The Real Estate Professional

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

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

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