U.S. foreclosure filings climbed 28 percent in November from a year earlier and a brewing “storm” of new defaults and job losses may force 1 million homeowners from their properties next year, RealtyTrac Inc. said.
A total of 259,085 properties got a default notice, were warned of a pending auction or were foreclosed on last November, the seller of default data said in a report today. That’s the fewest since June. Filings fell 7 percent from October as state laws and lender programs designed to delay the foreclosure process allowed delinquent borrowers to stay in their homes.
“We’re going to see a pretty significant storm next year,” Rick Sharga, executive vice president of marketing for Irvine, California-based RealtyTrac, said in an interview. “There are two or three clouds that suggest a pretty heavy downpour.”
Rising unemployment, expiring foreclosure moratoriums and state efforts that “run out of steam” will push monthly filings toward the record of more than 303,000 set in August, Sharga said. The number of homes that revert to lenders, the last stage of foreclosure and known as “real estate owned” or REO properties, will increase to 1 million from as many as 880,000 this year, he said.
With this storm brewing, it has never been more important to educate yourself on your options and learn how to defend yourself from foreclosure, and even possible benefit from it. Learn how to end up a winner in this losing situation. Educate yourself at www.ForeclosureDefenseSecrets.com.
Foreclosure filings may have decreased over the past month due to a lot of large lenders putting temporary holds on files for the purpose of loss mitigation, or so as to avoid the bad public relations that comes with the eviction of someone from their home around the holidays, but as soon as Christmas and New Years Day are behind us, the foreclosure filings are sure to pick up.
As the economy worsens and job losses mount, more and more home owners will be facing the harsh reality that they can no longer afford their monthly mortgage payments. If this sounds like a situation you might be facing soon, you need to be prepared to defend yourself. Find out how to defend yourself from foreclosure at www.ForeclosureDefenseSecrets.com.
Are you serious? The $700 billion bailout proposal passed in both houses of Congress with this kind of persuasive language. The fact is, one third of the House of Representatives is up for re-election in just under a month and their constituents would be very upset if they had not done anything in response to this economic crisis. The bailout isn’t the right answer but it is being billed as the only answer.
The way this bill was passed in the House was to add on a number of “pork barrel” additions such as an excise tax which saves the makers of wooden arrows for children thirty-two cents per unit. What do children’s toys have to do with the economic crisis facing our nation today? Absolutely nothing, but it was enough to convince the Representatives from Oregon (where most of the arrows are made) to vote for the bill. If it weren’t for additions like this one, the bill would have failed again.
The overall feeling, both in Washington, D.C. and at home, is that this bill will not solve the problems facing our nation right now but that something has to be done. The fact is that the market will work itself out in the long run, but you have to make sure that you are still standing when that happens. We have to protect ourselves. We have to educate ourselves. We have to fight for ourselves and not wait on the government to bail us out.
I have been very critical about the proposed economic bailout by the Federal government and nothing over the past week has changed my mind at all. Clearly, I am not the only person with strong reservations. The House failed the original bailout proposal this week but the Senate came back today with some revisions. The question remains: were the revisions great enough to actually help the homeowners of this country?
The piece of legislation that calls for a $700 billion bailout currently being reviewed by Congress is supposed to play a large part in reducing the amount of foreclosures by working with loan servicers such as Countrywide, Wilshire, and Ocwen in an attempt to aid them in modifying the terms of existing loans. However, many housing experts question whether the bill will actually do anything to help struggling homeowners refinance into more affordable mortgages or even modify the existing ones.
The truth is that the economy cant truly begin to recover until buyers are found for the millions of foreclosed homes that are currently on the market. Bailing out the banks and giving them more money to lend will only put a temporary band aid on this gaping bullet wound. Property values are continuing to drop because more and more communities are being burdened by vacant houses that are not being cared for. Association assessments are draining the current homeowners and encouraging more and more people to just walk away from currently occupied homes.
As the stock market continues to fail, and less and less banks are lending money, more and more foreign investors and current American tycoons will begin purchasing the properties facing foreclosure at pennies on the dollar. The free market always corrects itself and this economic crisis is no different. Whether or not you are one of the lucky homeowners who finds a buyer for your home before the foreclosure judgment is entered against you and your house is taken from you at public auction cannot be left just to chance. There are ways to delay the bank from foreclosing for as long as you need to find a buyer. The true solution to the problem facing the individual homeowner can be found at www.ForeclosureDefenseSecrets.com. The only people being bailed out by the current proposal are the politicians facing reelection that let this disaster occur. American homeowners have to be willing to defend themselves.
McCain and Obama fought it out for two hours tonight and very little was said about the foreclosure problem in the United States right now. While the economic disasters in this country were highly debated early on in the debate, most of the talk was of tax cuts and pork barrel spending. Neither of this topics have much effect on whether or not you or I get to keep our homes.
Soon after that, the topics quickly shifted to foreign policy which is fitting since it will be people from other countries that come in here and purchase your home after you fail to protect it from the bank. While most of our news outlets are reporting this economy as being a world crisis, the fact is that other countries’ economies are expanding as ours is contracting. India, China, and Australia are all doing well while we struggle here and it will soon lead to an increase in the amount of homes purchased by citizens of other countries.
While you may think that this creates more buyers for struggling borrowers to complete short sales, it actually will do the opposite. Most foreign buyers prefer to buy directly from the bank since the title is clear and the bank is willing to sell the property at a discount. The goal for borrowers seeking to sell their property should be to find buyers in this country that are looking for a bargain in a down economy but have the credit to support such a purchase.
Finding these buyers may take some time, which is why you need to buy as much time as possible when facing a foreclosure. You may need to extend the foreclosure process for as long as one or two years. Luckily, through the processes described in Foreclosure Defense Secrets, you can extend the foreclosure process for as long as you need. For more information, visit www.ForeclosureDefenseSecrets.com.
While no one would ever confuse the presidential terms of Franklin Delano Roosevelt with those of George W. Bush, the overwhelming amount of government intervention in what should be a purely capitalist market had me thinking about the last time the government was this intrusive: the 1930’s.A world war costing the country all of its savings, a stock market so volatile that it could crash any day, and unemployment numbers that forced families to the streets are just some of the staggering similarities.
Over the past few months, the Federal government has continued to regulate the “free market” because they say that they are protecting us.However, the band-aid on this bullet wound is actually making the wound worse.If the Federal government is bailing out privately owned companies, who is going to bail out the Federal government?The last time I checked, our national pocketbook wasn’t in the best shape to be lending money to a bunch of organizations that just defaulted on the loans they took out in the first place.I guess it’s better than our usual technique of lending all of our money to other countries that have no intention of ever paying us back, but not by much.
The problem is that the economy is in the toilet, unemployment is through the roof, and more people are losing their homes by the hour.Instead of focusing on the causes of the problem (namely a government that frivolously misspent over three trillion dollars over the past eight years), the geniuses in Washington have decided to employ a temporary ”solution” that actually exacerbates the problems we are trying to solve.Giving lenders more money now would be rewarding the bad loans they approved over the past three years and encouraging them to continue the grossly negligent business practices that they have been employing.
If the Federal government really wants to overstep its bounds, it should spend money on creating more jobs and building more homes instead of saving corporations.The stock market and the publicly traded companies that compose it will be fine.The market will work itself out and some companies will fail while others will remain strong.Who is going to care for the worker?Who is going create jobs?Who is going to save your home for foreclosure?The fact is that the Federal government is not coming to our rescue.We must be willing to fight for ourselves because it is clear that no one else will.In 1928, President Herbert Hoover promised a chicken in every pot.Today, most people can’t even afford the pot.