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While foreclosures still persist in the current economic climate, there are signs of improvement. This Field Guide provides resources and links for avoiding foreclosure and tips for investing in foreclosures. Also included is information on the government's Home Affordable Foreclosure Alternatives (HAFA).
Home Affordable Foreclosure Alternatives Program (HAFA)
The Home Affordable Modification Program (HAMP) was expanded to include incentives for providers offering options to eligible homeowners trying to avoid foreclosure. Home Affordable Foreclosure Alternatives (HAFA), began on April 5, 2010 and all HAFA agreements must be finalized and signed by December 31, 2012.
A Much-Needed Road Map, (REALTOR® Magazine Online, Feb. 2010).
Am I eligible for a Home Affordable Modification, (MakingHomeAffordable.gov).
HAFA brochure, (National Association of REALTORS®), (text-only version).
NAR HAFA FAQs, (National Association of REALTORS®, Dec. 11, 2009).
Home Affordable Foreclosure Alternatives Program (HAFA), (National Association of REALTORS®, Nov. 30, 2009).
NAR's summary on the homeowner affordability and stability plan, (National Association of REALTORS®, Government Affairs).
Foreclosure in the News
Regulators to unveil complaint procedure for foreclosure cases, (Los Angeles Times, Oct. 9, 2011)
Reports Fault Regulator of Fannie, Freddie, (Wall Street Journal, Sept. 23, 2011)
Utilities feel pinched by growing home foreclosures, (Kansas City Star, Sept. 21, 2011)
Firm revives houses, neighborhoods from foreclosure heap, (Chicago Sun Times, Aug. 26, 2011)
Fighting a foreclosure suit? Hope for the right judge. (CNN Money, Apr. 18, 2011)
Seniors find dark side to reverse mortgages, (Orlando Sentinel, Feb. 2, 2011).
IU researcher awarded funding to study impact of foreclosure on students, (Indiana University News Room, Feb. 7, 2011).
Tenants don't have foreclosure-act protections in short sales, (Los Angeles Times, Feb. 6, 2011).
Court's stance on foreclosure case could have big impact, (Tampa Bay Online, Feb. 6, 2011).
Churches Find End Is Nigh; The Number of Religious Facilities Unable to Pay Their Mortgage Is Surging, (Wall Street Journal, Jan. 25, 2011). Q
Immigration law may increase Arizona foreclosures, (Seattle Times, July 2, 2010).
Study Says Math Deficiencies Increase Foreclosure Risk, (New York Times, June 9, 2010).
How foreclosure impacts your credit score, (CNN Money, Apr. 22, 2010).
$350K Home Bulldozed to Avoid Foreclosure, (CBS News, Feb. 23, 2010).
Should you ditch your house?, (CBS News, Feb. 16, 2010).
You lost your house - but you still have to pay, (CNN Money, Feb. 3, 2010).
More than a third of homeowners in foreclosure suffer from major depression, (University of Pennsylvania School of Medicine, Aug. 18, 2009).
Foreclosure trash-out: ill fortune and its leavings, (New York Times, Mar. 18, 2009).
Foreclosure Help
New York courts vow legal aid in housing, (New York Times, Feb. 15, 2011).
Know your options, Fannie Mae program for those facing foreclosure, (2011).
Pre-foreclosure FAQs, (HUD, Sept. 27, 2010).
Life after foreclosure: coping with bad credit, (National Public Radio, Sept. 27, 2010).
More homeowners turn to mediation after foreclosure, (USA Today, May 28, 2010).
Learn How to Avoid Foreclosure and Keep Your Home—NAR downloadable brochure
As homeowners’ dreams die, he’s the undertaker, (New York Times, May 6, 2010).
Another foreclosure alternative, (New York Times, Feb. 24, 2010).
Debt-relief plan offered to distressed homeowners, (Wall Street Journal, Feb. 11, 2010). Q
Avoiding foreclosure, (Freddie Mac).
The case for walking away, (Newsweek, Jan. 12, 2009). Q
Profiting from Foreclosures
Federal foreclosure funds trickling into neighborhoods, (Chicago Tribune, Jan. 16, 2011).
Create a whole new market for yourself with fix-and-flips, (REALTOR® Magazine, Nov. 2010).
Is it safe to buy a foreclosure? (MSN Money, Nov. 16, 2010).
To boost sales of foreclosures, FHA suspends anti-flipping rules, (Washington Post, Jan. 30, 2010).
7 tips for buying foreclosures, (CNNMoney.com, Nov. 19, 2009).
Short-sale pre-foreclosure investing, (Realty Times, Jan. 22, 2009).
Freddie Mac "Foreclosure Scam 101" video
Freddie Mac Foreclosure scams 101 video, (English & Spanish, Dec. 6, 2007).
Websites, Studies & Statistics
Foreclosure and kids: Does losing your home mean losing your school? (NYU Furman Center, Feb. 2011)
Foreclosure rates by state, (Realty Trac, Jan. 2011).
Foreclosure assistance programs by state, (National Association of REALTORS®).
Foreclosure laws & procedures by state, (RealtyTrac.com).
Foreclosure FAQs, (HUD).
Foreclosures.com—Brief summary of foreclosure laws by state
Federal Trade Commission—Mortgage payments sending you reeling? Here’s what to do.
Renters in foreclosure toolkit, (National Low Income Housing Coalition)
HomePath.com—Fannie Mae foreclosed property listings
HomeSteps.com—Freddie Mac foreclosed property listings
Foreclosure listings by state, (RealtyStore.com).
Internal Revenue Service—IRS seized property auctions
Foreclosure.com, Nationwide search
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
42 Rules for Saving Your House From Foreclosure (Adobe eReader)
The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else (Adobe eReader)
The Everything Guide to Buying Foreclosures (Adobe eReader)
American Foreclosure (Adobe eReader)
Make money on foreclosures answer book (Adobe eReader)
Short-sale pre-foreclosure investing (Adobe eReader)
Buying Real Estate Foreclosures (Adobe eReader)
The foreclosures.com guide to making huge profits investing in pre-foreclosures without selling your soul (Adobe eReader)
Goldmining in Foreclosure Properties (Adobe eReader)
How to Make Money on Foreclosures (Adobe eReader)
Make Money in Short Sale Foreclosures (Adobe eReader)
Quick Cash in Foreclosures (Adobe eReader)
Books, Videos, Research Reports & More
REBAC Short sales and foreclosure courses, (REBAC, 2011).
Recapturing Land for Economic and Fiscal Growth, (Brookings-Rockefeller Project on State and Metropolitan Innovation, May 3, 2011)
HUD Property flipping waiver, (HUD, Feb. 1, 2011).
Report to congress on the root causes of the foreclosure crisis, (HUD, Jan. 2010).
Landscapes of Foreclosure: The Foreclosure Crisis in Rural America, (Harvard JCHS, Nov. 2009).
Economy, housing woes slow migration, census shows, (Brookings Institution, Dec. 24, 2008).
Field Guides & More
These field guides and other resources in the Virtual Library may also be of interest:
Field Guide to Investing in Real Estate
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The inclusion of links on this field guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this field guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.