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The USA hunting industry is blatantly targeting foreclosure pets. It is their very nature to take aim at animals when they are at their most vulnerable. They seek out polar bears when ice floes are melting, nesting doves in September even after they have been protected for decades as well as protected antelopes in pens for collecting head trophies. The gruesome list is endless showing up man at his beastly lowest. The animals they bravely target have little or no chance of escape – like foreclosure victims.

Foreclosed pets have become a term in foreclosure language to refer to pets that have been abandoned by their foreclosed owners. The guns are being focused on them at a time when these hapless creatures need help most.

The Sportmen’s Alliance of USA has announced that the community should not participate in any programme aimed that helping hundreds and thousands of pets suffering from the foreclosure crisis. It is not just an empty threat. They drive home their message in no uncertain way.

The Humane Society of USA after noting the rising demand of animal shelter and volunteers because of the problems arising from the foreclosure crisis, launched an Emergency Fund to help the quadrupeds. The unfortunate dogs and cats understand little about investments bubbles and bursting. The fund will be utilized for setting up animal shelters and organizing rescue groups right across the country. In sympathy with the specific nature of the tragedy many humane humans in business or otherwise have loosened their purse strings to help. The HSUS is operating as the Clearing House for these funds rolling in.

The Meijer chain of stores in the Midwest decided to come forward with $5,000 for the foreclosed pets. The money was collected in a unique way by taking $1 per customer who enrolled for the shop’s Pet Photo contest flashed on its website.

At this juncture this group that claims to represent the hunters entered the scene. It has a grudge against HSUS for the restrictions placed on it for targeting guns at captive hand-fed creatures fenced in enclosures. The hunters were actually after guaranteed trophies and as such anything the HSUS or HSLF did, came up against their ire. They have gone to the insane point of sentencing doomed foreclosed dogs and cats to horrendous death. The Meijer was threatened to such an extent that it has withdrawn from the good work it was doing for the foreclosed victims.

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There is an art to buying Texas foreclosures for sale, before the Auction actually happens. The auction of the property is the very last step that takes place before the mortgage on the property is foreclosed upon. Individual investors are the only ones who can actually measure the risk, but it is noteworthy that reward follows risk. Some investors believe that there is not enough reward in this form of investment, perhaps purely because it does take some hard work and research. Some investors also see this as a moral issue. Are they taking advantage of a homeowner in less than prefect circumstances, or are they helping him out? It is inevitable that both the lender and the homeowner lose out in Texas foreclosures for sale. Neither party wants this to happen, but it is going to nevertheless.

Finding a homeowner and lender who are motivated to resolve the foreclosure process is key to the investor winning in a pre-foreclosure purchase. The window of opportunity for the investor opens up when the Lis Pendens is issued. This is a notice that informs everyone legal action is pending against the homeowner. The window closed on the day that the property is sold. The duration of time between these events is when the investor has to try to create a workout strategy with the homeowner in order to purchase his property before the date of the auction. The amount of time that this window of opportunity remains open varies immensely.

It is important for the investor to bear in mind that he is actually helping the homeowner out. There is a pending foreclosure on the property and this will mean fairly irreparable damage to the homeowners credit rating. In a pre-foreclosure sale the investor will rescue the loan and thereby maintain the value of the property. It could also mean a very good profit for the investor. He purchases the equity in the property by working out a strategy with the homeowner and the lender, then sells the property for a profit.

As previously stated, there is a great deal that needs to be done before any pre-foreclosure sale can take place. The investor has a whole list of items that need to be taken care of prior to being able to effect this purchase method. The basic guidelines include:

* Locating potential loans in default

* Narrowing down of the selection of properties

* Contacting the homeowner (this is probably the most difficult task)

* Inspection of the property (this can only be done by contacting the owner and receiving good co-operation)

* Determine what it I is that the homeowner requires

* Calculation of profits, what you will purchase the property for and then on-sell it for.

* Negotiations with the homeowner, the lender and in many instances lien holders.

* Close the property sale, repair it and resell as quickly as possible.

Foreclosures in Texas Top Counties

• Harris County
• Dallas County
• Tarrant County
• Bexar County
• Denton County
• Fort Bend County
• Collin County
• Montgomery County
• Travis County
• Hidalgo County

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The present foreclosure crisis is reminding Texans of the bank collapse of the eighties. Sure investments have again vanished into thin air. Banks having overfed on forceful lending is now tottering on the brink. Only Time alone can give the true picture of the present day economy of USA.

It is apprehended by experts that in the forthcoming years about 300 banks will fail. It is an eerie reminder of the picture in Texas during the eighties when a real estate crisis busted hundreds of banks – long time thought to be the pillars of economy. However many analysts are hopeful that this time it will not get that bad because Texas is not the epicenter of the foreclosure crisis currently raging.

From 1980 to 1994 over 1,600 banks failed in USA dragging down assets worth $2 billion according to figures of Federal Deposit Insurance Corporation. Even larger than this was the savings and loan debacle during the same time that gobbled up 1,000 institutions having assets over $500 billion. The cleaning up of the savings and loan mess required $150 billion. All came out of the pockets of the taxpayers. Dick Evans of Cullen/Frost Bankers Inc. recalls that his bank was one of the top ten that survived. But it was tough going.

Today the investment experts say that despite the ongoing foreclosure crisis the banks are relatively in a better position than during the eighties. The economy in Texas is out performing that of the country as a whole. Twenty years ago a foreclosure tide swept away jobs and houses in thousands right through the state.

Gerard Cassidy was young and gullible during the eighties and believed everything that the banks said. At that time he was with an insurance company. His work led him to deal with many banks in Texas. He saw for himself how everything and everyone went down with the ship. Today he is a bank analyst and a much wiser man as he surveys the ongoing foreclosure crisis with experienced eyes. He can measure ahead the symptoms of bank failure. He calls this the Texas-Ratio. His calculations led him to predict the oncoming failure of IndyMac and it turned out to be true. It busted this month as one of the largest bank collapses in the history of the country.

Mr. Cassidy predicts more worries ahead but nevertheless this foreclosure crisis is not quite so bad as the early nineties.

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Shelby is a bubbling sixteen year old. But like many others in her age group foreclosures are casting a shadow on the vulnerable young. Understanding the plight of her mother and knowing that their home will soon break with the bank foreclosing on it, she is coming face to face with a financial reality that most children of her age do not experience. Watching her mother cry, a sense of frustration swells up inside her. She ventured forth into the big bad world, got a server’s job in a nursing home. There is tension in the house. She admits to blaming her mother, knowing it has not been her fault.

Some have to surrender pets and this has a traumatic psychological effect on the young. The foreclosure victims either shift to the house of friends and relatives or end up in homeless shelters. Phillip Lovell of First Focus that focuses on problems of families and children moan the fact that the foreclosure crisis is “taking away the innocence of our kids.” Children being children take their homes for granted. They do not realize that the house, which is the home, can be taken away by irreverent, indifferent, uncaring third parties. It has long-term impacts affecting the education, behaviour and overall health of the young. Mostly impacted are the children from low and middle-income families.

Researchers have just begun to study the effect of the foreclosure crisis on the country’s future generation. Their findings are grim. It is estimated about 2 million children will be directly impacted by the foreclosure crisis. This is according to a First Focus report released in April. The number is on the lower side because the families of renters and those who are facing foreclosures from prime mortgages have not been included.

Apart from behaviour problems the children might end up with learning deficiencies – especially in mathematics and reading. Health problems will multiply with the families being unable to keep up with health insurance schemes. There will be emotional issues like a sense of shame, persistent anxiety and the like. Earlier studies of First Focus show that 77% of the children who frequently move are more likely to be afflicted by various problems, than those who do not.

Further study shows that children who are not at the age of expressing emotions are also, if not more, likely to be affected. As a result motor skill developments will be delayed.

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The foreclosure crisis had kicked off with ensnaring low and middle-income borrowers but now its insatiable appetite is reaching out for the affluent house owners as well.

In Dallas-Fort Worth the latest trend noticeable is that more million dollar plus houses are sliding into the foreclosure net. During the first six months of 2008 more than 70 houses valued at over $1 million have been included in foreclosure listings. This is twice the number of the previous year during the same period. These are new findings noted by Foreclosure Listing Service of Addison.

The houses falling within the bracket of $500,00 and $999,999 going into foreclosure have increased by 53%. Those valued between $300,000 and $499,999 jumped by 39% this year, 2008. It calculates to the scary figure of one out of 59 house owners getting attacked by foreclosure during the first half of the current year.

In North Texas the foreclosure situation has been fairly bad largely due to lax lending practices that permitted people to move into houses they could ill afford to maintain and keep. The sub-prime lending is blamed as the root cause for foreclosures. Initially it had low teaser rates with practically no down payments that later doubled and sometimes trebled. Foreclosures became inevitable. The sliding economy also made its own negative contributions to the woeful situation.

During the first six months of the current year 25,500 foreclosure listings have been noted in the four county regions. This calculates to a four-time increase from 2000. Most of the units sitting in the foreclosure market have a price tag below the average market rate. The lenders are pressed down with so many houses that they are eager to dispose of these anyhow. Most of the foreclosed houses this year are valued at $200,00 or less. However the numbers of expensive houses appearing for auction sales have steadily increased. There is a sharp jump from the previous year as lending laws have become more stringent and people are unable to get loans to buy houses. It is more difficult to get loan sanctions for high priced houses – even for those clients who have good credit ratings. The jumbo loans hover around $417,000. Realtors are witnessing the arrival of a steady stream of high-ended properties. Some are in shipshape condition. Most of these were constructed in 2004 and later.

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To keep track of foreclosed houses Temecula has taken the novel step of starting a registry. It wants the lenders to lend a hand for the safety and cleanliness of the city. Councilperson Maryann Edwards admitted that although nothing can be done to put a stopper on foreclosures something could be done to update lists on empty foreclosed houses.

Edward and her team have been working for months to find out ways to address the problem of safety and health of the city arising from the innumerable foreclosed houses. Last week the city council passed an ordinance that aimed to lessen the negative results of the foreclosure crisis. She reiterated that although “no community is immune from economic distress” some cities are more affected than others. Here the role of the community comes into play to lessen the impact.

The ordinance has come in for criticism. It will require of the lenders who own the abandoned foreclosed houses to register these with the city authorities. This will make it easy for them to be contacted if and when maintenance problems arose. The lenders would be penalized if they failed in their responsibilities as owners of the units. Although violation may lead to imposition of penalties the underlying idea of the city fathers is to get cooperation from the lenders. During the foreclosure process the houses must be kept clean and safe. The registration will add teeth to the endeavours of the local authorities to keep the city shipshape. Registration will not entail any expenditure. But if life-threatening situations arise due to abandonment of houses strong legal action will be taken. For example it will be expected that all pools will have safety fences for protection of straying children.

Edwards reiterated that only in cases of extreme emergency would the authorities step in to drain the pool, for instance. There are liability issues at stake. The city does not want to intrude upon property rights. A fine line has to be drawn.

The neighbours of the foreclosed houses should be the first ones to report any out of the ordinary happenings. The next step would be to contact the code enforcement department of the city to check if it has been properly registered with the city authorities. If it has not been done then within 24 hours strong steps will be taken and a search will be made for the rightful owner.

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Texas is going against the tide as recent reports show that foreclosures are slowing down here. This report has been released by a California based tracking firm, RealtyTrac in April 2008.
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During March there were 10,700 foreclosure postings in Texas – a decrease of about 16% from March 2007. It is also a drop of nearly 13% from foreclosure listings of February 2008.

Across the country 234,685 units were foreclosed upon in March this year – a 57% jump over the numbers of March 2007 and a 5% increase from February 2008. As per year-by-year count foreclosures (including defaults, auction and repossessions) increased by about 129%. This indicates that a good number of defaulting borrowers are just walking away by deeding back their properties to the lenders. In comparison the auction notices have spiked by 32%. The deed-in-lieu permits the lender to take over the unit without putting up for a foreclosed auction in the court.

California and Florida continued to be the top rankers together with Ohio in March this year. California ranked first with 64,711 foreclosures – an increase of 20.66% from March 2007. The rise year-by-year counts to 106%. Florida came second with 30,254 foreclosure filings marking a jump of 112% from March 2008. But there was a drop of postings from February 2008 by about 7%. Ohio ranked third with 11,273 foreclosure listings in March showing a rise of 37% from March 2007. It was a 9% increase from February 2008.

According to the latest trend figures alone cannot give the comprehensive picture. Although interest rates have been reduced the general trend is for foreclosures to gallop ahead. This shows that the focus has shifted from the interest issue to other matters – unemployment, increase in food and fuel prices and fall in the real estate market. Even with reduced interest it makes no sense to continue with the mortgage as the value of the house is more often than not less than the loan amount. Compounded with rising prices the economic scenario has become toxic and dangerous. Many contacting the counseling centres are worried about lowering of income and increase of prices of essential. In the previous year 22% complained of lowering income. This year the number is 28%. In April people spent on an average $335 per month on groceries – an increase from $291 from April of the previous year. This year $242 is spent on gas while it was $181 in 2007. Thus a mixture of problems is adding to the foreclosure mayhem.

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In the animal world a new terminology has made its debut to announce the arrival of a novel species – the Foreclosure Pet.

When foreclosure victims leave with bag and baggage, more often than not they leave behind their pets. Realtors and those engaged to haul junk come across more and more pets left behind in closed houses. Animal lovers are trying to find a solution. The evicted persons often do not bother to call the animal care societies. Some just leave ripped open a packet of dog food, a bowl of water and a prayer.

The Humane Society has engaged two Harris County constables to handle cases of animal cruelty. The two have their hands full tackling cases of Foreclosure Pets. There are so many cases that it takes a long time for the duo to respond to the calls. The first to arrive after the departure of the ex-owners are the junk haulers, real estate personnel, bank representatives and curious neighbours. They lack neither the will nor the interest to do something about the hapless quadrupeds.

The evicted owners try to justify their movements by saying that they would be coming back for the pets the following day. Society has to step in when a living creature is kept locked in without any means of survival – without being given a chance to survive.

Animal related problems have always been there but the latest foreclosure issue has made the situation go out of hand. The animals are found either chained or running around loose. People are suffering financially but that cannot excuse this sort of horrendous cruelty to those who share the planet with man.

The Humane Society and the two constables have not been able to keep track of the numbers found in foreclosed houses. These are simply listed as abandoned. It is difficult to prove that there was malice involved in this sort of behaviour. No charges could be brought against owners who left their boxer chained to a tree in the backyard and another who kept a Labrador tied to a water tap. Constable Timmers had found 15 dead animals; they must have died a slow death. In each of those instances cases were successfully filed.

Most of the pets found are in poor health condition. Efforts are made to nurse them back to normalcy and arrange for adoption. Nevertheless the problem is so acute that about 15% have had to be euthanized.

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