For providing free assistance to homeowners facing foreclosure and can not afford legal protection, Attorney General Bill McCollum and the Florida Bar Foundation have decided to break up $4 million over the next two years for helping fund additional lawyers and paralegals, who will provide free assistance to homeowners.
McCollum said that the increase in number of foreclosures in Florida has exposed the homeowners to fraud and anxious for assistance. The assistance provided by these attorneys will assist the homeowners in a long way and will make a world of difference.
According to McCollum's office, Florida is ranking fourth according to the foreclosure rate in the nation.
The finances will be provided to nonprofit organizations as annual grants. Every grant will differ in amount depending on the number of foreclosures occurring in a particular geographic area. The funds will be provided between Oct. 1, 2009, and Sept. 30, 2011.
The funds were raised through a settlement by Florida and various other states during last October with Bank of America. The company owns nationwide Financial.
Labels: AN ATTEMPT TO STOP FORECLOSURE:
The office of Attorney General Greg Abbott's declared that the forms were mailed late last week above the February agreement.
This agreement is in concern to countrywide customers who have secured loans during 2004 and 2007 or who have lost their houses due to foreclosure or whose mortgage payments were 120 days behind as of Oct. 6, 2008.
The restitution is entitled only to countrywide customers who get the letters. The ultimate dollar amount will rely upon the number of people who act in response.
The scrutinizing of Countrywide in 2008 revealed encouragement of homeowners to accept loans which they can not afford along with failing to full disclosure of risky terms and providing loans for unqualified borrowers, which lead to non payment of the mortgages and foreclosure of their homes.
Labels: Foreclosure Relief Program by AG's office:
Foreclosure in many parts of the country at the record levels says about the recent declines in property values, that more homeowners will land in foreclosure this year.
Most of the people are wondering that how to buy a foreclosed property or how to get a help to face the foreclosure.
Variety of radio ads, infomercials, seminars and hand lettered signs informs you about some aspects of buying and selling foreclosure property. Researching online is a sensible way than signing up the seminars.
The following is a brief guide to find some of the useful information available online to help you buy a property or avoid foreclosure.
At first, if you go for an online search, you need to clear yourself with queries like what u want, what type of home, in what type, location and everything. Decide whether you bid on a home at courthouse steps auction or buying a bank owned property that is already been foreclosed upon.
Online real estate turns you to nationwide pre & post foreclosure home listing inclusive of training for real estate investors and sellers. If you are looking for a bank owned home that's already been foreclosed upon and listed for sale with a real estate agent, the online search options helps you more.
Labels: Need a Help for Home Foreclosure
The St. Regis resort is the famous visitors spot in California is been foreclosed. This is the place where AIG staged $440,000 party, after getting $85 billion federal bailout money, for its salespeople. Wobbly, taxpayer bailed-out Citigroup, is caught with the property. The resort is situated on the coast in Dana Point, California. It's built in the Orange County, which is the home of many mortgage lenders during the boom period.  Los Angeles Times says that the resort might be of value less than one-third of the $300 million in debt on its books. One asset banker told the paper that: The resort has been disastrously damaged (not because of its own or the previous ownership) by the unnecessary media exposure during the conference held by the AIG. The resort will be considered as a symbol of the every activity for which AIG and Citigroup are blamed of encouraging - risky bets on fizz real estate. In the case of the, it's got too much debt to be carried out an unpleasant market for high-end properties. There's a big debate held to know whether the consumers will spend money what they used to do? The proprietor of the St. Regis decided that they cannot afford to wait and find the answer. Concurrently the Watergate Hotel, view of the famous break-in that has fetch down President Richard Nixon, is also foreclosed this week. Labels: Foreclosure of The St. Regis resort
The current foreclosure crisis has become worse. If you are facing this scene, find ways to prevent and stop foreclosure. According to industry firm, RealtyTrac, during the first six months of 2009, Homeowners are lagging behind in making mortgage payments. A verification of 1.53 million properties was in the foreclosure process through default notices, auction sale notices and bank repossessions. Foreclosure was 9% more when compared to previous six months and 15% more than the first six months of 2008. There were a whole of 1.91 million filings resulting in 1 out of all 84 U.S. properties getting at least one filing in the first half of the year. Staggering 386,800 properties were reclaimed by Banks. In spite of hard work of banks and lenders the burden of foreclosure is not handled. There was no improvement in the previous month i.e. June. There were foreclosure filings of around 336,000 homes. Foreclosure Filings were 33% more over last June and nearly 5% when compared to the filings in May. Foreclosure is continuously increasing to record levels. Major coverage in this increasing level is of Unemployment-related foreclosures followed by high number of borrowers who borrows highly for making mortgage payments. This is a sign for potential future risk. Please visit Foreclosure Shield [ http://www.foreclosure-shield.com/ ]to study how to stop foreclosure and protect your home. Labels: Current foreclosure crisis
Homeowners in Chicago, Illinois, can avoid foreclosure, restructure home loans, and reduce mortgage rates with help from the Neighborhood Assistance Corporation of America (NACA). NACA will be holding a Save the Dream event at McCormick Place on July 24-27, 2009. This is a continuation of NACA's nationwide Save the Dream tour, where more than 25,000 homeowners have already participated and thousands of homeowners achieved affordable long-term solutions. NACA CEO Bruce Marks said, "The NACA homeownership program is our answer to the huge subprime and predatory lending industry. NACA has conclusively shown that when working people get the benefit of a prime rate loan, they can resolve their financial problems, make their mortgage payments and become prime borrowers. NACA's track record of helping people who have credit problems become homeowners or restructuring a predatory loan debunks the myth that high rates and fees are necessary to compensate for their credit risk." Started in 1988, NACA has led successful advocacy campaigns against predatory and discriminatory lenders as well as providing the best mortgage program in America with $10 billion in funding commitments. NACA is bringing its community organizing and unprecedented mortgage program to the diverse communities in Illinois to assist people in achieving the dream of homeownership. NACA has the most effective long-term mortgage solution for at-risk homeowners because it permanently reduces the interest rate, often to 4%, 3% and 2%, and if necessary reduces the outstanding principal based on what the homeowner can afford. This enables working people in Chicago, Illinois, to avoid foreclosure by helping them to restructure their home loans and reduce their mortage rates. NACA's solution has established the national standard for long-term solutions for thousands of owner-occupant homeowners. NACA can do this because it has secured legally binding agreements with most of the major lenders and servicers, which covers 90% of the at-risk homeowners. All of NACA's services are free. Homeowners drive and fly from long distances to attend these extraordinary Save the Dream events. At the Columbia South Carolina event, people came from throughout the southeast and as far away as Los Angeles. NACA had over 500 staff and volunteers who put in long hours and lots of hard work to help so many homeowners save their dream. Simeon Lewis of Chicago is one of the thousands already helped by NACA. "My home was all but lost until NACA stepped in and reduced my adjustable interest rate from 8.625% to 2% fixed. I'm saving nearly $600 a month." Anyone interested in attending should pre-register for an appointment if you can but you can also register when you arrive. You can register online at naca.com or by calling toll-free to (888) 499-6222. About the Neighborhood Assistance Corporation of America (www.naca.com): Founded in 1988, NACA is a national non-profit community advocacy and homeownership organization headquartered in Boston. Through its 38 offices nationwide and two call centers, NACA has set the national standard in restructuring thousands of mortgages to what homeownerscan afford. News of NACA's program and advocacy has been featured in national and local media. The Boston Globe chose Bruce Marks, founder and CEO of NACA, as its 2007 Bostonian of the Year. There is tremendous recognition for the effectiveness of NACA's advocacy and for providing real, affordable homeownership solutions for working people.
Source: http://www.prweb.com/releases/2009/07/prweb2651924.htm
Labels: Chicago Homeowners Can Avoid Foreclosure
PRNewswire-USNewswire - home prices sliding to 2003 levels, crowds are storming foreclosure auctions to purchase property at even steeper discounts. America's leading real estate auction firm, Hudson & Marshall will auction over 100 bank-owned homes in cities throughout Minnesota, Michigan and Wisconsin July 15th- 18th. Lenders are eager to quickly sell these properties and move them off their books. All homes come with guaranteed title insurance paid for by the sellers. Prospective buyers will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder. "In today's real estate market, distressed properties are everywhere and many are in move-in ready condition, making them sought after by consumers. More buyers are seeking foreclosures over regular homes in neighborhoods across the country because when compared side by side, the foreclosures often can be purchased at better value," said Dave Webb, principal, Hudson & Marshall. Nationwide foreclosure activity is still running high despite government efforts to abate the problem. According to Realtytrac(R), Michigan reported 13,891 foreclosure filings in May, ranking it among the 10 highest in the country. Wisconsin ranked 19th among the states with a total of 3,502 filings in May, while Minnesota's foreclosure filings totaled 2,949, earning it the 23rd spot in the country. All homes being auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties before placing any bids. Buyers may view homes by contacting listing agents to make appointments. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172. Bidders should check the Web site periodically to see which properties may have sold in advance of the auction through the company's online pre-sales program. Hudson & Marshall will auction the homes on the following dates: July 15th- Milwaukee (24 homes) at 7:00 p.m.- Milwaukee Marriott West July 15th - Green Bay (4 homes) at 1:00 p.m.-Hilton Garden Inn Green Bay July 16th -Minneapolis/St. Paul (30 homes) at 7:00 p.m.-Minneapolis Airport Marriott July 16th - Grand Rapids (11 homes) at 7:00 p.m.-Holiday Inn Grand Rapids Airport July 17th - Battle Creek (4 homes) at 12:00 p.m.-Holiday Inn Battle Creek July 18th -Detroit (31 homes) at 1:00 p.m.-Doubletree Hotel Dearborn Prior to auction, buyers can purchase property online by visiting the Web site, clicking on the Bid-Now icon and submitting bids. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted. Having sold over 70,000 homes for sellers in the past eight years, Hudson & Marshall of Texas, Inc is the most experienced, trusted leader in the REO auction industry. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2009. About Hudson & Marshall of Texas, Inc. Auctioneer/Broker H&M is America's Premier Auction Authority. Our 40-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M's streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Recently, H&M has sold and closed over 70,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com. SOURCE Hudson & Marshall of Texas, Inc. http://www.hudsonandmarshall.com/
Labels: 100 Foreclosed Homes to Auction Block in Wisconsin and Michigan
Green Bay is going into the business of buying homes thanks to money from the federal government. Jason Davis knows all too well the eyesore of foreclosed homes. For months, he lived right next door to one. "It was so bad that we were considering putting up a fence along the side just so we couldn't see it," he says. "They had left garbage in the back." Davis, who's the President of the Tank Neighborhood Association, says he's seen foreclosures rise recently. In fact, according to the city, Green Bay has roughly 350 properties now owned by a bank. Green Bay asked the federal government for $8 million to buy foreclosed homes. It received $2 million. The mayor says that money will likely only cover cleaning up houses downtown. "When you have to acquire the property and bring it up to code and make sure its a quality property, that may limit us to maybe 25 -30 properties," says Green Bay Mayor Jim Schmitt. "That's 10% of what we have." Despite receiving less than what the city hoped for, Mayor Schmitt says the area will still see improvement. Leaders just have to find ways to stretch their dollar. "It's something were excited about," says Schmitt. "We could use more money but were going to leverage money we have to strengthen neighborhoods and the Green Bay community." The community should see the federal funds by the fall. It has 18 months to use it. Though not on the list right now, Jason Davis hopes the Tank Neighborhood sees some money, too. So more foreclosed homes end up like this, his new next door neighbor. "When homes are made affordable again and livable again, that will create a better place. A more attractive place for people to come," says Davis. Source : http://www.wbay.com/Global/story.asp?S=10713628Labels: Green Bay Gets Money to Revamp Foreclosed Homes
The average house price in Norfolk hit a high of £166,951 in November 2007. However, the well-publicised house price crash during 2008 has now left the county's average home at its lowest for almost five years. The latest figures from the Land Registry's House Price Index puts May's average house price for Norfolk at £136,638 - a drop of 16.7pc from the year before. Now, figures from research group Fitch Ratings show that Norwich ranks 16th in the top 100 cities with the highest proportion of loans in negative equity, by an average of £9,488. More than one in 10 prime mortgage borrowers in the city - 11.7pc - are in negative equity, In the postcode area of NR3, which is broadly in the north of the city, this worsens to 21.3pc of mortgage borrowers, whose homes are worth an average of £8,206 less than their outstanding mortgages. This is closely followed by the NR1 postcode, where 17pc of borrowers would lose out if they sold up. Other areas which feature highly in terms of the percentage of borrowers in negative equity include Yarmouth's NR30 postcode, where 16.1pc have an average shortfall of £7,129, NR5 with 15.5pc and NR31 with 15pc. However, if you suspect you are in negative equity, that does not necessarily mean you should panic, according to Alison Rolls, of the Norwich and Peterborough Building Society. She said: "Negative equity is talked about, quite rightly, as a nasty thing people should be concerned about. But it's not really a problem for you unless you have to move. "It only becomes an issue if you are trying to sell your property and you find that your property is worth less than the value of your mortgage." When a mortgage customer does get into difficulties because of negative equity, the N&P will talk to them to see how it can best help. Mrs Rolls said: "The obvious solution, unless you have to move, is to stay put, but some people can use savings to find the difference while other people rent out the property and the rental income helps them with new payments on a new mortgage." Despite the gloomy figures, Mrs Rolls said the N&P had not seen an increase in customers left with negative equity after selling a home. She said: "People are being very cautious. Because we are in a general economic recession and not just a housing market recession people are not changing jobs and therefore not needing to move as much." In the early 1990s, when there was a property crash, many lenders brought out a negative equity scheme which allowed borrowers to transfer the shortfall to a new mortgage. However, with the banking system in crisis, lenders are unwilling to dish out mortgages to people unless they have a deposit of at least 10 to 15pc, let alone take on negative equity. Across the country, Northampton, Nottingham and Derby are the worst affected cities and Fitch's analysis shows that the East Midlands has the highest proportion of loans in negative equity - 21.8pc of the value of the loans and 15.1pc by number of borrowers. East Anglia fares little better with 19.9pc by value and 12.8pc by number of borrowers. While borrowers are unlikely to default on their mortgage payments solely because the value of their house is less than their mortgage, experts expect default rates to be higher for borrowers in negative equity. Ketan Thaker, of Fitch Ratings, said: "Borrowers with equity in the property have options available to them in case of financial distress that borrowers in negative equity do not: for example, sale of property, remortgaging, better availability and pricing of products, and the withdrawal of equity to fund temporary cash shortage, which could help avoid foreclosure." Fitch is also predicting house prices to decline further, with prices bottoming at 30 to 35pc below their peak levels in 2010 and deepening the shortfall for many homeowners. However, estate agent Abbotts Countrywide says some of its city and Norfolk offices do not have enough properties coming on the market to meet demand. Peter Hurrell, regional manger, said: "This year isn't comparable to last year by any means. Our offices in Norwich are selling houses at a greater rate than they are bringing them on to the market, and while that won't help those in negative equity, it can do in the long run if demand starts to outstrip supply and prices go up again. One example we have had recently is of a house that had been on the market for three years with another agent. We brought it on to the market and it sold and we even had somebody come in with a higher offer." Source: [http://www.eveningnews24.co.uk/content/News/default.aspx]Labels: Norwich home-owners hit by negative equity
The Obama administration's ongoing efforts to stem the tide of foreclosures has left one group of homeowners frustrated: those who are not behind on their mortgage payments and want to refinance but, due to falling home values, are "underwater" on their loans. In other words, these borrowers owe more than their property is worth. Until now, the Home Affordable Refinance Program (HARP), limited to homeowners with loans backed by Fannie Mae, have been able to refinance into more favorable loan terms only if their loan-to-value ratio was up to 105%. Starting September 1, Fannie Mae will refinance for homeowners up to a 125% loan-to-value (LTV) ratio. "This step aims to reach even more borrowers who would benefit from a lower payment," said Michael J. Williams, President and Chief Executive Officer. "Many borrowers in good standing have been shut out from the benefits of refinancing due to significant declines in property values across the country. By broadening the scope of the initiative, more borrowers will experience savings on their monthly mortgage payments and have a better chance of sustaining homeownership over the long term." Previously, HARP allowed for refinancing of Fannie Mae loans with LTVs up to 105 percent. With the expansion, loans with LTVs above 105 percent and up to 125 percent will be eligible for refinancing through the company's Refi Plus manual underwriting option. For loans with LTVs above 105 percent, borrowers must refinance through their existing servicer and the new loans must be fully amortizing fixed-rate mortgages with terms greater than 15 years up to 30 years. So many homeowners have been unable to participate in the programs meant to save them from foreclosure that it remains to be seen whether this program can stop families from sliding into foreclosure. But I wonder ... is this is a necessary government program? When my family was "underwater" and owed more on our home than it was worth, we just kept paying off our debt and waiting until the combination of an improved real estate market and our payments finally shifted the balance until we were able to build equity. I'm not sure that I see why this time around these homeowners are being allowed to refinance and therefore borrow more money than their asset is worth. Government intervention like this helped create the mess we are in now. Source: http://www.examiner.comLabels: Home Affordable Refinancing Program Expanded
The release of the new federal tax credit given to first-time home buyers have certainly jazzed up the real estate market. The tax credit, amounting to $8,000, gave a boost to real estate agencies and home buyers; a good boost after all the foreclosure news that has bombarded the national media since 2008. A lot of people took advantage of this opportunity to buy their first homes. Especially for the current generation in which most of them are just renting apartments in big cities. This resulted to the rise in sales of new and existing homes. Some cities in the country, like Kansas, have reported a 10 percent increase in home purchases since March of this year. This increase is driven by both the tax credit and low mortgage rates in the market. But the tax credit is only going to be available for first-time homebuyers who could complete the purchase until December 1st. Many are already currently making offers because it usually takes a month or two to close the deal. Pending home sales in the US, in general, have increased 6.7 percent in April compared to March. According to the National Association of Realtors, this has been the biggest increase in the sales contract index since October 2001. Somehow, foreclosure news was overshadowed by these positive numbers in the recent months. However, economists are suggesting that we are still far from being out of the woods. With the average rate of about 5.3 percent for mortgages on a 30-year fixed rate, owning a home is still a bit too much for many borrowers. Although we are seeing some positive recovery, they cautioned that it will take longer for prices to stabilize due to the surplus of properties that are not sold. Unless foreclosures decline, home prices will likely to rise until 2011. But the tax credit provided by the government is somehow slowly achieving its aim. Seeing the increase of sales from first-time buyers, other people may follow soon. This is also backed up by the increase of loan activity of up to 50 percent on some banks. Unless the government finds a way to lower interest rates on mortgages, the tax credit incentive can only go so far. If we could find a solution for this, maybe there will be less and less foreclosure news in the future. Source: http://www.bestforeclosurenews.com/foreclosure-news/tax-credit-for-homebuyersLabels: Tax credit given to first-time home buyers
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