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Foreclosures Are Forcing Many to Give Away Pets

Julie Parker — Mon, 15 Jun 2009 17:37:30 +0000

Foreclosures are largely responsible for the economic downturn and this is causing many to give away pets as they cannot cope with their own lives. It is often a heart rending decision.

One of the animal victims is Julie a pit bullterrier. She had to be removed to a home in Orange County because her owner could not look after her anymore when indifferent health and huge medical bills ripped apart life. The pit bull had to go on languishing for months in the kennel as the breed has a certain stigma attached to it.

The same story with variations is being enacted all over the country. Financial downturn is forcing many to part with beloved pets and this is leaving a psychological mark on children.

Experts advise that one should think in terms of the long term welfare of the pets. As soon as one begins to get signals about financial troubles it is better to hunt for a good home while there is time. There are many other reasons that may cause this decision to be taken – allergies, illnesses in the family or any other personal trauma.

The first thing is to look around in the extended family and among known friends someone who will keep the pet. The Society for the Prevention of Cruelty estimates that about 1 million dogs and cats are facing potential danger of becoming homeless. If the animals are given away well ahead then the children will not go on suffering about what happened to the beloved pet. This unknown factor can be especially agonizing. But if the new home is known then the pain can be eased maybe with some occasional visits. That would be the ideal solution.

Riverside County is one of the worst affected regions. The Riverside County Department is fervently requesting evicted foreclosure victims either to somehow keep their pets or to find someone who will house them for the time being at least. More than cats it is the dogs that pose greater problems. The shelter has made a list of all the apartment units where dogs will not be refused. So long as the dog can be taken for a walk lack of garden or yard space is no problem.

Alan Entin formerly of American Psychological Association said, “Giving up a pet may be the worst thing. They really help reduce stress," he says. Losing a pet when life is already stressful may just make things worse.”

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Ten Persons Accused of Foreclosure Scam

Julie Parker — Fri, 06 Feb 2009 12:22:48 +0000

Ten persons – scammers and fraudsters, had tricked house owners in San Diego and Riverside counties. The grand jury accused them of misappropriating thousands of dollars from the hapless foreclosure victims, taking advantage of their vulnerable position. They were tricked into paying fees for saving them foreclosure – something that never happened.

The ten were charged on over 150 felony counts. The office of the District Attorney said that the crimes were discovered in 2008 following complaints lodged by the house owners – most of whom were Hispanics.

The charges were that the victims were made to pay fees to these scammers posing as foreclosure consultants. In reality they did nothing to prevent the borrowers from losing their homes. Some of those who complained had hardly a working knowledge of English said Stephen Robinson, the Deputy District Attorney.

In May last year five of the suspects had been arrested. The Superior Court brought charges of grand theft, conspiracy, rent skimming as well as deceitful practices against the ten persons. They were William Hutchings (62), his wife Xiaoke Li (43) Edgar Martinez (30), Diego Gil (38), Shawna Landis (29), Octavio Escatel (29), Joel Garcia (26), Stephen Mauer (54) Rose Napoli (34) and Alex Olmos (39). The accused put up attorneys for their defense who said that the indictments would be challenged.

Peter Liss the legal representative of Diego Gil said that his hope was that both sides would sit down and try to resolve the case. He added, “There are homeowners who clearly lost substantial sums of money here and the sooner we can reach a resolution, the sooner these homeowners will get their money back.”

The kingpins of the gang are Robinson and Hutchings – the organizers and the brain behind the move. Gregory Turner, the attorney for Hutchings insisted on his client’s innocence saying that the latter had only tried to help the house owners. He clarified, “These homeowners were already victims of predator lending by the mortgage industry. They were already late on their mortgages, in default and on the brink of foreclosure.” The attorney of the married couple Gerald Bank said that there was no ground to believe that neither husband nor wife had committed any fraud.

If found guilty, they might have to serve jail terms ranging from three to twenty five years. The authorities froze their bank accounts so as to keep funds for repaying back to the victims.

Via

Foreclosures Keeping the Kitchens Full of Activity

Julie Parker — Tue, 20 Jan 2009 11:21:06 +0000

During the holiday season the foreclosures are keeping the kitchens roaring with activity in Central Indiana. Christmas is a time for introspection and many think themselves fortunate to be helping others by way of charity. Foreclosure related crisis has made the need of the community great not only during the holidays but also for every day of the year.

In Marion County the Society of St. Vincent de Paul has brought hope with help to many families for the last four decades. Recently the demand for assistance has shot up. But many of these real life stories have got lost in the hype about stock markets, bailouts and unemployment figures.

The organization of Indianapolis St. Vincent de Paul comprises of over 1,400 sincere and dedicated volunteers. There is no paid staff in the body. They have noticed that workload had noticeably increased throughout 2008. Many have suffered because of the foreclosure crisis and job losses but there is a vast majority of help seekers who have never come anywhere near owning a house.

The food kitchen of the organization caters to the requirements of over 3,000 families each week today. In January the number was 2,000. It is the biggest food panty in Indiana and most probably in the entire Midwest.

The food is varied and they depend on National Food Bank Network as well as the generosity of Kroger, Second Helpings and Colonial Bakeries. There are also private donations responding to food drive operations. Even with this massive support they still need over $250,000 to address the rapidly growing number of needy for 2009. The current level of help calculates to the families each getting $45 to %55 value of food per week. The organization is not helped by any governmental funding. Neither does it get direct help from the Catholic Church although the name is that of a Catholic saint. It is does not have the membership of United Way because the body does not have any paid executive director – all the workers are volunteers.

The volunteers from Catholic parishes and the community in general registers the families, collects the food, stores them and then sees to the distribution. They take personal care of the items and have them delivered to those who cannot go out of their homes.

Those interested can log on to its website and come forward to stand beside the needy who are in acute condition thanks to the foreclosure crisis.

Via

Condo Vultures Are Busy Picking Up Tasty Morsels Of Foreclosed Properties

Julie Parker — Fri, 19 Dec 2008 11:26:47 +0000

Peter Zalewski is a busy man handling lots of properties. In South Florida he has for sale 110,000 houses of which 55,000 are foreclosed and 19,000 owned by the banks. 68% of the units are in the distressed category. Somebody has to do the cleaning up and here is where Peter’s firm, Condo Vulture Realty, comes in. Condo Vultures are busy picking up tasty morsels of foreclosed properties.
Times of trouble spell opportunity for some. Vultures play a vital role in cleaning up – they do not kill. The killing is done by others. Vultures actually clean. The developers in Miami, who thought that the booming and zooming party would never end, did the killing. They sold condos at highly inflated prices to people who came to the orgies armed with ARM and Alt-A loans. Peter recalls, “There were red ropes outside. They had hired cameramen, and they had hired photographers to almost set the scene of a paparazzi.” They were selling a lifestyle by making the customers feel extra special.

When Peter was asked what role these exotic mortgages played in the foreclosure crisis of today he promptly replied, “They were essential. They were necessary. Without the Alt A or option ARM mortgage, this boom never would’ve occurred.” Nothing could be more true. Without these fancy super mortgages many of the borrowers would never have qualified for a mortgage loan. The lenders and brokers took their share of fees and commissions and were eager to ink more loans. What happened to the borrowers and the nation later on was none of their concern. The killers did not bother to check if the income was real or not. They agreed to ‘liar loans’ where no down payment was required. Jokingly these were termed ‘ninja loans’ – no income, no jobs and no assets. Just a pulse was sufficient for a loan to be sanctioned.

The key reasoning behind this mad behaviour was the belief that the price of houses would go on increasing. It was a fact that since the Great Depression real estate curve had steadily kept going upwards – it was a steady progress.
People had a heady feeling of climbing up the socio-economic ladder in leaps and bounds. Rula Giosmas was an acupuncturist. Soon she became a real estate speculator investing in six properties paying only 20% down on each being financed by option ARM. Today she is being foreclosed upon and losing on each unit.

FDIC Chairperson Expresses Her Concern About Steps To Mitigage Foreclosure Related Crisis

Julie Parker — Tue, 16 Dec 2008 12:27:17 +0000

It was while the top fiscal regulators were discussing over the ways and means to be employed to stabilize City Group, FDIC’s Chairperson, S.C. Bair, expressed her concern about steps to mitigate foreclosure-triggered crisis. Her support to the City Group was absolutely certain provided the bank aided and supported her in return. Her cause was to reduce foreclosures and the bank finally submitted to her demand. The conference was a rarity as most of the debates pivoted around helping citizens avoid foreclosure but ended without a resolution.

As a definite step towards curbing foreclosures, Bair had suggested the use of money collected from the taxpayers. This did not go well with the government and the resulting displeasure led to the formation of measures and strategies that have proved unable to stem the rapid rise in foreclosures. Over ten million people will be victims of foreclosure in another five years time.
Mrs. Blair’s fight to prevent foreclosure is seen as an effort to advertise herself, by the White House and the Treasury. This, they feel is aimed at projecting them as unfeeling persons towards the plight of the millions suffering from foreclosure. She is now precluded from most of the meetings regarding foreclosures.
As part of a rescue programme, Mrs. Blair, put into action certain measures, to help about 65000 house owners. These were people who were two months behind with their dues. Though not all, but nearly 7200 people have benefited so far. So too Congress proceeded to help the people and ended up with problems. Till now only 200 owners have applied for relief and there has been no modification of loans.
There are families with ailing members who could easily pay up only if the rate if interest was a trifle low. They fail to understand why there is no help for them when banks are being aided. Bair in her attempt to help the people had estimated a total of 24 billion dollars that would be required. The Treasury observed that it would take at least 70 billion dollars for the purpose and that the F.D.I.C. has not looked into the possibility of defaulters once the rates are reduced.

Severe criticism has bee leveled at the FDIC and the Congress for their plans seem to be overlooking the loss that the economy will, incur. They are also wary about who the genuine loaners at risk are. There are those who become defaulters willingly in order to claim a modification.

Nearly Half Of The Modified Loans Have Again Started To Default

Julie Parker — Tue, 16 Dec 2008 11:04:30 +0000

Nearly half of the loans that had been modified during the first half of 2008 have again started to default, according to a federal regulator. This poses a question about the quality of these loan modifications.

About 53% of those who had their loans modified during the first quarter of 2008 and 51% of those who did so during the second quarter could not manage to be current on their monthly payments within this short span of time. John Dugan, U.S. Comptroller was speaking on this issue at a conference on housing.

The report in full will soon be released. It has surveyed 35 million mortgage loans amounting to $6 trillion. It calculates to 60% of all the primary mortgages in the country.

The main question here is whether these modifications have any long-term effect. Yet this is the key solution to the financial crisis. 1.35 million houses are in the foreclosure zone and those defaulting now are 6.99% according to Mortgage Bankers Association.

Hope Now Alliance has helped 1.7 million foreclosure victims.

The Comptroller of Currency is asking servicers to provide more details to analyze the matter and find out what went awry and why. Dugan is keen to know if the modification had been done to realistic levels or whether the borrowers were too much in debt to be able to surface. He explained, “These answers are important, because they have important ramifications for the foreclosure crisis and how policymakers should address loan modifications, as they surely will in the coming weeks and months.”

Other speakers at the conference also posed questions about the loan modifications noting that this was far from being effective. Many lenders in all probability tagged on the due payments with penalties at the end of the modification agreement.

Sheila Bair the chairperson of FDIC was also critical of the modifications that have been undertaken. She said, “The quality of the modifications are not what the should be.” Perhaps proper verification of income had not been taken.

In November she launched a plan to tackle the foreclosure crisis by introducing modification of loans. The monthly payment was not to be more than 31% of the income of the borrower. To do this, the rate of interest was brought down to 3% and the terms of the loan extended to 40 years. Her plan included deferment of principal without accruing interest at the end of the term.

Maryland Foreclosures For Sale

Kevin Simpson — Thu, 06 Nov 2008 14:27:43 +0000

Prior to purchasing a Maryland foreclosure for sale, it is possible to purchase pre-foreclosures at a Sheriff’s sale, or more commonly this is known as an auction sale. The purchase of a Maryland foreclosure for sale is a far less risky proposition than actually purchasing a property on auction. But purchasing property on auction could be the single best way of making large profits for an investor, however if you don’t know what you are doing, you can also lose your shirt.

The auction sale of a property is the final step in the foreclosure process, this comes about when the homeowner is finally completely unable to repair the financial problems he has with his lender or bank. Approximately half the states in the US use the “judicial” process when they foreclose on a mortgage and when a default occurs the lender or bank attempts to end the rights of the homeowner to have possession of a property. The mortgage is a legal document that provides security, where the property is pledged as security against the loan.

Maryland foreclosures for sale are reached when the lender enters a legal process to prove in a court of law that they have the right to sell the property on auction. Once this process has been scheduled and taken place, the bank or lender are able to place the Maryland foreclosure for sale in the open market.

When a property is sold in a public auction it will be under the direction of the county court in which the property is situated. The bidder who successfully purchases the property becomes the new owner and in about 80% of cases this is the lender who is the original owner of the mortgage. Attorneys attend the auction to bid on behalf of the lender and they know what they are doing and why. However there will also be onlookers, the eternally curious, and property investors present. Sometime a lien holder will show up in the hopes of salvaging something. In rare instances the property owner may also attend in an attempt to bid on his own property.

Investors attend the auction to make bids in the hopes of getting a bargain, however these are few and far between. It must be borne in mind that they will be bidding against the lender who has infinite financial resources at their disposal. It is interesting to note that if the lender does not show up at the auction to bid for the property, this should indicate to the investor that there is far too much red tape tied up in the property to make it worthwhile bidding on.

Once the property has been sold at the auction it them becomes a Maryland foreclosure for sale, in this instance, it is a far easier prospect for an investor to make an offer on the property as all liens and back taxes will have been cleared from the title.

Foreclosures in Maryland Top Counties

South Carolina Foreclosures For Sale

Kevin Simpson — Fri, 17 Oct 2008 16:32:53 +0000

Once the bank or lender has decided to sell to the investor the South Carolina foreclosure for sale, they will have to enter into a Real estate Sale and purchase agreement, often referred to as the Equity purchase agreement. The investor should always have his or her attorney read the contract first. Particularly if they have no knowledge of the legalese used such contracts. Once they have given it the go ahead then it will be ok to sign. Ensure that the attorney is well versed in real estate purchases pertaining to South Carolina foreclosures for sale.

It is agreed by investing experts that the terms of agreement should be clearly stated in the contract. Nothing should be left to verbal agreement. Verbal agreements are not worth the paper they are not written on and the investor will have no recourse should something go belly up. The only sure fire defense against future problems is the way in which the evidence is presented and everything needs to be documented accordingly.

According to the property and other variables, the investor should try to purchase the property at a discount of 15 – 25% below market value. Offers should commence from there and increase accordingly if the investor still wants the property and his offer has been rejected by the bank. He will learn quickly that any unrealistic offers will be rejected. It is far better to work with the bank or lender than to work against them. Many other variables such as interest rates, down payments and price are negotiable within reasonable terms if the investor wishes to succeed. Thousands of real estate owned properties are sold annually at close to market value, so the banks and lenders know what they are doing and why they are doing it.

Not all lender act in the same manner when it comes to selling their South Carolina foreclosures for sale. Many have very inflexible policies in place, so try to find the bank with the most flexible policies to obtain your South Carolina foreclosures for sale. These would probably be the institutions that advertise widely, not the ones that keep their foreclosure lists to themselves.

One the lender or bank has accepted the offer, try to ensure a closing date as quickly as possible. This will avoid delays and counter offers from competitors. Essentially, buying South Carolina foreclosures for sale has its merits for the investor. There is the ability to make profits, even if they are not as lucrative as a pre-foreclosure or auction type purchase. The advantage is that this is the safest, most risk free form of property investment for and investor and particularly one who is new to the foreclosure market place.

As long as the investor is being advised by people who have his best interest at heart, the person wanting to become and investor in the South Carolina foreclosures for sale market, will soon have an understanding of how this works and be able to flip property for fast profits.

Foreclosures in South Carolina Top Counties

Lenders Being More Realistic And Proactive In Avoiding Foreclosures

Kevin Simpson — Wed, 15 Oct 2008 12:06:14 +0000

Lenders are now sitting up to the fact that overeating leads to indigestion. Overwhelmed with a surfeit of white elephants – the vacant foreclosed houses, they are now being more realistic and proactive in avoiding foreclosures. The government measures have also motivated them to be more borrower friendly.

Rosemarie Cino had odd jobs to do – taking dogs for a walk, cleaning pools and driving for companies. But when she suddenly got laid off and fell behind in her mortgage to the tune of $8,000 she was disappointed. They would not even talk to her. Their attitude was high handed to say the least. It was either pay or get out. She said, “They asked about what I spend on food. When I said I had to buy dog food, they suggested I get rid of my dogs.”

This is the story of millions with slight variations here and there since the collapse of the sub-prime mortgages and the forward march of foreclosures. Borrowers are faced with excessive monthly payments because of false escalation of assessments. The lenders have been impervious to the calls from legislators, housing advocates and even government requests to reduce interests to realistic levels. Borrowers have found it difficult to contact their borrowers. The lenders and servicers claim that they are overwhelmed with so many calls that they just cannot manage the volume. Desperate borrowers are seeking out non-profit bodies for help and sometimes falling into the trap of foreclosure rescue scammers. With the real estate nose-diving the prime borrowers are also facing foreclosure. The various conditions attached to government assistance prevent many from getting help. They are just walking out – on to the streets.

The work of the housing advocate is to convince the lender or its servicer to work out fresh contracts that will be affordable and be of long term. Those advocating for the borrowers try to convince the lenders about the hardships the borrowers are facing like illness and unemployment. They also try to find legal loopholes in the foreclosure proceedings. Many try to make use of their previous experiences and contacts in the mortgage world. Requests are also made to lenders for waiving fees and charges.

The mortgage world has within the span of a year or so turned topsy-turvy. Loans were available for peanuts. But now the loan purse strings have been tightened – thanks to the foreclosure crisis.

Massachussets Foreclosures For Sale

Kevin Simpson — Tue, 14 Oct 2008 13:31:59 +0000

Before a property becomes a Massachusetts foreclosure for sale, the final step in the foreclosure process is the auction of the property. The biggest advantage to purchasing a property at the auction is there is the great potential to make high profits in a resale of the property. This is particularly the case if there is a large difference between the value of the property and amount the property is sold for on auction. This means there is the potential for the investor to win really big. The biggest cash rewards come in when the investor knows exactly what they are doing when taking risks using this investment method.

Generally speaking, auction sales are advertised from 4 – 6 weeks in advance. In some states it could be as much as 6 – 8 months. In instances where the auctions sales are advertised so far ahead of the time, it gives the investor ample opportunity to research the condition of the property, the loan and the home owner. You might ask, why the home owner? This is important if the investor wishes to work out a deal with the home owner before the property becomes a Massachusetts Foreclosure for sale by the bank, if the bank should bid for and win the property at auction.

If the investor manages to meet with the home owner and still cannot work out a deal, they will at least have had an opportunity to check out the property and see what kind of condition the property is in. this allows a competitive advantage over all other bidders at the auction.

It is advisable for an investor to attend a couple of court house auctions before actually going to bid on the property he desires. A familiarity of the process that takes place is always an advantage if the investor decides to try to bid for the property on auction date.

Generally speaking there is not a great deal of competition for property being sold at the auction and this can create a good opportunity for a diligent investor. Although it is always wise not to bid on an unseen property if the bank of lender is not there to bid on the same property.

Disadvantages include huge risk taking for those investors who have not conducted the correct research. There are many horror stories around of investors with insufficient knowledge, losing their shirts and their money in deals such as this.

Successful bidders might also have to evict tenants and this process could take several months. It interferes with plans to make repairs and quickly sell the property at a good profit. This kind of delay will increase carrying costs and eat into profits.

If you are unable to inspect the property prior to bidding on auction it is virtually impossible to asses what the market price of the property might be. This leaves it virtually impossible to calculate what your maximum bid and profit margin might be.