Tuesday, January 27, 2009

Arizona Foreclosure Assistance

If you live in Arizona, you know its one of the top three states with residents facing homes in foreclosure. Most of those home owners facing foreclosure in Arizona think they need to pack their bags, they have no option. This is actually the complete opposite-you do have many options.

At SOS Home, we have helped hundreds of home owners with Arizona foreclosure assistance. If you have missed a few mortgage payments or have already received a notice from your lender, make sure to give us a call to help guide you through your options. We are foreclosure specialists and guarantee a successful campaign. Check out our website: http://www.866soshome.com/ or give us a call (866) 767-4663

Back to Foreclosure Help

Tuesday, January 13, 2009

Funny Video

Foreclosures Increase 52%

(Source: Austin Business Journal)

Foreclosures for January 2009 rose 52 percent over the same month last year for the nine-county Central Texas region.

Postings filed for the upcoming Jan. 6 auction totaled 2,329 notices, compared with the 1,534 postings filed for the same month last year, according to Addison-based Foreclosure Listing Service Inc.

Foreclosure postings filed for the upcoming auctions in January were higher in all nine counties than they were one year ago. In seven of the nine counties, the gain in posting activity was 50 percent or greater,” said George Roddy Sr., president of Foreclosure Listing Service.

That gain was surprising in the face of Fannie Mae and Freddie Mac’s pledge to suspend foreclosures on occupied homes until Jan. 9th, Roddy said.

“Fannie Mae/Freddie Mac’s pledge is on occupied single-family homes. Therefore, abandoned or vacant single-family homes will still be auctioned off,” Roddy said. “I am estimating that vacant homes comprise approximately 20 percent to 25 percent of Fannie Mae/Freddie Mac’s foreclosure postings.”

The highest gains in the Austin area came from Travis County, with a 58 percent increase over January 2008; Bastrop County, with a 73 percent increase in that same time period; and Williamson County, with a 50 percent increase in foreclosure postings over the same month last year.

Hays County had only a 9 percent increase in January from the same month in 2008, but its foreclosure postings rose 27 percent from the previous month.

Home foreclosure filings must be in at least 21 days before a foreclosure auction, Roddy said, which is why the company can list the January foreclosure numbers.

The foreclosure auction for mortgage delinquency and homeowner’s association fee delinquency takes place the first Tuesday of each month in every county seat throughout Texas.

Mortgage Loss Mitigation

(Source: Joe Gufford)

One of the by-products of the current state of the economy is the large amount of real estate foreclosure. They're at an all-time high, and many more are expected in the near future.

What this means is that lenders/investors are getting a very low return on their investments. They're in the business of lending money to buy homes, not to own them and sell them at substantial loss. Logically, these investors are willing to keep the cash flowing in, albeit at a rate less than they agreed. They are mitigating losses they're incurring with bad mortgages. Mortgage loss mitigation may include one of several solutions, from loan modification to foreclosure, special forbearance to repayment plans and others.

In response to the large pool of potential customers, hundreds of companies are popping up claiming to provide relief to homeowners facing foreclosure. Many of these companies are advertising they provide loan modifications. Period. Beware of such statements, as no one can guarantee they will provide or negotiate a loan modification. Each situation is different and many will not be agreeable to the lender. Research any loss mitigation provider, and be very wary of those who promise loan modification and only loan modification. Because of its popularity, a lot of unqualified individuals are claiming to be foreclosure experts and offer loan modification to earn some money. Be careful who you decide to work with, although the good ones are very helpful, the bad ones definitely are not!

There are firms with foreclosure consultants and specialists who are licensed and certified by U.S. HUD to bypass the servicer and work directly with the lender/investor on the borrower's behalf to negotiate the best workout plan.

For those interested in exploring Mortgage Loss Mitigation, be prepared to provide income and expense information and be ready to budget. The lender will need to know an accurate financial picture in order to be willing to negotiate a workout plan for a mortgage.

Information on Foreclosure

(Source: Shellaine Enfesta)

While most people will tell you that the reasons foreclosure occur is because you mismanaged your finances, there are definitely more reasons than your own doing. It certainly can be true but rest assured that you are not the sole or only reason why your property is being foreclosed. Tips and info on foreclosure can be handy in circumstances like this. Foreclosures can be a bad thing because it will affect your credit score or credit rating. But foreclosures bank owned and HUD foreclosures can be a gold mine for other investors or investment prospectors.

In most cases if you try and study why mortgages are being foreclosed, you will find that personal problems are mostly the culprit. Personal problems like death in the family, being your spouse or the primary financial provider is lost. Divorce is another common reason why homes are being foreclosed. These are some of the few problems that people or families of homeowners are faced with and eventually foreclose on their mortgages.

Mounting medical bills too can add to an already distress financial situation. It only takes one member of the family to be ill and you in for some financial problems. Credit cards and loans can quickly max out and before you knew it, you deep in indebtedness. And these will not take a long time to develop. When mounting bills and payments are in the table, you will be stress out and can be a burden. Eventually you will not be able to pay your monthly mortgage payments and when this happens your lender will foreclose your property.

But hold on a minute, what most people forget to consider on why homeowners foreclose their homes is because of poor local and national economy. These can one of the biggest reasons foreclosure occur. Your local economy should be vibrant in order for you to continue working and keep your job. There are other companies that can be affected quite easily be a poor national economy. When these things happen, people will start to feel the pinch on their wallets.

The pinch on the wallet can eventually become a huge financial problem. Nowadays the health of the economy is in bad shape to say the least. You must have heard people being forced to leave their houses because lenders are filing notice of default on these properties and homes. Subprime mortgage crisis has landed so many people losing their house and properties. It is a shame because this is one thing that is beyond your control. Thus it is not your fault or personal mismanagement of your finances.

To protect you from these eventualities, the old saying "save for rainy days" cannot be further from the truth. These tips are very common and simple but it is very powerful and true. Second tips and info; do not fall for foreclosure prevention scams and foreclosure rescue scams. Third tips and info; Talk to your lender and negotiate immediately and do not ignore calls and letters from your lender. As well as do not ignore the problem.

You also could talk to a foreclosure specialist, someone who has been in the business for several years and has a proven record of providing foreclosure assistance. Chris Taylor is a foreclosure specialist who has helped hundreds of home owners keep their home all over the United States. If you are in need of foreclosure help, give Chris a call (866) 767-4663

Monday, January 12, 2009

Foreclosure Hits Unexpected High

I thought this was a good video about the unexpected foreclosure numbers!