Foreclosure Listings Articles

Most of the borrowers are at a loss how to tackle the impending problem but the housing counselors are there with unsheathed swords waging a war against foreclosures. They have first hand knowledge of the various federal government plans involving $75 billion. The plans are there but the borrowers need to be navigated and for this the counselors, certified by HUD, are there on a non-profit basis.

Faith Schwartz of Hope Now said of the counselors that they “are really on the front lines advocating for the buyers.” She added, “This world has changed. It used to be sub-prime borrowers, and now the problem is an economic problem with delinquencies in prime.”

Carol Robinson of HomeFree USA begins work from 8 a.m. and often continues to well after sunset. She either directly meets the concerned persons or contacts them over the phone and sometimes by e-mails. The harrowing tales of woe of the clients seem to haunt her. She browses through the obituaries and write ups to see if any body she had interacted with have made news or if anything untoward had happened to them.

Many fail to keep their house. Marcia Griffin of HomeFree said it is better for the clients to know the harsh truth. She said, “As a non-profit, we can give you options. Sometimes we have to sit with you and say, ‘there’s no way.’” She tries to keep the office environment as comfort giving as possible so that the stress can be somewhat alleviated. The chairs are soft blue coloured. There are fig trees standing on clay urns. A brick wall stands exposed while scented flickering candles exude scents. She had taken the help of a Feng Shui expert to bring about this effect.

Robinson explains to her clients that banks are not compelled to make modifications. Hence they have to explain to the lenders that by doing so they gain through modifying the loan instead of proceeding with foreclosures. Lately lenders have become more amenable to this line of thinking. The banks have increased their staff strength and trained them to become more familiar with the government programmes.

There are signs everywhere in Robinson’s office that their efforts are paying off. Cards have been stuck on to a black cabinet with messages reading “thank you very much for your help during our ordeal” or “your thoughtfulness knows no end.” Another card read, “Your thoughtfulness knows no end.” One client gifted her a blue angel made of paper

Those who once proudly lived in their own homes with self-respect are now turning to seek refuge in cars, with friends, relations and in public shelters.

One of the victims is Sheri West. The first night she spent inside her sedan. It was parked in the driveway of her previous house piled with her goods. On the second night she camped with a friend. In this way it continued for over a year – no mean achievement for a great-grandmother. Somehow she survived on couches and front seat of her car clutching on to meagre possessions but not giving up her few potted plants.

This autumn all her options had been exhausted. Once upon a time she had been the owner of home that looked after the homeless. Now she has become one of them enlisting herself in one such shelter. She bemoaned, “I had a house for homeless people. Now, I’m homeless.”

The number of homeless Americans is increasing. More are ending up in shelters according to the findings of social service agencies and a report released by a group of housing advocates.

Three years ago foreclosures had not been an important factor in affecting homeless numbers. But the social services agencies note that of those they have helped in the last year, 10% have been foreclosure evictees. The report has been released by Foreclosure to Homelessness 2009. It is a survey conducted by National Coalition for the Homeless and half a dozen advocacy groups.

15% of new homeless folks came from the foreclosure category in the Midwest. It was indicative of high unemployment. Ohio unemployment rate touched 10.8% in last August. The prime cause has been wrong lending to those who did not have the ability to repay.

West now lives in a shelter meant for only women and children. It is being run by West Side Catholic Center in Cleveland. In 2007 foreclosures were not responsible for the arrival of any new seeker. This year already 4 foreclosure evictees have had to be accommodated. The same trend has been observed in shelters located at California, Michigan and Florida where a poisonous chemistry of foreclosure combining with unemployment has caused untold damage.

Most of the foreclosure evictees in shelters are renters in the low income bracket. Their landlords have been foreclosed upon leaving them suddenly stranded without notice and savings. Recently there has been a marked increase in previous landlords turning up at shelters.

Mortgage servicers have always worked as collection agents – this being their business and as such they are ill equipped to handle en masse modification of mortgages. This was the view of Patrick Madigan the assistant attorney general of Iowa. Speaking at an interview he said, “The mortgage industry has responded to this crisis with [...]

Continue reading: Servicers are ill Equipped to Handle en Masse Modification of Mortgages

The National Association of Home Builders recently approached the Congress to see to it that the housing sector once more took a leading role in bringing back drive to the economy. It wanted speedy action to stretch and increase the limits of $8,000 being offered as tax credit to first time nest builders. The association [...]

Continue reading: NAHB Approaches Congress to Take More Proactive Steps in Mitigating Foreclosure Crisis

Legislators are scrutinizing lending activities of the Federal Housing Agency. It made its debut during the time of the Great Depression to help the damaged real estate market get back on its feet with the assistance of the government coming forward to insure mortgages. But currently – the worst economic crisis since then is causing [...]

Continue reading: Legislators Scrutinizing Lending Activities of FHA

Out of the mouths of babes. In the first story this week is a fourth grader who asked president elect Obama “Why do people hate you?” President Obama was making his first Presidential visit to New Orleans this week and while there he attended a town hall meeting. During Thursday’s meeting, [...]

Continue reading: Foreclosure Recap – Week #42

Many are not wallowing in depression and self-pity but taking up the challenge thrown by the foreclosure crisis and finding new avenues. Some say that it has actually been a boom that has pulled them out of the groove. Economic necessity has now become the mother of new invention.
Jay Kverno previously had a job oiling [...]

Continue reading: Many are Taking Up the Challenge Thrown by Foreclosures and Finding New Avenues

The US economy is going through one of its challenging phases. Unemployment is at its peak and people are faltering on mortgage payments. Hence, foreclosures are common. Now the value of the foreclosed properties has crashed to an all-time low. Normally home buyers buy a property with the notion that its value will appreciate over [...]

Continue reading: Values of Foreclosed Properties Crash to All-Time Low