Archive for the ‘Foreclosures’ Category

Credit card consolidation: Will it solve your financial woes?

May 18th, 2012 admin No Comments »

The credit card companies are always eager to lend you money. The people fall prey to their marketing tricks and end up owning multiple high interest credit cards. The amount to be repaid becomes unmanageable and they fall back on their payments. This makes the matter worse since the high interest rate dues keep piling up. The debtors who are in this kind of a situation can take advantage of several options to clear out the debts. One such option is credit card consolidation, one of the most popular ways to become debt free.

However, people should know whether or not credit card consolidation is at all beneficial for them. There are a few advantages and disadvantages of credit card consolidation which may help a person to make a correct choice. Full Article

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Tags: Credit Card Consolidation

New York Home Foreclosures Persist in Multifamily Sector

February 23rd, 2010 admin No Comments »

New York home foreclosures continue to surge in the multifamily sector as more and more owners of affordable housing complexes face severe financial troubles, particularly in Brooklyn and in the Bronx.

According to Harold Shultz, senior member of the Citizens Housing and Planning Council, there are around 100,000 apartment units across New York City whose owners are delinquent or are already facing foreclosure lawsuits.

Rafael Cestero, head of the New York City Department of Housing Preservation and Development, more than 10 percent of the 1 million rents-controlled apartments in the city are in severe financial distress and more than 25 percent of these distressed buildings have deteriorated sharply since the start of the downturn because of lack of funds to do routine maintenance work and make needed repairs.

Recently, the decision of a team of investors to give up ownership of the 11,000-unit Stuyvesant Town and Peter Cooper Village, the largest affordable housing complex in the entire city of New York, when they could not raise money to pay their loans, was a sharp blow that highlighted the severe problems of affordable housing owners in the city.

Last year, the pace of New York home foreclosures rose by 7.2 percent from 2008 and by 68 percent from 2007.

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Tags: Home Foreclosures, Multifamily Sector, Sector, York Home Foreclosures

What Is Foreclosure Mediation?

February 20th, 2010 admin No Comments »

Foreclosure mediation is an excellent process to take a horrible thing like a foreclosure and make it right for the bank and for the homeowner.  This process works by allowing the lender collect money owed, the homeowner to keep their home, and an agreement to be made on payments that are fair for both parties involved.

Many people have purchased homes they really couldn’t afford the payments to and went into foreclosure.  The foreclosure mediation program is designed as a way to protect people from losing a home and help the banks limit the number of foreclosure properties they are stuck with.  When you go through foreclosure mediation, you will meet in court and with the lender to come up with a way to pay back the arrearages.  Often times, the lenders are willing to give you a new payment plan for the arrearages but the judge will be the person to determine what is going to happen.

When you go through foreclosure mediation you will get to keep your home if you want to.  If you were given an unrealistic loan by a lender and told you would be able to afford it but the interest rates shot the payment too high to be able to afford, then you will have options.  The laws have made this process available to people just like you.  Don’t worry about losing your home.  Come to mediation with your proof of income and a determination of keeping your property.

In most cases, when people go through foreclosure mediation and they want to keep their home, they get to.  The judge, you, and the lender will come up with an entirely new loan the bank is happy with, that has payments you can afford, and everyone will be in agreement.  Walking away happy is not always the case when people go to mediation.  You must have a plan in place and verbally express to the lender how willing you are to save your property.

Foreclosure mediation is a process designed due to the millions of home loans given to homeowners that were unrealistic and impossible to pay on when the interest rates spiked.  This process helps people who agreed to balloon mortgages and did not know how their monthly payment could double.  Mediation allows the homeowner to keep their property.  It saves the bank from losing the funds from another loan and it makes everyone involved happy with the outcome.  In every mediation, not everyone walks away satisfied.

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Tags: Foreclosure Mediation, Mediation

Denver Home Foreclosures Slowed, Bucked Colorado Trend

February 16th, 2010 admin No Comments »

Denver home foreclosures slowed in 2009, in contrast to the upward trend of Colorado foreclosures, based on data from the state Division of Housing.

Last year, foreclosure filings statewide surged to 46,394 after holding steady below 40,000 in 2008 and in 2007. In contrast, filings in Denver County, which was one of the most battered Colorado counties over the past years, dropped by 28.8 percent in 2009 compared to 2008.

Similarly, in the final quarter of 2009, the pace of home foreclosures in Colorado surged, but the pace in metro Denver slowed. According to housing analysts, the intensity of foreclosure activity shifted from the central parts of the Denver metro area to counties outside the center as unemployment and wage reduction worsened in these outer areas.

The most battered by foreclosure in 2009 was Mesa County, which posted an increase of 175 percent in filings and a sharp jump of 223.4 percent in foreclosures sale.

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Tags: Foreclosures Slowed, Home Foreclosures, Home Foreclosures Slowed, Trend

What Happens if my House Goes Into Foreclosure?

February 15th, 2010 admin No Comments »

If you have missed a few payments and your house goes into foreclosure there are a few things you can do. The most important thing you need to do is remain in touch with the bank at all times. No matter how annoying the lender seems to be and no matter how many times you have repeated your story to the bank, keep talking to them.

If you have missed a few payments on your mortgage and received a notice of default, don’t panic. Many people panic because they think their home is now lost and there is nothing they can do. They cut off communication with the bank and think the bank is coming after them for the full amount of the loan after they kick them out. You don’t have to move out of your home as soon as the foreclosure process occurs. Ans

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Tags: Goes, House Goes

Houses in Foreclosure Listings Fell, but May Surge Again

February 12th, 2010 admin No Comments »

The number of houses in foreclosure listings declined across the U.S. in January this year, but may surge again, according to analysts working with a California-based real estate information provider.

Wage reduction figures and unemployment rates are still rising, putting more people into situations where they have to choose between paying for food and paying their monthly mortgage amortizations.

Additionally, the Home Affordable Modification Program, which was designed to help distressed families, has not been effective in keeping people in their homes. HAMP may have modified loans for thousands of home owners, but many of these have also been redefaulting because they could not sustain the payments either because of job loss, divorce or serious illness.

Another factor that will drive residential foreclosures this year is the record number of homeowners in negative equity.

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Tags: Again, May Surge, May Surge Again, Surge Again

Foreclosed Home Listings in New York Offered with Discounts

February 8th, 2010 admin No Comments »

Foreclosed home listings in New York that highlight houses in distressed neighborhoods will soon be offered at deeper discounts of about 20 to 25 percent to hasten the implementation of the city’s Neighborhood Stabilization Program.

This week, New York Mayor Michael Bloomberg and other city officials were criticized for not fulfilling their promise made in 2009 to act quickly and fix vacant foreclosed homes to be sold to lower-income households.

As of last week, the city has purchased only eight vacant homes and has repaired none of them. No house has been resold.

One of the reasons given was the refusal of banks to sell their foreclosure properties at 20-percent discount – the discount level that makes the program viable. The

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Tags: Discounts, Foreclosed Home Listings, Home Listings, New York

Foreclosure House Listings Surging Fast in Denver Suburbs

February 8th, 2010 admin No Comments »

Foreclosure house listings have been surging fast in counties outside the Denver metro area in Colorado, based on data from the Colorado Division of Housing.

Foreclosure postings rose to a record number of 46,394 last year, up from about 40,000 in 2008 and from the same number in 2007.

The county that suffered most last year was Mesa County, with filings climbing up 175 percent and foreclosure sales soaring 223 percent from 2008. Ryan McMaken of the state housing division, said that job losses and decreases in wages pushed a lot of homeowners into foreclosure.

The jobless rate in Colorado rose in December to 7.5 percent, a big jump from 5.8 percent in December 2008. Those who were able to retain their jobs had to accept reduced working hours or substantial pay cuts.

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Tags: Denver, Foreclosure House, Foreclosure House Listings, House Listings
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