Foreclosures! Where are we headed?

Good morning ya'll! (born in Georgia, sorry!) Before I start, if any of you ask questions... I respond in that specific blog so please check back. I don't know how to respond to each one right after your comments, mine seem to go the end , tell me how to make my response fall right after yours? By the way the bureaus have more than 30% errors in their databases, is yours one of them , like Susan said and she didn't know it! It can happen!

Onto the subject at hand. Foreclosures on the brain. Who do you know that has been affected? I think "the other shoe has yet to drop"! I keep hearing about Lenders that are actually hanging onto the properties they have foreclosed on, instead of dumping them to cut their losses. Why? They are waiting for the PMI (Private mortgage insurance, you know that stuff you have to have unless you have 20% down, that "loss" insurance!) companies to pay their portion of the losses. There seems to be some "waiting" period for it to kick in! Huge losses coming for the MI companies? I think so. What then? This will affect everyone for a long time to come. Especially if the MI companies go under!Without MI companies lender's guidelines will become even more strict, banks will be less willing to step up and provide those "combo" loans, you know those second mortgages that combine with your down payment to get you to 20% down to avoid the MI. They use the MI companies to mitigate their losses as well, even though you don't know it.(Actually MI is really "death" insurance, if you die it pays off your mortgage, I really should be saying PMI to be correct, oh well!) Who has 20% down, especially in places like California (April)!!!! (Move to the midwest, girl!) Have we hit bottom? I don't think so!

Good prices on Homes though, rates are great and guidelines are tolerable for now...! Every locations different, talk the Pros in your area if you're thinking about buying now! Till next time........

FREE CREDIT REPORTS

Yes you can get a FREE credit report at http://www.annualcreditreport.com/ . It does not include "Scores", though! But never fear, you will be attacked continually. and asked if you want to "upgrade" your choice to include those elusive little rascals! You can get one Free Credit Report each year from the three majors bureaus: Equifax, Trans Union and Experian. You might consider spacing them out and just order one every four months!

Keep in mind it will include everything BUT your score, unless of course you get the UPGRADE!

We'll talk about the actual CREDIT SCORES themselves on another day!

John W will be here soon