The Real Estate Professional » Foreclosures

Loan Modification Help Center – Coping With the Third Wave

admin — Fri, 29 Jan 2010 03:41:02 +0000

What most economists are only now hinting at is the “third wave” of foreclosures soon to be on their way. The first wave of foreclosures came from investors who simply walked away from homes they couldn’t afford. The second wave, which included many California foreclosures, was made up primarily of those who took out subprime loans. This coming third wave of foreclosures will be made up of people who have lived in their homes a long time, but who have been laid off or had their hours and income drastically cut. This third wave, quite a few of whom live in California, will hit the economy yet again, like a pile driver. People who have lived in their homes for five, ten or even fifteen years, people who had nothing to do with the subprime mortgage crisis, will be facing foreclosure and asking themselves what they can do to avoid losing their home. What they will inevitably come to discover, is that a loan modification program could be right for them. California loan modification professionals will be there to help people pick up the pieces when their homes begin to go through foreclosure. In fact, California loan modification attorneys are already planning on working many long hours helping those people who have lost their jobs and now face a grim reality. Dealing with the third wave of foreclosures, especially California foreclosures, will be a scary ordeal, especially for those who never expected to be in this position. What this means, is that read more

Buying Virginia Lake Homes Offers Good Investment Opportunity

admin — Thu, 28 Jan 2010 04:42:16 +0000

Buying Virginia lake homes can be a very viable investment option. Virginia foreclosures have accelerated which depressed the values of listed foreclosed properties in the state. Essentially, you will be able to find extremely affordable Virginia lake side properties today. Banks and lenders usually want these properties off their books so they sell them with heavy discounts. Because you can buy cheap Virginia lake side properties, you can make a decent profit when you relist them at the homes market. On the other hand, you can also sit on the property and develop it further so you can increase its market value while enjoying a second home. One of the first things you need to do if you want to invest on Virginia foreclosures is to get a pre-approval. You will certainly need financing when you purchase Virginia lake homes. A pre-approval means that you are highly qualified to acquire properties on listed Virginia foreclosures. You can easily find source of financing once you are ready to purchase Virginia lake homes. You can also negotiate better with banks, property owners, and lenders if you have a pre-approval. It is critical therefore to secure a pre-approval first so you will have an easier time in finding the right Virginia lake properties. The next thing you have to do is to look for suitable Virginia lake homes. There are many tools that you can use in order to find the best lake side properties in Virginia. You can utilize read more

Was The End of 2009 Just The Beginning For Home Foreclosures?

admin — Wed, 27 Jan 2010 05:36:22 +0000

Last year we kept hearing how the recession was over or almost over and things were going to look up at any moment. Well, 2009 came and went and we soon discovered that the recession was, in fact, not over. The question now is not if millions of people are going to lose their homes—which millions already have—but what the final toll of homes in foreclosure is going to be when this economic is finally over.

Part of the problem was that many people across the nation lost their jobs last year or had their hours severely cut back, leaving them with smaller household incomes. The concern for the current year is that number of unemployed people across the US is still very high and may in fact continue to rise this year. This will continue to be a problem until not only the official unemployment rate changes for the better, but also the rate of under-employed people across the country.

Another problem is that the Federal Reserve program to buy mortgage-backed securities will be ending on March 31st of this year; this program has been helping to keep the interest rate on mortgages low. The program was quite a success and did, in fact, help keep interest rates down to much more appealing levels than we had seen in years for all of 2009.

Another issue looming on the horizon in 2010 is that many home owners who’ve been struggling to have their mortgages modified by the government Home Affordable Modification Program are not qualifying read more

The Future of Foreclosures in Florida

admin — Mon, 25 Jan 2010 07:36:44 +0000

While the current recession languishes on, some states are suffering from a huge backlog of foreclosures in the process and large numbers of foreclosed homes on the market. Florida is one such state, having the third highest mortgage payment delinquency rate behind both the sunshine state of California and the silver state of Nevada.

Florida’s foreclosure rate for 2009 was up by 29% over the previous year, which was in itself up over 100% from the previous year. There are almost half a million pending foreclosures in Florida currently and the court system is clogged with them.

The Supreme Court of Florida has recently issued an order which will require foreclosures to go through a managed mediation process that will help to alleviate the pressures on the court system and provide some solutions to many home owners.

When managed mediation is ordered the program is paid for by the complainant, up to approximately $750. The success rate for cases that go to mediation is around 75%; a successful mediation is generally one that results in a mortgage modification. Mediation is helping to settle many cases, many within 3 months, clearing up the bottle neck that’s become such a problem in the court system.

Until such time as the waves of foreclosures that have swamped the Florida market subside though, there will be many foreclosure properties available in the Florida area, particularly in south Florida. At this time read more

Short Sales & Foreclosures: Buying Homes in Peril

admin — Sun, 24 Jan 2010 08:38:01 +0000

The economic climate of the past year or so has led to the proliferation of homes in distress, facing short sales and foreclosures; many of these homes have made it to market where buyers are hungry to snatch up deals. While many prospective home buyers are eager to lay claim to one of these possible bargains, the fact is that not all of these homes will be a bargain.

What is important to remember though, is that not all foreclosures or short sales are a good deal.

Properties that haven’t yet progressed to the foreclosure stage are called short sales. Short sales are homes that are worth less than what is left owing on them and are subsequently sold for less than what is owed on their mortgage. A short sale can free a homeowner from their debts from the home, but can leave them still owing if their lenders won’t negotiate a settlement on the funds owing. Short sale homes may have liens on them from more than just mortgages as well; sometimes they’ll have debts connected to them based on unpaid utilities or taxes as well. Short sales can also take a long time to complete, so if you’re in a hurry to buy a home they are likely not a good choice.

Foreclosures, in contrast, are bank owned properties which can be a faster and more straightforward purchase. There are a few dangers in purchasing a foreclosure; foreclosures are usually sold as-is and consequently there is no option to have any problems repaired before read more

Feldman Law Center – Foreclosures Overwhelming California Homeowners

admin — Sat, 23 Jan 2010 09:37:07 +0000

Feldman Law Center – News by Feldman Law Center — Unfortunately, California homeowners are being overwhelmed by foreclosures, and many people feel there is no end in sight to the situation. Legislation from California and the federal government has helped some people, but it is not enough. Loan modification attorneys are working with people everyday who either do not have access to the right information, or who feel left to deal with lenders all by themselves. While the legislation can be helpful, President Obama and the California legislature are not there to help make phone calls and negotiate loan modifications. Foreclosure sales in California rose about 32 percent in the month of May of 2009, and 35 percent in April of 2009. Just the California foreclosures from the month of May represent more than $8 billion in total loan value. That means $8 billion worth of homes were foreclosed upon. However, the good news is that lenders continue to voluntarily postpone the majority of foreclosure sales. Lenders, such as banks and mortgage companies, are doing everything possible to delay foreclosures, and that includes working with California loan modification attorneys and homeowners on loan modifications. In fact, of the foreclosures scheduled, lenders postponed 40 percent at their own request and another 33 percent at the mutual request of the lender and the borrower. This means that lenders are absolutely willing to renegotiate the terms of mortgages, and read more

Riding the 2nd Wave of Foreclosures

admin — Fri, 22 Jan 2010 10:38:51 +0000

Driving South on Interstate 75 in Marietta, GA everyone on their way to work looks up to see the big realty company sign that tells how many listings are on the market, waiting to be sold. The numbers have finally made it back in the 70,000 range which is what we used to call “normal” when referring to the then thriving Georgia Market. We may be tempted to give a sigh of relief that things are finally returning to “normal,” but the numbers portray a false security.

May’s foreclosure statistics reported the third largest number in history of U. S. properties with foreclosure activity. Although the number was down 6% from April, still 321,480 homes showed filings for foreclosure, notices of default, or were marked for auction and repossession. May also was the third straight month of national foreclosures exceeding the 300,000 homes mark. According to a report put out recently by RealtyTrac®, 1 in every 398 U. S. homes received a foreclosure filing in May. Georgia is currently ranked 7th in properties with foreclosure filings. In Georgia, 1 in every 377 homes is involved in foreclosure activity, a figure slightly under the national average.

Though there may seem to be signs of less homes on the market, and thus the return of a healthy, more stable real estate economy – the problem lies in the reality of a flood of foreclosures that has been dammed up by various state regulations and the Obama read more

Habitat For Humanity Homes Booming in The Current Climate of Foreclosures

admin — Wed, 20 Jan 2010 12:37:18 +0000

While the numbers won’t be available for this year’s foreclosures for some months yet, the numbers for homes lost due to foreclosure for last year are easily available for those who’re brave enough to take a look at them. Reported losses to foreclosures range as high as a million homes lost for 2008, with over two million homeowners facing foreclosure proceedings between January and December 2008. Foreclosures in the beginning half of 2009 were even more prevalent than the previous year.

It is refreshing to see that even in this current economic climate that the kindness of strangers still exists; in 2008, Habitat for Humanity helped over 50 thousand families in their need for affordable housing. With the number of foreclosures remaining steady across the nation, it is heartening that some families are finding respite from their environments of poverty and finding their way into a home of their own.

Habitat for Humanity builds homes for families in poverty all over the world, including: Canada, the US, Africa, the Middle East, Asia, South America, and Europe. Recipients represent a wide array of ethnicities, religions, and family structures.

Habitat homes are built by volunteers and the family who the house is for; they all come together and work on the home. Home owners invest what Habitat for Humanity refers to as “sweat equity” into their home. Some volunteers feed the crews that are working on the read more

Short Sales & Foreclosures: Buying Homes in Peril

admin — Mon, 18 Jan 2010 14:35:59 +0000

Getting a Real Bargain from Foreclosures

admin — Sun, 17 Jan 2010 15:36:50 +0000

If you are considering buying a foreclosed property for either investment or as a second home, you may be on the right path. However, buying a foreclosed home comes with inherent risks. You have to be knowledgeable regarding foreclosures, and this is the reason why I have put all these tips together.

The first thing to do is acknowledge these basic facts.

Now, once you accept the facts above, you are ready to begin your search. Here are a few recommendations.

Make an offer that works for you. Once you have your financing in place, found the right home, have all the cost of repairs for the house, you are now ready to make the right offer. Once accepted, you are on your way to a home that is totally remodeled to your taste and at a great price. It is important to get the right partner to help you find and get that great deal. They can help you take the risk out of buying a foreclosure and make it easy to get a great deal.

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