When homeowners have missed several mortgage payments, they should not be surprised when the banks come knocking on their door looking at foreclosing them. A lot of people just seem resigned to the fate as deciding on foreclosure is not something that they would decide on.

Homeowners need to make a decision whether foreclosure is the right choice for them but many times, they really don’t need to give up their home. The problem however is that they do not know better and would need help to make the right decision.

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This follows-up my May 15, 2007 and May 23, 2007 articles about Indiana law applicable to creditors that want to pierce the corporate veil and that wish to recover under Indiana’s Uniform Fraudulent Transfer Act. On July 20, 2007, the Indiana Court of Appeals issued an opinion upholding the trial court’s piercing of the corporate veil, normally a difficult thing to do, as well as affirming liability based on the UFTA. See, Four Seasons Manufacturing, Inc. v. 1001 Coliseum, LLC, 2007 Ind. App. LEXIS 1589 (Ind. Ct. App. 2007).

Indiana’s general principles on “piercing”. Four Seasons, on page 12, sets out these guidelines:

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To make things easier for realtors here is the information you will need to do a short sale. Investors can use this guide also there are just a few things that are done differently.

1. Get a list of people in foreclosure or work from your referral base to send letter to potential clients in foreclosure.

2. Talk with homeowners

3. Meet with homeowners in foreclosure

4. Tell them you are a realtor and that you will be contacting the bank to list your property at a discount + your fee.

5. Get paperwork from homeowner to show the bank that there is a hardship.

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There are solutions for the sub prime lending crisis that entail making changes to the way lenders are handling this crisis. There are distinct groups of individuals that are causing this foreclosure epidemic. First, there is the homeowner who got a “teaser interest rate” that was affordable at the time but became unfordable when the interest rate adjusted. In addition to the teaser interest rates, lenders started a policy of “no documentation of income” or no-doc loans that did not require borrowers to show proof of their income and are now referred to as “liar’s loans”. The problem was that homeowners couldn’t afford the payment if there were any increases due to taxes, insurance, or an interest rate adjustment.

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It may have taken a bit longer than the rest of the country but the sub-prime cloud is casting its shadow over the Empire State.

The entire state registered a rise in foreclosures of over 22% from July 2006 – July 2007. No place was spared it seems. In Queens the number of foreclosure filings rose 126% in one month, while Staten Island reported in with an increase of 102%. Scarier still is these two boroughs weren’t even the hardest hit. that distinction belongs to Staten Island which got hammered with a 184% increase in foreclosures in the previous 12 months. All told the five boroughs showed an increase of 55% over the past year.

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Buying homes at foreclosure auction sponsored by the US national and several local governments is the in thing when shopping for existing homes nowadays. With the proliferation of government sponsored foreclosure auctions of repossessed homes, people could shop for already existing homes. One way on how people can get their dream home or an ideal home is by checking out the latest government auctions for confiscated, sequestered or seized homes.

The repossessed home is priced lower for liquidation means, the more important thing, and the significant idea you should always bear in mind is that you must always aim to buy at cheap prices. You may need to do a few repairs, but this is nothing that should stop you from bargain shopping for the perfect foreclosure auction property.

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