An unprecedented increase in foreclosures in southwest metro counties is posing a challenge to south metro counties. Officials and communities are in a tizzy – what to do and what not to do. A warning has come through to local government bodies that the foreclosure crisis is worsening. This translates into slim budgets to an extreme point.
In Dakota County the warning is that the increased figure of court sales this year is going to be the same as the total number of actual sales of the previous year. In Scott County the prediction is that foreclosures are going to double from the previous year. It will take a couple of years to stabilize.
Mary Monteith of Carver County Community Development Agency referred to it as a “daunting task.” There is a feeling of confusing amongst her colleagues. Jon Ulrich, Scott County Commissioner told her that the number of foreclosures rolling in is too much for their capability to respond. “We’re taking a sip out of a fire hydrant of water,” he said. What makes matters worse is that time is against both lenders and borrowers.
The officials were one in their view that the most important thing is to let the borrowers realize that help is available. The earlier they seek it is the better for them. The government can then take initiatives to assemble financial help packages to steer borrowers through the temporary foreclosure bottleneck. Montieth reiterated that it should not be taken to mean that money is being doled out at random. Public money will not be played around with until officials are convinced that the borrower has the will and the power to overcome the immediate hurdle. It must be shown on paper and ink that they can manage the mortgage.
Scott and Dakota had been ranked among the most affluent counties. In 2001 there were less than 200 court auctions of foreclosed units in Dakota. In 2007 there were less than 1,600 sheriff’s sale – the highest numbers coming from West and South St Paul and Farmington.
It is the house owners associations that are at the receiving end of the foreclosure crisis. Dues relating to unpaid utility bills and trimming of lawns are going unpaid. The most dangerous thing is the falling real estate with prices plummeting to unprecedented levels. The market is trying to reach its point of balance. Meanwhile thousands more are rushing into the foreclosure net.
The beating drums of jazz spread the news that the Ernestine Anderson, the four times Grammy nominated singer was about to lose her house in Seattle to foreclosure. One by one the strings in the hearts of her admirers stirred. The Jazz icon’s house has been saved, for the time being, from donations from her fans and friends.
Eleanor Rubie donated a cheque of $10 tucked inside the picture of songbird. She wrote ‘Dearest Ms. Anderson I hope this helps. … Keep singing on.” Fred Freeman of Arlington came forward to auction an old photograph of Anderson that had been taken decades ago when she was giving a performance in Bellevue Community College. The enraptured listeners had sung along with her. Over the weekend many benefits were held. Dozens of admirers deposited their contribution with the Bank of America to help her meet her $45,000 debt. The deadline date was Monday.
Fortunately this spontaneous gesture worked. Till late Monday $50,632 had come in said Carmen Gaytop of Windermere. She and her husband Carver organized this operation to help the elderly legendary singer. The amount was enough to pay off her debt and put a hold on foreclosure on her house situated in Central Area.
The next step will be used the extra money to question the legality of $5,000 monthly payment that raises eyebrows and doubts. Experts in mortgage matters together with leaders of the community are scrutinizing the mortgage documents to check if she had become a prey to predatory lending. Right now she has got a breathing time.
A jubilant Anderson said that she was simultaneously relived, elated as well as humbled. “You have no idea what it feels like to know people care.” She opined that Seattle has always been special in its efforts to come forward on its own to help. What amazed her was the “range of people” who responded – from blue-collar workers anxious to offer few dollars to music legends like Quincy Jones who were one of the first to make contributions. Jazz music star Diane Schuur was not far behind with her contribution telling Anderson “We’ve got to help each other.” The days are indeed tough and one should stand together.
The lesson to be learnt from this episode is how easy it is for one to slip into financial waters and drown in foreclosures. Two things are responsible – mismanaging income and the predatory lending.
To keep track of foreclosed houses Temecula has taken the novel step of starting a registry. It wants the lenders to lend a hand for the safety and cleanliness of the city. Councilperson Maryann Edwards admitted that although nothing can be done to put a stopper on foreclosures something could be done to update lists [...]
This summer has been the winter of despair for the million-dollar Hampton Mansion that has been caught in the foreclosure net. It is an 18,000 square foot wonder on Bridgehampton. Foreclosure has reduced its value from $27 million to a mere $19.5 million!
The mansion had been constructed by Burns Development on a sprawling 4 acres. [...]
Morton Grove village is seeing more foreclosures and less number of sales. The situation is much better than those areas that have been badly scarred with foreclosures but nevertheless the problem of vacant foreclosed units is becoming a cause for worry after many years of ‘unprecedented growth.’
The North Shore-Barrington Association of Realtors compiled foreclosure figures. [...]
Those who are planning to buy a house today should get set to hard digging for diamonds in foreclosure mines. The first requisite is a good credit history. There is much talk going on about the mounting number of foreclosed houses begging to be sold at discounts but before being carried away it is well [...]
Today foreclosures are being given too much importance. There is no doubt that days are troubling with foreclosures, unemployment, credit blues and spiraling inflation. But there have been far worse days before that this generation has forgotten. It is as if the present crisis is reminding them that life cannot be roses all the way.
At [...]
At St. Louis a conference on foreclosures underlined that for all foreclosure problems the seeking of early help is vital for an effective solution. At the end of the session Karn Wallensak took over the microphone and exhorted the audience to chant after her “If I get in trouble, I am going to pick up [...]
