Agent Contact * (click to email)
Pages
Archives
Admin
Jan
30
How to stop foreclosure - 101
Filed Under Economy, Finance, Helpful Information
According to a New Report published yesterday by Realty Trac US Foreclosure activity increased 75% in 2007 over 2006 figures.
Nevada hit # 1 with Florida #2 followed by Michigan to round out the top 3.
The states with the highest household foreclosure rate were
1. Nevada (3.38 percent)
2. Florida (2 percent)
3. Michigan (1.95 percent)
4. California (1.92 percent)
5. Colorado (1.92 percent)
6. Ohio (1.8 percent)
7. Georgia (1.57 percent)
8. Arizona (1.52 percent)
9. Illinois (1.25 percent)
10.Indiana (1.03 percent)The U.S. average was 1.03 percent.
Following fresh on the report release was an interesting piece from the Today Show Wednesday, entitled Foreclosure 101 -
This interview is with Barbara Corcoran a so called business baroness. She is listed as one of the most powerful brokers in the U.S. Barbara is legendary for being the most well-known name in New York real estate and for having personally sold only three apartments. She is a Real Estate contributor on the payroll of MSNBC, who produces the Today Show.
In this news segment they break down exactly how a foreclosure process works.
Some of the not so pretty points:
- Foreclosures up 75% in the last year
- 1 out of every 100 homes are in Foreclosures
- 40% of Las Vegas Homes are in Foreclosure
- Most People don?t return calls to the bank
- Foreclosure starts after missing 3 payments
- Filing Bankruptcy doubles the time you can stay in your house
- Takes 3?18 Months before you lose your home
- Bankruptcy stall foreclosure
- It takes 6 years to restore your credit after foreclosure
- Bank Loses Average of $59,000 for each foreclosure
How to Stop a Foreclosure:
- Short Sale
- Apply for FHA Loan
- Ask for a reduced Payment
- Return the Deed
The take away from this according to Barbara, ?People don?t realize they have more muscle than they think when they are in financial trouble?.
I invite you to comment on this after viewing the video.
What are your thoughts ?
Related Posts:
Pricing your home to Sell
How to avoid foreclosure
Florida Foreclosures Double from this time last year
If you're new here, you may want to subscribe to my RSS feed. If you would like to receive new articles in your email box Subscribe to Greater Tampa Bay Real Estate BLOG by Email. Thanks for visiting!
Comments
9 Responses to “How to stop foreclosure - 101”
-
Digitize Your Old Photos
[...] What are your thoughts ? Please post your comments here: How to stop foreclosure - 101 [...]
I saw the clip this morning on the news. She has definitely figured out how to be successful but I think some picture updating needs to be done. I searched for her bio and found her on All American Speakers but didn’t think it was her because the picture had to be at least 10 years old. That proves she really is a real estate agent
If you look at the numbers, it definitely proves the point that real estate is a LOCAL market, not national. Wow, over 3% for Nevada, and under 1% for the other 40 states? I was in a continuing education class yesterday. The speaker was saying that our state (PA) has always been pretty conservative with guidelines for mortgages. If you go back 5-10 years in PA, there was no such thing as 100 percent financing. The lowest was 3% which was a special homebuyers program, most were at 5 percent down minimum. That is probably one of the reasons that our market is not in the tank like some other areas.
It depresses me that people are losing their homes, their savings, and their lives…Good info, I will pass it along.
Fortunately, many folks are avoiding the threat of forclosure (thanks to the ARM fiasco) by using a Home Equity Line of Credit (HELOC) as an interest cancellation account to accelerate their equity and payoff their home *years* sooner than listed on the mortgage amortization schedule.
Today?s Real Estate market means that folks can no longer count on appreciation to build home equity. Those who realize that they need to pay down their current mortgage debt are looking for alternate ways to aggressively (yet safely) build equity.
And they’ve discovered a perfect online system to do that; they can focus on their wealth accumulation goals while accelerating their equity simply by using a Home Equity Line of Credit to ?power? the Money Merge Account? financial solutions program.
A typical 30 year loan (of whatever type) can be paid down in 1/3 to 1/2 the time ? it’s a great way to save *huge* amounts of income by eliminating a mortgage amortization front-end interest load. (On a million-plus dollar home, I’ve personally seen where the Money Merge Account? program will save the homeowner $750,000 in interest charges!)
And the best thing ? homeowners don?t have to refinance their existing mortgage or, in most cases, make any adjustments to their lifestyle.
It is unfortunate that most of us were never taught to follow three essential principles: (1) Avoid paying interest, whenever possible, (2) Use other people?s money, whenever possible and (3) Find and use a financial system that will guide you, especially if you have the tendency to go off-track. The Money Merge Account? software and the program?s counselors use these principles to keep each homeowner focused on their wealth accumulation goals.
I?d be happy to provide further details?
[...] admin wrote an interesting post today onHere’s a quick excerptForeclosures up 75% in the last year; 1 out of every 100 homes are in Foreclosures; 40% of Las Vegas Homes are in Foreclosure; Most People don?t return calls to the bank; Foreclosure starts after missing 3 payments; Filing Bankruptcy … [...]
It’s true that the worst thing homeowners can do is just disengage from the entire process. The banks do not want these properties when property values are falling so sharply, since they won’t be able to sell them quickly enough. So homeowners have more power than they think to negotiate a repayment plan or modify the loan. That will keep the bank receiving money until the markets recover in some areas, and the homeowners can either sell or lose the homes to foreclosure again. But at least the mortgage companies won’t have such a problem selling. This problem is going to keep getting worse for a while, though, as the numbers indicate.
We have a lot of information and advice about stopping foreclosure and a free foreclosure help and advice blog at our web site
http://www.foreclosureslam.com
If you are facing a home foreclosure there are web sites that offer help, use them. They offer valuable information and resources to people that are facing a home foreclosure.