Posts Tagged ‘colorado’

In the raw the jackals and vultures move in when the big predators have had their fill. It seems to be the same today in human society – and that too in America. Victims facing foreclosures are in a traumatized state – ready to clutch at any straw of hope. They cannot think rationally and calmly. This is the ideal scene for the scammers to enter the stage and pick the bones. With foreclosures on the rise it is a party out there for those who have a taste for rotten carcass. The foreclosure scammers are gorging and belching. Beware!

The wolf in sheep’s clothing comes knocking with sweet words of help. They promise the sky. But instead of succour the foreclosure victims find themselves not only without their foreclosed homes but also with slimmer purses – notes and coins they could have ill afforded to have lost during this severe weather.

Reports about sham rescue schemes from about all the 50 states have been pouring it – reports BBB. The number of foreclosure scams complaints rises in proportion to the number of foreclosures. Thus the maximum number is reported in the worst affected places like Georgia, Colorado and Ohio.

The line of action follows the route of email and posting of printed offers. It seems to be the same story repeated everywhere. There are even eye-catching web sites to trap the unwary. Treat personal approach with extreme caution. Usually hand written notes are pushed inside mailboxes overflowing with messages of concern for the foreclosure victim’s plight. No documents should be signed that writes away the title deed. Get the documents scrutinized by someone who knows and can be trusted – preferably a legal advisor. The helpers offer to negotiate satisfactory terms to stop foreclosures. The assurance is that if the process fails then the fees will be refunded. Some have been desperate enough to pay $1,300. Neither was action taken nor was the money returned – only precious time was lost.

The general advice to mortgage victims, from all responsible quarters, is to contact BBB – which is available on the web. A reliability-report is available for free. It is also relevant to remember that those who offer help should have a license from the state’s Department of Finance. A license from Real Estate Commission is required for those trading in property. The bottom line however is – contact the lender directly and immediately.

Search Images

Lloyd Segal, a mortgage broker, in a timely move has authored a book full of punch to motivate borrowers into action against foreclosures. For those caught in the net the situation is not only agonizing but also insulting and traumatizing apart from being a economic catastrophe.

With foreclosures marching on with the highest peak in ten years Wall Street has started to quake and shiver.

The ‘How-To’ book is about how to keep your roof intact, negotiate with the lender and refinance, how to interpret the law to your favour and take recourse to other means like bankruptcy to fend off the wolf from the door. However Segal warns that sometimes nothing delivers and owners have to face up to the harsh reality of being unable to keep the unit. It is at this point that the book is of invaluable help giving advice focusing not on the foreclosure so much as getting rid of the financial burden. The approach is to squeeze out the maximum financial benefit and prevent damage to credit ratings. Nothing affects credit history more than a foreclosure past.

The book is full of hope and tells you to keep your chin up even when the dreaded foreclosure notice arrives. The first thing is to stay calm and fearless. Be determined not to surrender without a fight. It takes few months for foreclosures to become effective and Segal shows how to make the best use of this bonus.

He begins by putting the question – is the property worth keeping? The answer will involve taking into account equity of the unit and credit ratings together with future budget planning of the victim.

Next he says that, more often than not the lender is not an ogre and is willing to negotiate. Foreclosure process is expensive for them and moreover lenders do not want to sit on idle bricks and mortar.

If the first step fails then the other options are refinancing or filing for bankruptcy. Military persons may avail of special protection clause if still in service.

The tone of the book is impressed with the firm belief of the author that it is possible and very much so for the ordinary house owner to take the bull by the horns and subdue it. As a second line of action he suggest consultation with legal and financial experts.

Search Images

Located in the Colorado state, Aurora city ranks third in the state and fifty-ninth in the United States for population. The city’s municipality is split between Adams County and Arapahoe County with a small segment lying is the County of Douglas. According to the census data of 2006, the city had a population of 303,582 as compared to a population of 276,393 in the year 2000. Hence, the city has marked a population increase of 9.8%.

The city was founded in the year 1891 and covers a total area of 369.7 square kilometers out of which major portion is land with a small portion of about 0.6 square kilometers being water. The city is at an elevation of 5,471 feet from the sea-level. The average summer temperature of the city is 70 degree Fahrenheit and the winter temperatures being 30 degree Fahrenheit.
The city’s entire population is distributed among 68,867 families and 105,625 households. The city’s racial makeup is combined of Latino or Hispanic of any race, Whites, Pacific Islander, Native American, African or Black American, Asian, and a small number of other races.

The anticipated median income of a household of the city was about $48,309 in the year 2005 as compared to $46,507 in the year 2000 while that of a family was about $52,551 in 2000. The city has witnessed a steady increase in the real estate market in the last few years and as a result the prices of homes have also increased.

According to the data of August, 2007 the city has 4,341 homes for sale enlisted in the MLS with a median price of about $185,000 whereas the city has 375 new homes with an estimated median price of $364,490. The 2,249 real estate classifieds in the city are available at a median price of $205,000. On the contrary the foreclosure properties are available at a median price of $167,200.

The foreclosure listing of the city also indicates that 7359 properties in Aurora, Colorado are available as foreclosure properties. The figure comprises of 41 properties under pre-foreclosure, 3,498 properties are available for auction, and 2922 properties are under Bank authorities, 18 properties are government owned, 31 are placed for sale by their owners, 254 properties are placed for resale by their owners and 595 new homes are enlisted in the Aurora foreclosure listings.

Visit us at http://www.foreclosurelistings.com for the latest information and news about Aurora’s foreclosure listings.

Search Images

The figures released by Colorado Housing during the second quarter speak volumes. There have been 10,017 new filings – which makes it 6% up from the first quarter. Colorado is thus showing a 25% rise in this year. There is apprehension that before the year dies out the numbers will further increase with many ARM’s waiting in line to join the ranks. It will not be easy to sell properties. This is one of the main factors for the increase in numbers.

Most of the trouble spots are concentrated in Adams and Denver Counties. In the former the last six months has seen a 19% rise and in Denver 10%. In other counties there had hardly been any appreciable change in foreclosure figures. In the Front Range Counties the number of auction sales rose. Auctions are held for selling off the property 45/60 days after the initial foreclosure filing. The grace period of allowing the borrower to make one last attempt to clear dues is then finally closed.

In Arapahoe County during the second quarter foreclosure numbers saw a decrease of 6% but an increase of 13% in sales from the first quarter. In Pueblo County the trend was similar with listings going down by 5% but sales numbers going up by 13%. Activity is acute on the Front Range stretching from Larimer to Pueblo County. Adams County topped the list with one filing for 45 units. In Denver and Weld Counties the ratio is 1:60 and 1:62 respectively. Boulder County ranked last in the Denver metro region with 1:264.

The highest is in Pueblo County (excluding Denver and Weld) with 1:48. In Garfield County the number is at a comfortable 1:506 making it tops in the least number of delinquencies. La Plata recorded 1:479. The national figure is 1:181.

The new statistics contradicts those released by a pioneer California based online tracking group which had showed up high Colorado numbers. The Colorado Division of Housing continues to criticize the release of misguiding numbers that have been painting Colorado red.

Since then the online tracking group has released numbers which has made Colorado slip to the 5th position in the nation as regards number of foreclosures per household But all said and done during 2006 and the first part of 2007 according to month by month rating Colorado ranks first in the nation as regards number of foreclosures .

Search Images

RealtyTrac, made its debut two years ago by becoming the first data collector of the country’s mortgage crisis. It made its entry at a point of time when such a service was of invaluable importance. The information provided by RealtyTrac has been widely quoted by national news media and even by the Congress.
But it is not free from criticism. Colorado State Housing Division had problems with RealtyTrac figures and had to do its own sleuthing. Under pressure of censure for having played around with numbers, the company will for the first time issue a statement in its quarterly report explaining the contradictions in its data.

A spokesperson of RealtyTrac, Sharga, said that the unjust criticism is a backlash from trading groups who are uncomfortable with the bad news. Some do not understand that the foreclosure issue is not just an incident but also an ongoing process. The numbers are based on public information pointing to a problem.

Duncan of Mortgage Bankers Association agreed about the problem but said that the data was incorrect because of triple counting. It damaged the public image of the industry. Each step of a single property was counted more than once. The Association has its own data bank representing 80% of the country’s mortgage transactions.

The ace foreclosure websites like RealtyTrac.com, Foreclosure.com, Foreclosures.com and Bargain.com charge monthly fees from those interested to view foreclosure, defaulting and reversion to bank lists. The data of these data collectors varies. RealtyTrac claims to be the largest and most comprehensive publishers of national statistics relating to foreclosure and bank-owned properties – more than 1 million units stretched across 2,500 counties. The collection includes all the three steps of foreclosure – notice for default, auction proceedings and completion of it when the property returns to the bank. It is the detailing that has led people to misunderstand its method of calculation. One property cannot be in more than one phase of the process. But the explanation is given that in the quarterly report, a property may have been counted more than once. A property is sometimes foreclosed simultaneously by more than one lender.

RealtyTrac is happy about the service it has done to society as many state offices come to them for details – the objective being to find out escape routes for the unhappy victims. It has brought about cohesion between government and private enterprise.

Via

Search Images

Do you want to make hay while the sun shines? It is the best time to buy a house at dirt-cheap rates. One the one hand developers of new houses are slashing their prices and on the other one after other properties are coming under the hammer of foreclosures. While some regions are still untouched other states are bearing the brunt of the waves. California, Nevada, Colorado, Florida and Ohio are heading the list. There were 39,659 foreclosures in California in the month of May alone.

RealtTrac, a data based company says that in May the foreclosure market made a 90% jump. It was a 19% increase from what it was in April. This is the highest peak touched since the company started tracking figures from 2005.

In April there had been a hardly noticeable fall but that was just the lull before the storm. The foreclosure tidal wave came back with redoubled ferocity, says Saccacio CEO of RealtTrac. What is more – the worst is not yet over. Spring is the traditional time for buying. So if this is the trend now, what is going to happen in the months to follow? Perhaps there are still some communities that have not yet been infected with the virus but the danger is lurking. Shadows are lengthening. This silent pressure is telling on the market and the general health of America’s economy. There are no signs of improvement but rather the situation is slipping out of control.

For quite sometime Americans have been wallowing in the hysteria of consumerism – flat screen television, exotic holidays, dream houses, flashy cars and luxurious renovations to old homes. Banks and finance companies inculcated the borrowing and spending psyche into the mindsets of the people so that money began to flow like water. Money began to circulate like never before. Sub-prime lenders took advantage of this to rope in borrowers with low credibility into their mortgage nets, knowing fully well that they just did not have the means to repay the loan.

Now the financial mess is coming back to haunt the perpetrators. America is reeling under the indigestion that follows over eating and gluttony of consumerism. The ailment is getting worse. There seems to be no panacea in sight. But Man lives by hope and hope alone. Read ‘Storm-Proof Your Financial House’ if you do not want to sink with the ship.

Via

Search Images

Looking for homes at a cheaper rate? Then you’re in the right place. America’s present housing market apart from persuading the property owners to sell them at lesser rates is also causing the increase in the number of foreclosed properties to go up in sale.

Records state that a U.S. based real estate has leaped over to 90% in a period of one year. The foreclosures in the month of May are 19% more than that of the previous month. The highest record of foreclosure filing was recorded in the month of May by Realty Trac. It is said that in two years time this was the only month with so many foreclosure filings.

After a fall in April, foreclosure rose back incredibly in May. This is according to James Saccacio the Chief Executive Officer of Realty Trac. And this is not all. It is going to get worse. Strong activity like this in the middle of buying season could indicate higher levels of foreclosure in future. He says that all communities within the nation is not experiencing increase in number of foreclosures but properties that are foreclosed are becoming very common and is becoming the reason for fall in home prices.

Few states are being affected more than the others. States like Nevada, Ohio, Colorado and California are leading the nation with respect to foreclosures. In the month of May alone, there were 39,659 homes that went into foreclosure in the case of California. This huge leap in the number of houses falling into the foreclosure is only indicating that the economic status is going to worse in times to come. Millions of Americans are immerse in the luxury of exotic vacations, sophisticated homes, fashionable cars, flat screen televisions and renovating homes. This attitude of spending was instilled in them by creative housing sectors that were also inexpensive.

Finance establishments and banks designed attractive loan schemes to encourage them in buying expensive properties or at least in using the equity off their existing houses. As a result there was a flow of credit. Irresponsible lenders gave money to people who they knew would not be able to pay them back. This is now leading to fall in prices of homes and America’s Materialistic attitude is going to come to an end.

For some suggestions on stabilizing finances secured financial status, we recommend you to read “Strom-Proof Your Financial House”!

Via

Search Images

Statistics on Colorado foreclosures, on Tuesday, were largely at variance with one another. According to one online source the number is up but another one says it is down. The difference between the two figures is quite considerable and therefore confusing.

According to Bargain Network the foreclosure listings was 8,662 – that is about 3% drop from the previous month. The rate works out to one foreclosure for every 211 properties. It placed Colorado fifth in rank. In April Colorado was fourth with the foreclosure number touching 8,907. It was a considerable 22% decrease from March.

But the national picture is that listings jumped to 6% from April with 149,000 properties ready for the anvil. In November 2006 the number was 108,000. This meant an increase of a staggering 38%.

The states of Colorado, Florida, California, Texas and Illinois have the distinction of being responsible for 59% of all the foreclosures in the country. Among these Florida comes first with 29,820 houses waiting to suffer the process of being foreclosed and auctioned. Texas comes third with 11,012 units marked to be doomed. This means that on an average Texas has one foreclosure for every 732 houses.

Most of the activity in the foreclosures– that is about 87%, centred on single-family houses. 75% comprised of the market in condominiums and town-homes. The remainder was about commercial units, land, mobile homes, multi-family and the like.

A second rival company that deals with real estate, Realty Trac Inc. in Irvine, California came out with contradictory reports later on Tuesday. In its report the number of Colorado foreclosures is up by 8.5% in comparison to last month – that is April 2007. Realty Trac went on to add that Colorado listings number 6,321. This means only one out of 290 units is under the cloud of foreclosures. Nevada was rated as having one foreclosure for every 166 properties.

Realty Trac has come under criticism for doing the wrong counting. It now plans to revise its method of reporting of putting together in one basket all the foreclosures. It will now break it up and give a step-by-step statement of how many units are moving through which stage of the foreclosure process. Foreclosure is a lengthy process and does not involve one quick move. By next month the new Realty Trac figures should be available to enable analysts to assess the situation from different angles.

via

Search Images