Foreclosure Connections Blog Articles And Foreclosure Information

HUD to Lenders: Cut Ike Victims Some Slack

188 views September 19th, 2008

Troubled borrowers who were ravaged by Hurricane Ike will be glad to know that they need not worry about their mortgage problems in the mean time. Instead of thinking of ways to stop foreclosure, these homeowners can focus on recovering from the losses they incurred when the said hurricane passed through their cities.

For the Department of Housing and Urban Development Secretary Steve Preston, distressed homeowners living along the coast of Texas deserve to be given some break from the collection efforts of their lenders. In fact, HUD is urging private lenders to consider the situations of these distressed homeowners.

As for the federally-insured mortgages, the HUD has already issued a moratorium against foreclosure effective for 90 days.

In cases like this, troubled borrowers should take advantage of the extra time given to them. True, they need to pick up the pieces after suffering from Ike but they should also use this time to find a long-term solution to their mortgage woes.

Negotiating with lenders is usually the first option explored to address foreclosure fears. A loan modification agreement or repayment plan can be drafted if the homeowners are able to prove that they can still afford the mortgage.

If this does not work out, homeowners should probably consider selling the property. There are actually a lot of investors and homebuyers who prefer pre-foreclosures over foreclosures at auctions and bank foreclosed homes.

As a last resort, homeowners might want to consider a deed in lieu of foreclosure, a short sale or even a bankruptcy in order to avoid foreclosure.

For homeowners who are confused about what to do, there are foreclosure counselors who will offer their services for free. These foreclosure counselors can even act as mediators between the troubled homeowner and mortgage lender or servicer.

Nationwide, numerous housing advocacy groups have been organizing foreclosure prevention workshops and seminars in order to help these unfortunate homeowners.

Saraland Foreclosures popping up

248 views September 11th, 2008

Saraland foreclosures are popping up on every street, which is a sad state of affairs for Saraland. But, as in life, what is someone’s misfortune is another’s opportunity. Capitalize on your financial success and buy a real estate investment that will do nothing but appreciate in the years to come. A foreclosure listing will point you to the addresses that are available at foreclosure rates. The banks that own these properties will welcome you with wide open doors, and may possibly secure very competitive financing for you. You may now be able to afford that “big house” across town, or a vacation home on the beach, regardless of why you want new property, forclosures are the way to go.

When you think about spending your hard earned dollar, you generally like to make it stretch as far as you can. Real estate can definitely empty your wallet or bank account very quickly, so if you could figure out a way to save a little (or a lot) of that cash, certainly you would want to. Real estate that is in foreclosure is the way to keep some cash in your reserves. In today’s housing market there is no need to spend more than you have to, and Saraland foreclosure homes make sure you don’t.

High number of Castle Rock Foreclosures

346 views September 5th, 2008

According to a recent study conducted by Douglas County Libraries, it has been noticed that Castle Rock foreclosures as well as Highlands Ranch foreclosures are right at the top of the foreclosure list of Douglas County in Colorado. Due to the high numbers, a meeting was organized and the grave issue was discussed at the Castle Rock town council meeting held on May 20, 2008. The meeting was convened by council man Ryan Reilly who believes that they should create a proposal that will provide more authority to the town so that they can help in reducing the number of future foreclosures and also help the existing homeowners in solving various issues related to foreclosures.

Castle Rock foreclosures have made a huge contribution to the overall tally of Douglas County foreclosures as well as Colorado foreclosures. In the second quarter of 2007, Douglas County had reported 457 foreclosures but in the second quarter of 2008, Douglas County has reported 570 foreclosed homes, which is a straight jump of 25%. Another report shows that from January to June 2007, Douglas County saw 830 foreclosures but from January to June 2008, Douglas County saw 1235 foreclosed homes, which is a straight jump of 49%. The only places to see a dip in foreclosures include Denver County with a -6% drop and Pueblo County with a -4% drop.

The increase in number of foreclosures in Douglas County can be attributed to Castle Rock foreclosures. The question is how much more will it increase and will it ever slow down? In the last couple of years, there has been a steady increase in Colorado foreclosures but experts feel that 2009 might bring some relief for ailing homeowners.

Consider Wilmington Foreclosures to Own a Wonderful Home

208 views September 4th, 2008

In recent news revealed by statisticians, Delaware has reported a total of 214 foreclosed properties for filing in June. It was also announced that Delaware foreclosures activity has undergone down by 18 percent in June, whereas in March, the activity was down by 16 percent. These stats also indicate that in comparison with the last year, Delaware State has reported 116 percent above foreclosure properties. Moreover, the state has been rated 42nd for the total foreclosure activity in the whole nation. The state was also ranked 34th among 50 states with one in every 1,789 households with foreclosure filing.

The decline in Delaware foreclosure homes is due to the large surge in activity in the month of May. The reasons being the unemployment rate that is below the national average and also the appreciation of house prices over the last year. Delaware foreclosures were listed among the minor contributors to the nationwide foreclosure scene. It accounted for less than one percent of the 252,363 foreclosed properties nationwide during the month of June.

The county of Wilmington, New Castle was the leading contributor in the month of June having reported 144 properties with foreclosure activity among other neighboring counties. The Wilmington foreclosures scene was one of the major regions contributing to these numbers. The foreclosures of this county were also adjudged as state’s second highest foreclosure rate, with one in every 1,466 households receiving a foreclosure filing in the month.

Some people feel that Wilmington foreclosure is bad news for many homeowners, but on a converse note, it must be observed that Wilmington foreclosures also gives an opportunity to new homebuyers to own wonderful real estate properties. There are various real estate investors, agents, and homebuyers that can successfully locate a foreclosure home for you.

Foreclosures in Michigan to See Respite

354 views September 1st, 2008

Senator Carl Levin of Michigan said that many people across the nation have gone through the anxiety that being involved in a foreclosed home would produce. He said that the increase in numbers of foreclosures was having an adverse effect on the values of homes, involved in foreclosure or not.

He also said that with Michigan having the fifth highest rate of foreclosures in the country in June, 2008, the State has been affected very severely.

He does hope that the recently passed Housing and Economic Recovery Act of 2008 will turn the tables and undo the damage that the mortgage crisis has caused.

This bill, according to him, will offer solutions to a lot of the current problems and will also offer safeguards against similar situations arising in the future.

He said that the bill has authorized the Federal Housing Administration to provide $300 billion in insuring mortgages. This move could have a positive effect on around 400,000 home owners across the nation by helping them to convert their existing ARM loans to fixed rate mortgages with a 30 years time period. This move, he said, would help households avoid foreclosure and keep neighborhoods together.

The bill is to also provide funds to local communities suffering from a large number of foreclosures. This money is to be used to rehabilitate badly affected neighborhoods.

Talking about how the bill would affect Michigan, he said that the State is to receive $170 million in order to help local neighborhoods. He said that these funds could restore close to 6,000 homes and protect local communities from the values of their homes going down.

He also discussed how the provision of first time home buyers receiving a loan of up to $7,500 as tax credits, would have a positive effect. Not only will it give people wanting to buy their first home a chance, it would also end up reducing the influx of unsold homes, he said.

He also said that it was clear that the current crisis was not just about values of homes going down or the high mortgage costs, but also about the people who stood to loose homes where lives were spent and memories were made.

Foreclosure Homes – Different Measures

292 views August 29th, 2008

The Association of Hawaii Bankers is informing home owners’ part of foreclosure homes, that the Mortgage Rescue Fraud Prevention Act which was signed in June by Governor Linda Lingle, is to offer protection to home owners from falling prey to frauds, who approach them with offering help with homes facing problems with either house foreclosures or loans.

Read the rest of this entry »

Danbury Foreclosures

242 views August 27th, 2008

The statistics publicized in a daily news site reveal that the Connecticut foreclosures activity was one percent down in June and three percent down in the month of March. This also indicated that the foreclosures activity have also declined around 32 percent in comparison with the June 2007 numbers.

Read the rest of this entry »

Foreclosure Properties – Good Deals the Order of the Day

254 views August 27th, 2008

There was a 7.6% drop in single family home’s median price in the second quarter of 2008 as compared to the first quarter across the nation, said a report released earlier this week. It added that foreclosure properties involved in bank sales accounted for values of homes going down in around seventy five percent of the cities in U.S.A.

Read the rest of this entry »

Irvine Foreclosure Rates Might Increase

216 views August 26th, 2008

Just like in several states across the country, California is not having a great time either due to the increase in California foreclosures. Even through 2007, California was among the top 10 in as far as number of house foreclosures are concerned and even in 2008, California is still among the top 10. So nothing seems to have changed for California and some of the places that are suffering the brunt of this include San Diego, Los Angeles, Long Beach and Irvine. Irvine Foreclosures has been increasing steadily and it is not just homes that have become the victims of rising interest rates and foreclosures. An 18-storey tower called the Marquee Park Place is now listed in the types of foreclosures in Irvine.

Read the rest of this entry »

Tips on Buying Foreclosed Houses

218 views August 26th, 2008

When a house is foreclosed upon, it means that a lender has taken back the property from the home owner because of the inability of the home owner to pay the mortgage. Legalities in buying foreclosed houses do vary from state to state.

Read the rest of this entry »