Posts Tagged ‘Foreclosure Listings’

Stockton has the dubious distinction of ranking first in the foreclosure race with 8000 foreclosures this year. Stockton has a population of about 300,000. One in every 27 houses has slipped into foreclosure. The highest concentration is in Weston Ranch region of Stockton. The figures have been released ACORN, a non-profit organization. The inhabitants belong to the middle-income category for whom it was a bolt from the blue.
People dreaming about house ownership had been lured into the sub-prime mortgage by predatory lenders. The costs of the houses were inflated to expedite loan procedures. Many walked into the trap with the sure hope that real estate prices could never fall but would only rise.

The Weston Ranch streets are dotted with sale signboards standing on overgrown gardens. The victims have just disappeared leaving food on their tables. The remaining neighbours are infected with this gloom of auctions taking place all around. People are getting a double beating. Moving out of his own foreclosed house one person became tenant in another house. But soon the second place of shelter too was gobbled up by foreclosure.

Agents dealing in short sales and rentals are doing brisk business. This is a positive way out for harassed owners to save some credit and avoid the stigma of foreclosure. By an arrangement between the lender and the borrower the house is sold off at a price, which will bring in less the amount than what is owed. Rental business has gone up with people shying away from buying properties. Right now there are very few buyers. Properties are sleeping three times longer than it did last year. The average price has plummeted by 10%. Right now there are 350 houses waiting in the line to be sold. At the present pace it will take another five years for this to happen. The general prediction is that the weather will not clear till 2010.

A spokesperson of a Stockton non-profit organization opines that at the root of the matter is ignorance of the buyer about mortgage and other matters related to property. The borrowers must be educated about the law and the terms of the agreement to avoid pitfalls. Being forearmed is to be forewarned! The goal is to try to help the weaker section to have a roof of their own. But the thrust is on the point of affordability.

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Hundreds and thousands of Iowans are ruing the day they took sub-prime loans. The situation is so alarming and grim that the state’s attorney general, Miller, has set up a hot line and sketched out a plan of action to help borrowers negotiate with the lenders for new terms.

It is reminiscent of the 1980 farm crisis when lenders honed in on farmers with foreclosures leading to a slump in the agricultural sector. At that time a private non-profit group acted as middlemen and saved many farms from foreclosure. Today also Miller is following the same strategy and working out a plan with house loan companies and the borrowers for alternatives.

Iowa ranks fourth among the highest foreclosure rate at 8.6%. Reliable data releases show that 30,616 sub-prime loans had been served notices and over 2,600 were in the middle of the process. 11.8% had gone into delinquency and 14.5 had crossed the time limit for making up dues.

Miller anticipates worse days ahead and points the accusing finger at the sub-prime market for being the prime suspect. Borrowers are traumatized when overnight monthly payments somersault to more than double. Sub-prime lenders had resorted to predatory tactics by falsely appraising property values and offering financial gratis to tempt borrowers. Many states have now clamped down prohibitory orders on such unethical methods.

The lenders too are in a soup with so many units going into foreclosure. So the best way is to establish links between the two ends of the pole says Thompson the director of Iowa Mediation Service. The best way will be to bring into effect a new agreement by which the lender avoids foreclosure expenses and other allied losses.

Miller has set into motion a task force comprising of 10 personnel to communicate with mortgage servicing companies and other investors so that the loan is modified to feasible levels and put a brake on foreclosures. Meetings will be held this month in Iowa and next month in Chicago.

The steps taken on the national level is a repeat of the Iowa experiment. Behind it is the acknowledgement of the fact that borrowers, lenders, investors as well as the mortgage companies all have their own interests at stake in this matter of foreclosures. The appeal is to the ethical self-interest of all parties concerned. The government too has its own axe to grind.

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Miami is one of the major cities in Florida, United States and is the County seat of Miami-Dade County. Miami, with an approximate population of 404,050, has earned the title of “World City” because of its importance as a recognized financial hub and a cultural center. Owing to its linguistic and cultural ties to the rest of America and the Caribbean, Miami is also often called “the Gateway to the Americas”. The Port of Miami is one among the largest, influential ports in the US. This port is often referred to as the “Cruise Capital of the World”.
Miami is surely one among the country’s prominent financial centers and also a significant center for regional commerce, Due to its co-location to Latin America, Miami acts as the headquarters for Latin American related operations for more than 1200 multinational corporations. Tourism is another important industry: The beaches at Greater Miami attract visitors from within the country as well as from across the globe. The nightclub district in Miami Beach is widely appreciated as one among the truly glamorous beaches in the world.
At present, Miami is home to an enormous building boom that is ranked second worldwide (and undoubtedly the first in the USA) Most buildings that are under construction will be more than 492 feet .The Miami skyline is currently ranked third in the USA.
Finding a dream home in the Miami foreclosure listings and that too at a bargain demands a good deal of searching, and researching. Many foreclosure properties are being sold at discounts ranging from 20% to- 50%.
At the time of writing, the Miami pre foreclosures listings stand at an impressive 9632, Bank Homes at 2238, properties for sale by owners at 207, resale homes 352 and new homes 83.There are however no government properties on the foreclosure listings. Beautiful and spacious 3 bedroom/4 bedrooms with 2/3 bath combinations are up for grabs at exotic beachfront locations for prices as attractive as $300,000. Hallandale Beach is one such location to consider for buying real estate, as there are 2 casinos, sunny beaches, and a mall just a little distance a way, and there is always something exciting to do.

There are a number of such like foreclosure offerings lined up to suit all categories of buyers; ma y it be a beach front villa or a palatial bungalow tucked into the city. A thorough knowledge of mortgage laws and ownership formalities will prove helpful when finally deciding upon and clinching a foreclosure deal. Web sites and agents will definitely be a great help in locating the right kind of property. For more information on Miami’s foreclosure listings, log on to http://www.foreclosurelistings.com.

Professional real estate investors, with an eye on federal homes and foreclosures are homing in on Miami looking for the latest and currently hot foreclosed properties. Commercial investors also gain from investing in Miami foreclosure properties.

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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.

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Borrowers took loans to buy a house and make it into a homeBut unwittingly they got into a financial snarl which is compelling thousands and thousands to abandon their hearth and home. It is a foreclosure crisis of jumbo proportions.

The sub-prime loans were an outrage – an insult to those with weak credit. Today it is not confined to the point from which it started but is spreading like a virus to infect other kinds of mortgages. This is the opinion of a renowned mortgage banker’s association. Last June the foreclosure notices rose to 0.65% - 0.58% jump over the first quarter of this year. Three consecutive quarters have thus performed a hat trick!

One lawyer has come forward to help 30-year-old Mendez who is a victim of multiple sclerosis and is partially blind. In May 2006, when she first got into trouble many lenders came forward to help her financially. One of these brokers from South California asked her to sign certain papers and somehow persuaded a reluctant Mendez to do so. Few days later the original lender contacted her and Mendez decided to opt for the latter.

The South California person did not object and she took the money from the prime lender and went about repairing her small house. Few months later default notices began to come. It was a grand confusion with everyone assuring her that she was being taken care of. Too late she realized that two loans had been foisted on her! Now she did not know who to pay what. Nobody could be contacted. She is now lagging behind.

The person from South California could not be contacted. The other lender, New Century who is facing criminal charges for accounts error in securities has filed for bankruptcy in April. Mendez’s lawyer filed a suit in Marin Superior Court to halt the sale of her house. It claims damages from both the lenders for willful cheating and fraud. The Judge granted a restraining order stopping the sale of Mendez’s house. Unfortunately Mendez could not produce a bond to secure the bond. Therefore the order had to be vacated. The lawyer is now confused about the next step. The insurance agent of Mendez is trying to interest another lender to take over the mortgage and somebody else to provide the security bond. Mendez keeps on hoping and praying.

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A disproportionate tax bill is a blow from an unexpected quarter for one who has failed to meet mortgage dues. Yet the bill accuses the person of having made an extra earning! This is unbelievable but true in Michigan and other parts of the country.
Those who negotiate with the bank for some unusual refinancing scheme are usually at the receiving end when they sell their houses for an amount, which is less than the outstanding dues. It is a three-pronged attack. First the victims lose their home and hearth. Secondly the amount they get is less than what they owe. Last but not least comes the tax bill from unsympathetic authorities. Many are ignorant about tax rules because so far real estate valuation has been rising. But the curve is now falling. If the bank forgives $20,000 on a $100,000 loan then the former is calculated to be an income with tax tags attached to it. Matters are spinning out of control in Michigan where recession is on an all time high binge.
A Michigan Democrat is up in arms against this and trying to change this rule before the year comes to an end. Unfortunately it will only be a temporary reprieve and will apply only to the original house of the borrower. Many had availed of easy loans to move into up swinging localities with better facilities. On 31st August President Bush gave his support to it as a part of the package helping house owners. The banks too approve of the scheme, as they do not benefit from foreclosures. The chief economist Richard DeKaser of National City Corporation in Cleveland is of the opinion that if changes are made and there was a tax freeze, borrowers will have more leverage for negotiation.
The only way to escape the dragnet is to file for bankruptcy. If the debt is repaid under the cloud of bankruptcy then tax is not levied. A second way out is to fill out a complicated tax form (982) and claim to be insolvent – their debts were bigger than assets. The average person is ignorant about such fine escape routes. Only a seasoned tax consultant could steer the victim out of the maze. It will not pull down ‘For Sale’ notices overnight but will certainly act as a cushion for future falls.

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Marengo based Linden Lumber business concern has been able to avoid the crisis of foreclosure by arranging for and repaying a debt of $5 million. This was stated by Federal Land Bank last Friday. The representative of the bank said that a new settlement has been arrived at regarding repayment of the $5 million dues. Linden Lumber, founded in 1955 is one of the largest companies in Marengo employing a large number of people. It operates one of the key industries. Of late the company has been financially stumbling. 150 employees were laid off and two prime sections closed down about three years ago.

Upon this negotiation depended the fate of 425 jobholders in an economically backward region. As per previous schedule foreclosure sale was to be held on Friday. The bank was reluctant to divulge the details of the confidential agreement. The company’s agents and spokespersons could not be contacted for their remarks and comments.

The agreement follows an approval issued by the Marengo County Commission on 24th August 2007 that allowed public funds to the tune of $5 million to $7 million to be used to save a sinking concern from drowning. The welfare and livelihood of many were tied to its fate and hence the concern and remedy. It is the first time that Marengo County has put into force its wide lending discretionary powers which Alabama Counties enjoy. This is as per an amendment made to the constitution of the state in 2006.

Woody Dining, the acting attorney of Marengo County said that it would take many weeks for the fund to be actually released; it might even be months. There were stipulations and strings attached regarding the meeting of certain requirements by the company. However the very fact that funds have been sanctioned meant that Linden Lumber had sufficient negotiating power to enforce a satisfactory agreement.

Although there had been unanimous voting in the meeting on 24th August in favour of bailing out Linden Lumber nevertheless the whole episode was not without criticism. There were many who disliked the idea of using public funds to help a private company. Most spoke in favour taking into account the broader perspectives but a vociferous minority opposed the move saying that the policy was bad and would set up a questionable precedent that would not bode well for the future.

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During the second quarter of this year the foreclosure rate in Utah is down in comparison to what it was the previous year. It remains far behind the average national figures where the number of foreclosure units is staggering.

Towards the end of the June 2007 there were only 0.55% properties in Utah suffering the trauma of foreclosures. It meant a drop of 0.74% in comparison to the figures last year during the same quarter. Among the lowest rankers in the foreclosure race Utah ranks 7th and sits comfortably well below the national rate of 1.40%. During the second quarter lenders began to foreclose on 0.65% of USA mortgages – which was an all time record. In Utah the rate was only 0.29%.

Analysts opine that this is primarily due to the relatively strong economic health of the state and also because there has not been much sub-prime activity.

Delinquent loans are those that have dropped behind their payment schedule by 30 days. In this group Utah’s dropped by 3.45 % in the second quarter this year. This was a considerable drop by 3.56% in comparison to the same months in the previous year. Utah’s average was well below the national figure of 5.12%. California, Florida, Nevada and Arizona are the leaders in the slanderous race. There has also been a decline in 34 states. Except for the big four the increase in other states has been minimal. The big four with have been in the doldrums for quite a number of years.

The early years of the new century saw frenetic activity in the housing market. There was a great demand for loans. To satisfy all, risky loans were doled out willy-nilly. But during this time Utah had been relatively flat and staid. It was only from 2004 that some flutter took place in sub-prime lending but it was never much to sing about. The job market was also upbeat. People did not run out of funds and as the economy attracted more job seekers from outside more buyers were available. Another factor behind the sunshine is the relatively high valuation of property. This meant troubled borrowers would get some equity left over even after paying their dues, and start life anew. Of late however property rates have started to fall making it difficult to benefit from a quick sell off.

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