Categories
- Contact Us
- Credit
- Credit Repair
- Economic Impact of Foreclosures
- Foreclosure Business Opportunity
- Foreclosure Laws
- Foreclosure Leads
- Human Impact of Foreclosures
- Loss Mitigation
- Mortgage Default
- Real Estate Investor Programs
- Short Sale
- Stop Foreclosure
- Uncategorized
- US Foreclosure Statistics
- What is?
- www.MakingHomeAffordable.gov
- Contact Us
Consumer Mortgage Reports
Real Estate Investors Invest In Profitable Oil Real Estate Niche-
More Obama & HAMP Failures!
-
HAMP Just 10% Effective â Obamaâs Inexperience, Inability or Ulterior Motive?
-
This Weeks Upcoming Mortgage News
-
Real Estate Sales Decline 7.2%
-
11.3 Million Houses Underwater
-
Home Mortgage Rates Grew â Mortgage Applications Down
-
Foreclosures At All Time High
-
Pseudo Government Entity Raised Its Discount Rate
-
Itâs Not Over â Mortgage Delinquencies Continue Their Climb
President Obama Announces Housing Rescue Plan
President Obama announced a housing rescue plan in the state of Arizona in the town of Meza whereby more than half the homes on sale are facing foreclosure.
Lynn Murtagh a real estate broker who works for that Coldwell Banker Residential in Mesa said that 25% of the 3149 homes put up for sale are owned by banks. They are either repossessions or properties given back by borrowers who were not able to pay up their mortgage.
The number of homes up for short sale that is those sold at a lesser value is approximately 27%. This means that more than 50 % of houses on the market are distressed properties.
The Phoenix metro area has seen a rise in foreclosures and more than 6% have received a foreclosure filing during the year according to RealtyTrac. In the month of January alone according to current foreclosure statics, there were 1,079 foreclosures; this represents a 33% rise a year earlier and a staggering 318% rise from the same month in 2007.
Earlier in this decade, the whole area of Phoenix experienced rapid growth in real estate due to an increase in population and realtors from high priced places like California looked to spread out. Investors enriched themselves back then since prices for homes appreciated. According to a report by the National Association of Realtors, the average real estate prices in the fourth quarter of 2005 were close to 50% higher than in the year 2004.
Since that period however, the prices of homes in Mesa have dropped drastically. Price declines in several neighbourhoods are very severe. An example given by Murtagh is whereby people bought homes for about $225,000 in the year 2005 and they have now listed the same properties for $75,000.
Many recent home owners are now in a tight fix in their mortgages since they owe more than their homes are actually worth. This makes them increasingly vulnerable to foreclosure. During the housing boom, according to Murtagh, many Mesa home buyers opted for exotic mortgage products such as adjustable rate mortgage (ARMs), hybrid ARMs, no-doc loans and interest only loans which are now failing at an alarming rate. Many foreclosures are as a result of these unmanageable mortgages due to predatory lending and falling property prices than from the global economic crisis.
Job losses in the area have resulted in people falling back on their mortgages since many residents were employed in the housing industry either as construction workers or sales persons and other fields reliant on home sales. Murtagh is of the opinion that if the job losses could be stemmed, then many people would be able to stop foreclosure and keep their homes.
The Unprecedented Recession In The World Economy
The unprecedented recession in the world economy today seems to have hit every nation badly, though the percentage or the extent of damage may vary in each case. First it was believed that only the stocks were falling and the repercussions thereof would be redressed soon. But, as a wider panorama unfolded itself, it was discovered that not just finance companies but others too would face the cascading effect of the meltdown. Then followed housing loans and mortgages fiasco, credit card disillusionment’s, mortgage foreclosures in order to meet rising insecurities in the employment arena, so on and so forth.
Now, the bigger picture of the global meltdown is emerging. Mammoth commercial complexes that once housed hundreds of commercial establishments and looked unshakable, are slowly losing their clients who are moving to more affordable areas as cost cutting measures. Holding on to the prestigious address and location sheen seems to wearing off in the face of stark realities like layoffs and absence of contingency plans.
Landlords who once ruled the estate market are now pondering and are offering newer and attractive rebates to retain existing tenants. Vornado Realty Trust who apparently offered 10 months’ free stay to a tenant threatening to move out of One Penn Plaza at Manhattan is a case in point.
Another heart rending tale is that of 60-storeyed John Hancock Tower at Boston, the tallest building in New England, which has suffered heavy loss on account of severe fall in real estate price. The fact that it is being auctioned soon poses a very grim picture of the sad reality. The steep fall in its price from $1.3 billion to $700-900 million according to Associated Press, is shocking, to say the least.
According to Mark Goldman of San Diego State University, "a storm is brewing" in the commercial real estate industry and it is not just a storm in the tea cup as the adage goes.
No doubt, every company would want to carry a posh address on its card, but the sooner the harsh economic realities are confronted with , the better it would be for the survival to lend some semblance of balance to the current picture.
Foreclosures Are Displacing Pets Too
I read a great post by today and want to help spread the word.
Watch this video and visit Bob Carney here. See what you can do yo help out!
‘Unusual Circumstances’ and Foreclosing On Your Home May Not Ruin Your Credit
Foreclosing on your home may no longer ruin your credit rating because of ‘Unusual Circumstances’.
Foreclosing on your home may no longer ruin your credit rating because of ‘Unusual Circumstances’. With tens or even hundreds of thousands of homeowners loosing their house banks have to figure out how to handle this new dilemma.
You have to remember that lender have to lend and Americans are opting to walk away from homes in financial crunch. With millions of people all entering into the same exact financial and Credit situation it may not be good for the banks to wipe all these people from their potential client list.
Walking away from your home may no longer kill your credit. Obviously, this does not justify for anyone to walk away, however, the question remains.
How will the credit agencies and the banking institutions handle this new area of credit problems?
Foreclosure Fears - How To Emotionally Handle This Difficult Time
Managing the stress associated with foreclosures.
Recently APA did a study where found 40% to 60% of homeowners tie their self esteem directly with the mortgage and foreclosure problems they face.
It is important to remember that a mortgage is REALLY a business transaction.
If you are emotionally bleeding, if you are financially bleeding, let it go. It is OK if you have to sell your home, move and start over. Stress is bad and can hurt your health more.
Don’t wait till your back is up against the wall. If you sell your home, you don’t have to sell your self esteem, It’s OK. Alot of people are going through this.
Face your foreclosure because your foreclosure can have an impact on entire family.
Seek advice from professionals. If you chip your tooth, you goto a dentist. Right? If so, then why face your largest investment alone? Hire a loss mitigation professional today.
Home Foreclosures Up 35% From 2007
CNN.com recently stated, even with all the foreclosure prevention programs developed by the government, only about 30% of the homeowners can be helped. The reason is obvious. Why does any, for profit banking institution, want to take on the problems of another bank?
New number show home foreclosures up 35% from last year, with more than 6.35% of all home loans in the United States falling delinquent. This number does not include homes currently in foreclosure.
Manassas Northern Virginia hit hard where 1 in 20 homes are in foreclosure.
14.5% of all homes for sale across the US in April 2008 were the result of a foreclosure.
Fighting Foreclosure, Ed McMahon Owes Millions On Mansion
Stop Foreclosure To 100% Of A Homes Value
"We often discover a bank's ‘policies’ to
stop foreclosure differ from the law"
Homeowners run into sad realities once they discover their home is in pre foreclosure or foreclosure. Amazingly, Loss Mitigation can help stop foreclosure, perhaps up to 100% of a homes value.
Foreclosure begins when something really bad happens - loss of employment, the passing of a family member, illness, catastrophe, divorce, drug problem, separation, family crisis, gambling, etc. The results are heartbreaking and often add up to the loss of a home. A family is on the street and family members start to blame each other.
Meanwhile, lenders place borrowers in the hands of their collection departments and they are relentless, calling at all hours, both at home and at work. Some subprime lenders even call neighbors. A few "A" lenders strive to be helpful and offer to review your file to see if a program can help.
Unfortunately, for the most part, homeowners are unaware of the guidelines for these unfamiliar programs and tell lenders what they think they want to hear.
"Typically, we discover that the bank's ‘policies’ that stop foreclosure differ from what the law allows for. Since most people are new to the foreclosure process they can’t make their best case. It appears that banks take advantage of the fact that most homeowners are unaware of the process."
Since foreclosures are legal issues printed in local newspapers, homeowners will typically find some interesting folks drawn to their ‘foreclosure opportunity’.
Fifty or more attorneys write to say bankruptcy is the only way to save their home. Forget that bankruptcies commonly fail, as homeowners are required to pay all creditors, all those old IRS taxes, medical bills and credit cards long-forgotten.
Homeowners need to understand that their credit will be damaged for the next 7 to 10 years since both a foreclosure and a bankruptcy will appear on them.
Home owners need trustworthy professionals. Most homeowners are able to solve their financial troubles in a short time. They frequently can handle their bills but are $10,000 to $30,000 behind on their home loan and their lender won’t take partial payments. Often times, they have saved some money from the nonpayment but still are losing their home.
So how can you stop foreclosure for the 1,000,000+ families going into foreclosures this year? One at a time…
The answer for the majority of home owners is simple. "When people injure their foot they go to a foot specialist, when they are faced with legal matters they retain an attorney and they see a dentist for teeth care. The clear choice when confronted with a home foreclosure is to leverage the years of experience that a professional Loss Mitigation Specialist has". Not to mention the fact that this is the least stressful and most cost effective option. In fact, a good specialist will not charge for the first consultation, this will allow a homeowner the opportunity to see if they are candidates for the program.
There are several options for a homeowner in foreclosure and a stop foreclosure Specialist will uncover their best choice. Their vast understanding and skill set typically help home owners out of foreclosure 98% off the time. Perhaps some homeowners have enough equity to do a "foreclosure bail out" loan. Others may need the services of a real estate company that can work to sell a home in a timely manner to avoid foreclosure.
Lenders may offer a solution directly to a home owner but it is designed with the bank's best interest in mind and frequently requires borrowers to meet impossible underwriting guidelines. Typically they approve plans that are outside a home owner’s budget. "The trick is to force the lender to approve a plan that is in the best interest of the home owner and their ability to pay their mortgage".
The goal is to come out of the foreclosure as fast as possible and within a short time refinance with a "B/C" loan and this will improve your credit. Lenders can lend from 80 to 90 percent of a homes value once the foreclosure has been resolved. Within a year, home owners often discover they are qualified for an "A" loan once their credit has improved.
Stop Foreclosure with Loss Mitigation Programs
Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosure.
Loss Mitigation helps foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure.
Our extensive experience and solid working relationships with mortgage lenders allows us help homeowners avoid the common pitfalls that many encounter while trying to work things out directly with their lender.
After performing a thorough assessment of homeowners personal finances and analyzing lender’s loss mitigation policies our professional loss mitigators will negotiate with lender to get homeowner the best possible solution to home foreclosure problem.
We help homeowners save their home and credit history through a variety of loss mitigation options stop your foreclosure now.
Stop Foreclosure <=click here
-
Recent Comments
- Your Foreclosure . Info » Common Reasons People Go In To Foreclosure
on Common Reasons People Go Into Foreclosure - Your Foreclosure . Info » Win A New 2008 Porsche Cayenne on Win A New 2008 Porsche Cayenne
- how to sell a home fast on Stop Foreclosure
- Countrywide Asks For Halt To Bankruptcy Probe — Consumer Mortgage Reports on Stop Foreclosure
- Bankruptcy Bill Should Be A Go — Consumer Mortgage Reports on Stop Foreclosure
- Your Foreclosure . Info » Common Reasons People Go In To Foreclosure