Foreclosures respect no frontiers – neither class nor creed, rich or poor. It is a great leveler – cold and indifferent like Death. Foreclosures have been galloping around in Maricopa County. Jewish agencies are rising to the challenge as a community and setting up centres to help the troubled foreclosed victims. Michael Zent of Jewish Family & Children’s Service comments that the problem is continuing to grow and affect all and sundry. But they are specifically trying to help those in the Jewish community who are beginning to lose their houses and homes.
The representatives of Jewish Federation of Greater Phoenix, Jewish Free Loan and JFCS as well as some other related groups met on 21st May 2008 at the headquarters of JFCCS on Northern Avenue, Phoenix. The invitees included Rabbi H. Rafael Goldstein, Bruce Tunnel of the Arizona Department of Financial Institutions and Patricia Garcia Duarte of Neighborhood Housing Services of Phoenix. Information about the enormity of the problems was exchanged as well as the availability of help and services from the secular community. Also were present members of the Jewish Community Foundation, the Deutsch Family Shalom Center, the Kivel Campus of Care, the Barness Family East Valley Jewish Community Center as well as the Jewish Tuition Organization.
Zeidman elaborated that about 500 to 600 Jewish families were in some stage of foreclosure. The spiraling numbers were part of the escalating problem raging all around. Specifically the Jewish agencies have recorded the increasing number of request for help coming from their own community.
The conference made the participants aware of the secular and Jewish resources available to help the foreclosure victims. Also ways and meanings of reaching out to the distressed were discussed so that the problem was nipped in the bud – that is before the foreclosure process even started. Help was to be in such a way that it would not compromise with the dignity of the help seeker. Keeping all these points in view the agencies were advised to proceed. It is expected that a blue print for action would be ready by this summer.
For those who cannot wait and are in a critical position, they can knock on JFCS’s Helping Hands. This programme stands behind financially cornered individuals and families by helping them to chalk out plans to become self-self reliant. Helping Hands is supported by donations from within the Jewish community.
The courtrooms in Bakersfield, California are jam-packed leaving standing space only. Auctioneer Sam Marshall says it is big business as the numbers roll in. Banks are desperate to reduce their inventory as they are weighed down with innumerable foreclosures. Foreclosure numbers are now breaking own records in the first quarter of the current year 2008, according Mortgage Bankers Association.
The house owners were initially hit by spiraling interest rates from sub-prim loans but now the menace is falling real estate prices that is making it impossible for either lenders or borrowers to sell the units and wiggle out of the foreclosure mess. For the borrowers there is no point in carrying on with a mortgage wherein the value of the house is less than the loan balance. So the latest tendency is to walk away leaving the keys with the lenders. Now these lenders are turning to auctions to relieve themselves of the load as vacant houses are creating problems and public as well as local government outrage.
The states that saw the highest number of new foreclosures are now seeing the greatest fall in the housing markets. Prices in Nevada, Florida and Arizona and California are down by 27%, 25% and 14% respectively.
The bust in the housing market is affecting many like Rick Boardman. When the housing sector was booming in 2000 Boardman took out his funds from stocks and put it into something real and solid like property. He was confident that this was good investment – something that would upbeat his lifestyle. He and his wife purchased 20 acres of invaluable property in Maryland, waterfront area. He constructed two units – he would sell one and with the profits build his own dream house to reside in. But with the sudden downturn in the market the dream has turned into the nightmare of not being able to pay for mortgage dues.
The real estate tumble down is now spreading its tentacles to the prime loan takers also. It is crossing economic frontiers to threaten fancy gated mansions and million dollar vacation houses. Foreclosures increased by an astronomical 90% from what it were the previous year. Foreclosures include all the stages of the judicial process from default notice to court auction and bank repossession. Some areas continue to be worse off than others. California foreclosure figures have jumped by 350% and it includes traditional loans as well and that too during the spring nest-building season.
Foreclosures continue to rule the roost despite much talk and hype about solutions. But what is self evident from numbers pouring in is that the Bush administration has failed to rein in the galloping foreclosure horse. Like myriad other problems this all-important one about foreclosures is going to be dumped on the new President and [...]
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The increasing numbers of foreclosures, defaults and delinquencies have broken past records in the first quarter of 2008. The apprehension is that this trend will continue causing damage to the real estate market and the economy in general.
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The city of Baltimore has legally filed a complaint that Wells Fargo has targeted blacks as regards foreclosure related issues. The suit was filed on Tuesday 20th May 2008, claiming that Wells Fargo (based in California) resorted to predatory lending luring the Blacks of Baltimore. The desire was to make “quick profit because it believes [...]
