Welcome to An Informative Guide to Foreclosure
Mortgage After A Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
from: Foreclosure Statistics Vary According To Job Market
Depending on which part of the country in which you live, the foreclosure statistics may be higher than in other areas. Many times, a review of foreclosure statistics show the cities and parts of the country with a high unemployment rate also have high incidents of home foreclosures, as the residents have trouble earning enough money to pay their mortgage.
When reviewing foreclosure statistics to determine a housing market’s strength, there are some other figures to take into consideration such as home values, tax assessed value and the population figures. In some areas, higher home values do not automatically signify an increase in foreclosure, in fact in some communities it is the middle house price that take a beating while the higher-value homes escape the auctioneer’s gavel.
Another major consideration is the fact that when so-called experts report foreclosure statistics the number being read are of those on which foreclosure proceedings have begun, not the ones that made it through the process of being auctioned. The real number of homes being auctioned is under 10 percent of those on which proceedings are begun and throws off the livability index in some areas of the country and gives a downside to the housing market.
Two Groups Fall Into Foreclosure Statistics Category
When foreclosure proceedings begin, there are two types of properties involved, one with equity in the property and one without. The reason many houses do not make it all the way through to the auction block, is the homes with equity can be sold quickly, often at less-than market value, to help the owners avoid the process. The ones without equity can throw off foreclosure statistics due to the length of the foreclosure process, and can be affected by the appreciation of the property’s value.
For example, in an area where appreciation can be as high as 20 percent, it will not take long for equity to quickly add up, allowing the owner time to sell the home at the current balance and maybe have a few bucks left over with which to move. This process would then remove this property from the chopping block, but it still became part of the foreclosure statistics in that community.
To accurately use foreclosure statistics as a measurement of a communities housing market, it would have to show both sets of numbers; the initial foreclosure filings and those that are sold at auction. Otherwise, only part of the picture is being shown and property values could go down by using incomplete foreclosure statistics.
Mortgage After A Foreclosure Specific links
Mortgage After A Foreclosure News
Fed Publishes New Set Of Foreclosure-Review Documents
The Federal Reserve Thursday released a set of detailed plans banks have put together to correct problems in their mortgage-servicing and foreclosure-processing operations.
Read more...Fannie, Freddie are set to reduce mortgage balances in California
The mortgage giants sign on to Keep Your Home California, a $2-billion foreclosure prevention program, after state drops a requirement that lenders match taxpayer funds used for principal reductions. As California pushes to get more homeowners into a $2-billion foreclosure prevention program, some Fannie Mae and Freddie Mac borrowers may see their mortgages shrunk through principal reduction.
Read more...React & Act: What is second-mortgage debt?
To understand Rick Jurgens’ article on the second-mortgage debt and one Texas firm’s aggressive collection methods, you must first look at the origins of the mortgage crisis. Here, we provide an explainer, a glossary of terms, a guide to available resources and a recommended reading list. Explainer: The mortgage crisis Five years after the housing bubble burst in 2007, the mortgage crisis ...
Read more...A South Jersey foreclosure counseling agency reluctantly closes shop
The residential mortgage-foreclosure crisis was good for business at Ahome Affordable Homes in Millville. Make that too good: After several years of growth, the respected nonprofit agency, which had assisted at least 2,100 people facing foreclosure since 2009, laid off four counselors and several other staff members last month because its funding couldn’t keep up with the demand for services.
Read more...Foreclosure Stories: Ferreting out fraud
After handling hundreds of foreclosure cases involving securitized loans, I can safely say that every single securitized loan transaction involves fraud of some sort. read more
Read more...USDA Is a Tough Collector When Mortgages Go Bad
The USDA has a special program that allows it to issue mortgages, but it can be tough on borrowers who fall behind on their payments. Unlike private firms, it doesn't need court permission to start collecting on unpaid debts.
Read more...Ally Financial: Newly Released Letter Show Scope Of Possible Mortgage Screwups
Trying to count the number of bank screwups during the foreclosure crisis is a little like guessing the amount of change in a huge jar: You can see that the answer is "an awful lot," but without breaking the jar and counting by hand, there's no way to know for sure.
Read more...