Falling behind on your mortgage is a very serious event in any persons life. I am here to tell you there are many ways to save your home before you get to the point of eviction. In some states it takes up to 12 months before the eviction process happens, and in other areas it can happen as soon as 30 to 90 days. Texas residents could find the foreclosure process completed in only around 45 days. It greatly depends on the law and the mortgage holder and how aggressively they pursue your case. (Read More.....)
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Reality Trac had commented that 70% of current mortgage defaults are currently not listed in MLS, they are kept off the books because it would impact the economy which would cause catastrophe in the stock markets and our dollar. Up to 9 million homes may enter foreclosure over the 2009-2011 period, versus one million in a typical year. At roughly U.S. $50,000 per foreclosure according to a 2006 study by the Chicago Federal Reserve Bank, 9 million foreclosures represents $450 billion in losses 
Home prices are falling, and now, more than ever todays buyer has to be well informed. With many foreclosures on the market, and even more to come in 2010 & 2012, it is giving buyers more negotiating power. Financing has become much more difficult, as the "easy loan days" are about over as more homeowners default on their mortgages. Today's buyer has to be cautious and conservative in buying a home they can afford while making a smart purchase. Here are 35 tips common mistakes Home buyers make. 
Foreclosures can look like a "diamond" deal when you are looking at the *sale* price tag. It has been compared to buying a gift all wrapped up without looking inside the box at the contents, and paying thousands for it. Millions of people have lost their homes, due to mortgage loans, decreasing home values, and higher taxes that have put them in vulnerable situations of accepting deals they otherwise would have never entertained. Banks are also in a compromised position of having millions of negative assets on their books as they go severely in the red. There is no time like today to purchase a foreclosed property, and for that matter, tomorrow looks just as good as today as the bleeding is not going to stop anytime soon. Be warned, as bargain deals may come with draw backs that are not advertised. 
Many homeowners who find themselves approaching a foreclosure and approached other options such as a short sale or loan modification with no success often turn to a Deed in Lieu of foreclosure, because it is the fastest way out.