Posts Tagged ‘HUD’

The virus is raging across the country. Foreclosures respect nothing – socio-economic barriers, regions, or celebrity status. Like fire it has an insatiable appetite and is truly communistic in its approach – levels high and low into one big gulp. It is a challenge – one of the many mankind has always been facing. Man, being man must rise to it and go about immunizing foreclosures – taking steps to neutralize it.

Foreclosures jumped by 57% from March 2007 to March 2008. It increased by 5% from February to March this year. The blame is being put on predatory lending practices. When interest rates began to increase foreclosures began to take over the scene. One by one the houses began to tumble and fell vacant. The borrowers lost their property as well credit ratings. The lenders found themselves overwhelmed with unsold units while the neighbourhoods became dotted with eerie desolate houses. Crime and disease began to play havoc. A massive credit crunch hit the economy while tax kitties began to dry up. Foreclosures also resulted from the usual personal causes – illness, death, job loss and or divorce.

Considering the atmosphere even if one is not in foreclosure it is better to be forewarned so as to be forearmed. It is like being vaccinated to avoid ahead the attack from the virus.

The latest buzzword is ‘save’! Observe thrift and save for a rainy day. Put something in the piggy bank everyday if not every month. If there is a temporary loss of income one can tide over the mortgage commitments by dipping into this fund. The best thing is to target putting an amount that will cover a lapse of three months.

Saving will become effective by reducing expenses. Cutting down on unnecessary expenses like dining out or disconnecting premium cable channels will go a long way in reducing spending.

If the house is already inside the foreclosure risk zone and the borrower has tripped on one payment there is still hope to remedy matters. The house that is the home can still be saved. The banks do not want any more foreclosures. Consequently they are amenable to talks since the process is costly for the lender also. To foreclose a house the average cost is $40,000. Free advice and often help is available from HUD authorized counseling agencies. The avenues of help open are forbearance, reinstatement, modification, short sale, deed in lieu of foreclosure and assumption.

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Foreclosures increased in Denver seven county metropolitan regions during the first quarter of 2008 but the rate is half of that noted during the same period in 2007. This year there were 7,459 foreclosure postings – 16% increase from the 6,410 listings during 2007. There is no respite in the pace – foreclosures are still rising, said Zachary Urban of Brothers Redevelopment. It has not peaked as yet and remains a hot issue.

Comparing foreclosures in 2006 (first quarter) with that of 2007 it is seen that the increase has been more than 30% in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson Counties. The annual rate of increase during the first quarter of 2008 was thus halved. It brings cheers to some that the trend is going in a reverse direction. The expectation is that it will continue to do so during the forthcoming months. At the end of the month the total number of foreclosures might actually decrease.

In contrast to Denver and Colorado other states are showing jumbo increases. But Dan Bloomquist in the brokerage business since the last 40 years does not share this optimism. He thinks that the crisis will go on for another two years till 20010. The worst years will be 2008 and 2009 and maybe also 2010. The sun will start peeping from 2011 or the latest from 2012. Dan says that there is a bright side – this is the time to pick up a real bargain. Houses are being sold for $80 to $90 per square foot, whereas previously it was $150.

Analysis points to lending disparities. A good percentage of Latinos and Afro-Americans were peddled risky sub-prime mortgages in comparison to the Whites. This has raised eyebrows regarding discrimination and predatory lending in Colorado. A grant of $300,000 from HUD was sanctioned to the Colorado Division of Civil Rights to research this matter. It was found that while one out of five Whites contracted sub-prime mortgages, one out of every 2.3 Afro-Americans were trapped into these risky agreements.

Originally the idea of implementing the dream of every American owning a house was laudable but greed and ignorance mired the scheme. The prime loans were available only to those with good credit history and income proof. As such a sizeable chunk of the population was left out. The sub-prime mortgage became a tool for making quick profits and duping those who could not understand the implications.

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Although tackling the problem of foreclosures is difficult it is not impossible. There are many foreclosure options – provided one hunts for these. Peter Goodman is an attorney. Since 1992 he has been dabbling in real estate and is keen to help the novice buyer. He has been asked to speak on various on what options and help are available for foreclosure victims. Together with Rafael Jose, Peter Goodman has set up Good Home Help a Loss Mitigation company. They are attending to individual distress calls. Borrowers are being helped to continue to stay in the houses that are their homes until finances can be worked out to bring down the mortgage to affordable levels. In cases where even this much the house owners cannot afford, then alternative arrangements are made for selling the unit.

A short sale benefits both sides. The lender does not have to go through the time, money and energy consuming process of foreclosure while the borrower is spared the ignominy of foreclosure that leads to loss of credit rating. In a short sale the value of the house is less than the loan amount. Part of the debt is thus forgiven. The other alternative is deed in lieu of foreclosures. The house is handed back to the lender to do what it will do while the borrower escapes the dragnet of foreclosure. It is now the responsibility of the lender to sell the house and realize whatever can be salvaged. More often than not the lenders usually agree to a short sale because then the latter does not suffer the hassle of selling the unit. Most of the units can be bought for a price that is less than the 15% or even 20% of the current rates.

Taking advantage of the naïve borrowers boiling in the foreclosure cauldron, many unscrupulous scammers are taking advantage. In the name of help they are picking the bones of the half dead foreclosure victims. They are taking advantage of the short sale possibilities. Another mode of operation is fabricating a HUD related settlement while flipping the unit for a quick profit. These operations help neither the borrower nor the neighbourhood. It only lines the pockets of the scammers who soon vanish from sight.

The approach of Good Home Help is new. They are trying to pair house owners with potential buyers. Many organizations – government and non-government groups are sanctioning loans to those qualified to buy foreclosed houses. Good Home Help provides the link.

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In September 2007 50,000 or more residents of Maryland were lagging behind in mortgage payments. Experts opine that this year the numbers will increase with adjustable mortgage rates ready to reset to higher levels. However there is no point in negative worry. Help is available.
The first thing is to contact the lender. Today lenders are more amenable to a rapprochement than before considering how badly they are themselves affected by the rising tide of foreclosures. Adverse criticism too has played its role in making the lenders softer in their approach. Foreclosures are affecting collection of revenue and taxes. Law and order problems are antagonizing communities facing health problems and criminal activities stemming from abandoned houses. Thus the lenders might freeze for the time being the interest rate or forgive payments for a certain period. So borrowers are advised to contact immediately the loss-mitigation department of the lenders. The best option would be contact a housing counselor belonging to any non-profit organization. They will broker the agreement between the lender and the borrower. In Maryland there are many HUD approved help agencies having their own websites and hot line numbers. HOPE is another port of call. The borrower could suggest short sale. If the loan amount and house value are at par the lender will readily agree to it as both the parties gain by avoiding foreclosures. While going about the work the borrower should be on the alert for foreclosure scam artists who come forward with unsolicited help. They will cause further damage. The basic point is that borrowers must not sit idle simply fretting and worrying. By it nothing will be done. If immediate action is taken there is hope of help.

The government, mortgage giants and the local help agencies are working together to save the country from recession. As yet no positive results can be seen. The number of foreclosures continues to rise. The intensity varies from one locality to another. Many analyze that the modest income groups and the minorities are the worst sufferers. Another view is that places like Florida and California are the worst affected because these places were happy hunting grounds for construction activity during the zooming period of house building. Here speculators made hay. Now they have just walked off. Another view is that the sluggish economy combining with rising medical bills and divorces are responsible for the foreclosure scenario being witnessed today.

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Interested in buying a home for you or making an investment? The ideal location is Denver, Colorado, where you are offered amicable apartments for both purposes. Denver, CO is seen as the best place for living by social and economical reasons by experts. The demand for housing is increasing in Denver, CO and for owner occupation the Department of Housing and Urban Development (HUD) is attaching importance rather than investors. Denver, CO has a number of properties foreclosed and repossessed by HUD as also properties fixed for public auction in thousands. The whirl-wind of housing properties being foreclosed in the recent past in the entire U.S. nation is sweeping Denver, CO also like other cities. The national figure has already crossed an alarming 223,538 of which the contribution made by the State of Colorado is 3 per cent to the tune of 6,290, ranking 9th overall in the national foreclosure. While the rate of foreclosure filings shows a national average of one foreclosure per every 557 U.S. households, Colorado turns out 1.7 times more in this statistics by filing one foreclosure for every 326 households. Denver, CO as the second County in the State has made filing of 1,002 foreclosures in the month of September alone. Overall the State’s foreclosure figure swelled 40% when compared to that of the same period that is September 2006.

So what these figures and statistics about Denver CO foreclosure filings go to show? These figures indicate that the real estate market in Denver, CO is pressed hard by the increased number of foreclosures every month. The home owners in Denver, CO are unable to cope up with the adjustable rate of mortgage lending, which was appearing very small at the time of their going in for home loans, and made a striking increase in the outgo of money every month in their repayment installments rather unexpectedly. Denver, CO home owners invited foreclosure process by their default in monthly repayments and the mortgage lenders of Denver, CO have initiated the foreclosure process. The state of Colorado permits non-judicial foreclosure process and hence Denver, CO is experiencing quick and speedy foreclosure proceedings unlike the other States of U.S. nation. On sending a default notice, after recording it at the County’s Recorder office, the Denver, CO mortgage lenders can embark on the next step of foreclosing the property and selling it through the Trustee sale by the Denver, CO authorities. The time lapse, as in the case of other States in foreclosing is not there in Denver, CO foreclosures. The result is the chances for a home buyer in Denver, CO are slim for negotiating with the distressed home owner directly during the pre-foreclosure periods. The second stage of public auctions in Denver, CO County Sheriff’s office which provides scope for bidding on the properties comes as the next best option. The best option in Denver, CO comes only for purchasing repossessed properties in the post-foreclosure stage. In Denver, CO these repossessed properties lying with Banks and other lenders are the ideal choice of the home shoppers, as they are clean-titled and can save a minimum of 10 to 20% of real money in the closing prices of properties. Denver, CO has 5,927 properties waiting for public auction and 5065 properties repossessed by Banks apart from 275 properties owned by Government agencies. To know more about Denver, CO foreclosure listing properties you can very well visit - foreclosurelistings.com

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Purchase of property is one of the biggest investments that an individual makes in his lifetime. So, it is important that it should be done carefully, as it is not only his/her social status (because of the kind of home that is purchased), but also hard-earned money which is at stake. No matter what your objective of purchasing a property is, whether for your own use or simply to make some financial investment, the location and the resale value of the property should always be considered before taking any such decision. Miami, the city which is known to have the best beach resorts and the second largest population in Florida, makes available the best opportunities possible for investment in Miami foreclosure homes.

Miami foreclosure homes are a profitable proposition available, as these homes are available at a much lower price than the prevailing market rates. The difference from the market price for foreclosure homes can vary from 10 to 40%. The reason for these foreclosures is that the homeowners in Miami, who are not able to pay their loan or mortgages, are forced by their lenders, including banks and government agencies, to pay the debt by selling their homes. However, the amount of the debt is generally lower than the amount of the home which gives an opportunity to the lender to sell it at comparatively lower rates. That is why, Miami foreclosure homes are available at lower rates.

Miami foreclosure listings are a great way to succeed while investing in real estate in Miami. There are many Miami foreclosure homes that are included in it such as HUD foreclosures, pre-foreclosures, and bank foreclosures. Miami foreclosure homes are available in all sizes and shapes and include properties in areas such as Dade County, Miami Beach front, mansions, yachts, and condos. The foremost step in purchasing a Miami foreclosure home is to look for a reliable foreclosure listing. At these Miami foreclosure listings you can find the Miami foreclosure homes that suit your budget and requirement and that too at prices much below the average market price. So, if you also want to gain by these foreclosed properties, do carefully investigate about the property including its value, location, and many others. It is for these investigations about the properties that foreclosure listings are made available to the buyers. You can also find this information over the Internet at the foreclosure listings site ForeclosureListings.com. This is one of the best ways to find reliable and updated information about Miami foreclosure homes. No matter which Miami foreclosed property you are looking for, whether federal homes, government foreclosed homes, Miami bank foreclosure, VA, HUD or any other, everything is available on the Internet. Hence, this will definitely help you to find a home of your choice without any hassles.

However, if it is instant cash that is stopping you from purchasing the Miami foreclosure homes, the best option would be to immediately get pre-qualified for the loan as lenders may be much more eager to negotiate with you if you have completed your homework.

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In the Michigan real estate business the top option by many home buyers is to go in for Michigan foreclosed homes. This is based on sound reasoning that the Michigan foreclosure process is caused by many eventualities, namely bankruptcy, financial strain, death of house owner or shifting of residence to another place and the like, thereby the property owners defaults in repayment of the mortgage. The mortgage lenders are initiating the process of foreclosure for retrieval of their loan. Here the point to be noted is that the lender would have already got back a portion of the loan through paid installments and the remaining portion should only be recovered. So the mortgage lenders, private and public sector institutions like HUD, Banks and Insurance Companies, are ready to dispose of the property through foreclosure and are keen on getting back only the amount due to them. Michigan foreclosed homes also have this unique advantage.

Selecting the best location for purchase of a property is of paramount importance. The State of Michigan gets the merit of location ideal for investment as explained below:

The mid-western State of Michigan of the U.S.A. located in the east north central portion of the country, bounded by four great lakes, is blessed with the longest shoreline of freshwater in the world and second best in U.S., next only to Alaska. This is the only bi-peninsular state divided into Upper Peninsula and Lower Peninsula.

The State capital is Lansing and the largest city is the famous Detroit, a world-renowned automobile manufacturing venue. Michigan ranks 8th in the U.S. population-wise and has nearly 10 million people available for the realty market business.

Michigan has a humid continental climate throughout the state, irrespective of the two peninsular divisions, the Upper Peninsula being densely surrounded by green forests. More than 80% of the population is white Americans descended from Europe and the realty business is designed to suit their tastes in housing properties.

Economy wise Michigan State houses for high-tech employment in information technology, life sciences, engineering and heavy manufacturing inclusive of automotives. Apart from automobiles the State holds a pivotal position in manufacturing technology equipments like computers, hardware and software, bio-technology, Research and Development of technologies, aero-space equipments, which are mostly white-color jobs. The state provides ample scope for tourism development with its natural resources of forests in abundance and the related opportunities of employment. The personal per-capita income is assessed to be of 20th rank in the country. The important information for realty business is that Property taxes are assessed on the local level and not State level.

Hence, arising out of the factual advantages of location described above, Michigan also right on timing for realty business, particularly in Michigan foreclosed homes. The fact that increased availability of foreclosed homes due to downward trend in economy and mortgage lending interest rates, as prevalent elsewhere in the country is catching up Michigan also.

There are totally 143,918 foreclosed homes available for sale, listed in the MLS of Michigan at an average price of $169,900 and the Michigan foreclosed homes available are 39,169 Nos. at an average price of $96,999. With the above basic information, you are invited to get all the help, guidance and assistance in locating the exact Michigan foreclosed home of your choice as well as finalizing the deal amicably by visiting www.foreclosurelistings.com

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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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