Foreclosure aid likely to help four states most
WASHINGTON – Jan. 20, 2009 – The nation’s foreclosure crisis is centered in four states. But taxpayers across the country will feel the pain of bailing them out.
California, Florida, Nevada and Arizona generated about half of all foreclosure filings nationwide last year, according to RealtyTrac Inc., even though residents in those states hold just a quarter of U.S. mortgages. Since mid-2007, skyrocketing foreclosures in those states have been magnifying the national rate.
Rescue efforts show difficulty of fixing bank woes
WASHINGTON (AP) – Jan. 20, 2009 – President-elect Barack Obama is taking office at a time the escalating troubles facing major banks around the world couldn’t be clearer.
On Monday, the British government swooped in to boost its stake in troubled Royal Bank of Scotland to almost 70 percent and offered to insure banks against large-scale losses on risky assets in exchange for binding agreements to lend out more money.
Few borrowers can revise loans, especially if debt exceeds home value
MIAMI – Jan. 19, 2009 – Since defaulting on her mortgage more than a year ago, Marisela Gonzalez has attended foreclosure prevention seminars, spent hours on the phone with her lender, paid a consultant, availed herself of bankruptcy protection – everything in her power to hang on to her home.
“I thought to pack and just get out,” recalled the Miami-Dade special-education teacher. ‘Then, I said, ‘ No . . . this is my place. I’ve been here 15 years and I am not going to give it back to a bank just like that.’ “
Yet Gonzalez is giving her Kendall townhome back to the bank, in this case the federal government, which took over lender IndyMac. Even with an offer to lower her interest rate, Gonzalez could not afford the payments and owes about $100,000 more than the house is worth.
How to Buy a Foreclosure
I found this article very interesting on what is going on in the purchase of the foreclosed inventory.
by Amy Bickers
provided by: http://www.kiplinger.com/
The price may be right, but be prepared for the hassles.
Michael Lappano knows a home bargain when he sees one. Last year, the Bellevue, Wash., real estate agent purchased a condominium for only $255,000 (including an outstanding lien). That’s $65,000 less than what comparable units were selling for, he says. To get the steep discount, he bid on the home at an auction for foreclosures. “The location was perfect, just two traffic lights from my office,” says Lappano. He now lives in the sunny two-bedroom, two-bathroom condo with his new wife, Stephanie. And the property is still worth about $315,000, even in the face of a nationwide slump in home prices.
Senate plans vote today on anti-foreclosure plan
The Florida Real Estate Market is going through a corrective stage and now is the time to take into consideration purchasing Foreclosed Properties. I have FREE Foreclosure Lists Available http://fastfloridaappraisals.com/fl-foreclosure/home.html
By JULIE HIRSCHFELD DAVIS, Associated Press Writer
WASHINGTON – A plan to help hundreds of thousands of homeowners avoid foreclosure is drawing bipartisan support in the Senate, setting the stage for high-stakes negotiations among congressional Democrats.
The far-reaching housing plan faces a Senate test-vote Tuesday, when it could also come to a final vote. The disputes among Democrats over key details, however, as well as a veto threat from the White House will almost certainly push any final agreement into July.
Conservative “Blue Dog” Democrats are concerned about how to pay for the measure, while members of the Congressional Black Caucus — most of them liberal — call it “unacceptable,” arguing it doesn’t do enough to address the needs of African Americans.
FORECLOSURE Opportunities!
Professional investors are buying when everyone is selling and selling when everyone is buying. There is great opportunity in today’s Real Estate Market for the investor that is taking a long term perspective. If your interested in REO, Short Sales, Pre-Foreclosured, Auction and Foreclosed Properties I have teamed up with a great company that provides FREE Property Lists of distressed properties. http://fastfloridaappraisals.com/fl-foreclosure/home.html
I recently ran across an interesting article regarding what our goverment is doing to support the Real Estate Market.
Florida Loan Modifications
The state of Florida is experiencing a record amount of Foreclosures. As a busy property appraiser working with many of the large lenders I see our local neighborhoods being destroyed by Foreclosed transactions. There is a possible way to prevent Foreclosure for homeowners that act in a timely manner. I have located a company that helps homeowners work with their lenders to prevent the Foreclosure process. The consultation is FREE and if you or a loved one is facing financial hardships it makes sense to be proactive. You can find more information on my site at this page http://fastfloridaappraisals.com/modify-me/home.html
I have also come across an interesting article in the Washington Post addressing the current Foreclosure crisis.
One of 32 Miami-Dade homes in foreclosure
Over the past couple of months while working in the South Florida Real Estate Market I have noticed a large number of foreclosure, pre-foreclosure and bank owned properties. This activity is adding fuel to the fire of the declining price and sales activity within our local markets. I came across this article in the Miami Herald that displays current stats in Miami-Dade and Broward Counties.
