California, Florida, Michigan, Ohio and Georgia together accounted for 55 percent of all U.S. foreclosure filings in July, according to the RealtyTrac U.S. Foreclosure Market Report released today. The foreclosure filings tracked in the report are default notices, auction notices and bank repossessions….(read more)
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More than 925,000 foreclosure filings were reported on more than 573,000 properties in the first half of 2007, according to the RealtyTrac Midyear 2007 U.S. Foreclosure Market Report, released today. The report marks the first time that RealtyTrac has included a count of unique property addresses in some stage of foreclosure. But whether you count by total foreclosure filings or number of properties affected by foreclosure, foreclosure activity is up more than 55 percent from the first half of 2006….(read more)
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In the late 1990’s in Los Angeles, Ca., and surrounding areas, homeowners experienced a wave “property snatching” under the color of foreclosure.
In one case, a homeowner had their mortgage payment servicer, the company that collects the money, change over four times. Every couple of months they were directed to make payments to a different lender. While trying to keep up with the lenders reselling the loan to different companies, the homeowner was late mailing one payment to their new lender. The homeowner, tried to speak to someone in charge of the account at the lenders’ office, but was rudely snubbed. The clerk, who claimed to be a supervisor, stated that “even if the payment was made, it would not be accepted”! The homeowner became confused and did not know what to do, if the lender refused to accept the payment on their mortgage to their home! [Read more →]
Foreclosure is the process where the lender of a mortgage terminates the borrower’s interest in the property secured by the mortgage loan. It is a termination of all rights of the homeowner covered by a mortgage. Once the foreclosure process is completed, the lender becomes the absolute owner of the property.
The trigger of the foreclosure process is when a homeowner misses a payment or fails to make payments of the money due on the mortgage at the appointed time. Many factors can cause this situation, like losing a job, becoming ill and unable to work, divorce and many other scenarios. However, the lender rarely considers any reason valid enough when they don’t get their payments on time.
Foreclosure allows the lender to “repossess” the property secured by the loan, and sell the property legally to try and recover the loan amount. Currently, foreclosures
Remember, the lender generally is not interested in owning your home, and you do not want to lose your home, so it’s time for a compromise!
