Foreclosures Numbers Swing in Tooele County
Foreclosure numbers are swinging in Tooele County – after going down for 3 months it went up in October – swinging up by double from the figures of September. During the 3rd quarter the foreclosure postings fell to 40 from 116 as per the findings of RealtyTrac. But last October the new foreclosure numbers spike to touch 88.
Nicole Cloward of Re/Max Platinum that deals in real estate said, “We have just seen the tip of the iceberg. Back in 2005 and 2006 we had home loans written for interest only. Those loans are now coming due and payable and payments will be going up.” Cloward apprehends that foreclosures are threatening to shoot up in Tooele as the loans are being re-negotiated at the time of recession. Earnings have gone down and so too the value of properties. Because of this Cloward took training in dealing with distressed property so that she can be of assistance to the besieged families and help them to continue to stay in the houses that were their homes avoiding pot holes that could end up in foreclosures.
She has made a list of the conditions that will make a property eligible for distressed sale. With this tag the lenders would be willing to re-negotiate the terms. The conditions include debts that cannot be managed, loss of job, medical expenses, serious ailments, jail, death, divorce, call to military service, increase in insurance payments, adjustments in mortgage rates, change of working place and reduction in income.
The manger of Premier Mortgage, Charles Prows has suggested that the initial step for the victim is to contact the lender as soon as he or she finds out that continuing with the mortgage is impossible. He advised, “Call the people you are sending your money to and let them know your situation. They often will work something out with you to negotiate the loan or accept partial payments.” The most common mistake that would lead to negative results is delay or ignoring the bank said Prows.
Melissa Collings also of Re/Max Platinum has a certificate in handling distressed estates. She can assist the owners in being conversant with the alternatives before them and the long-term impact of these on them. She said, “A foreclosure goes on your credit report and will mean it may be up to seven years before you can qualify to buy a new home. In the meantime, your foreclosure is on your credit report and it may affect your current job or new job opportunities, military clearances, and even the ability to get car insurance.”
