Posts Tagged ‘facing foreclosure’

There is a raging debate going on amongst experts about who should be blamed for the foreclosure crisis – the lenders or the borrowers? Whatever the outcome of this controversy there is no doubt that one segment of those who inhabit this country are suffering – the pets. The pets had no part to play in this game of foreclosures, nothing to gain from it and yet they are suffering today and losing out for absolutely no fault of theirs.

The American Society for the Prevention of Cruelty to Animals has appealed to the people who have pets and are facing foreclosures. The first thing is to check with friends, relations and neighbours to see if anyone will provide temporary shelter. The pet should be checked regularly while the foreclosure matter is being sorted out. It is better to seek out a rented accommodation where pets will be allowed. Permission should be taken in writing. If both these fail and yet foreclosure looms large then the next best thing to do is to contact the local animal shelter well ahead as all these units can provide for only a limited number of animals. Keep ready the medical records and information about the behaviour of the pet ready. Despite worries about foreclosure time and energy must be given to these important details.

In extreme cases of cruelty the owners abandon the house together with the pets. Lately the animal shelters in New Hampshire and Main seacoast are seeing the effects of foreclosures on animals. It seems that the foreclosure related problem as regards pets is going to increase and not go away soon. A spokesperson of a society in Dover comments that since January this year the number of animals looking for adoption has gone up suddenly. At Salem it is the same story of dogs and cats being dropped off because of foreclosures. The development manager at Salem shelter Ray Denis has a sad story to tell. One family comprising of the parents and two children came with two cats one day and then with two dogs later. Following this they themselves went to a homeless shelter – all because of foreclosures.

The Animal Welfare Society in Kennebunk, Maine oversees 18 towns. The report from here is the same. Where the foreclosure numbers are low the number of abandoned animals are also low as in New Hampshire seacoast towns.

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Foreclosure tornados are blowing off roofs above the heads of many in Tulare County. The rate is up 105.7%. Scam artists parading as consultants are using strong-arm tactics to make owners sell off at low rates.

To forestall predators and protect victims a public education programme has been launched. The idea is to bring matters to the notice of the District Attorneys Fraud Unit. Launched in January 2006 it has already investigated 25 reports related to real estate fraud. This month one Yrays Cruz was taken into custody and charged with forgery, grand theft and wrongful use of personal identification information.

The unit not only investigates and prosecutes but also warns people when they are at risk and what they can do to avoid becoming a victim. Among those in financial distress the worst affected are the poor, elderly and unsophisticated – especially those not fully conversant with English.
Residents are warned about the pitfalls in sub-prime lending practices. The original purpose of the latter was to help those with bad credit to become house owners. But by hurting those it aimed to help, has defeated the very purpose. For sometime the monthly repayments were reasonable but soon interest rates began to fluctuate and went beyond the capacity of the borrowers. It led to one foreclosure after another.

Those facing foreclosure should be made aware of certain cardinal points. First be sure that the agent has a validated license. Never transfer ownership without reading and understanding the contract. The contract must be in writing and explained in a language understandable to the owner and include the name, telephone number and address of the provider (of sales or service) the exact amount to be received or paid, the services to be provided and all the chargeable fees. Each agreement must show clearly that the owner has a right to cancel and also delineate the procedure of cancellation. During the cancellation period, (date to be clearly stated) the unit cannot be sold or transferred and must be free from legal and financial obligations. The contract must be signed before agreeing to sign any documents of transfer. Insist on a copy of the contract. For more detailed information the affected may contact the relevant authorities.

Fraud unit of District Attorney – (559) 7333-660 ext. 213/www.datulareco.org/The California Department of Real Estate – www.dre.ca.gov./US department of housing and urban development – www.hud.gov./US department of veteran affairs - www.homeloans.va.gov.

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The latest report is that Utah is not under the foreclosure cloud that has covered the rest of the country. Only 3.05% of outstanding dues were 30 days behind schedule. From last years this is 3.29 % less. Countrywide the rate during the first quarter was up by 4.41% during the same time in 2006. This rise shows that the real estate market is limping due mainly to the stumble in the sub-prime lending market.

The picture is Utah is not grim because it did not succumb to the sub-prime debacle. The economy is strong with the highest employment rate in the country. This has led to a favourable economic climate in comparison to the rest of the country. Only 11 other states have less number of foreclosure listings. The first indication of foreclosure is when the borrower becomes a delinquent one – that is fails to make monthly repayments. Then a notice is served asking the owner to vacate the premises.

According to national statistics 0.58% is facing foreclosures. It means that the rate has gone up by 0.41 since the previous years. Sub-prime loans entering foreclosures surged to an all time peak of 2.43%. On the other hand Utah’s figure dipped to 0.33%. During the same time the previous year the figures was 0.45%. Only 13 other states have foreclosure rates lower than this. The statistics covers government insured and traditional loans. The home-sale market and rate of foreclosure of a state are intertwined. In Utah, homes sell quickly. This means that owners can quickly save themselves from a financial crisis by selling their property at a price that will take care of their loans.

A second opinion is that slowly Utah too is coming under the cloud. Houses priced more than $350,000 are having trouble and concessions are being offered. The other alternative to sit and wait but mortgage defaulters cannot afford the time. But those below $30,000 are sailing through the market easily.

Advocates for consumers opine that strict lending regulations could have forestalled the crisis. Federal Rules should now strongly step in and not remain idle watchers as the economy spins into chaos. On the other side of the fence, lenders are asking the Feds not to interfere beyond the practice of giving advice. But the consumer group is not willing to buy this. They are saying that for the last seven years Federal Reserve has only made small insufficient gestures.

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Not a soul can disagree that experiencing foreclosure ranks on the top of the list for nerve-racking life situations! This article talks about the benefits of maintaining a positive outlook, in spitefulness of emotionally explosive situations, and how it can contribute to a much supplementary positive conclusion…..

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