Foreclosures Help Information

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Foreclosure Help South Carolina

Question: How do I get in on the foreclosure home action?

I live in South Carolina and would love to know if there are any decent foreclosure homes in my area. But everytime I try to look something up online (Hud, etc.) they want a fee or a free trial... provided I give them my credit card number. Is there a bank I could contact, or maybe police auction?

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Answer: http://infoonforeclosures.blogspot.com

Family Services Inc., featured on ABC News 4 in Charleston, SC!

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Foreclosure Help Georgia

Foreclosures filings continue at recent record levels in States already recording the highest levels in years. Nationally, the foreclosure rate at the end of April 2007, of one for every 783 households was slightly down on March 2007 (one for every 775) and 38% ahead of April 2006 at 1 for every 1268 households as reported this week by ForeclosureDatabank.com an online foreclosures listing service.

In previous years investors have noted a trend toward lower filings in the second quarter. Any dip noted in the coming month will hardly obscure the rate of increase year to date nationwide over the same period in 2006, around.62%. Foreclosure filings in most States remain well above last year’s levels and are expected to do so for much of 2007.

The indicator rate per household in foreclosure activity is used to highlight the trend in a market which is of increasing interest to both investors, hoping to maximise ROI without inefficient use of capital, and home buyers continuing searching in their neighbourhood of choice or near by for extra value for their available funds.

Before we all get hooked on the hyperbole which flows in the media following the publishing of such robust percentages, lets remind ourselves that foreclosures filings absolute numbers in states other than the top ten are actually quite small, and in the special opportunity market of bank foreclosures, small indeed.

Bank foreclosures are in the last of three main stages in the foreclosure process, and are lumped in with REO numbers and statistics in readily available data, you can see why when in most cases numbers per metro or county are low.

Compare these REO foreclosures rates and numbers in April with those from the States with existing track records of high foreclosures filings over the last two years;

• In April 2007 California had 2,000 REO filings, compares with 177 in April 2006 out of a total of 30,505 foreclosures filed in the state, which in turn represented 21% of the national total of 147,708 for the month.

• Ohio listed Reo filings of 3,545, compared with 2,424 in April 2006, and out of a total of 11,431 in filings for the month, nearly 8% of the national total.

• Texas recorded 3,375 REO filings compared with 3,371 same period last year, out of a total of 11,424 or 7.7%

• Georgia reported 1,899 (1,354 4/2006) from a total 7,151 or just under 5% of the national total.

After these the April 2007 numbers fall to 1,606 for Michigan, 1002 for Colorado, 858 for Tennessee, 806 for Indiana and 757 for North Carolina

Florida, Illinois, Arizona are all in the range under 660.

REO is the institutional name for Real Estate Owned property, realty that lenders have had to repossess because of mortgage delinquencies. Not all REO’s are bank foreclosures but by definition all bank foreclosures are REO.

April housing statistics and permits are down, but with the pipeline of more real estate to enter the market full, it is not unrealistic to assume a glut of unsold property, especially single family homes, in all price ranges, in the geographical areas where foreclosures filings have been the highest in percentage terms in the last 12 months.

Banks and other lenders forced to foreclose on properties this year face inventories well above past year levels.

Expect some flexibility in financing on offer to help clear these bank owned homes, expect pressure on pricing, and pressure to clear property inventories where all unsold homes sit on the market for 90 days or more. The range on offer of bank foreclosure property will not be great in most areas and the much smaller pool of addresses could mean more bidding competition. Time to ensure those analytical tools so readily available now on the Internet are at your fingertips.

This year, 2007, could be the year of the alert investor and home buyer opportunities for excellent deals in bank foreclosures.

About the Author:

Bob Smith is a freelancer but regularly writes for ForeclosureListingsNationWide.com. You can get more information on bank foreclosures at http://www.foreclosurelistingsnationwide.com/.

Source - Bank Foreclosures, Inventories on the Rise Into 2007

Loan Modification Program foreclosure help Georgia Atlanta

Stop Foreclosure Atlanta

With all of the foreclosures and bankruptcies that are being triggered by the subprime mortgage crisis why don’t lenders just put all of these homeowners in better loans? We are asked this question on our mortgage blog quite often. It’s a reasonable question too. If it’s the bad loans that are causing the problems wouldn’t be cheaper for the lenders to just bite the bullet and fix the bad mortgages? Meaning, wouldn’t it cost banks less money to lower interest rates and fix adjustable rate mortgages on their loans than the billions they are losing from all of the foreclosures?

In some cases banks are doing just this because it does make sense. However as I will explain, this is much easier said than done for most banks. The reason is that very few banks these days “own†the mortgages they service. A few regional and national banking chains do maintain a portfolio of loans that they originated, but by in large most banks do not. Most mortgages are owned by a pool of investors and are merely serviced by the company that homeowners send their payments to.

This is why when you call your current lender that you already have to refinance they make you re-qualify for a new mortgage again. While I was originating mortgages, I had countless borrowers call me to refinance that were disgusted with their mortgage company for that very reason. It seems to reason if you have paid your mortgage on time for ten years the bank would just lower your rate to keep from jumping-ship to another lender. The problem is that they have to put your new loan in a new portfolio and sell that portfolio to other investors, this is called securitizing.

Banks and lenders buy money to sell much as retailers do for the inventory that they keep on their shelves. For instance, a toy store can purchase a crate full of toy soldiers at a wholesale price then put them on the shelves and retail them for a profit. Banks buy and sell money the same way from their retail, or mortgage divisions. The only difference is that banks reach their loan capacity they have to take these groups of loans and sell them to investors on Wall Street. If banks didn’t do this they would loan all of their money and be out of the mortgage business.

Now you have a group of loans that is being serviced by the bank that is owned by 1 to 100 different investors. That group of loans is treated like the wholesale the box of toy soldiers that is sold by the case not individually. To ask the investors to reach into the “box†and pull one soldier out and alter it would disrupt the total value of the box as a single unit. This would also upset the other investors who have money tied up in the box of toys.

Staying with the toy soldier analogy, what has happened to banks in this crisis is they can’t sell the box of toys to the investors anymore. The retailer has $100 invested in the box of toys and investors believe that the toy soldiers are a bad investment and will only offer $70 dollars for the box. This means that the retailer has to hold onto the box until prices rise back to $100 or sell the box for the $70 dollars and take the loss. This is the same with banks today; either they cannot afford to sell their loans or they have chosen not to and ride out the storm.

Both way lenders and banks have stopped buying and selling money as freely as they used to and cash is in short supply. When supply is short and demand is high prices typically go up. This is why the Federal Reserve Chairman keeps lowering the prime rate in an attempt counter higher rates that would almost drive a nail in the coffin of retail lending. As of this article Atlanta mortgage rates are around 5.75% for a thirty year fixed mortgage and would probably be in the mid-sevens without Bernanke’s involvement.

Passing legislation that over regulates banks and lenders will not solve our problems. Neither will instituting individual government plans aimed at helping a finite amount of borrowers like some in congress have suggested. The answer to this subprime mortgage crisis will be derived from a plan to restore confidence in mortgage backed securities that will allow the flow of money to open up once again. The free market will correct its mistakes and lending will begin a new day.

About the Author:

Aubrey Clark is and editor and writer for lendfast.com, a nationwide home mortgage loan company directory. He lives in Atlanta Georgia with his wife and 4 children and writes about subjects that range from credit cards to Georgia low mortgage rates.

Article Source: ArticlesBase.com - Subprime Mortgage Crisis – Why Can't Lenders Just Fix the Bad Loans and Move On?

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