Foreclosure Recap – Week #24
According to the Detroit Free Press in Detroit Michigan, home sale sin the area rose 12.6 percent over the same month last year. This is mainly attributed to the prices of home continuing to slide. This would tend to indicate that the bottom of the market, at least in this are, has not yet been reached. The somewhat scary part here is that the average home price in May of 2009 was $89,700 while the median price in May of 2009 was a mere $50,000 a decrease in value of 44.3 percentage points.
The story in the New York Daily News states that Mayor Bloomberg and the city of New York want to do what they can to stop the foreclosure problem. The mayor states that when a family loses a home to foreclosure it affects much more than just that family. It leaves a vacant home, which can become both an eyesore and an attractive nuisance and a breeding ground for crime and other illegal activity. For that reason the mayor has set up a 311 line where people can call and get legal help to try and stay off the creditors and work out a plan where they can actually avoid the problems that foreclosure is going to cause to both the family and the city.
The Los Angeles Times report on the Lake Tahoe resort that was once owned by Frank Sinatra and how it has fallen into foreclosure and ended up on the auction block. This famous piece of real estate overlooking the icy blue waters of Lake Tahoe was the place where Dean Martin, Sammy Davis Jr. and Frank Sinatra shared the stage. It was the resort where Marilyn Monroe spent her last weekend of life. This would be a great investment property just from the aspect of where it is and the view or even if you look at the history and consider the historical prominence of the property. It should be an easy sell right? Well, when it went up for auction it got precisely zero bids.
Reuters reports that the housing market in New York’s prestigious Manhattan area and the playground where the rich summer in the famous Hampton area of Long Island is becoming very shaky and the value of properties in both markets is on the verge of a huge plummet in value. On Long Island the prices have dropped about 11 percent and the number of homes being sold in the condos have dropped over seventy percent over the same time frame last year. Things are starting to dry up and the parties that used to be accompanied by pop stars to tout the grand openings of the new condos are no longer happening. You can catch up on all the information about this story here:
From the PR Web area comes an article listing all the needed information in a Do It Yourself kit for Loan Modification. It features step by step information to help guide your through the things you need to do to help keep you out of foreclosure. It is a multimedia kit with all the information that you need to know to work with your loan origination financial facility to help the two of you work out a modification to your loan that should satisfy both the bank or financial institution and your family. The goal of this kit is to help you as a homeowner face the bank and come up with a solution to your crisis and hopefully save your home. You can catch the entire text and find out all about it here:
This article is a good item to read if there is even a remote possibility that you might be forced into foreclosure of your home. Bankruptcy, either a chapter 7 or chapter 13 will stop you from being in foreclosure if you file it before the sale date of your home. There are many caveats and things that will need to be considered and it would be advisable to do as much research as you can before the possibility of it becoming a reality actually happens. The last thing that you want to do in that situation is make a knee jerk reaction. Reading this article may better [prepare you to act rationally. It can be read here:
ABC News is breaking the story this week about the starts of stage and screen that are in dire straits and could lose in a very big way. These folks include Stephen Baldwin, Victoria Gotti, Ed McMahon, Michael Jackson, Annie Leibovitz, Jose Canseco, Willie Aames, Jodie Sweetin and Ruben Studdard. This story should at least put things into perspective and let the average American know that they are in the same boat as people that most folks would have thought should have been far out of touch from the current crisis. The details of who is in foreclosure and how much they owe and exactly how they got there can be found here:
The New Haven Advocate rings a story that should make most people furious. We as homeowners are struggling to keep our heads above water and our homes out of foreclosure and then this story comes in. It seems that many of the top Marshall’s that are responsible for foreclosing on homes in the state of Connecticut are earning in the $100,000 per year category for doing these dirty deeds and make of them are making illegal calls and actually breaking the law in order to benefit financially from doing it. One Marshall even netted One Million Dollars from a high dollar firm to foreclose homes. If you have the stomach to read it, this sickening story can be found here:
CBS News has uncovered some scams that many unscrupulous companies are using in these terrible financial times to try and bilk people out of money by sifting through foreclosure record to find vulnerable people that might be a good target for falling for the lies that they are telling and slipping into the trap they set. The article covers everything from work at home scams to credit repair offers and foreclosure help companies out there and a vast majority of them are scams and there are truly a lot of people falling for the extended hands being offered by these crooks. It is an article that should be read to help inform you of the dangers and the various ways these crooks try and get what money you might have. It can be read and watched here:
In Seattle, Washington lawyers are trying to help people in foreclosure by offering legal help and assistance for no charge. The Washington State bar association has come together and is trying to help these troubled people out of the crisis that they are in. Realizing that if people are close to or in foreclosure there is no money the bar has come together to help the people of the state out of the crisis, it is a nice uplifting story to read.
