Archive for the ‘Distressed Property’ Category

The foreclosure floods have not been able drown Central Texas according to reliable tracking sources. Two metropolitan areas and nine counties had been surveyed. Except for Bastrop County all the other showed a decline in listings as compared to last year. In Hays County and Williamson County the drop was by 22%. Comal County, Guadalupe County, Austin metropolis and San Antonio recorded 14%, 19%, 21% and 9% decline respectively. But in Bastrop County it was up by 19%.

In Hays County foreclosure rumblings have declined for the first time since 2003. In the language of numbers the decline is by 9%. Last year 710 numbers of foreclosures have gone down to 647 this year. The total value of properties posted this year amounts to $91 million. This is the lowest point since the last four years.

Austin is the only important city to see foreclosure weather conditions improve. It should be noted however that the betterment is relative because as compared to national figures the numbers are still comparatively high.

In 1989 a crisis had hit the nation. In some ways it was similar but there are differences. In 1989 the storm was stirred up by unemployment in the oil and financial sectors but today the reasons are extensive and all embracing. The main accusing finger points to the sub-prime mortgage sector. Easy lending had led to this fiasco. But this alone cannot explain 5,300 foreclosures during nine months. Coupled with it are other factors like increase in living expenses, credit card debts, spiraling of all round interest rates and difficulty in filing for bankruptcy. The situation is so complex that no easy solution can be worked out within a short span of time. It will need careful planning and years for proper execution of the same.

The main reason for the crisis, which has affected various corners of the globe, is the encouragement of a debt culture. It has become a fashion to be in debt – something to be proud of.

People borrowed today without thinking about tomorrow. It was naïve thinking to hope that tomorrow things would look up. Unemployment, unforeseen health emergencies, divorce and death – common stories of life were not taken into account. In the blame game everyone is trying to collar everyone else. But what is required is a comprehensive global outlook where no single cause can be the sole culprit.

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At the eleventh hour a Norwich Superior Court Judge cancelled the foreclosure auction proceedings against Waterford Speedbowl property that was scheduled to be held on Saturday. This means hope for short track racing enthusiasts. The weekly event will continue to be held in Southern Connecticut.

A spokesperson of Waterford Speedbowl, Terry Eames, confirmed that his group had managed a financial solution to the foreclosure. This has enabled them to continue with its racetrack operations. Rocco Arbitell of Southbury and Peter Borelli of Derby refinanced and bailed out Speedbowl from the ignominy of Foreclosure.
In the first half of 2006 Washington Mutual Bank had initiated foreclosure proceedings against the property owners and had got a date on Saturday noon for holding auctions. But on Thursday Eames and his group completed refinancing formalities. A new mortgage was availed of through two private individuals – Rocco Arbitell and Peter Borelli. This allowed Norwich Superior Judge to cancel the auction on Friday morning. Eames and his organization have now nothing to do with Washington Mutual Bank. It was a narrow victory. The victims had till 5 pm on Friday to scrape out of the auction.

For Eames it was a moment of great relief after the close shave. Although for the last few days the redress plan was taking shape he could not sit back on his oars until the thing was finally done. It was only on Thursday evening that he could put up his heels and sit back.
1080 Hartford Road, LLC purchased Speedbowl in September 2000. Eames has been running Speedbowl since its inception but had surrendered operational control of the track since the last season. The track has now been leased to Jerry Robinson, a local businessman and to the general manager of the Track Bill Roth.

Harvey Industries will be purchasing 8 of the 39 acres of Speedbowl land and plans to set up on the site a distribution centre.

Eames waxes eloquent as he ruminates on the recent happenings. The Roccos and Borellis as family units refinanced the deal as a personal favour to him. Also as racing enthusiasts they were keen to see the track running and alive. Eames also expressed his deep gratitude to Attorney Tom Londregan who was a pillar of steady support and a perfect gentleman striking at the opportune moment to clinch the issue on the correct legal point.

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The city of Chula Vista in San Diego County is one of the fastest growing cities. Over the years the city has witnessed an increase in its single-family homes. However, the increase in number of homes came along with an increase in adjustable-interest loans. This led to an increase in homeowner’s payment, and many homeowners were unable to keep up with the payment. As a result of which several properties in the city of Chula Vista are facing foreclosures.

The rising rate of foreclosures has led to an increase in number of vacant homes. According to officials in South Bay city, the area has witnessed more than 700 vacant homes. Doug Leeper, the city’s code enforcement manager says that city has nearly 3000 distressed properties, due to which nearly 700 to 800 properties are lying vacant.

In fact in several areas of the city, one will witness abandoned homes, which one can easily identify due to the condition of the property. Several properties are seen in pathetic condition with dried up front lawn, broken windows, dirty swimming pool etc. In this regards Art Deford a local resident who lives near such vacant foreclosure property says that the look of the beautiful looking home has changed ever since the lender has taken it over.
While the rising foreclosure rate in Chula Vista has not only led to an increase in empty homes, but due to conditions of these empty homes, rates of near by areas is getting affected. According to former City Councilman Leonard Moore, people walk away from areas having such properties.

To handle this situation, and to prevent property values from falling further, the Chula Vista administration has adopted a program. Based on similar programs formulated in Chicago and Detroit, under this program lenders will be compelled to maintain homes, which they seize and register vacant properties with the city and a $70 fee will be charged to titleholders on registering the property. Besides as the property is security for loan, the lender will be held accountable for a home even before the foreclosure procedure is over.

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The foreclosure crisis in the country is getting worst day by day and several homeowners are getting affected due to this. A lot is being said and written on the ways and means of handling the foreclosure situation in the country. In this context author Ralph R. Roberts has some up with his book Foreclosure Investing For Dummies, which was presented at the RISMedia’s CEO Exchange in Sedalia, Colorado.

Speaking about his book, the author said that primary aim of his book is to provide solutions to homeowners who are the victims of foreclosure. The author is of the opinion that homeowners who are facing foreclosure are unaware of the variety of options available to them, as a result of which they eventually end up loosing their property as well as their equity. However, through his book, Robert has attempted to provide several options for distressed homeowners.

The author is of the opinion that homeowners facing foreclosures must proactively contact their lender. By doing so they may either be able to save their property or can sell their property and repay their debt, rather than letting the property go in for an auction, where the owner does not gain anything.

The books also provides insights regarding the foreclosure process, and is useful to real estate professionals who want to grow their business by purchasing such foreclosure properties and earn a fair amount of profit. The book provides information on investing in pre-foreclosure and foreclosure properties where by investors will not only be able to make good amount of money, but at the same time can provide a helping hand to distressed homeowners. By investing in foreclosure property, Robert believes that the foreclosure crisis in the country can be handled at least to a certain extent.

On being asked the reason for presenting the book on this occasion, the author said that the purpose was to send message to real estate professionals such as brokers, agents, loan officers etc to help foreclosure victims by educating and encouraging them to contact their lender and take the first step to save their home and equity.

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The rising foreclosure rate in the country is the most heated topic of discussion everywhere. Several homeowners in the county are in distress. Till the current period of 2007, the nation has recorded a total of 925986 foreclosure filings, which is 56% higher than the figures recorded for the year 2006. Several homeowners in the country are facing foreclosures and there by the chances of losing their home and credit has increased significantly. These homeowners are looking for some source of rescue, and taking advantage of this situation several companies have come up with a large variety of options for such homeowners. However, in reality many of these are frauds, and helpless people are getting trapped in these foreclosure scams

Reports by our investigative correspondent reveals the plight for several homeowners who got trapped in such foreclosure scams and eventually ended up loosing everything. A story by a 70-year-old grandmother from Atlanta, Annie Stephens, reveals her plight. She says that she seeked help from such foreclosure rescue company who promised to provide her with refinance. However, in reality they took away more than ten thousand dollars in equity. She has almost lost everything and don’t know what to do.

What one could gather from this and several other stories of helpless people is that, trapping these helpless people is a well-formulated plan by such foreclosure rescue companies, who claim to provide foreclosure rescue and thus help people save their property. Actually these agencies attract people facing foreclosure through their ads, which promises to provide foreclosure help to such people. They convince homeowners to transfer their deed to a third party investor. These companies make borrowers do so by promising them that they will be getting back their deed. However, in reality the company cheats them for a large amount of money in equity. These fraudulent companies also make the homeowner’s credit worse.

As the foreclosure rates in the country are rising, the extents of mortgage fraud are also rising exorbitantly. According to Elizabeth Renuart of the National Consumer Law Center, foreclosure rescue is one of the most shocking and disgraceful scams, currently prevailing in the county. Several homeowners are getting trapped in the tall claims made by such fraudulent companies. One such company in Maryland by the name of Metropolitan Money Store is reported to have cheated more than 400 homeowners and took away large amount of equity thus making the victim homeowners feel like a bottomless pit.

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Investments are the main source of capital generation. People invest their money in the businesses they consider secure enough to be able to return their money. Distressed or foreclosed properties are one such business. Many people like to invest in these properties as these properties can be bought at a price lesser than the market price and they can be sold on the actual market price. There is a clear margin of making some profit out of the whole deal. Distressed properties are the properties which are to be sold or foreclosed by banks or some other money lending institute. People take loan from these institutes against some piece of property they own. If they fail to return this money the bank or money lender institute can foreclose that property.

California is one of the Western states of USA. The state is one of the very populated states. The famous Hollywood film industry is located in this state. People like to live in this sate as the life in California is very charming to many. Many strugglers reside in this state. Not all of the people are earning that much to be able to afford buying a home for them in California. Due to this reason California distressed properties are popular amongst people who are interested in living in California. California distressed properties can be traced though online resources. The websites that specialize in providing this information to people can give you the details of each and every piece of property which is to be foreclosed in California. You can only invest your hard earned money in a successful manner if you have the access to the needed information at the right time.

As migration towards California is common and any people want to shift to that state, the investment in California distressed properties is something people very commonly do. The distressed properties serve as a source of profit for them. Those who invest in California distressed properties need to stay updated about the up coming foreclosures. Whenever a piece of property is declared to be distressed by the money lenders, the websites update the information. Those who are keen in buying the California distressed properties keep a close look on the available options and deice accordingly.

California distressed properties are the business in which many people invest. They are also important to people who want to lie in California and cannot afford buying a home at the market price.

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