Friday, January 29, 2010

Cities with Top Foreclosure rates

According to Realty Trac, Las Vegas had the most foreclosures in 2009, which is five times the national average.  One of every eight Vegas households (12%) received notices of loan default, auction, or repossession in 2009.

While Nevada ranked number one - Missouri is ranked at number 30.  St. Louis foreclosure rates have been right along with the rest of the nation, with about 1,700 foreclosures in St. Louis city alone per month.

Most people don't realize that there is a redemption period in some states, that allow the person who lost their home to get it back after it has already been foreclosed on. Here is the rule for Missouri:

  1. A notice of sale must be mailed the borrower, at his last known address, at least twenty (20) days prior to the scheduled day of sale. The notice of sale must also be published in a newspaper within the county.
  2. The sale is conducted by the trustee at public auction for cash to the highest bidder. Anyone may bid, including the lender. If the lender is the winning bidder, the borrower has one year (12 months) to redeem the property.
  Kansas, for example, also allows the homeowner one year to get the property back, but does not have the "lender" clause.

A person wanting to bid on a foreclosed property needs to study carefully all the laws involved.
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