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Field Guide to Foreclosures

(updated April 2013)

While the housing market hasn’t fully recovered, reduced foreclosure inventories are providing a level of optimism. 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)(D. Foligno, Project Specialist)


Home Affordable Foreclosure Alternatives Program (HAFA)

U.S. Treasury offers resources for distressed sales, (REALTOR Magazine online, Apr. 2013).

HAFA Program Overview, (Making Home Affordable.gov, 2012).

HAFA brochure, (MakingHomeAffordable.gov).

HAFA Videos, (Making Home Affordable.gov, Sept. 13, 2011).

What’s the difference between HAMP and HAFA?, (NOLO Law).

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.

Am I eligible for a Home Affordable Modification, (MakingHomeAffordable.gov).

NAR HAFA FAQs, (National Association of REALTORS®, Dec. 11, 2009).

Home Affordable Foreclosure Alternatives Program (HAFA), (National Association of  REALTORS®, Nov. 30, 2009).


Foreclosure in the News

Homeowner takes bank to trial to avoid foreclosure over mortgage he didn’t sign, (South Florida Business Journal, Mar. 21, 2013).

Boomerang buyers return to market after foreclosure, (CNN Money, Mar. 11, 2103).

Regulators Feel Heat on Foreclosure Pact, (Wall Street Journal, Mar. 3, 2013).

Zombie foreclosures: Borrowers hit with debts that won't die, (CNN Money, Feb. 22, 2013).

Have All The Bad Loans Already Been Foreclosed?, (Forbes.com, Feb. 18, 2013).

When banks walk away, homeowners don’t always win, (CNBC, Jan. 14, 2013).

More Americans walk away from their mortgages, (The Fiscal Times, Oct. 24, 2012).

For seniors, foreclosure can destroy the golden years, (Miami Herald, Sept. 17, 2012).

Utilities feel pinched by growing home foreclosures, (Kansas City Star, Sept. 21, 2011)

Fighting a foreclosure suit? Hope for the right judge. (CNN Money, Apr. 18, 2011)

Tenants don't have foreclosure-act protections in short sales, (Los Angeles Times, 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

$350K Home Bulldozed to Avoid Foreclosure, (CBS News, Feb. 23, 2010).

You lost your house - but you still have to pay, (CNN Money, Feb. 3, 2010).


Foreclosure Help

Resources for Consumers, (Federal Reserve, Feb. 27, 2013).

How to revive your credit score after a short sale, (Fox Business, Oct. 17, 2012).

HUD-certified counselors can help homeowners avoid foreclosure, (Los Angeles Times, Sept. 23, 2012).

How to avoid foreclosure before it's too late, (Forbes, June 5, 2012).

Programs to help homeowners avoid foreclosure, (Answers.USA.gov).

Beware of Scams, (Fannie Mae, 2013).

When paying the mortgage is a struggle, (Federal Trade Commission, Aug. 2009). 

NAR's Brochure: Learn How to Avoid Foreclosure

NAR's Brochure: Traditional Mortgages: Understanding Your Options

Avoiding foreclosure, (Freddie Mac).


Profiting From Foreclosures

Is it time to invest in foreclosures?, (Christian Science Monitor, Mar. 11, 2013).

Flipping Houses as Lucrative as Music: Vanilla Ice, (CNBC, May 7, 2012).

Best places to buy foreclosures, (CNN Money, Jan. 31, 2013).

Expert tips for profitable foreclosure flips, (Realty Trac, Nov. 5, 2012).

House flipping is hot again, (Time, Oct. 16, 2012).

Firms flock to foreclosure auctions, (Wall Street Journal, Sept. 12, 2012).

Home Improvement Spending on Distressed Properties: 2011 Estimates, (Harvard Joint Center for Housing Studies, Jan. 2012). 

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).


Websites and Statistics

How foreclosures work, (How Stuff Works, July 2, 2012).

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

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).

HomeSales.gov

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)

Field Guides & More

These field guides and other resources in the Virtual Library may also be of interest:

Field Guide to Short Sales

Field Guide to Remodeling

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.