article: The lender also negotiates the removal of any existing property tax liens or IRS tax liens for back taxes owed. http://www.ehow.com/info_8178929_happens-foreclosed-house-not-sold.html Silly ;-) ;-) I also believe the bank keeps up current with the tax bill. Otherwise, the sherriff will get his hands on it and sell it on the court house steps for unpaid taxes.

6. David9 Follow Befriend (3) 28 threads 772 comments Tarzana, CA

   6   3:25pm Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says I also believe the bank keeps up current with the tax bill. That's what I thought, but that article says the bank can 'negotiate the removal' lol, too wild.

7. wave9x Follow Befriend 4 threads 74 comments

   7   10:46am Fri 17 Aug 2012   Share   Quote   Permalink   Like   Dislike   We should all pay very close attention to this because we all know how blogs on AOL are a very reputable source of data and analysis.

8. PockyClipsNow Follow Befriend 19 threads 1,536 comments Los Angeles, CA

   8   11:19am Fri 17 Aug 2012   Share   Quote   Permalink   Like   Dislike   I think it takes 5 years of deliquent taxes to result in a tax foreclosure sale in CA. It might vary by county and state widely. After 5 years they could probably pay one year of delinquent taxes (the bank pays not the squatting homeowner!!! they live free of course) then get another year of free squat. Probably the bank would acutally foreclose after 5 years of zero payments. BUT what about 2 failed loan mods during a 5 year period that is more normal now.