Co-founder of Roc-A-Fella Records, Damon Dash, is about to lose his duplex loft, which is located in a Tribeca, N.Y., “power building,” according to Curbed.com.

Dash, who purchased the 5,200 sq. ft. “stunner” in “The Atalanta” building for $3.875 million in 2004, currently owes his lender nearly $9 million after a refinance in 2006. He stopped paying the $78,000/mo. mortgage in late 2008.

Here’s a description of the property:

“This stunning 5,200 SF duplex loft boasts 20 foot ceilings in the living room, 4 bedrooms and 4 baths on TriBeCas best block. Add huge windows facing north and south, a mint kitchen and luxurious bathrooms, it leaves nothing to be desired. Located in the preeminent full service doorman building, the Atalanta, Must be seen!!”

The duplex is scheduled to be put on the auction block today (Wednesday, July 28, 2010) at 1 p.m. ET, during which a new buyer will emerge or the bank will claim possession of it.

Stay tuned.

Fictional superhero Superman came to the real-life rescue of one Boston, Mass., family who found themselves up against the dark forces of foreclosure.

To the tune of about $250,000.

MyFOXBoston.com reports that the family, which has chosen to remain anonymous, discovered the rare 1938 comic in a box stowed away in their basement since the 1950s.

In fact, the distressed homeowners came across it while packing, assuming their days were numbered with a looming repossession of their home.

Not anymore.

The comic earned a VG+ (Very Good) rating and is expected to sell faster than a speeding bullet on ComicConnect.com for a cool quarter-million in the very near future.

It’s a big save just in the nick of time … and that’s no trade secret.

Easy come, easy go.

The big spending Teresa Giudice, who stars on “The Real Housewives of New Jersey” reality show, will be forced to auction off many of her worldly possessions as part of a bankruptcy filing, according to People.com.

Televisions, sofas, chairs, chandeliers, as well as a boat and jet ski — even a suit of armor — are scheduled to hit the block at their Towaco, N.J., mansion on Aug., 22, 2010, at 12 p.m. ET. To check out a complete list of available items click here.

Giudice, who was looking for a “fresh start” after claiming a downturn in the economy crippled the family finances, is currently appealing the bankruptcy auction.

From her attorney, Jim Kridel:

“Obviously we have objections to what they’re trying to do…. I don’t think Teresa is happy seeing all her belongings displayed on the Internet. Clearly they are under the microscope because they are famous.”

If the auction goes off as planned, interested bidders are required to present a $300 refundable deposit at the time of registration. In addition to their possessions, the six-bedroom, five-bathroom “rococo chateau” is for sale for a little less than $4 million.

One man’s junk is another man’s treasure.

William “Lucky” Douglas is proof, selling abandoned furniture and other household items left in the wake of Michigan foreclosures for rock-bottom prices at his “part-flea market, part-thrift shop, part-garage sale” shop called “Lucky & Nisan’s Unique Boutique.”

Foreclosure cleanout crews are often tasked with “taking out the garbage,” rekeying doors and securing properties that go through the foreclosure process. Banks rely on these companies to clean the slate, so to speak, after the homeowners leave and/or are evicted.

Often, the contents of the homes are hauled straight to the local dump. Douglas realized that a lot of good stuff was going to waste, so he decided to do something about it, according to Monroe News.

Here’s a snip:

“I have a friend who has a business where he goes in and cleans out the foreclosures. He had me come in and get the scrap metal and appliances. Then I started noticing all the good stuff people were leaving behind in these homes. I started storing it – I guess I’m a pack rat – and then we opened up a store and started selling it… Whatever’s left behind that the people either didn’t want or couldn’t take. I felt bad at first, but then I figured it could fill a need for other people.”

Douglas is quick to point out the the items homeowners leave behind are fair game for someone in his position — he’s just taking the time to sell the stuff that others either didn’t want or couldn’t take with them.

And, like the homes from which the items come, he offers the merchandise at “firesale prices.” Air conditioners, power tools, bicycles, clothes glassware, knickknacks, books and other “decorative” items are all featured in his shop, with price tags as low as $1.

The “junk” that doesn’t sell is donated to second-hand and/or charitable stores in the area. It’s recycling at its finest.

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Before making an offer for foreclosure houses, a buyer should spend some time inspecting the property and examining the surrounding areas of its location. Even if a foreclosed property is offered at a slightly higher price than other foreclosed dwellings, it might be worth the extra cost once other features are taken into consideration.

Extra Outdoor Space

A home buyer looking for a family house usually favors a single-family dwelling or a single detached property. When looking at such properties, the buyer can consider paying a few extra dollars if the home has enough backyard space where a lot of additional features are possible. An outdoor space can be an added attraction, particularly for people who like gardening. It can also serve as a mini-playground if the family interested in buying it has children. It can also be used to build a garage or serve as a work area.

Neighborhood Features

Family buyers are often concerned about the accessibility of schools, offices and other necessary structures when they look for a home. A property located in a place where schools and grocery stores only take a few minutes to reach is a good deal. Foreclosure houses located in neighborhoods where most of the residents are families are ideal for buyers who are planning to use the property as a family residence.

City Rules and Safety

Home buyers should familiarize themselves with the laws governing residential properties in the neighborhood they have chosen. Some areas in the U.S. have specific rules when it comes to home extensions, paint color and even fence size. There surely is a particular reason for all these rules, but for a home buyer who does not appreciate such rules, knowing what guidelines are in place is important.

Another significant factor is the safety of the neighborhood. Before deciding to purchase a residential property, find out whether the area suffers from high crime rates and whether local security officers are quick to respond to resident calls. It would help if the buyer interviewed neighbors and local shop owners to find out the neighborhood’s level of security.

When choosing foreclosure houses, a buyer should not only inspect the inside of the property but should also exert effort to know the characteristics of the neighborhood and its residents.

Joseph B. Smith has been educating buyers on the finer points of foreclosure houses at ForeclosureDeals.com for over ten years. Contact Joseph B. Smith through ForeclosureDeals.com if you need help finding information about foreclosure houses.

Article Source: http://EzineArticles.com/?expert=Joseph_B._Smith
http://EzineArticles.com/?Space-and-Neighborhood-Concerns-in-Buying-Foreclosure-Houses&id=4581893

Space and Neighborhood Concerns in Buying Foreclosure Houses is a post from: Bankruptcy Court Online

It’s no secret that foreclosures often offer buyers and investors significant discounts on home purchases.

Today, the brainiacs at Massachusetts Institute of Technology (MIT) and Harvard proved it with 12 years of research, revealing that “foreclosure reduces the value of a house by an average of 27 percent.”

MIT economist and study author, Parag Pathak, was surprised with the “large” finding.

Here’s a snip:

“It’s not surprising that there is a discount due to foreclosure. But it is surprising that it’s so large.”

Probate homes, which are those sold after the death of an owner, save buyers about 5 to 7 percent on average. Bankruptcy homes, meanwhile, reduce prices by about 3 percent.

Keep in mind that these are all averages, meaning that you can likely score even greater deals with a quick search on Foreclosure.com.

But we doubt that you would mind nearly a 30 percent discount (at the very least) on your next home purchase.

Whether you buy a flawless gem or a diamond in the rough, your new home is going to cost you extra after closing.

That amount, of course, depends on the condition of the home and your taste. Some improvements are often more practical than others, and in some cases, utterly essential.

Whatever the case may be, we can all agree that spending the least amount of money on the most fixes and/or renovations is always high on the priority list.

That’s where we come in.

The July 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which answers these important questions and details everything you need to know about “Calculate rehab costs.”

It’s all about priming you for rehabbing your distressed property. You’ll learn how to find great contractors, money-saving “Do it Yourself” (DIY) projects, which problems to look out for and much more.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

Yes, you can successfully challenge a bank’s foreclosure complaint, even if you owe substantial arrears that you are unable to pay. Moreover, responding to a foreclosure summons and complaint can be accomplished without hiring a lawyer, and can yield enormously positive results for homeowners who would otherwise suffer the loss of their homes at foreclosure sales. Stopping foreclosure, though not guaranteed, can occur with the filing of a foreclosure answer even in circumstances that initially appear to be hopeless.

Recently, a several court decisions have been issued by judges that strongly condemn the abusive tactics of lenders, and which have relieved homeowners of some or all of their financial obligations. In April, 2010, a judge in Suffolk County, New York, ordered a lender to pay $100,000 to the homeowners as punitive damages for engaging in “deplorable” conduct. The lender’s misconduct included, among other things, requiring the couple to agree never to file for bankruptcy and refusing to engage in good-faith negotiations during settlement conferences that were mandated by 2008 changes to New York’s foreclosure law.

The foregoing decision is just the most recent example of several decisions that have been issued by courts in New York, Florida, Ohio and elsewhere, in which lenders and loan servicers were taken to task for engaging in abuse and failing to engage in good faith discussions regarding alternatives to foreclosure. Increasingly, state legislators and courts throughout the United States have implemented procedural and other obstacles to ensure that banks are forced to enter into good-faith settlement discussions before application is made by the bank for a foreclosure judgment. As shown by the recent decision in New York, failure of a bank to comply with the law can result in a windfall to the homeowner.

The key to success for a homeowner is to file an answer to the lender’s foreclosure complaint. By answering a foreclosure complaint, a homeowner not only delays the foreclosure process, but gets the opportunity to expose any misconduct of the lender to the court. This may be accomplished by including affirmative defenses in the foreclosure answer form. These defenses should include, among other things, defenses based on the lender’s violation of the truth in lending act.

Many homeowners assume that it would be futile or unduly expense to file an answer to foreclosure. In fact, the forms are not only fairly straightforward, but also available online for a reasonable fee.

If you are facing the possibility of losing your home to foreclosure, the professionals at http://www.StopForeclosureForms.com can help. Foreclosure answer forms are available for download from http:///www.StopForeclosureForms.com. We are the leading provider of foreclosure defense forms for all fifty states. We were founded by attorney Marc. A. Rapaport, Esq., an attorney with 15 years of experience in mortgage foreclosure defense and commercial litigation. Do not sit on your rights and lose your property. Download and file a foreclosure answer form to protect your rights!

Article Source: http://EzineArticles.com/?expert=Marc_Rapaport
http://EzineArticles.com/?You-Can-Stop-a-Mortgage-Foreclosure-Sale-by-Filing-an-Answer-to-the-Lenders-Foreclosure-Complaint&id=4344792

You Can Stop a Mortgage Foreclosure Sale by Filing an Answer to the Lender’s Foreclosure Complaint is a post from: Bankruptcy Court Online