should extend moratoriums on home foreclosures to all states, including
Michigan, rather than just those states with judicially supervised
foreclosures.
· Lenders that have initiated moratoriums
should insure that they actually prevent foreclosures rather than just
evictions subsequent to foreclosures.
· The Federal
Housing Finance Agency, which oversees Fannie Mae and Freddie Mac,
thereby controlling a major portion of mortgages subject to foreclosure
in the U.S., should review its procedures for proper compliance and
also consider initiating a foreclosure moratorium
At the
same time, Conyers announced plans to investigate mortgage lenders to
learn more about their foreclosure practices, including paperwork
violations and false affidavits, and ascertain what can be done to
protect homeowners from possible abuses. As part of this effort,
Conyers is asking the Federal Housing Finance Agency – the federal
agency charged with overseeing Fannie Mae and Freddie Mac – to ensure
that they abide by the law, to consider initiating a moratorium, and to
conduct an audit of their actions. In addition, Conyers will be calling
upon the DOJ’s Executive Office for U.S. Trustees to investigate the
extent to which false affidavits have been filed in bankruptcy cases by
lenders seeking to foreclose on debtor’s homes.
Thus far, only
three lenders – Ally Financial (parent of GMAC Mortgage), Bank of
America, and JP Morgan Chase – have ceased post-foreclosure enforcement
actions in 23 states that have court- controlled foreclosure
proceedings: Connecticut, Florida, Hawaii, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico,
New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania,
South Carolina, South Dakota, Vermont, and Wisconsin. Even those
lenders appear to have only ceased evictions, while they continue to
engage in foreclosures, which take title from homeowners.
At this
point Michigan and 26 other states are not on the moratorium list for
these lenders, purportedly because they have a non-judicial foreclosure
process. However, without judicial oversight, the possibility of abuse
can be even greater in these states. As a result, elected state
officials in non-judicial foreclosure states such as California,
Colorado, Texas, Massachusetts, and Maryland have recently asked lenders
to suspend their foreclosures.
Widespread concern about
documentation abuses in the mortgage industry is not limited to state
officials. Yesterday, House Speaker Nancy Pelosi and other members of
the California congressional delegation called on the Justice
Department, the Treasury Department, and the Federal Reserve to
investigate large mortgage lenders’ handling of delinquent mortgages,
mortgage modifications, and foreclosures. Additionally, Senators Robert
Menendez (NJ) and Al Franken (MN) called on the Government
Accountability Office to investigate the role of federal government
entities charged with overseeing the mortgage lending industry to
determine how they allowed lenders’ misconduct to occur without
detection for so long. Also, Members of Congress from Maryland and
Arizona – two non-judicial foreclosure states - called on large lenders
to halt foreclosures in their states.
“It makes little sense to
limit the moratoriums to judicial foreclosure states when many of the
same errors and paperwork flaws likely plague non-foreclosure states,”
said Conyers. “When the very same lenders that ignored the rules which
helped get us into the real estate bubble are placed in charge of the
foreclosures that are exacerbating the problem, locking millions of
Americans in a financial trap they cannot escape from, we have a
situation that is spiraling out of control and cries out for
intervention.”
“Given the depth of the financial calamity in
Michigan and other states, the huge number of foreclosures, and the
chain reaction of problems involving foreclosures that has impacted
communities and individuals, I would urge home mortgage lenders to cease
their foreclosure activities,” said Conyers. “Rather than spending
their time running mass production foreclosure mills, the lenders should
be working with individuals to keep families in their homes and
restructure their loans.”
“Home foreclosures affect individual
families and devastate entire communities,” said Congresswoman
Kilpatrick. “For home foreclosures to proceed under false pretenses is
patently unwarranted and unfair. I am proud to join one of the founders
of the CBC and Chairman of the House Judiciary Committee in this
clarion call for justice, fairness, and equality to Michiganders and all
Americans.”
###
From the Associated Press: “Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.”
Now we know what the White House meant by Recovery Summer.
The banks are recovering all those buildings from all those deadbeats they should not have loaned money to.
The Associated Press report:
LOS ANGELES – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.
August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.
Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can’t afford to simply dump the properties on the market.
Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.
That’s one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.
“These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer’s market with too much distressed inventory for fear of what it would do for house prices,” he said.
As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer.
The number of properties receiving an initial default notice — the first step in the foreclosure process — slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said.
Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.
Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don’t sell at auction, these homes typically end up going back to the lender.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes.
The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.
Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average.
Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.
Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.
Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.
The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program, known as Making Home Affordable, has provided permanent help to about 422,000 homeowners since March 2009.
Regardless, many troubled borrowers have seen their efforts to get a loan modification stymied.
Larry Book of Winter Garden, Fla., was one packet away from a permanent loan modification from Chase under the Obama administration’s foreclosure prevention plan after more than a year of back and forth and one failed attempt.
But his modification never went through. Instead, his loan was transferred from Chase to IBM Lender Business Process Servicers in July and he was told he owed $9,562.62 and must bring his mortgage current by Sept. 15 or foreclosure proceedings will begin.
“It just becomes too exhausting,” Book said about the modification process. “That’s why some people walk away. But I’ve invested too much and given up too much to just let it go.”
eric seiger
<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
Call of Duty DS dev "down but not out" DS <b>News</b> - Page 1 <b>...</b>
Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
eric seiger
· Lenders
should extend moratoriums on home foreclosures to all states, including
Michigan, rather than just those states with judicially supervised
foreclosures.
· Lenders that have initiated moratoriums
should insure that they actually prevent foreclosures rather than just
evictions subsequent to foreclosures.
· The Federal
Housing Finance Agency, which oversees Fannie Mae and Freddie Mac,
thereby controlling a major portion of mortgages subject to foreclosure
in the U.S., should review its procedures for proper compliance and
also consider initiating a foreclosure moratorium
At the
same time, Conyers announced plans to investigate mortgage lenders to
learn more about their foreclosure practices, including paperwork
violations and false affidavits, and ascertain what can be done to
protect homeowners from possible abuses. As part of this effort,
Conyers is asking the Federal Housing Finance Agency – the federal
agency charged with overseeing Fannie Mae and Freddie Mac – to ensure
that they abide by the law, to consider initiating a moratorium, and to
conduct an audit of their actions. In addition, Conyers will be calling
upon the DOJ’s Executive Office for U.S. Trustees to investigate the
extent to which false affidavits have been filed in bankruptcy cases by
lenders seeking to foreclose on debtor’s homes.
Thus far, only
three lenders – Ally Financial (parent of GMAC Mortgage), Bank of
America, and JP Morgan Chase – have ceased post-foreclosure enforcement
actions in 23 states that have court- controlled foreclosure
proceedings: Connecticut, Florida, Hawaii, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico,
New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania,
South Carolina, South Dakota, Vermont, and Wisconsin. Even those
lenders appear to have only ceased evictions, while they continue to
engage in foreclosures, which take title from homeowners.
At this
point Michigan and 26 other states are not on the moratorium list for
these lenders, purportedly because they have a non-judicial foreclosure
process. However, without judicial oversight, the possibility of abuse
can be even greater in these states. As a result, elected state
officials in non-judicial foreclosure states such as California,
Colorado, Texas, Massachusetts, and Maryland have recently asked lenders
to suspend their foreclosures.
Widespread concern about
documentation abuses in the mortgage industry is not limited to state
officials. Yesterday, House Speaker Nancy Pelosi and other members of
the California congressional delegation called on the Justice
Department, the Treasury Department, and the Federal Reserve to
investigate large mortgage lenders’ handling of delinquent mortgages,
mortgage modifications, and foreclosures. Additionally, Senators Robert
Menendez (NJ) and Al Franken (MN) called on the Government
Accountability Office to investigate the role of federal government
entities charged with overseeing the mortgage lending industry to
determine how they allowed lenders’ misconduct to occur without
detection for so long. Also, Members of Congress from Maryland and
Arizona – two non-judicial foreclosure states - called on large lenders
to halt foreclosures in their states.
“It makes little sense to
limit the moratoriums to judicial foreclosure states when many of the
same errors and paperwork flaws likely plague non-foreclosure states,”
said Conyers. “When the very same lenders that ignored the rules which
helped get us into the real estate bubble are placed in charge of the
foreclosures that are exacerbating the problem, locking millions of
Americans in a financial trap they cannot escape from, we have a
situation that is spiraling out of control and cries out for
intervention.”
“Given the depth of the financial calamity in
Michigan and other states, the huge number of foreclosures, and the
chain reaction of problems involving foreclosures that has impacted
communities and individuals, I would urge home mortgage lenders to cease
their foreclosure activities,” said Conyers. “Rather than spending
their time running mass production foreclosure mills, the lenders should
be working with individuals to keep families in their homes and
restructure their loans.”
“Home foreclosures affect individual
families and devastate entire communities,” said Congresswoman
Kilpatrick. “For home foreclosures to proceed under false pretenses is
patently unwarranted and unfair. I am proud to join one of the founders
of the CBC and Chairman of the House Judiciary Committee in this
clarion call for justice, fairness, and equality to Michiganders and all
Americans.”
###
From the Associated Press: “Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.”
Now we know what the White House meant by Recovery Summer.
The banks are recovering all those buildings from all those deadbeats they should not have loaned money to.
The Associated Press report:
LOS ANGELES – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.
August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.
Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can’t afford to simply dump the properties on the market.
Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.
That’s one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.
“These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer’s market with too much distressed inventory for fear of what it would do for house prices,” he said.
As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer.
The number of properties receiving an initial default notice — the first step in the foreclosure process — slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said.
Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.
Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don’t sell at auction, these homes typically end up going back to the lender.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes.
The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.
Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average.
Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.
Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.
Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.
The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program, known as Making Home Affordable, has provided permanent help to about 422,000 homeowners since March 2009.
Regardless, many troubled borrowers have seen their efforts to get a loan modification stymied.
Larry Book of Winter Garden, Fla., was one packet away from a permanent loan modification from Chase under the Obama administration’s foreclosure prevention plan after more than a year of back and forth and one failed attempt.
But his modification never went through. Instead, his loan was transferred from Chase to IBM Lender Business Process Servicers in July and he was told he owed $9,562.62 and must bring his mortgage current by Sept. 15 or foreclosure proceedings will begin.
“It just becomes too exhausting,” Book said about the modification process. “That’s why some people walk away. But I’ve invested too much and given up too much to just let it go.”
eric seiger
<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
Call of Duty DS dev "down but not out" DS <b>News</b> - Page 1 <b>...</b>
Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
eric seiger
eric seiger
eric seiger
<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
Call of Duty DS dev "down but not out" DS <b>News</b> - Page 1 <b>...</b>
Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
eric seiger
· Lenders
should extend moratoriums on home foreclosures to all states, including
Michigan, rather than just those states with judicially supervised
foreclosures.
· Lenders that have initiated moratoriums
should insure that they actually prevent foreclosures rather than just
evictions subsequent to foreclosures.
· The Federal
Housing Finance Agency, which oversees Fannie Mae and Freddie Mac,
thereby controlling a major portion of mortgages subject to foreclosure
in the U.S., should review its procedures for proper compliance and
also consider initiating a foreclosure moratorium
At the
same time, Conyers announced plans to investigate mortgage lenders to
learn more about their foreclosure practices, including paperwork
violations and false affidavits, and ascertain what can be done to
protect homeowners from possible abuses. As part of this effort,
Conyers is asking the Federal Housing Finance Agency – the federal
agency charged with overseeing Fannie Mae and Freddie Mac – to ensure
that they abide by the law, to consider initiating a moratorium, and to
conduct an audit of their actions. In addition, Conyers will be calling
upon the DOJ’s Executive Office for U.S. Trustees to investigate the
extent to which false affidavits have been filed in bankruptcy cases by
lenders seeking to foreclose on debtor’s homes.
Thus far, only
three lenders – Ally Financial (parent of GMAC Mortgage), Bank of
America, and JP Morgan Chase – have ceased post-foreclosure enforcement
actions in 23 states that have court- controlled foreclosure
proceedings: Connecticut, Florida, Hawaii, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico,
New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania,
South Carolina, South Dakota, Vermont, and Wisconsin. Even those
lenders appear to have only ceased evictions, while they continue to
engage in foreclosures, which take title from homeowners.
At this
point Michigan and 26 other states are not on the moratorium list for
these lenders, purportedly because they have a non-judicial foreclosure
process. However, without judicial oversight, the possibility of abuse
can be even greater in these states. As a result, elected state
officials in non-judicial foreclosure states such as California,
Colorado, Texas, Massachusetts, and Maryland have recently asked lenders
to suspend their foreclosures.
Widespread concern about
documentation abuses in the mortgage industry is not limited to state
officials. Yesterday, House Speaker Nancy Pelosi and other members of
the California congressional delegation called on the Justice
Department, the Treasury Department, and the Federal Reserve to
investigate large mortgage lenders’ handling of delinquent mortgages,
mortgage modifications, and foreclosures. Additionally, Senators Robert
Menendez (NJ) and Al Franken (MN) called on the Government
Accountability Office to investigate the role of federal government
entities charged with overseeing the mortgage lending industry to
determine how they allowed lenders’ misconduct to occur without
detection for so long. Also, Members of Congress from Maryland and
Arizona – two non-judicial foreclosure states - called on large lenders
to halt foreclosures in their states.
“It makes little sense to
limit the moratoriums to judicial foreclosure states when many of the
same errors and paperwork flaws likely plague non-foreclosure states,”
said Conyers. “When the very same lenders that ignored the rules which
helped get us into the real estate bubble are placed in charge of the
foreclosures that are exacerbating the problem, locking millions of
Americans in a financial trap they cannot escape from, we have a
situation that is spiraling out of control and cries out for
intervention.”
“Given the depth of the financial calamity in
Michigan and other states, the huge number of foreclosures, and the
chain reaction of problems involving foreclosures that has impacted
communities and individuals, I would urge home mortgage lenders to cease
their foreclosure activities,” said Conyers. “Rather than spending
their time running mass production foreclosure mills, the lenders should
be working with individuals to keep families in their homes and
restructure their loans.”
“Home foreclosures affect individual
families and devastate entire communities,” said Congresswoman
Kilpatrick. “For home foreclosures to proceed under false pretenses is
patently unwarranted and unfair. I am proud to join one of the founders
of the CBC and Chairman of the House Judiciary Committee in this
clarion call for justice, fairness, and equality to Michiganders and all
Americans.”
###
From the Associated Press: “Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.”
Now we know what the White House meant by Recovery Summer.
The banks are recovering all those buildings from all those deadbeats they should not have loaned money to.
The Associated Press report:
LOS ANGELES – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.
August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.
Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can’t afford to simply dump the properties on the market.
Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.
That’s one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.
“These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer’s market with too much distressed inventory for fear of what it would do for house prices,” he said.
As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer.
The number of properties receiving an initial default notice — the first step in the foreclosure process — slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said.
Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.
Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don’t sell at auction, these homes typically end up going back to the lender.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes.
The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.
Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average.
Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.
Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.
Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.
The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program, known as Making Home Affordable, has provided permanent help to about 422,000 homeowners since March 2009.
Regardless, many troubled borrowers have seen their efforts to get a loan modification stymied.
Larry Book of Winter Garden, Fla., was one packet away from a permanent loan modification from Chase under the Obama administration’s foreclosure prevention plan after more than a year of back and forth and one failed attempt.
But his modification never went through. Instead, his loan was transferred from Chase to IBM Lender Business Process Servicers in July and he was told he owed $9,562.62 and must bring his mortgage current by Sept. 15 or foreclosure proceedings will begin.
“It just becomes too exhausting,” Book said about the modification process. “That’s why some people walk away. But I’ve invested too much and given up too much to just let it go.”
eric seiger
eric seiger
<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
Call of Duty DS dev "down but not out" DS <b>News</b> - Page 1 <b>...</b>
Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
eric seiger
eric seiger
<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
Call of Duty DS dev "down but not out" DS <b>News</b> - Page 1 <b>...</b>
Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
eric seiger
<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
Call of Duty DS dev "down but not out" DS <b>News</b> - Page 1 <b>...</b>
Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
eric seiger
<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
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Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
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<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
Call of Duty DS dev "down but not out" DS <b>News</b> - Page 1 <b>...</b>
Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
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Foreclosure is the new F word. Analysts, armchair quarterbacks, and self-proclaimed experts are blaming everything from lender's greed to the sudden shift in the housing market for the increase of foreclosures. As for the housing market slump, my vote is for the pessimistic media that inflated negative news until their exaggerations helped to create the current situation. Until things settle down, how do homeowners, who are facing foreclosure, deal with their impending doom?
Generally speaking, lenders are not in the business of selling real estate, and they are not anxious to foreclose. Homeowners who are unable to meet a payment are advised to immediately contact their lender. Ignoring the situation, and not sending payments, is not the answer. This is no time to be an ostrich.
Some lenders may be willing to work with the borrower to make alternate payment arrangements, until whatever financial hardship the owner is facing improves. Talking to your lender will not guarantee favorable results for the troubled borrower, but ignoring the situation, and missing payments, is a sure road to foreclosure.
If a balloon payment is due, and goes unpaid, the lender can require the entire loan be paid, and if not done, the property can be put up for sale. It is important to note that lending and foreclosure practices and laws can vary from state to state.
I've talked to real estate agents in our area where some lenders have been extremely cooperative with their borrowers, allowing them to put the house on the market, in an attempt for the homeowner to sell and repay the lender. This allows the borrower to possibly walk away with some equity, providing they are not upside down in their loan. Other lenders are not so cooperative, and refuse to work with customers in default.
There are specific requirements for processing foreclosures, depending on your state. In Arizona a notice of sale must be posted in a local newspaper, as well as posted in a public place. After the notice of sale has been recorded, the borrower has about five days to bring the loan current.
With the increase of foreclosure homes, some buyers are seeing this as an opportunity to get a "really good deal". Yet, some banks refuse to sell foreclosures to investors, and buyers need to be aware that foreclosed homes may have clouds on their titles, which title companies are unable to research, due to the limited time frame between foreclosure and close of escrow. In this case, some title companies may not issue a title insurance policy for the buyer.
As some title companies warn: buyer beware.
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<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
Call of Duty DS dev "down but not out" DS <b>News</b> - Page 1 <b>...</b>
Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
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<b>News</b> just in: Joan Sutherland has died - Slipped disc
News just in: Joan Sutherland has died. Dame Joan Sutherland, the dominant opera soprano after Maria Callas, has died at her home in Switzerland, her record company has announced. She was a month short of her 84th birthday. ...
Fox <b>News</b> - Fox Business | New Ad | Two Networks - Solve | Mediaite
Back in June, a Fox Business Network promo featured only Fox News stars, touting the new financial channel. Now there's a new marketing strategy out, in ads playing on News Corp. cable news networks but also across the dial, ...
Call of Duty DS dev "down but not out" DS <b>News</b> - Page 1 <b>...</b>
Read our DS news of Call of Duty DS dev. ... Latest News. Treyarch supports Medal of Honor team . Chrysler issues Call of Duty Jeep . Activision has no plans for online fees . Release Date 9/11/2010; More on Call of Duty: ...
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