Jose Canseco, the former AL MVP who made millions during his baseball career, has had his home foreclosed.

Canseco told the syndicated TV show “Inside Edition” that he walked away from his $2.5 million, 7,300-square foot home in suburban Encino because it didn’t make sense to continue making payments.

“I do have a judgment on my home and it to me is very strange because it didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else,” he said in an interview that aired Thursday.

“You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, `OK, let’s assume it is $35 million.’ People have to understand that $35 million, you’re paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you’re taking care of your whole family.”

He added that a couple of divorces cost him $7 million or $8 million.

Canseco said his top earnings year was $6 million and that his financial situation obviously is different than most people who are losing their homes.

“What about other families that we’re hearing on TV, that they’re saying, `We have nowhere else to go,’” he said. “I mean, that is amazing. I’ve got books (he’s put out two expose-type books on drug use in baseball), we’re now trying to produce the movie to both.

“Like I said, my situation was a little more different than most. I decided to just let it (the house) go, but in most cases and most families, they have nowhere else to go.”

SACRAMENTO, Calif –OBSNews.com- April 8, 2008 – In the Sacramento Valley cities of Sacramento, Stockton, and Modesto many first time home buyers are buying houses fast not from builders or homeowners, but rather from banks and other lenders who have foreclosed on a house.  The Central Valley of California is one of the places hardest hit by foreclosures in the wake of the collapse of the US housing bubble, and consequently there are many thousands of homes for sale in the local real estate markets in the region.

For prospective home buyers looking to find a great deal on real estate in the Sacramento area the ticket can be a house that has been taken back by the lender.

“We help people buy and sell houses in our backyard and all across the nation.  Many people come to our site because they want to buy a foreclosure house or sell their house to a real estate investor,” said Patrick McGilvray, J.D., president of Sacramento-based www.TheHomeBuyingCenter.com.  “There are some important things to watch out for though when buying or selling houses in this kind of market.  It’s important to have experts on your team who know the local market and can help you avoid some pitfalls.”

The subprime mortgage crisis is nearing its end say some experts but mortgages are still hard to come by for borrowers who don’t have great credit scores.  But, for credit worthy borrowers now is a great time to buy.

SACRAMENTO, CA –OBSNews.com- April 8, 2008 - People looking to buy or sell real estate in Sacramento, California and across the nation are looking for deals and banks and other lenders are often the place to look. Bank owned homes, also known as REOs are coming on the market in record numbers and prospective homebuyers are sometimes having to bid higher on properties just to buy a house. This is reminiscent of the housing market in California’s Central Valley years ago.

Real estate investors are buying houses again in the Sacramento Valley because prices have fallen significantly from their peak in 2006. While many prospective homebuyers are having trouble qualifying for loans there is still an increase in home sales in many parts of the region.

“One of the greatest things about our company is that we’re a nationwide network of real estate investors who still say, “we buy houses” but we’re also a resource for home buyers who want great deals on foreclosure houses either from investors directly or from banks,” said Patrick McGilvray, president of Sacramento real estate solutions company, www.TheHomeBuyingCenter.com. Our investors across the nation report that in many areas they feel prices have hit bottom and they are actively buying to hold or to resell to first time homebuyers.

The housing market may, as a whole, have somewhat further to fall in terms of average house prices, but there is considerable good news for buyers who want to find discounted houses to buy for the long term. The key in this market, say real estate experts like McGilvray, is to get prequalified for a loan, preferably a government FHA loan or other type loan that has a fixed interest rate. Once that step has been taken there are plenty of deals for the savvy buyer.

SACRAMENTO, CA - April 12, 2008  - (OBSNEWS) A fast growing online real estate company specializing in buying houses and providing foreclosure houses to first time homebuyers has expanded their services to incorporate a include real estate relocation company aspect to their operations.  Famous for their ‘we buy houses’ slogan, www.TheHomeBuyingCenter.com has expanded their efforts across the United States to provide relocation services to consumers and corporations alike. 

Seeing a great need for people who want to sell or buy real estate and have all aspects of their transition coordinated by one team, TheHomeBuyingCenter.com acted to provide more services than simply buying houses.  In addition to buying houses quickly for cash, the company also has a nationwide network of certified real estate agents who are specially trained in how to sell houses fast in difficult markets and how to buy foreclosure houses for their clients from banks and other lenders who have REO properties for sale.

The company reports that if a home meets the company’s team of investors’ criteria one of the  nationwide investors will buy it from you for a no-hassle quick closing for cash.  In addition a full range of real estate relocation services if offered to help you get top dollar for your house quickly and to buy foreclosure houses at a fraction of the cost of similar homes on the resale market.

Linda Caoli helps lots of families on the verge of losing their homes, including a single mom working two jobs to pay her mortgage.

“She says Linda the house across the street, same model, with more upgrades sold in foreclosure for $315,000!” explains Linda.

Her client isn’t the only one thinking about ditching her house to buy the better deal across the street. A number of realtors we talked to say it’s already happening.

“Can you imagine if you had a same or similar home and your mortgage was half the price?” asks Linda.

This is how it works. Bob paid $420,000 for his home. Then he notices the house across the street, with more upgrades, and is selling for $315,000.

So Bob, who has pretty good credit, decides to buy the cheaper house. He can’t afford both, so then he walks away from his original home, letting it fall into foreclosure. That will hurt his credit, but he’s willing to take the hit for a more affordable home.

“Is it wrong to steal when you’re hungry? That’s an issue that a lot of people are trying to figure out right now,” says Linda.

Caoli is sympathetic, but she doesn’t endorse the practice of it. Other real estate agents we talked to were far more critical, calling them cheaters. They say the banks take a huge hit when their homes foreclose, and in the end, we all end up paying the price.