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A Kansas bankruptcy judge has issued a ruling that gives hope to Nevada homeowners who want to save their properties from distressed home listing. The judge said that in many foreclosure cases resulting from bankruptcy proceedings, the repossession is being set off by a lender’s representative.

The judge questioned the legal right or equity stake of a surrogate in the bankruptcy proceedings. As a result of the ruling, it is quite conceivable that homeowners who are filing for bankruptcy protection may save their properties from distressed home listing.

Nevada homeowners, who are planning to file a class action lawsuit, have learned about the argument that a lender’s representative could not trigger foreclosure. They are now seeking a preliminary injunction to stop lenders from foreclosing their distressed homes.

Law and custom dictate that property deals be recorded with county clerks, together with necessary information about individuals who hold the mortgage. In the case of multiple mortgages, information about each creditor is required.

For major lenders, tracking the information in various jurisdictions across the United States was burdensome. This led the Federal Home Loan Mortgage Corp, and Federal National Mortgage Association to establish a company tasked to do the tracking electronically. This electronic tracking is called Mortgage Electronic Registration Systems or MERS.

The MERS produced millions of mortgages, with over 987,000 loans in Nevada. This means that once homeowners started missing their loan payments, the system would announce the defaults on behalf of bank clients. Lawyers of distressed homeowners and consumer activists have questioned whether the system, which represents lenders but do not have direct financial interest on loans could legally set off foreclosure. However, many judges do not fully accept the argument.

Some industry experts questioned the existence of MERS and the legitimacy of loans recorded under its name. They argued that MERS do not have the ownership interest, adding that MERS name is used instead that of the lenders.

A class action lawsuit has been filed by several distressed homeowners who are seeking to invalidate MERS’ right to trigger foreclosure. The case of homeowners will rely on a recent Kansas Supreme Court decision that MERS does not have the right to underlie repayment of debts secured by the mortgage.

A prospective homebuyer or investor can buy a cheap foreclosed property for sale in Brevard County, Florida. According to realtors in the area, there are a lot of good homes priced below $100,000 in Brevard.

A few years ago, one could not find a house priced under $100,000 in Brevard County as Florida was among the top places sought by people looking for a place where they can spend long vacations or where they will stay during their retirement years.

But now, the sharp rise in foreclosures and the oversupply of housing units, especially condo units, have pushed down home prices to levels never imagined in recent years.

A primary-grade teacher who has been dreaming of owning a house started looking for a property a few years ago. She saw that prices were dropping sharply from price levels in 2005, but she still could not find a unit that she could afford, so she waited.

This week she is now about to close on her dream house – a three bedroom, two-car garage and two-bath house in Palm Bay. She bought it for only $80,000.

This teacher related that she finally entered the market when she came to know of the $8,000 federal tax incentive and the availability of cheap foreclosed property for sale throughout the county.

She applied for a home loan and she got a relatively high loan amount, higher than the $70,000 through $90,000 price ranges of homes she found to be in large supply across the county.

She also said that many of the homes available for sale were foreclosures and pre-foreclosures that required only minor repairs. She looked at about 20 houses before finding the unit that she has purchased. Now, paying her monthly home loan payment is just like paying her rent because they are now nearly equal.

Brokers in the area confirmed that it is a buyer’s market in Brevard County now. A condo unit which was appraised just eight months ago at $140,000 is now selling at only $67,000 despite its access to the Royal Oak golf resort and its being a two-bedroom unit.

Realtors also said they are getting requests from buyers in other states to look for houses in the $125,000 price range and they get pleasantly surprised when they learn that they can buy a cheap foreclosed property for sale and other types of houses priced below $100,000.

Cheap fixer upper houses are much cheaper than other types of foreclosures, but they require patience, determination and the commitment to restore it to a habitable condition.

Buying foreclosure homes for sale in the West is a good investment decision because home prices are still at low levels, based on a report from the National Association of Realtors.

Buying distressed homes in the Dallas and Fort Worth area is one of the investment goals of Dallas-based property investor Carlos Vaz and his company called The Conti Organization.

You can find a cheap foreclosed home for sale in Nevada County, California. Currently, the Office of the County Clerk has listed 280 residential units being readied for sale in an auction and 434 units in pre-foreclosure.

Purchasing foreclosure houses in Jacksonville, Florida for qualified working families in the area is the major goal of the Jacksonville Housing and Neighborhoods Department.

The expected growth in foreclosed house inventories is a valid argument for the extension of the first time home buyer tax credit, according to a report released by Washington, D.C.-based Campbell Surveys and analysis by several economists.

The number of first-time home buyers and investors buying foreclosure homes in Ohio is expected to step up after foreclosure filings soared in industrial and small towns across the state, based on data from the research organization Policy Matters Ohio.

Find foreclosed properties for sale in Greater Baltimore as over $1.8 billion worth of commercial properties are already distressed, based on data from New York City-based Real Capital Analytics.