Foreclosure.com today reminded college students nationwide who are enrolled in undergraduate programs that the deadline to submit essays for its 2011 scholarship program is approaching quickly on Dec. 1, 2011.

Foreclosure.com encourages all students (high school students, graduate students and law students are excluded), regardless of major, to apply for the scholarships, which total $9,000 and are divided among five qualified, winning entrants.

The 2011 Foreclosure.com Scholarship Program essay topic is as follows:

“You have acquired $150,000 in cash to be used specifically for a distressed real estate purchase. Outline a detailed strategy that ensures the maximum return on investment, whether it is in terms of financial profit or personal satisfaction … or both.”

Entries are required to be original and be at least 800 words in length and no more than 2,000. Qualified students must visit the Foreclosure.com scholarship page, fill out the entry form and agree to the scholarship rules to enter the contest.

For complete scholarship details and to enter today visit Foreclosure.com (http://www.foreclosure.com/scholarship) prior to the deadline on Dec. 1, 2011.

Read the rest of this entry »

It’s turning into foreclosure “Rush Hour” on actor/comedian Chris Tucker’s 10,000 sq. ft. waterfront mansion in Lake Apopka, Fla., which is reportedly in distress to the tune of $4.4 million.

Orlando Sentinel reports that Tucker, who purchased the luxurious five-bedroom expanse for $6 million back in 2007, is in jeopardy of losing it after SunTrust Bank filed a default notice with the local Lake County courthouse. It is not his primary residence, which is perhaps among the many reasons he has not remained current on the staggering $25,812.50 monthly payment.

Tucker and and his power of attorney on the original home sale declined to comment on the situation.

With a combined salary of $45 million to star opposite Jackie Chan in the “Rush Hour” sequel, as well as the trilogy, including an additional multimillion dollar deal to appear in another New Line Cinema-produced film, it’s hard to imagine that Tucker is hard up for cash.

However, last year Tucker and the central Florida property in the prestigious Bella Collina neighborhood were the target of an $11.5 million Internal Revenue Service (IRS) lien, which was out to collect delinquent federal income taxes.

“Money Talks.”

The length of the foreclosure process depends on several factors, including the lender, government programs, state in which the distressed home is located and individual circumstances, among others. Foreclosures, if ever, are rarely the same.

However, there are state-by-state averages, which Lender Processing Services Inc. (LPS) tracks each month. Nationwide, homeowners facing foreclosure are collectively 611 days late paying their respective mortgages.

The top places where foreclosures on average take the longest include:

• New York (767 days)
• Florida (757 days)
• New Jersey (708 days)
• Hawaii (681 days)
• Washington D.C. (676 days)

The top places where foreclosures on average take the shortest include:

• Wyoming (398 days)
• Nebraska (407 days)
• Alaska (411 days)
• Idaho (416 days)
• Arizona (418 days)

Homes in states that follow the judicial foreclosure process typically take longer to get through the system because the courts are so overburdened. Non-judicial states, therefore, are going to typically recover faster, according to Herb Blecher, a senior vice president for analytics at LPS, in a recent interview with BusinessWeek. com.

For more on the foreclosure laws in your state click here. To search foreclosed homes for sales in your area click here.

Look for the shabbiest house on the nicest block in town. Spruce it up. Sell for profit.

That’s a real estate investing recipe for success more often than not, especially if you can discern between money pits and money makers. When it comes to flipping foreclosures, or even purchasing a discounted distressed property as a primary residence, it’s critical to spot the “diamond in the rough” before someone else beats you to it.

Distressed properties are often in less than tip-top shape, but it’s that shabby exterior that is concealing the massive opportunity for riches for those investors who know how to take advantage of great deals when they see them.

Spotting a diamond in the rough isn’t difficult, but it does take the right knowledge and an open mind. You need to be able to see past the unsightly condition of a home that has turned off other investors to determine if it is really worth your while.

The September 2011 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which shows you how to find and capitalize on those diamond-in-the-rough properties that are just waiting for an investor like you

Learn how to hone your detective skills to uncover these amazing deals before your competition does. The potential financial rewards will be well worth your time.

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

It’s going to get worse before it gets better, but there is apparently a shimmer of light at the end of the national housing market’s long, dark tunnel.

Beginning in 2013, home prices are projected to increase a modest 1.77 percent, according to a survey conducted by MacroMarkets LLC, which is based on the S&P/Case-Shiller index over the next five years. In the foreseeable future, prices are expected to continue to decrease 2.53 percent in 2011 and .13 percent in 2012.

Overall, prices are predicted to grow on average 1.1 percent through 2015, according to the study, which surveyed 111 real estate experts and investment/market strategists, among others, to arrive at its conclusions.

Robert Shiller, MacroMarkets cofounder and Yale University professor of economics, explains the possible reasons for the slow growth:

Read the rest of this entry »