(It's Started) Banks Are Taking Houses!

There is a surge in home foreclosures across the United States now that the moratorium has been lifted. Banks who pulled the rains back from foreclosing on homes for several years are now faced with clearing houses off the books.

The result is we are seeing more foreclosures hit the market. Wayne details in this episode how a homeowner can stop a foreclosure on their home and prevent a foreclosure. There is however no guarantee that a homeowner could keep the home but it is possible to sell the home and recover their possible equity in the home.

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*DISCLAIMER* The contents of this video are strictly for educational and entertainment purposes. This video does not provide financial, accounting, tax, or legal advice. For financial or legal advice, consult a financial advisor or an attorney. Wayne Turner may earn commissions from consumer purchases made through links in these posts and videos on this channel.

[TonyRome]

I paid off my house and all my cars last year. I am all buckled up for what comes next.

[SolaineDespins]

Sometimes Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

[churchofpos]

It's a repeat of 2008. That is why you have to buy a house you can actually afford and pay it off as fast as you can.
Being mortgage and debt free is the best safety net.

[southernyankee]

My spouse died and I went on forbearance for 12 months. Having to pay it all back at one time was never explained. Thank the Lord I was able to pay it, but I thought you got on your feet and picked up the payments, but that definitely wasn’t the way forbearance worked!

[sarawilliam]

I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[bigdogpete]

Debt always catches up to everyone--except the government.

[nt-k]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[AnyahEMB]

I lost a job and was able to get a good paying job that would cover my past due mortgage of not even two payments, but the service company would not let me break up the money owed into two payments two weeks apart. Instead I got the run around until I found an attorney who negotiated with them and I got caught up. They were taking pictures of my house, just waiting to get their hands on it. Cost me $3, 000, but it was worth the aggravation dealing with those sharks.

[gatornation]

we built a house in 09 and finance it for 30 year fixed so either one of us can afford the payments if the other couldn't work and pay $200 extra from the beginning
Bought some bitcoin in 2021 just sold it and paid my house off 15 years early
if you ever find yourself in a hole like I did in 2007
Stay positive write down your goal and make them come true

[connor_flanigan]

I'm looking at a house and was checking the tax records. literally every 5th house is a rental (and I don't mean it's owned by Joe Jones, but some LLC on the other side of the country.)

[sherirottweilersforever]

I’ve never been afraid of selling off my toys to make my payments. I do miss the 40 Ford coupe but now I have a 40 truck.Things are replaceable and you don’t take them with you when you die.

[carmenhealer]

Always bought based upon one income and we both had disability insurance. I once had to take a year off and we did not lose the home.

[RampKevorkian]

Hit 240k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in September 2024..

[iammychoices]

Thank you for sharing your expert knowledge. My house was foreclosed. It was devastating.

[Tonyrobs]

I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.

[ericg]

Another way to stop foreclosure is to file for bankruptcy. If you're behind enough in your payments to be foreclosed upon, your credit is severely damaged anyway.
The day you file for Chapter 7 bankruptcy is the day foreclosure proceedings stop cold and you begin a new slate from zero. Alternatively, you can file for Chapter 11 bankruptcy, a hearing will be scheduled for several months down the road, and you can sell the property before going through proceedings.
A friend of mine did this when going through a bad divorce and sold to Open Door at a fair market value price and never went through the bankruptcy process. As soon as he filed for Chapter 11 protection, all processes to foreclose and remove him from the property stopped, and he sold to Open Door a month or so later.
FHA will finance you on a new mortgage 2 years after bankruptcy.

[mahatmadoo]

You packed a ton of information into 8:00 minutes. Thank you for the straight talk.

[GM-gvod]

Wayne Turner... I appreciate you very much! Ive been looking at land (in a highly regulated, hard to get permits, flood and fire zone) as a first timer and was completely overwhelmed with questions and conerns about not knowing what to ask or look out for. Then you popped up in my algorithm and just started chipping away at them one by one. You covered things I didn't yet know I needed to know. You make it easy to understand and get right to it. Right on time friend. Thank you!

[JJ-xzrv]

It's a bunch of bs. Greed is killing this country

[DanielFernandez-jvjx]

I've learned a lot on your channel. Thank you Wayne!