Posts Tagged ‘georgia’

New statistics pouring in show that foreclosures are on the warpath scorning all relief measures. The housing market is getting worse without showing any signs of peaking.
Across USA foreclosure postings increased by 8% in July from June of this year. Banks repossessed 77,295 houses – a rise of 183% from the previous year of 2007.
Foreclosure is a judicial process by which the lender takes the permission of the court to seize a mortgaged house when the borrower fails to make payments. The house is foreclosed upon after the borrower is duly warned. It is then sold at a court auction by which the lender realizes his unpaid dues. Today there are so many foreclosures that the banks are suffering form indigestion – having swallowed more than they can manage. Vacant foreclosed houses are creating another set of problems. For every one house the banks manage to sell, two more roll into the foreclosure net.
Ken Cleypool is a realtor working with Value Point Financial. He says that his office is overwhelmed with foreclosure related work. They have 65 listed units and 90 more are coming in. Three years ago it was half that number. According to another analysis there are 40,000 foreclosures entering the market each month in USA. The forecast is that before this year draws to a close in December the number will reach a peak at 70,000. Nearly 20% of the houses waiting to be sold coming from the foreclosure category are damaged. This is the natural outcome of frustrated house owners who vent their rage on the property they could not enjoy. Cabinets, sinks and faucets are ripped out together with fittings and fixtures. The damage is sometimes so extreme that it becomes difficult to sell the units. There are huge discounts but even then maintenance and repair bills fill up the gap. Discounts from 25% to 20% are offered.
This is a grand opportunity for investors and also for first time nest builders. Lisa Walt of Grand Rapids helped her son to buy his first house. It might need repairs but nevertheless it was a bargain. The problem is that although houses are going for peanuts one needs a good credit to be able to make the offer. The foreclosure crisis has shaken the mortgage industry and the group has tightened their lending practices making it difficult to get loans.

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Foreclosure surges leads to increasing traffic on new website. The pain of foreclosures is being directly related to increase in numbers to Mortgage Lender Implode-O-Meter. It is not only borrowers but lenders too in trouble are being counted. On 7th July the number was 265 – but that was just the beginning of increasing numbers.

Implode-O-Meter has made a hit in the sub-prime world. In a recently held conference of Mortgage Bankers Association the most discussed topic was how to keep the name of the offending mortgage company off from the website. Jim Reichbach of Deloitte Banking and Security quipped that none is keen to be “number 266!” He added, “This is a death toll that is equivalent to the casualty ticker of the Vietnam War.”

The brain behind the website is 28 year old Aaron Krowne of Emory University, Atlanta. By calling he is a computer scientist and mathematician. He kicked off the Implode-O-Meter in 2007 knowing that the situation in the housing market and the related mortgage world was sure to worsen. Krowne could not have been more close to the truth. The website recorded 100,000 regular clickers as soon as it took off. Dollars from advertising rolled in. Krowne had to quit his daytime job and hire a staff of ten to run his firm Implode-Explode Heavy Industries. About the foreclosure crisis Krowne commented that it comes in surging waves and “just keeps coming.”

Foreclosures are telling on the economy gobbling up not only borrowers but also well-established financial firms. More are finding themselves on the guillotine list. Implode-O-Meter recorded the transactions when the residential mortgage sector of Bears Stearns was purchased by private investors dealing with equity. Once listed on this website it became difficult for E*Trade Financial to make alterations. Anonymous employees are the first ones to give the tips. This has led many critics to opine that the website is more about gossip than facts. But the website backs up the news with recordings of phone calls and e-mail that come from famous places. Merrill Lynch is one such famous firm that in March showed the door to all those employed in First Franklin Financial. Merrill Lynch had purchased this business in 2006.

There are many other sites akin to Implode-O-Meter that are coming up thanks to the foreclosure frenzy. Obscene names are being used by some to attract traffic. Devious are the ways foreclosure is telling on the lives and luck of people.

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State Senator Frank Padavna (R- Bellerose) and City Councilperson James Gennaro (D-Fresh Meadows) have allowed political rivalry to delay foreclosure bills. Meanwhile foreclosures have the last laugh and march ahead. Gennaro is more concerned about unseating 18-term Padavan than anything else. He is stalling a bill that would put on hold foreclosures with shady backgrounds. The Assembly allowed its version of the bill to pass through on 7th May 2008 with a vote of 118/10. Gennaro blamed Padavan for the delay.

The moratorium on foreclosures will permit the court to delay ownership transfer in the case of a mortgage that had been contracted in an unorthodox manner. The delay can be as long as one year. Dismissing Gennaro’s comments as ‘sheer nonsense’ Padavan said that the bill is under consideration by the Governor who has his own suggestions. The Senate banking committee considered the pros and cons of the bill earlier this month. Padavan categorically stated, “We want to end up with something that becomes law, not just a lot of political posturing.” He was hopeful that the bill would be passed within few weeks.

Gennaro blasted out at his rival at a news conference he held with ACORN, the prominent housing advocacy organization. Gennaro’ term in the Council will end in 2009. Queens Village hosted the new conference in the house of 54-year-old Jocelyn Voltaire who had refinanced her house on 208th Street, twice. Her son had died for the country in the Iraq War in 2007. Now she is in financial trouble. She had taken loans to give her son the best education but now all that has gone up in smoke. Washington contacted her to say ‘sorry’ but that is not going to do any good to her. The bank does not want to talk to her. She has two other children aged 10 and 16 to care for. But the roof above their head is shaking.

Padavan, in his turn is accusing Gennaro of fiddling and using a serious issue for political mileage.

It is not just recently – in the past also the duo, Padavan and Gennaro have crossed swords. The recent instance was the naming of a school in Bellerose as Padavan. Another issue was over community notification regarding environmental review of school sites. While the bickering goes on, the interests of the people take the back seat.

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Atlanta foreclosure homes offer you a great deal of profit. You can save 20-50% of your money while buying them. There are certain legal processes involved while buying Atlanta foreclosure homes. These legal processes are very short term and you get hold of your property in a very short span of time. A majority of the Atlanta foreclosure homes dealings get finalized within a month or two which earlier used to take several months and even a year.
There is large number of foreclosure properties including residential and commercial ones that are available in Atlanta. Atlanta foreclosure homes are available in various sizes, shapes and even in the best locations of the zone.

Atlanta foreclosure process is very quick. As soon as the notice of trustee sales is passed, the property is put on foreclosure. It hardly makes a difference what was the real price of the real estate property was. Foreclosure pricing will be the amount of principal and interest that is still due. Properties are listed very quickly and the buyers do not even get time to research a lot for Atlanta foreclosure homes. So, if you are deciding to buy one of the Atlanta foreclosure homes you need to keep track of foreclosure proceedings all the time and grab the best deal available in Atlanta foreclosure homes.

Due to the quick listing of the foreclosure homes, you can also go to the court proceedings and do your own bidding instead of buying from the bidder who won the sale. According to the law, foreclosure listings for the Atlanta foreclosure homes are published in the newspaper, one month before the sale. You can also check out Atlanta foreclosure bulletins which will keep you updated about the Atlanta foreclosures.

Another convenient way of getting information regarding Atlanta foreclosures is via Internet. Some of the websites charge a certain amount of fees for giving you information and there are some to which you need not pay anything and you get the information for free. You need to sign in to the website’s account so that it can send you the latest news regarding Atlanta foreclosures on your email address. You have to notify the website when you successfully complete your deal with the help of the information provided it.

Atlanta foreclosures prove to be the best deals when it comes to buying foreclosure homes. You will get the opportunity of owning a home and that too at the lowest possible value. It’s really necessary to own a home since it ensures your security as well as the security of your family. Atlanta is the right place to own a home in America.

Atlanta is, at present, the center of major industries and information technology. Lots of companies have invested in Atlanta and set up their industries in the place. So, you will also have ample professional opportunities. There is a great metropolis culture in Atlanta, with shopping centers, schools, theatres, scenic beauty and above all, a healthy and calm environment. You will also get easy financial help for investing in Atlanta foreclosure homes.

You can also log on to www.foreclosurelistings.com for details regarding Atlanta foreclosures.

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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.

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Michigan ranked 6th in the country with 15,565 foreclosure in some stage of foreclosure or the other. It showed an 11% rise above July figures and a 126% high jump from the month of August in the previous year. The numbers tagged to Michigan are inclusive of 3,534 units that went into delinquency, 6,572 that received notices for trustee sale and 5,459 that had already been taken over by the bank.

In Wayne County the foreclosure versus household ratio is 1:87. It ranks 4th in the country. The highest is in Modesto, California with 1:79 during August. The five top rankers are Nevada, California, Florida, Georgia and Ohio.

What is causing grave anxiety is that these figures are just the tip of the iceberg. In the near future more foreclosure activity is expected when a sizable number of sub-prime mortgage loans will reset the interest rates.

The sub-prime debacle is a clear case of a dream that has turned into the reality of a nightmare. The scheme was launched to help those with weak credit to be able to avail of house loans and live under their own roof. But predatory lending on the part of lenders and greed on that of the borrowers made things go awry. After the honeymoon period of low monthly repayment plans when the rates began to adjust to higher figures the borrowers found it impossible to make ends meet. It most of the cases the rise was more than double. One by one the houses fell into foreclosure.
There are many factors behind the inability to pay increased rates. Firstly many had invested in housing units being sure that property prices could never fall.

Thus they expected a neat profit. But the opposite happened and there was not enough equity left to clear dues leave alone profits. Secondly initially the value of the houses had been inflated to expedite the process of a handsome loan. But with time the balloon burst and the real price showed up. Thirdly the income of the borrowers was not always correct and this led to the inevitable. Added to these was the usual cycle of death, disease and calamity of unemployment that might well overtake any family anytime. All these factors contributed to the landslide that is showing no signs of slowing down despite help from Washington.

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It is hard logical reality that in some way or the other foreclosures are affecting all of us. For instance let us first take the case of the elderly lady Jones who suddenly finds that she has to lose the house she has lived in for many years because of failure to meet enhanced mortgage dues for quite some months. Despite tears on her part and efforts on the part of rescue teams nothing could be done. She was evicted.

But where did she or many other Jones like her go? Nine times out of ten the only alternative is a public house or a federally subsidized rental unit. It is the ordinary citizen who pays for the subsidy and the upkeep of these shelters. It comes from the taxes – from the pockets of Tom, Dick, Mary and Jane.

Jones could leave nothing behind for her heirs despite years of hard work. Her heirs being her kith and kin are also low-income folks who further fall into the quagmire of poverty. This intensifies the polarization of wealth and divides society dangerously.

The sub-prime market with sharp rises in rates is the prime accused for this situation. It is not just the mortgage industry but the entire financial zone has become sore and infected. It is a scene out of a horror movie. There is no ready quick surgical solution for the gangrene that has set in. It does not mean however that one should sit back. Immediately clear and effective legal steps must be taken to stop once and for all such infamous mortgage deals. But it should not victimize the mortgage industry as a whole and throw away the baby with the bathtub in its zeal. Well thought out legal and official action is the call of the hour.

The next step is making the public financially literate so as to prevent them ahead from taking false steps. Here three questions arise. Who will advice? Is it compulsory? Who will pay for it?

Whatever the answer, the ball that has been set rolling regarding internal policing within the mortgage world and interacting with the borrowers must not be allowed to stop but rather it should be kicked to pick up more speed. Other venues of approach and suggestions should be tapped. The welfare of Jones and our interests are identical.

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The prostrate real estate market continues to get beaten. For the lucky few smart ones this is the time to pick up pearls from the messy pigsty. It needs sharp eyes, patience and exceptional foresight to reap profits from countrywide falling prices and foreclosure listings rising to historic numbers.

Gambling in a market that has gone down? The risks are enormous. Vultures are just waiting in the sidelines to tempt and lure the unwary into the trap of a golden tomorrow. ‘Fire sale’ strategy is known ambush tactics to cash in on temporary impulses of investors who are new in the line. James Saccacio, CEO of RealtyTrac strongly opines that at this juncture it is essential for investors in the real estate market to chalk out a long-term plan and carefully do the researching before purchasing.
Some practical hints and tips will be of invaluable help for the brave-hearts determined to wade into the murky waters of fallen markets. The first thing – here as everywhere – is knowledge. Knowledge is power. Glean a detailed knowledge of the region where one plans to invest.

Secondly – chalk out ahead step by step a plan of action that will work in the specific circumstances and then apply these as and when the situation arises.

Thirdly the foreclosure process must be made to work for the interested individual. Find out which technique suits you and your strong and weak points. The same medicine does not apply to all.
Fourthly, each deal must be given a detailed scrutiny. One should not get away with the false notion that foreclosure itself means that the property is a hot deal. This is actually far from reality.
Fifthly carefully pick and choose a team that you can rely on. Give specific duties suitable to their talents and experience. Do not overburden yourself. Be like the king with his cabinet ministers.

Lastly have a close network of connections with financial bodies. In a down market banks and lenders will be eager to sell as many properties as possible since they are overburdened with numbers. The pull of the market will bring down prices. The bottom line is strike at the opportune moment but do not be impulsive and hasty. The market scenario gives the buyer the upper hand but try to make the best deal. Many are investing and winning. Why not you?

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