Archive for the ‘Foreclosed House’ Category

It is now the turn of pets to pay for foreclosures. The increase in numbers of atrocities committed against pets related to the present crisis has caused the law to step it. Pets who never took loans are now finding themselves homeless. A law has just been passed banning the abandonment of pets. The Central Coast is one of the worst affected regions.

Dawn Flood of SPCA complains of the increase of numbers of such cases. Some like Freckles who is three months old is lucky. At the time of shifting houses her owners left her with SPCA. But many are not so fortunate. Flood said, “We’re seeing a lot more animals coming in because people are having to move and their homes are being foreclosed. So luckily, we’ve got her (Freckles) now and she’s going to go to a really good home.”
Mike Bitar is a realtor who primarily deals with bank-repossessed houses. He has seen the worst of such cases of pet abandonment. Various kinds of animals starting from exotic snakes and reptiles to mangy underfed dogs have been left behind in horrendous conditions when people move out of their houses. Bitar said that in one house he found a dog left in the house for a week surviving on toilet water. There was urine everywhere. When the house was being repaired the entire flooring had to be removed.

Till recently the employees of banks and the realtors were asked to leave the empty vacated property alone. It meant nothing was to be done with the deserted animals until the foreclosure process had run its course. But things have changed. A state law will now expect the owners of these repossessed houses, mostly the banks, to send reports about these animals to the relevant animal welfare authorities.

Judi Adams, the humane investigations supervisor of SPCA (Society for Prevention of Cruelty to Animals) said, “It is illegal to abandon an animal and it’s much better if owners will bring their animals to the SPCA rather than leave them behind for someone else to find because they could be charged with a crime.”

Mark Desaulnier, assemblyman of Bay region, had sponsored the bill. This piece of legislation will in all probability be held up as an example and emulated in other parts of the country. It is Man that is the savage animal and yet again it is Man who is humane and rational.

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Side by side with the usual foreclosure of borrowers defaulting and facing foreclosures from lenders, tax lien foreclosures are also increasing.

The treasurer of Luca County Wade Kapszukiewicz came up with a proposal in 2004 to sell the tax lines of those house owners who were delinquent as a new way of raising revenue for the benefit of local schools and other similar bodies. Till now $11.3 million has been collected though sale of tax lines to a debt collector based in New Jersey.

Unfortunately very recently Xspand has denuded the courts with foreclosures counting to about 100 within a span of two days. It is a potential threat to house owners losing their homes in this holiday season. The county court clerk Bernie Quilter pouring over piles of paper said, “We weren’t counting on this. Here we are – the county is asking us for budget cuts, and there is a skyrocket in the number of cases.”

Till the last month of this year Xspand has been filing dozens of foreclosures each month against those who have not paid their property taxes. In a matter of two days the court was flooded with about new 120 foreclosure filings. On Friday 60 new cases were filed and another 60 on Monday. These are what the company had purchased – the tax dues of the residents via a treasury sale. Xspand has filed 450 cases – the greatest number by any one plaintiff accounting for 10% of all the foreclosures that have been filed this entire year.

Foreclosures have risen to 4,100 in 2008 from 3,486 and 3,285 in 2007 and 2006 respectively. The sudden addition of cases towards the end of the year will shoot up numbers. Quilter explained, “Some of this property is junk property, but some of these are owned homes, and instead of working with (the owners) they’re kicking hem out of their homes.”

The deputy treasurer Mark Austin however says that the sale of tax-liens has lessened the foreclosure figures by allowing the taxpayer’s to work with the county before the lien is sold as to avoid trouble.

The house owners can skip foreclosure by coming to an agreement regarding payment with the county. The latter repeatedly sends notices before actually selling off the liens on the houses. If the county is convinced that the house owner is seriously trying to meet tax commitments then the lien will be removed. Along with the due taxes steep legal fees are added.

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In this gloomy foreclosure climate the important thing is to keep alight the lamp of Hope in the coming year – it alone can steer through the troubled waters those who are drowning.

Soon one of the most horrific years in American history and that of the world will draw to a close. Michigan has been one of the worst affected pockets. Foreclosures raged through the state as thousands found themselves unemployed. There were record numbers of bankruptcies. Pundits opine that this was the result of institutionalized greed causing a wider gap between those that have and those that have-not. Such a scenario has not been seen since the Great Depression.

There is fear all around and a feeling of insecurity about tomorrow. Hardly there is anyone who has not been touched by it. No business is immune to recession. Factories are silent, foreclosed houses are crumbling and decaying while pets are dying abandoned on the streets. From those who had retired to college students – all have been badly mauled. There is no piggy bank on the mantlepiece to take care of the rainy day. Savings has dropped to zero. The foreclosure tide took with it even the value of the houses.

Yet hope is there – foreclosures cannot kill its eternal flame. Few weeks ago crowds gathered in thousands in Grand Park at Chicago to celebrate and see in person the first Afro-American to be elected President of America. He spoke of change as well as diversity for a nation in great need of the same. Many openly shed tears as others broke into singing and partying spontaneously. The same scene was being enacted all over the country in rippling infectious waves of hope that foreclosures could not dim.
It will not be long before that hope raises its head again as the young family move into the White House replacing a weary leader who has failed the nation in more ways than one. But nothing will happen overnight. It takes time for spring to bloom. The foreclosure crisis might get worse before it peaks and tapers off. The people must not expect a miracle but keep hope and faith alive as the New Year dawns. Hope is not just a wish and a dream – it is the most powerful emotion that fires the engine of civilization.

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Legally the servicers do not have much power to avert foreclosure. This is because of the complication of securitized loans. A pool of mortgages was created, parceled and sliced off to various investors across the world. The servicers were collecting agents and communicated with the lenders. At the most they could modify loans by reducing the interest but has no say in the matter of waiving parts of the principal. If they did so there Legally the servicers do not have much power to avert foreclosure. This is because of the complication of securitized loans. A pool of mortgages was created, parceled and sliced off to various investors across the world. The servicers were collecting agents and communicated with the lenders. At the most they could modify loans by reducing the interest but has no say in the matter of waiving parts of the principal. If they did so there was the danger of the servicers being sued by investors. But without slicing off a part of the principal effective modification is not possible. And without that foreclosures cannot be avoided in good numbers.

Even if some servicers entertained the idea of modifying loans there was another danger that they might please some investors at the cost of others. This will make them reluctant to take action. They could fear of being charged of lining their own nests.

To get over the impasse a suggestion has been made by eminent pundits that interest rates as well as principal could be slashed with the government agreeing to bear part of the writing down costs. Considering the expenses connected with foreclosure the lenders and investors should accept this as a better option. The FDIC help schemes runs along similar lines. But the borrower has to be defaulting for at least 60 days. This is being criticized because it will tempt those not defaulting to do so!

All the foreclosure remedies put forward are unjust on those who have been responsible, taken proper loans and been regular in their payments. The rescue schemes seem to be helping those who helped create the foreclosure crisis and those who failed to keep their commitments. The borrowers of California, Florida and Nevada will particularly benefit at the cost of others.

Professor Jeremy J. Siegal warns against focusing too much on foreclosure. The real big issues are the financial and economic conditions of today. He suggests the introduction of a major package to stimulate the sluggish economy by encouraging banks to lend. He said, “It seems to me these (mortgage) workouts are going to take a number of months. The (federal government) has got to take measures now.”

Everybody is at sea and suggesting one solution after another. Meanwhile the country falls deeper and deeper into recession. The indications are that this recession is going to be the longest in the history of America.

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was the danger of the servicers being sued by investors. But without slicing off a part of the principal effective modification is not possible. And without that foreclosures cannot be avoided in good numbers.  
Even if some servicers entertained the idea of modifying loans there was another danger that they might please some investors at the cost of others. This will make them reluctant to take action. They could fear of being charged of lining their own nests.  
To get over the impasse a suggestion has been made by eminent pundits that interest rates as well as principal could be slashed with the government agreeing to bear part of the writing down costs. Considering the expenses connected with foreclosure the lenders and investors should accept this as a better option. The FDIC help schemes runs along similar lines. But the borrower has to be defaulting for at least 60 days. This is being criticized because it will tempt those not defaulting to do so! 
All the foreclosure remedies put forward are unjust on those who have been responsible, taken proper loans and been regular in their payments. The rescue schemes seem to be helping those who helped create the foreclosure crisis and those who failed to keep their commitments. The borrowers of California, Florida and Nevada will particularly benefit at the cost of others.  
Professor Jeremy J. Siegal warns against focusing too much on foreclosure. The real big issues are the financial and economic conditions of today. He suggests the introduction of a major package to stimulate the sluggish economy by encouraging banks to lend. He said, “It seems to me these (mortgage) workouts are going to take a number of months. The (federal government) has got to take measures now.” 
Everybody is at sea and suggesting one solution after another. Meanwhile the country falls deeper and deeper into recession. The indications are that this recession is going to be the longest in the history of America.
Via

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Foreclosures have led to the sprouting of tent cities for the homeless in Hillsborough. Richard Shuster is one of the inhabitants. He moved in here about eight months ago and terms it his “gated community”. It has been so named because of the wilting gate between some thickets that leads to the site of his camp located near Interstate 75. 59 year old was a welder when his job vanished. At that time he lived in a rented room and zoomed around in a car. Now he has joined many others like him in tents living in the outskirts of Hillsborough County in the wild.

No exact numbers are available but the numbers in Homeless Coalition has been increasing during the last few years. The homeless are being pushed more and more into the eastern fringes. It seems strange that just a couple of years ago Hillsborough was a booming town and the very centre of frenetic housing activity.
With the collapse of the boom and the advent of foreclosures, restaurants and shops downed shutters. The skilled workers vied with each other for work in a shrinking pool of opportunities. Their homes succumbed to foreclosures. The landlords no longer forgiving now ordered eviction. The result has been that men and women who are single have been living in the tent cities while families have been roughing it out in cars. Students have been somehow surviving on the extra couches of friends and relatives. To many living in the towns and suburbs this group is not visible.

Karen Mynes is a counselor at Seffner’s McDonald Elementary School that has ten homeless children on its list. For them foreclosures have left behind very little. Karn said, “For these people, the usual safeguards are gone. It’s all these tiny little things where people have been cutting them slack. Nobody has it to give anymore.”
In front of Shuster’s lakefront homeless camp the flag of America merrily flutters. He somehow manages to cook a meal on a rough improvised brick oven and completes his clothes washing with dishwasher detergent as well as toilet plunger. His child support payments have vanished. But he has accepted the situation stoically. If the mighty government cannot solve the foreclosure crisis what can he do to overcome its fallout?

The immediate cause of the number of homeless people increasing in east Hillsborough is the opening of a new soup kitchen. Hunger is a great sauce to attract those who have lost everything to foreclosures.

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The communities in the valley are fighting foreclosures in an organized manner. The leaders have grouped together over 500 Hispanic immigrant Hispanic families in Pacoima and northeast San Fernando Valley.

Immediately after the debut of Father John Lasseigne as the head of Marcy Immaculate Church in Pacoima a couple came to him with their children asking him to pray as they were just about to surrender the house that was their home to foreclosure. This made Father John sit up to the gravity of the problem that was affecting his flock in the northeastern part of San Fernando Valley. The residents were mostly Hispanic immigrants and belonged to the working class. Over 8,000 houses were either in default or about to be foreclosed upon.

Since the last three months Father John has joined hands with other leaders of the community to form a group of 500 Hispanic families who are all immigrants. As a body they will be seeking bank negotiation. The organization also aims to keep detailed records of the responses from banks regarding modification. This information will be passed on to government officials as part of a move to see that the foreclosure victims get favourable terms. Father John explains, “If we don’t make progress with the banks, we certainly expect to make progress with our elected officials.” His congregation belongs to One-La that is a local affiliate of Industrial Areas Foundation. The latter is known to be left leaning.

This unique effort is the first of its kind in trying to talk with banks as a group. It also shares information with the foreclosure victims. It is hoped that this idea will soon catch on and become a model to be emulated by others. Many however are highly critical of this group action saying that it will have no effect on banks. Each case is individual specific. Tom Kelly of Chase Bank said, “The loans were not made en masse. The issue of mortgages is a home-by-home, mortgage-by-mortgage issue.”

With property value having fallen to unprecedented levels negotiating for modification might not be easy. Many with poor credit records and modest incomes may not be able to run even the modified loans. The rates might be low but the lending standards will be very strict.

Meanwhile policymakers are scrambling over solutions, as one out ten, house owners having a mortgage are a month behind in payments or being foreclosed upon as on 30th September 2008.

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Obama wants part of the bailout package to be utilized for stemming the foreclosure tide. In this respect he is not at one with the views of Henry Paulson on the way the $700 billion is to be used. On Wednesday 3rd December 2008 he gave out clear signals that he wanted to use a good amount of that fund to put a brake on foreclosures by assisting the foreclosure victims struggling with their mortgages. He said, “The deteriorating assets in the financial market are rooted in the deterioration of people being able to pay their mortgages and stay in their homes.”

The stand taken by Obama shows a clash of opinion as regards policy matters with the Treasury Secretary, Henry Paulson. Paulson has opposed plans to use the bailout money to provide guarantee to modified loan mortgages.

Paulson also crossed swords with the House Republicans who gave out a stern warning to both Paulson and the chairperson of Federal Reserve Ben Bernanke, that unless they are more accountable, Congress will not release the second installment of the $700 billion package.

The leader of the minority John Boehner (12 house Republicans) writing to Paulson and Bernanke said, “The government has burned through nearly $350 billion of (bailout) funds and is pledging trillions of dollars more through other programs, yet little is understood about how these investments are contributing to the nation’s economic recovery.”

Last Monday Paulson had said that the Bush administration was trying to stem the tide of an unforeseen number of foreclosures rushing in. But he did not distance himself from his previous stand of opposing a measure that was being pushed through by Federal Deposit Insurance Corporation under the Sheila Bair the chairperson. Bair wants to use part of the funds to allow for refinancing of mortgages by lowering the monthly installments.

Important Democrats in the Congress are also crying for the bailout fund to be largely used to assist the foreclosure victims. Since 3rd October the Troubled Relief Program or TARP has been enforced. The Government Accountability Office came to the conclusion that the Treasury does not have the infrastructure to see that the pay packages of their top executives and other perks are limited. Immediately after this statement Obama made his comments and the House Republicans submitted their letter. Foreclosures continue to haunt millions as the tug of war goes on.

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The foreclosure crisis was the blazing background against which Obama campaigned and won. But that has become history. Today he has to tackle the foreclosure problem and to do so the focus has to be on taxes He promised to lower taxes for the middle class but increase them for those with more than an annual earning of $250,000.

Philip M. Nichols a professor of legal studies and business ethics advises that Obama should be particular about his tax promises and use it as a lever to get the economy out of the foreclosure related mess. He explained, “The effect would be two-fold. It would increase the rate of spending by the middle class.” It would also increase the rate of saving by the middle class. This saving would serve as a capital to encourage economic growth.
Not all are of the same view. Professor Gerald Faulhaber questions the benefit of steep tax cuts that are permanent, considering the huge debt America has accumulated. The latter roughly equates to $1 trillion including new borrowing connected with the latest rescue package. Faulhaber advises that Obama should concentrate on short-term (six to twelve months) tax measures to give a kick to the economy.
Kent Smetters a professor of insurance and risk management advises that Obama should not compensate the tax breaks by raising taxes on corporations. He explained, “The problem is that United States already has one of the highest corporate tax rates in the world.” If that is further increased then it will hurt the productive functioning of the firms considering the recent increased costs. On top of this are regulatory instructions to comply with (2002 Sarbanes-Oxley Act) that will put great pressure on medium sized companies. Obama however has promised to make regulations more stringent – especially after the collapse of Lehman Brothers and other jumbo banks. While the economic pundits understand the political considerations behind Obama’s assurances they caution him to take into account the ground realities and facts. A gradual approach would be more sustainable. Faulhaber cautions, “Government could do a lot of harm if it gets involved in ways that aren’t perfect. He compares business regulation to the game of football in which the government has to take on the role of a referee to stop rampant violations but it should not itself become a player! Thus he says that the regulations should be for the time being concerned with a specific situation rather than broad and general.

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