Tuesday, January 13, 2009
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.
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.
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
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
Monday, December 22, 2008
5 Tips to Saving your Home
How to Get Foreclosure Help Today?
5 Tips to Help You Save Your Home!
1.) Learn About Foreclosure
Foreclosure is something that can happen when you get behind on your Mortgage Loan. Foreclosure is a process in which the estate becomes the absolute property of the Lending Institution. Foreclosure is a very serious matter that needs to be handled.
Foreclosure is a legal process by which a lender (sometimes referred to as the “mortgagee”) seeks to collect a debt by taking property that secures the debt. Foreclosure
help is available with most Landers. Check the Internet. Sometimes you can find FREE Foreclosure information.
Learn everything about Foreclosure and save your home.
2.) You Need Help Today!
If you are late with your Mortgage payment, you need Foreclosure Help today.
Foreclosure is a serious situation that has serious repercussions. If you can, you want to avoid Foreclosure as much as possible. The biggest mistake you can make is to do nothing until it is too late! Find Real Estate Forums on the Internet. You can learn from other home owner’s experience with their refinancing or foreclosure process.
3.) Refinance
Refinance your mortgage if you can. Lenders pull your credit, verify employment, and gather a host of other financial information about you, but they aren’t doing it in order to advise you in your purchases and other financial decisions. They’re doing it as a means to assess the risk of lending to you (how much and at what rate). Lenders may approve you more conservatively (that is, for less money) now than they did a few years ago, but there’s no guarantee that they still won’t approve you for more than you can afford. They will do this because (a) it puts more money in their pocket and (b) you’ll sacrifice other things before you let your mortgage payments lapse. Mortgage lenders make money by collecting your principal and interest payments. It is not in their best interest to proceed with a foreclosure. Find a Lender who can help you to avoid Foreclosure.
4.) Find a Loan Modification Program
Sometimes a Loan Modification Program is the best Foreclosure help.
Lenders are more likely to go along if a competent third party is there to help smooth the process. Lenders will sometimes allow a reduced payoff for a Loan if it is obvious a foreclosure is inevitable and a third party purchaser is willing to buy the property at a price lower than the full payoff.
Loan Servicers are used to dealing with mortgage delinquencies related to life events such as unemployment or illness, with the most common approaches being a temporary repayment plan or the folding of missed payments into the principal balance. A widespread decline in home prices, by contrast, is a relatively novel phenomenon, and lenders and servicers will have to develop new and flexible strategies to deal with this issue. Loan Modification allows you to refinance your mortgage loan or even extend the term of your loan. The Lender may settle for monthly mortgage payments that are within your financial means.
5.) Protect Yourself!
Don’t be a victim. When you need Foreclosure Help, make sure you find competent Professional companies to work with! Don’t let anybody scam you! Foreclosure records are public. Scam artists will contact you. Get advice only from Professionals!
Foreclosure isn’t easy, and stopping Foreclosure isn’t easy, but if you are well informed you can keep from losing your home.
Get Foreclosure help before it is to late!
5 Tips to Help You Save Your Home!
1.) Learn About Foreclosure
Foreclosure is something that can happen when you get behind on your Mortgage Loan. Foreclosure is a process in which the estate becomes the absolute property of the Lending Institution. Foreclosure is a very serious matter that needs to be handled.
Foreclosure is a legal process by which a lender (sometimes referred to as the “mortgagee”) seeks to collect a debt by taking property that secures the debt. Foreclosure
help is available with most Landers. Check the Internet. Sometimes you can find FREE Foreclosure information.
Learn everything about Foreclosure and save your home.
2.) You Need Help Today!
If you are late with your Mortgage payment, you need Foreclosure Help today.
Foreclosure is a serious situation that has serious repercussions. If you can, you want to avoid Foreclosure as much as possible. The biggest mistake you can make is to do nothing until it is too late! Find Real Estate Forums on the Internet. You can learn from other home owner’s experience with their refinancing or foreclosure process.
3.) Refinance
Refinance your mortgage if you can. Lenders pull your credit, verify employment, and gather a host of other financial information about you, but they aren’t doing it in order to advise you in your purchases and other financial decisions. They’re doing it as a means to assess the risk of lending to you (how much and at what rate). Lenders may approve you more conservatively (that is, for less money) now than they did a few years ago, but there’s no guarantee that they still won’t approve you for more than you can afford. They will do this because (a) it puts more money in their pocket and (b) you’ll sacrifice other things before you let your mortgage payments lapse. Mortgage lenders make money by collecting your principal and interest payments. It is not in their best interest to proceed with a foreclosure. Find a Lender who can help you to avoid Foreclosure.
4.) Find a Loan Modification Program
Sometimes a Loan Modification Program is the best Foreclosure help.
Lenders are more likely to go along if a competent third party is there to help smooth the process. Lenders will sometimes allow a reduced payoff for a Loan if it is obvious a foreclosure is inevitable and a third party purchaser is willing to buy the property at a price lower than the full payoff.
Loan Servicers are used to dealing with mortgage delinquencies related to life events such as unemployment or illness, with the most common approaches being a temporary repayment plan or the folding of missed payments into the principal balance. A widespread decline in home prices, by contrast, is a relatively novel phenomenon, and lenders and servicers will have to develop new and flexible strategies to deal with this issue. Loan Modification allows you to refinance your mortgage loan or even extend the term of your loan. The Lender may settle for monthly mortgage payments that are within your financial means.
5.) Protect Yourself!
Don’t be a victim. When you need Foreclosure Help, make sure you find competent Professional companies to work with! Don’t let anybody scam you! Foreclosure records are public. Scam artists will contact you. Get advice only from Professionals!
Foreclosure isn’t easy, and stopping Foreclosure isn’t easy, but if you are well informed you can keep from losing your home.
Get Foreclosure help before it is to late!
How to avoid foreclosure
(Source: CNNMoney.com)
Here are some ways to cope when you have fallen behind on your mortgage payment.
NEW YORK (CNNMoney.com) -- President Bush signed the housing bill Wednesday. And while the part of the bill that allows homeowners who cannot afford their monthly payments to refinance into government-backed loans may be implemented as soon as October there's been some question as to whether it's going to take longer than that. If you are in danger of foreclosing on your home there are some steps you can take now.
Know the timeline
Once you miss a payment, your lender likely reports that to the credit bureaus.
And with every missed payment, your credit score goes down. Plus, you'll start getting hit with late fees. After 90 to 150 days in most cases, your lender may file a notice of default with a local courthouse. You'll probably get a letter saying the foreclosure process will start, unless you become current on your payments.
If you don't become current, you may have anywhere from 2-3 months to a year before the house is put on the auction block according to David Petrovich, author of Fight Foreclosure.
Get a loan modification
Try to get a loan modification before you even miss a payment. This is probably the least onerous of the options out there, if you can get it. This is basically a change in loan terms. A modification will lower your monthly mortgage payment or let you skip a few payments. Bottom line here is that the term of your loan will be extended.
To request a modification, call your lender and ask to be transferred to the loan modification department. Make sure you have some recent pay stubs, current or prior year W-2 forms, bank statements, property tax bills and insurance bills.
If possible, obtain appraisal information for your home. And the process can be frustrating. It could take weeks. "It's up to you to be proactive, persistent and aggressive, says Petrovich. "Loss-mitigation departments are overwhelmed, under-staffed and under-experienced," he says.
He says lenders will likely devote more attention to your case, the closer you are to having your home sold at auction.
Consider a sale
If you can't afford your mortgage, your best bet is to sell your home. But...if you owe a lot more on your home that it's worth, you may be able to get the lender to accept less than you owe on it by negotiating a short sale.
Basically you sell the house for what you can get and the lender agrees to accept it. In some cases the deficit will be forgiven, but in other cases you may have to sign an unsecured loan for the amount. Negotiating a short sale isn't always easy.
"Lenders are not as receptive to short sales as I thought they would be," says Petrovich. "Lenders are not willing to accept these losses gracefully." You generally have to write a hardship letter, indicating why you can't make the mortgage payments.
The bank usually controls the negotiations and you don't have much say in the process. And keep in mind the process is slow. It can take 4-5 months from the first time you submit your package. You can also do a deed-in-lieu transaction.
With a Deed-in-Lieu transaction, you hand over your deed to the house to your lender. In return you are released from your mortgage. But lenders cannot be forced to accept a deed. In fact, you may have to have tried to do a short sale and failed.
So, having your lender accept a deed-in-lieu can be challenging. We've talked about some alternatives to foreclosure. But sometimes, it's unavoidable. Having a sheriff's sale on your credit report is a black mark you'll want to escape if possible.
If this is inevitable, keep in mind that you can still repair your credit. Typically foreclosures are on your record for seven years. And don't forget that you're not alone. There are millions of families that are going through exactly what you are going through .
Back to Foreclosure Help
Here are some ways to cope when you have fallen behind on your mortgage payment.
NEW YORK (CNNMoney.com) -- President Bush signed the housing bill Wednesday. And while the part of the bill that allows homeowners who cannot afford their monthly payments to refinance into government-backed loans may be implemented as soon as October there's been some question as to whether it's going to take longer than that. If you are in danger of foreclosing on your home there are some steps you can take now.
Know the timeline
Once you miss a payment, your lender likely reports that to the credit bureaus.
And with every missed payment, your credit score goes down. Plus, you'll start getting hit with late fees. After 90 to 150 days in most cases, your lender may file a notice of default with a local courthouse. You'll probably get a letter saying the foreclosure process will start, unless you become current on your payments.
If you don't become current, you may have anywhere from 2-3 months to a year before the house is put on the auction block according to David Petrovich, author of Fight Foreclosure.
Get a loan modification
Try to get a loan modification before you even miss a payment. This is probably the least onerous of the options out there, if you can get it. This is basically a change in loan terms. A modification will lower your monthly mortgage payment or let you skip a few payments. Bottom line here is that the term of your loan will be extended.
To request a modification, call your lender and ask to be transferred to the loan modification department. Make sure you have some recent pay stubs, current or prior year W-2 forms, bank statements, property tax bills and insurance bills.
If possible, obtain appraisal information for your home. And the process can be frustrating. It could take weeks. "It's up to you to be proactive, persistent and aggressive, says Petrovich. "Loss-mitigation departments are overwhelmed, under-staffed and under-experienced," he says.
He says lenders will likely devote more attention to your case, the closer you are to having your home sold at auction.
Consider a sale
If you can't afford your mortgage, your best bet is to sell your home. But...if you owe a lot more on your home that it's worth, you may be able to get the lender to accept less than you owe on it by negotiating a short sale.
Basically you sell the house for what you can get and the lender agrees to accept it. In some cases the deficit will be forgiven, but in other cases you may have to sign an unsecured loan for the amount. Negotiating a short sale isn't always easy.
"Lenders are not as receptive to short sales as I thought they would be," says Petrovich. "Lenders are not willing to accept these losses gracefully." You generally have to write a hardship letter, indicating why you can't make the mortgage payments.
The bank usually controls the negotiations and you don't have much say in the process. And keep in mind the process is slow. It can take 4-5 months from the first time you submit your package. You can also do a deed-in-lieu transaction.
With a Deed-in-Lieu transaction, you hand over your deed to the house to your lender. In return you are released from your mortgage. But lenders cannot be forced to accept a deed. In fact, you may have to have tried to do a short sale and failed.
So, having your lender accept a deed-in-lieu can be challenging. We've talked about some alternatives to foreclosure. But sometimes, it's unavoidable. Having a sheriff's sale on your credit report is a black mark you'll want to escape if possible.
If this is inevitable, keep in mind that you can still repair your credit. Typically foreclosures are on your record for seven years. And don't forget that you're not alone. There are millions of families that are going through exactly what you are going through .
Back to Foreclosure Help
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