Posts Tagged ‘Real Estate’

With rising foreclosure numbers, real estate agents and mortgage houses are closing shop. In this melee there is plenty of work for those dealing with foreclosure advice. The Carlsbad Company named You Walk Away plans to increase its staff by five times. It is the same with HomeFreeMe a similar company kicking off in San Diego. Other copycats are following – Walk Away Smart and Walk Away Plan in Los Angeles and Arizona respectively.

The surfeit of foreclosure advice giving companies is causing concern for some housing advocates who are recommending the government supported agencies that offer free advice. The promises of these new companies do not ring true – underlying it seems to the greed for fishing in troubled waters. People are so desperate that they will cling at any straw. The advice companies that have sprouted overnight argue that for a fee the victims will get peace of mind and swift personal attention.

Since the beginning of this year the banks have bought more than 4,000 foreclosed houses in San Diego County. This a 250% rise as compared to the same period in 2006. In February – in just a month – 3,000 borrowers received foreclosure notices – this being the first step in the foreclosure process.

HomeFreeMe and You Walk Away also provide for consultation with legal experts and discuss plans for credit repair. The same services are offered free with non-profit bodies like Community HousingWorks being backed by the government. They too have their offices in San Diego and Escondido. You Walk Away takes $995 for its services while that of HomeFreeMe is slightly lower at $897. Jon Maddux, a representative of the former says that their services are better and swifter than the non-profit groups. Perhaps the non-profit groups help but they do not give personalized service. It is little wonder then that these private advice groups are simply flooded with work. It is difficult to get an appointment with Community HousingWorks – sometime one has to wait for a month. Throughout the counties families are being helped. 60 telephone calls are pouring in each day and the filing cabinets are overflowing with folders. The job is very sensitive. Once a 60 year old gentleman sat down crying and could hardly talk. In the last 6 months out of 215 families 28 have been able to get their loans modified. In some cases the advice is given on steering through the foreclosure process.

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Foreclosures in Florida more than tripled in the fourth quarter of 2007 from what it was during the same period on 2006. More buyers are flocking to foreclosed house auctions as the real estate markets continue to nose dive.

America’s giant auctioneers Hudson & Marshall is scheduled to auction more than 500 foreclosed bank owned units from 7th to 13th April. In Miami alone 200 houses will wait for the anvil. In Orlando and Tampa the number is 100 and 80 respectively. The asking price ranges from $34,000 to $700,000 for houses whose insurances have been paid and title deeds clear.
A representative of Hudson & Marshall, Dave Webb comments that a frenzy of buildings and increased number of foreclosures have led to Florida leading other states in this crisis. But this is a great time for buyers who shied off during the boom housing price rise. A bargain can be picked from the auctions as banks are anxious to be relieved of the weight and agreeable to sell them at massive discounts.

A survey notes that in January 2008 the prices of single family houses continued to slide in the country. Las Vegas and Miami reported 19.3% decline – the steepest among all the metros.
Hudson & Marshall would auction foreclosed houses during April at Fort Myers, Jacksonville, Daytona and Port Charlotte, Port St. Lucie, Melbourne and Tampa as well as Miami, Fort Lauderdale and Orlando. The houses would be sold on an as-is basis. Prior to bidding the prospective buyers could inspect the units on 5th and 6th April during 2 hours in the afternoon. Further details are available on their website.

The winning bidders are expected to be prepared with cash or cheque deposit of $2,500 or 5% of the sale price – whichever being higher. By going online buyers can bid. Sellers generally call back within 24 hours. The auctions are reserved – the sellers have a right to accept or reject the offer. So far of all the auctions conducted by Hudson & Marshall none have been rejected.
Hudson & Marshall is a name in the auction business having been in operation for the last 40 years. It has set a standard for satisfactory service – a yardstick that it continuously endeavours to maintain and excel. Both buyers and sellers are satisfied with their handling of the matter. Their clients range from individuals to medium and corporate bodies.

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The number of foreclosed houses in Prince William County has gone up by double since 2007. It points to the worsening of the real estate crisis. According to land records office figures, 306 units were taken back by the bank in February. In the previous year the number was les by 140. In Manassas, Manassas Park and Prince William County the foreclosures rose by 89% during the first two months of 2008 as compared to the same period in 2007. The number of defaults are also rising and soaring. In 2007 there were 3,344 foreclosures, 282 in 2006 and 52 in 2005. Real estate agent Carolyn Capalbo says that there is no slowing down.

In North Virginia Prince William had the highest number of foreclosures with 5.5% of all the houses having entered the foreclosure danger zone. Loudon County came second with 2.8% of the total number of houses sliding into foreclosure. The report was published by George Mason University. Last year the rate for the Washington Metro area was 1.7% high from October to December.

One of the major causes for the high foreclosure rate in Prince William is that a large part of the population consists of Hispanic immigrants. They had dreams which have now turned to nightmares. There are many other causes like predatory lending, job losses especially in the construction sector, and the aggressive anti immigrant policies being pursued. As the mortgage rates continue to rise there are more foreclosures in the offing and the trend will continue in all probability. Spring and summer are usually the seasons when people buy houses but now it is for losing properties.

Local government kitties are in serious difficulty because the property taxes are not being paid. While a house is in foreclosure taxes are not paid – they are paid when the dispute is settled.
Corey A. Stewart of Prince William Board says he views the situation as a short term problem – something that comes in cyclical order. The bust has to follow a boom. The bust of course is the most severe in recent memory but the cycle is bound to pass. That is the silver lining. In fact it has given a rest and pause from the frenetic housing activity that had been going on during the past few years. The market will surely correct itself. The issue is affordable housing.

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For those interested in picking up a bargain from foreclosure auctions a visit to a website launched by Long & Foster will be informative. It gives details of all the foreclosed houses ready to be sold in central and northern Virginia. Generally information about foreclosure is difficult to get. To find out if the property is foreclosed or not one has to click on ‘additional home attributes’. The best ones are the REO’s or those reclaimed by the bank. They have clear titles and one can inspect them in and out before bidding.

Some of the units are in a sorry condition. Most carry vibrations of people who could not light their home fires in these houses because of financial trouble. Many houses had been bought by investors who gambled on rising real estate to make quick phenomenal profits.

In all there are 2,610 foreclosed properties comprising of single family houses, town houses as well as condos. Most of these are located in northern Virginia. The compilation of the data is being done by Central Virginia Regional Multiple Listing Service. It provides regional information for the metropolitan area of northern Virginia. Richmond bagged the top position with 53 foreclosures. Chesterfield came second with 33 and Hanover county ranked third with 24 foreclosures. In central Virginia there were 146 foreclosures covering 19 localities. Most of the houses were owned by the banks, commented a spokesperson of Long & Foster. He is also the president of the Richmond Association of Realtors.

Realtors hunting around for a smart bargain may sometimes be lucky. Banks are more than eager to dispose of these estates weighing them down and offer discounts and incentives.
Long & Foster has adopted the strategy of organizing bus tours to attract potential buyers in northern Virginia. One of the costliest units is a house priced at $699,900, standing on Ridgeway Road next to the Country Club of Virginia in Richmond. There will be multiple offers and the buyers will have to compete for the best.
It is the law Nature that what is meat for one may be poison for another. Foreclosures are causing loss of homes while for many others it is a good time to move into a new nest with hopes and dreams. The best thing about bank repossessed properties is that the tears and sighs no longer cling to the walls and are things of the past.

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The famed city of North Lauderdale in Broward County, Florida – the “City of Tomorrow” conceived by the famous architect Morris Lapidus is now looking around for charity funds to ward off increasing foreclosures. Till now the city fathers have been content covering pot holes, beautifying parks and juggling with taxes. But overnight the picture has changed with the invasion of the foreclosure crisis. Now they are looking for charity funding to purchase as many foreclosed units as possible, renovate them and sell them at cost price. This seems to be the only way of saving the city from the blight of foreclosures. Out of dire necessity the city officials are venturing into real estate. The money raised will also be used for families who are have problems paying rent. Commissioner Rich Moyle is emphatic that something has to be done. North Lauderdale must not be allowed to sink into the foreclosure mire.

Moyle had read about how some of the nation’s biggest charity concerns are eager to take part in the foreclosure rescue operations. Premier among them is Ford Foundation with $12.8 billion assets. This is according to The Wall Street Journal.

Of all the houses in North Lauderdale 22% was stained with foreclosure in 2007. It is the highest percentage in Broward County. Nearly 683 houses are in the pre-foreclosure or foreclosure stage said Jesus Valdes the assistant director of community of development who is also the chief code compliance official. These foundations are being approached by the city officials to save the city. Without looking at the profit angle the houses could be bought, repaired and sold through a sane, and not insane type of mortgage.

North Lauderdale had in November created a position for the improvement of the neighbourhood. The person would advise the locals about avoiding foreclosures, guide those on the threshold of eviction and tackle the problem of abandoned units. By an ordinance the officials were granted entry into unoccupied private property to tackle health and safety problems. About 20 such houses have already been inspected. The operation involved cleaning garbage, boarding doors and windows and putting up fences around swimming pools and trimming lawns. The approach is positive with a ‘now’ angle instead of waiting for others to decide tomorrow.
It is vital to find money from charities because the city is eating into its in-house fund to keep the city shipshape from foreclosure related blues.

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There is hope that by the end of the week a deal will be finalized that will put a stop to foreclosure on Metropolitan Place Phase II situated in downtown Madison, said attorney Tim Peyton who is involved in the proceedings. In January two banks began to foreclose on the above property against its owners Buckingham LLC and its manager cum developer Clifford Fisher. The financing problems are being worked out and foreclosures will be stopped. There will be an effort to continue with the work that had got stalled – Williamson Street Co-operative grocery that is inside the building on 333 W.Mifflin Street.

Tim Peyton who is representing the defendants says that already there have been in-depth discussions with the banks and in principle an agreement has been chalked out. He is hopeful that by next week it will be inked and see the light of day. He also added that there is another conference to be held with Dane County judge as well as the banks and he is optimistic about positive results. The foreclosure actions are against Metropolitan Place Phase II and its related 164 units only. The first tower project had been completed and is now fully occupied. The latter is not connected in anyway with the present suit.

In the two tower condo project this 13 storey tower is the second part. According to Associated Bank and LaSalle Bank the owners of Metropolitan Place Phase II had defaulted on some of the loans that amounted to above $26 million. A motion had been filed to appoint a receiver for the tower so as to sell the available property. The Willy Street Co-operative has an agreement regarding store space but the plans got derailed when financing could not be availed of. Later they heard about the foreclosure proceedings. They are hoping that with things being worked out satisfactorily they will be able to set the ball rolling in the store.

Foreclosures are turning topsy-turvy the lives of ordinary people due to a snowballing effect reaction. With the prices of real estate having gone done down the entire construction industry is affected. This in turn is infecting the ancillary industries that depend on it and their subsidiaries in an endless chain reaction. There are whispers going around about recession as stocks begin to tumble. Everybody is looking around for scapegoats as the international markets feel the pressure.

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The hunting instinct has not gone out of vogue – is very much there with outward cosmetic changes. Today busloads of hunters are on a foreclosure safari – trying to target sitting ducks. It is a common scene now – also in Prince William County.

Real estate companies chartered a bus carrying 25 prospective buyers to view the thousands of houses afflicted by foreclosures. This was the first tour of its kind in the region. Mortgage attorney Art Grace told the hunters that they have a great chance to snap up a deal. The public here are not even aware of the gold mine they are sitting on. The bus touched on nine foreclosed units in Gainesville and Haymarket within three hours. There were town-houses and stand-alone houses with price tags ranging from $200,000 to $600,000. One house was practically brand new.

The idea of bus tours is catching on across the country with similar buses rolling in California, Nevada, Michigan and Illinois. These states have been worst hit by the foreclosure crisis.
The spokesperson of the tour operator (Long & Foster Realtors) in Prince William, Eileen Durkan said that hearing about similar hunting parties in California she decided to set the wheels rolling here also. California ideas always run eastwards. She decided to pick it up fast. Compared to other areas in the D.C region Prince William has been severely mauled by foreclosures. In Washington, Arlington and Alexandria metro zone there were 28,455 foreclosure postings in 2007 making it rank 41 amongst the top 100 metros of US. The leading cities were Riverside, San Bernardino, California with 102,506 listings. Los Angeles, Long Beach recorded 93,696 foreclosures.

Amongst the hunter tourists were novices, investors and people who were just curious and interested. While on the bus the passengers were given information about foreclosure hunting by a house inspector, house warranty agent and a loan officer. Information brochures were distributed together with water bottles labeled ‘Foreclosure Tour’. One participant commented that the idea was great and would have been greater if it had started earlier.
Experts feel that if somehow the market is made to turn around things will improve. Right now there are too many units and too few buyers. With more foreclosures in the offing more houses are expected to roll in. Buyers are in a fix sans loan facilities. So it is a no go situation.

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Considering the big hand of small time lenders fraudulent maneuvers in mortgage loans, New York state has made it a law that all those originating mortgages from here must be checked for criminal backgrounds and their fingerprints taken to prevent a repeat of the foreclosure crisis that is raging.

Many like Elizabeth Giammarino who had been cheated in 2006 by lenders sigh and wish that the law had been effective few years back. Two men had cheated her and those same two have been lately arrested for drug trafficking recently. One of them, Joseph Crapanzano was a criminal record holder related to mortgage scams even before he duped Elizabeth’s mother about preventing foreclosure. The old lady sunk further into debt after she could not manage the interest only mortgage taken in 2006. Several mortgage companies were involved in her complicated case. A widow of 9/11, Roxann Giordano had made a legal loan to Mrs. Giammarino that helped to stop the foreclosure on her house. The argument is that Mrs. Giammarino suffered investment losses that made it impossible for her to carry on with the mortgage. Mrs. Giordano claims that she never met the criminal Crapanzano or the other person LaMassa who are supposed to have brought the parties together for a solution. Shortly after being arrested LaMassa claimed that he was a loan officer representing E-Island mortgage. It is the same company that dealt with the Mrs. Giammarino. The name of Crapanzano still pops up in the E-Island website. Both the men are now out on bail. When Crapanzano had dealings with Elizabeth and her mother he had already served 21 months sentence in a federal prison regarding shady real estate matters in Florida. He had forged income proof to lay hands on loan amounts. It did not deter him from continuing with his criminal habit.

The banking department of New York state is optimistic that by this new law unsavoury elements will be weeded out. Previously such types of people worked under license brokers. It is estimated that 40,000 such applications will be screened and processed by 2010. The names will be made available to 40 states that are participating in the programme. It will automatically apply to Summit Investments Loan Corp. based in California. Their attorney remained non committal. Crapanzano’s criminal lawyer too remained silent. It was just blatant profiteering without a veneer of excuse.

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