Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Ruth asks…

What does this article mean please sumamrize for me (U.S. Homes Lost to Foreclosure Up 25 Percent)?

U.S. Homes Lost to Foreclosure Up 25 Percent
LOS ANGELES — Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.
August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.
Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can’t afford to simply dump the properties on the market.
Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.
That’s one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.
“These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer’s market with too much distressed inventory for fear of what it would do for house prices,” he said.
As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer.
The number of properties receiving an initial default notice — the first step in the foreclosure process — slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said.
Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.
Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don’t sell at auction, these homes typically end up going back to the lender.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes.
The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.
Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average.
Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.
Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.
Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.
The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program, known as Making Home Affordable, has provided permanent help to about 422,000 homeowners since March 2009.
Regardless, many troubled borrowers have seen their efforts to get a loan modification stymied.
Larry Book of Winter Garden, Fla., was one packet away from a permanent loan modification from Chase under the Obama administration’s foreclosure prevention plan after more than a year of back and forth and one failed attempt.
But his modification never went through. Instead, his loan was transferred from Chase to IBM Lender Business Process Servicers in July and he was told he owed $9,562.62 and must bring his mortgage current by Sept. 15 or foreclosure proceedings will begin.
“It just becomes too exhausting,” Book said about the modification process. “That’s why some people walk away. But I’ve invested too much and given up too much to just let it go.”
I have to summarize the article for a current events assignment. I dont know what to summarize

Your Questions About Foreclosures

The Expert answers:

It means more people had their homes foreclosed in August than in any other month previously.

That’s a long article, but most of it seems pretty straightforward. What specific parts of it were you having trouble understanding?

EDIT: OK, so it’s not that you don’t understand the article, it’s that you don’t know how to summarize something? Try this:

http://www.class.uidaho.edu/adv_tech_wrt/resources/general/how_to_summarize.htm

or this

http://www.ehow.com/how_4734227_summarize-an-article.html

Your Questions About Foreclosures

Mary asks…

Can owner do short sale of home even after foreclosure with redemption period notice?

A friend of mine stopped paying for their home that is upside down. Now it’s in foreclosure and they received notice of auction date. Do they still have a chance to negotiate with the bank to sell property on short sale? Please advise.

Your Questions About Foreclosures

The Expert answers:

Not really. The sale would have to close before the auction date, and even if the buyer has cash there isn’t going to be enough time.

Your friend did not just hear about this, at least 4 months have passed.

Your Questions About Foreclosures

Mandy asks…

Buying a short sale home and foreclosure?

I recently made an offer on a house listed as “short sale” I was informed by my realtor today that it may be to late that the bank might have started the foreclosure process because the owner was seriously deliquent..

He told me that if they started the foreclosure process we are better off looking for another home. He said it could take the bank 6 months before the bank list the house.

Does anyone have experience with short sales? Can we work directly with the bank if they have started the foreclosure process? I dont understand why they would take the house off the market for 6 months and then re-list? I should add we are not in any rush, but 6 months is a little much.

Your Questions About Foreclosures

The Expert answers:

Lenders won’t deal directly with you, they put their homes on the market with Realtors to sell them.

They take the homes off the market to obtain Broker Price Opinions and appraisals. Then they select a Realtor to market the property, this person suggests a price. Someone finally gets around to looking at all this information, entering a sales contract and the house goes on the market.

Loss mitigation departments are overrun with short sales and foreclosures. I talked to one person recently that had almost 2,000 houses they were dealing with all over the US.

I had a listing on the brink of foreclosure and the lender accepted the short sale just before the auction date. Don’t give up hope yet.

Your Questions About Foreclosures

Thomas asks…

Foreclosure Sale Date Set – How Long Before I Will have to vacate?

My home is in foreclosure and sale date has been set for July 1st. After the sale is complete, how long do I have before I will have to vacate the home? I am in Broward county, Florida (Ft Lauderdale).

Thanks!

Your Questions About Foreclosures

The Expert answers:

Heather is right Broward is horrible!! I have done foreclosures in Florida for 8 months and this is one of the counties that is VERY behind! (Miami-Dade is the worst as you can imagine). Honestly it would be best for you to get out around the sale date. Don’t wait to be evicted becayse then you may get an eviction on your record and that won’t help considering you will need to rent.
Good luck!

Your Questions About Foreclosures

Sandy asks…

To buy a home in Foreclosure do I have to pay cash to the broker or Bank?

I found Foreclosed homes for sale in my town, Sweet Home, Oregon, for $8,000 to $40,000 owed to the bank. What other costs could be involved?

Your Questions About Foreclosures

The Expert answers:

Make sure there are no hidden leins on the property and ask the bank what you need. Many times the bank will offer a good deal if you buy one of their foreclosed properties, and they carry the financing. If you finance outside the bank, they will no doubt want cash from you….Sweet home oregon, eh? God’s country! Good luck!

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures