U.S. Foreclosures Jump 57% as Homeowners Walk Away
April 15 (Bloomberg) -- U.S. foreclosure filings jumped 57 percent and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners lost their homes to lenders.
More than 234,000 properties were in some stage of foreclosure, or one in every 538 U.S. households, Irvine, California-based RealtyTrac Inc., a seller of default data, said today in a statement. Nevada, California and Florida had the highest foreclosure rates. Filings rose 5 percent from February…
Retailing Chains Caught in a Wave of Bankruptcies
The consumer spending slump and tightening credit markets are unleashing a widening wave of bankruptcies in American retailing, prompting thousands of store closings that are expected to remake suburban malls and downtown shopping districts across the country.
Since last fall, eight mostly midsize chains — as diverse as the furniture store Levitz and the electronics seller Sharper Image — have filed for bankruptcy protection as they staggered under mounting debt and declining sales…
Jingle Mail..you got that right
I am in the midst of a foreclosure right now.
I know, I signed the papers, and am responsible.
but I was bait and switched on signing day. A day where the lender knew I REALLY needed the money. He no longer works in my state. Or anywhere else for that matter.
I may, just walk away.
The bank is "trying".
It was a very telling conversation I had with them yesterday.
They tell you NOTHING...You have to figure out for yourself, how they can help you make good on the loan.
I am NOT asking for any government assistance. Although my wife attempted to do so. But see, I make too much money (laff), and am not a minority, or Immigrant..So no government help anyway.
I checked out some rental homes yesterday.
A home TWICE the size..For 1000 dollars less per month.
"I don't endorse anything they say"
~Ron Paul On the 911 Truth movement.
http://www.youtube.com/watch?v=hGyhlNY0y1k
A couple of suggestions
Thundercloud,
You may have already tried these things.....But here is what little I know about this:
Call your lender and ask for the LOSS MITIGATION Dept. Talk to the rep who will tell you basically that you need to pay $XXXX right now to bring your loan current.
Ask to speak to that rep's supervisor as that is generally the person that has the actual authority to work with you.
Tell them you need a LOAN MODIFICATION in order to keep from going under. They should be able to offer you something. Just let them know what you can/can't do and see if they can do anything to work with you. Be very clear that you CAN NOT continue with your current payments and that you will have to walk away if something doesn't change.
Generally, in order to be able to work out some sort of modification, you must still have a job/income. If you're going under due to job loss, skip straight to the next suggestion.
If a loan modification request doesn't work, ask about selling your house via a short sale. Those don't always work well, but sometimes you can get out from under the note and the lender may dismiss the remaining balance. Doesn't generally happen if you're WAY upside down on the thing, but it's not a bad last-ditch effort if it keeps the foreclosure off of you.
Best of luck to you.
Very accurate! Thanks sis
I called yesterday, It took me 2 hours to glean the very same info that you have just shared with me. So I can vouch for the accuracy.
I should have talked to you first. :)
First, the Woman I was dealing with, was being obscure, evasive, and defensive.
I'm sure she's been dealing with hundreds of these calls. It took me 30 minutes to disarm her.
She still only answered my questions in the vaguest of ways.
It was hard work, getting information from her. I think it's part of the game.
I recorded the whole phone call, I live in a one party State.
However, they were also recording me. you know, "in order to improve their customer service"..So, I asked her "am I being recorded?" She said yes.
I asked " does it bother you being recorded while doing your job?". she said no..I immediately hit the record button..
a little back history:
I have a job, it's a good job that pays well. Up until I took this loan, my credit was spotless. Then some family illness, a death, and a few other things all struck at once. So, I went for a 2nd mortgage. I was getting a little behind on some things, and wanted to correct. The mortgage company sent out an appraiser. We paid 300 bucks for that. It took almost 2 months for the loan to close. I was getting nervous, things were starting to get really behind ( I found out later that this is a common tactic, and serves as an impetus to get a borrower to sign, even is the loan isn't the best.)
Finally, the final paperwork is ready, and I drive down to sign. I'm pretty excited. It's a decent rate, my monthly payment, won't be much higher.
My bills are going to get paid. The auto loans, the medical expenses, all paid.
But, there is a "problem". He said that he ran my credit once more, and there were a couple of new issues. Of course there were, thats why I was asking for the loan. Against my better judgment, I signed....
There is a lot more to the story.
Shall I continue? Maybe my misfortune can help someone else.
Let me know if you guys are interested. I'd be happy to share what I can..
Bless you all
"I don't endorse anything they say"
~Ron Paul On the 911 Truth movement.
http://www.youtube.com/watch?v=hGyhlNY0y1k
In the interest of education
I'm following up.
My last phone call involved the possibility of a loan modification.
I was supposed to get a call the next day, revealing more details.
That call never came. I gave them 2 extra days to call me back.
Still, no call. So I called them for an update.
They claimed to have NO RECORD of my "financials".
There was a record of my call, but NO DETAILS.
the first Girl lied to me..But thats ok. the call has been recorded.
I spent another hour and 15 minutes on the phone. Giving the information again. Interestingly enough, this person asked me a different set of questions And came to the conclusion that I should stop paying my credit cards off, to pay them instead. WTF? All my other bills are up to date.
She said I had plenty of money to pay them, If I ignored my other bills..
These people not interested in helping.
So, I made an offer. To bring the loan up to date. To put the lawyer fees into the loan, and to pay 1800 per month. Which is slightly higher than the original monthly on the loan.
I was told I had no right to make an offer.. LOL..no right?
I have no right to attempt to make good on the loan. ooookay..
on a side note.
The Loan company is called Homecomings Financial.
My Mortgage Broker is "Wallick & Volk."
My agent is GONE. He no longer works there. He is no longer licensed in my State.
there are more details about the agent, which I cannot share at the moment. They probably explain why he fled the State (according to some real estate agents we know).
An out of town lawyer has been contacted. His Secretary cried, when my wife told her our whole story. They are trying to get us a local person to handle our case..(this is directed at the Broker, who lied to us about our credit standing, in order to push the ARM on us.)
Would you like me to continue?
"I don't endorse anything they say"
~Ron Paul On the 911 Truth movement.
http://www.youtube.com/watch?v=hGyhlNY0y1k
Damn those predatory lenders!
If your Mortgage lender is not willing to do a workout agreement or a modification, you might inquire about a deed in lieu of foreclosure. You will need to do a little research as I think you would still be responsible for the second Mortgage if you have one.
Sorry and Good Luck
Sorry to hear your troubles Thundercloud.
We can learn from you.
___________
Lisa C.
www.women4ronpaul.com
Ron Paul "Sign Wave Across the USA" -- November 5th!
I live in Port St Lucie, FL...
And I just read in the newspaper that we have the 10th highest foreclosure rate in the whole entire nation...I still can't get over that!
On a good note...I plan on purchasing my first home this year and prices are so incredibly cheap due to all the competition. Somewhat, bittersweet!
Wait Courtney, not yet.
___________
Lisa C.
www.women4ronpaul.com
Ron Paul "Sign Wave Across the USA" -- November 5th!
Wait till the middle of next year....
IMHO, you'll save at least 20% with a LOT lower interest rate... if we're still above water.
My dad retired from the construction industry but still keeps his hand in.. he says that it will take another 7 years to get close to clearing the existing houses out of the market, much less new home construction.
That is if the economy stays exactly where it is right now... lol.
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
That's so true ... I was
That's so true ... I was trying to find an article in the local newspaper from the past week about the absolute glut of houses on the local market. I think in some areas there is as much as a 48-month supply.
Word for the year...
Jingle-Mail... the sound the keys make as you slide them into the envelope to send them back to the bank that holds your fantastically inflated home note.
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
There have been a lot of
There have been a lot of articles on this topic in the two Detroit papers lately, as you might imagine. From one of them:
Nationally, RealtyTrac's March 2008 U.S. Foreclosure Market Report showed foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 234,685 properties during the month, a 5 percent increase from the previous month and a 57 percent increase from March 2007. The report also shows one in every 538 U.S. households received a foreclosure filing during the month.
"The March numbers show that overall foreclosure activity so far this year continues to run nearly 60 percent above the levels we saw last year," James J. Saccacio, chief executive officer of RealtyTrac, said in a statement. "On a year-over-year basis, default notices were up nearly 57 percent and bank repossessions were up nearly 129 percent, but auction notices were up only 32 percent, indicating that more defaulting homeowners are simply walking away and deeding their properties back to the foreclosing lender. This deed-in-lieu-of-foreclosure process allows the lender to take possession of a property without putting it up for public foreclosure auction."