Foreclosures Help Information

Archive for October, 2008

Foreclosure Attorney Phoenix

Mortgage lenders were in a big hurry to foreclose on properties in the Phoenix metropolitan area during the last week of July. The number of home foreclosures ascended an estimated average of 60 each day in the last week of July.

Due to the large flow, the number of foreclosures pegged a new monthly total record of 5,316 in July. Those numbers are compared to the 5,149 in June, Information Market reports.

Real-estate watchers for the valley claim that the recent increase in foreclosure numbers could be due the expiration of federally mandated foreclosure moratoriums and problems attaining loan modifications. On August 4th, the first Tuesday of the month, the U.S. Treasury Department released its monthly report on its Making Home Affordable loan modification program.

The report showed various mixed results from the lenders. It discovered that 85 percent of mortgages in the nation were being held by firms participating in the federal program, and that more than 400,000 loan modification offers to borrowers have been extended.

The Obama administration has been telling mortgage lenders to increase their efforts to rework home loans that appear to be headed for foreclosure. These servicers: Aurora Loan, JP Morgan Chase and Saxon Mortgage are receiving higher marks than the other big mortgage lenders because of their efforts.

Metropolitan Phoenix pre-foreclosures also rose in to 9,169 in July, from June's number of 8,700. However, the number of pre-foreclosures declined during the last week of July, which could be an indicator that a larger number of mortgage lenders are working with borrowers. Pre-foreclosures averaged a number of 328 per day in the last week of July. That number is compared to 523 a day during the first part of the month.

Many of the mortgage lenders could be waiting until after September 30 to start foreclosures. That is when legislation for the state allowing mortgage lenders to acquire some of the borrower's assets to recoup some of the losses from the foreclosures is scheduled to take effect. There is a move to prevent the legislation from taking effect under way, but many Arizona real-estate attorneys are already receiving calls from lenders out-of-state asking about how this new law could aid them in getting more money from defaulted borrowers.

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For information on new homes in Arizona, including Phoenix new homes and Phoenix home builders, visit www.NewHomesSection.com.

Article Source: ArticlesBase.com - Large Numbers of Arizona Foreclosures in July, 2009

Arizona Loan Modification Company - Stop Foreclosure On Your Phoenix AZ Home

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Mortgage Foreclosure Moratorium

Question: Do you think Obama's moratorium on foreclosures will mean disaster for mortgage lenders?

Obama promised a 3 month moratorium on foreclosures. Do you think that by blocking banks from foreclosing on mortgages that are in default will make even more people who are struggling decide not to meet their mortgage obligations?

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Answer: He speaks only for the people who have shown good faith and one who are trying and only for the banks that have been bailed out

So...no will not mean disaster...for the bnks BUT will be disaster for people who just got pink slips all over the country....time to help those who help themselves!!!

Moratorium on Mortgage Foreclosures - Part 2

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Government Foreclosed Homes For Sale

Question: Can you get a real estate loan (Gov/Trad) to purchase a more affordable home when you are now in a foreclosure

Job loss and injury caused us to fall behind on our mortgage payments. The Bank wouldn't work with us and began foreclosure proceedings after 30 days late. We cannot afford our current home. We are trying to sell, but the sheriffs sale has happened, our time to sell is limited. We have located a different home that is 1 1/2 times cheaper & will allow us to make MUCH lower house payments. We have some money to put down (the bank wouldn't take partial payments, work out repayment plan etc..) but we need to finance the balance for this different home. Our credit is terrible now because of this but we need a home for our family & children...are there any loan programs (government or traditional) out there to help us get into this home. We tried going Contract for Deed but the Foreclosure Co. wants to cut the home loose (the home we are trying to buy is a foreclosed property that needs repairs but the payment would be $100's less than we pay now) -Any guidance would be appreciated.

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Answer: Talk to your bank, and talk to a loan broker. I have used both with good results. Your real estate agent should be able to suggest a good loan broker; that's how I found mine. He put together a reasonable package (it wasn't cheap), and two years later we refinanced into a much more reasonable mortgage.

Foreclosed Homes for Sale Perto Rico Vega Baja Casas Reposeidas

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