Buying With A Mortgage From A Bank | Cancel My Mortgage Foreclosure

Foreclosure Homes - No Good Deal When Buying With A Mortgage From A Bank | Cancel My Mortgage Foreclosure

REO or bank foreclosure homes seem to be a great bargain, but may not be as good as they seem on the surface. These homes have set empty for long lengths of time and have deteriorated greatly. The plumbing has been lacking of water and have dried and possibly cracked and the electric wire without electricity may have been gnawed by rats and other rodents. If this is the case, you would have to spend thousands of dollars repairing your foreclosure homes and may not be able to get title insurance as the banks have wrongfully foreclosed. Do you really want these problems?

1. What is title insurance and why do I need it when I buy foreclosure homes?
2. How does a house deteriorate when sitting empty?
3. Buying foreclosure homes with a mortgage may be the only way to home ownership.
4. Why does Title Insurance exist?

Title insurance is the same as indemnity insurance against financial loss from defects in title to real property and from the enforcement of liens that exist against the property. Title Insurance also covers the loss of an interest in a property due to legal defects and that is required if the property is under a mortgage. Most title insurance is lender's title insurance, which is paid for by the borrower, but protects only the lender. The fact that a policy was issued reveals that a title search has been completed. Title searches are not infallible and are always fraudulent, because the warranty deed is never completed and claimed unless a land patent takes place. You need title insurance to protect your interest.

All houses deteriorate when sitting empty. Wood rot by rain and water at the bottom of doors or other entry ways to house where water sits against the foundation or wood is the main way of deterioration on the outside. The inside deterioration cannot be seen unless there is mold growing. The plumbing fixtures stay dry and can cause leaks when water is finally turned on. The rodents can gain access to the interior and chew on the electrical wires and without electricity being on, they can have a feast on the wire coating, especially in cold months. The foundation can dry out by non-use and crack under the carpet, tile, or wood. These are the main causes of deterioration when a house sets vacant.

Buying foreclosure homes with a mortgage may be the only way to home ownership. The bank REO or foreclosure homes are mostly in need or repair and are sold at fair market value based on a bank appraisal. Most of the time you can buy a home with less problems at the same price, but the banks lead people to believe that their REO foreclosure homes are cheaper and better value in order for the bank to make more money. Most of the time, the bank will loan you the money, but you cannot get title insurance due to wrongful foreclosure where the bank steals the property from the previous owners in a court foreclosure law suit.

Most home owners do not have the money to fight this wrongful foreclosure and 99% just give up and move and let the banks steal their property.

Title insurance exists, because the way the land records laws are structured. The transfer deed is recorded in the county where the land is located. Title search is completed on public records and insures the lender. The title insurance policies are fairly uniform in every State. Only a Grant Deed under a Land Patent guarantees private property rights and ownership in land and property.

As mentioned in this article, foreclosure homes are not such a great deal after all due to repairs and title problems. There is a company that can help you get a free and clear mortgage. More than 300 homeowners and commercial property owners have been helped.

To learn how we can help you win against the dirty foreclosing banks. This Mortgage lien release and removal company provides the proper, factual evidence with an expert witness, if needed, and fraud audit that proves bank fraud that helps home owners and commercial property owners in every State fight the bank to win, almost always resulting in a mortgage lien release and loan removal to stop foreclosure fast. Call 850-826-1662 for a FREE Mortgage Removal Consultation or please visit www.1RealEstateHomes.com now.