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Archive for the ‘House Foreclosures’ Category

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Manor House In Ken Caryl Valley Faces Foreclosure

Posted on January 7th, 2008 in House Foreclosures | No Comments »

The Manor House has a popular history behind its name. It has been the venue of weddings, parties and corporate gatherings for quite some time as per records in Jefferson County Public Trust Office. But foreclosures understand nothing. A notice was filed on 31st December.

T&T LLC, the owners have till 12th February to file an objection and mend matters. If the delayed accrued loan amounts are not paid, an auction will be held on 27th February.

The manor is a heritage building going back nearly hundred years – its exquisite white columns speaking of bygone graceful years. It was bought for $2.4 million in 2006 March. For the last few months the owners have been trying to sell it by asking for $7.5 million. T&T say that they have already spent more than $400,00 on repairs and renovations.

The principals of T&T are the offspring of Michael Shinn. He was a businessman who set up an organization called National Home Buyers Assistance or NHBA based in Ohio. It is now in operation since early 200. It funded a rent-to-own property investment scheme.

Two ex-executives of NHBA are suing T&T, Shinn and NHBA in the Denver District Court. Daniel Siedlecki and Peter Tandy are claiming that were paid less than what was promised. The two are also seeking a stake in the Manor House. They allege that it was purchased with NHBA funds.

Shinn has protested saying that the money belonged to his children Todd and Tiffany. The father together with the two children has filed a counter claim running into millions of dollars against Siedlecki and Tandy. The contention is that the lawsuit has resulted in negative publicity hurting the business interests of Manor House. This has made refinancing difficult.

According to court documents Shinn and his children planned to shut down permanently the restaurant in Manor House on 1st January 2008. They claimed that because of the notoriety, business was at an all time low making it impossible for them to run the show. The volume of work has come down by half. However a website run by Manor House does not make any such claims of the restaurant being shut down – in fact reports are that it is still very much in operation.

The original case has been postponed following the counter suing by the T&T and Shinn.

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Tax on Foreclosure Savings Waived

Posted on January 7th, 2008 in House Foreclosures | No Comments »

Christmas was not without cheer last year. As the holiday season ends many will be relieved to know that they will not be burdened with tax bills for getting a part of their loan forgiven. Congress recently approved a tax-relief bill to help many. When there is a short sale the amount is often less than the loan amount. But the lender agrees to forgive the due balance. Unfortunately till recently the tax authorities considered this savings to be taxable income. Thus in the past many were added insult to injury by being saddled with huge tax bills. The legislation will help all for all those concerned from 1st January 2007.

Many were taken by surprise as none realized that the government could be so heartless as to fleece those who had just survived the foreclosure crisis. But today the picture is different. Those who have had a portion of their debts forgiven need not fear the taxman’s knock. The law however is of a temporary nature and will expire in 2009. This exposes the line of thinking of the lawmakers. They are under the strong impression that the sub-prime crisis is for a short period and will blow over.

The bill also extends a tax cut for private mortgage insurance till the end of 2010. Those who paid less then 20% towards down payment have to contribute to mortgage insurance. The insurance aims to protect lenders from defaulting borrowers. The cost is half of 1% of the house mortgage – for instance $75 will be charged for a loan of $180,000. Full deduction is for only those house owners who have an adjusted gross income of $100,000 or less. Last year the percentage of those availing of private mortgage insurance rose – this being indicative of tight credit postures being taken by lenders. During the first three quarters of 2007 private mortgage insurance increased by 40% in comparison to the same period during 2006. Previously house owners just could not afford the 20% down payment and this made them go take a piggy-back mortgage. In the latter instance the borrower gets a first mortgage for 80% the value of the property, a second mortgage for 10% and pays 10% up front. But second mortgages are now practically impossible to avail of. The deduction for private mortgage insurance is restricted to those issued after 31st December 2006.

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Foreclosures Overtake Civil Cases

Posted on January 4th, 2008 in House Foreclosures | No Comments »

In 2007 foreclosures have outraced civil cases in Tuscarawas County – although it was below the apprehended levels. It accounts for 43% of the year’s civil cases. According to Rockne Clarke, citing records from the County court, in 1997 foreclosure comprised of 14% of the total number of cases. However although the numbers are not as bad as initially feared, experts are still hesitant to use the term slow-down. In fact the lurking fear persists that this is just the lull before the storm. The lenders are under great pressure from the public and administration to work out new formulas with the borrowers. But how much it will tell on the overall picture has yet to be seen. Meanwhile the game continues – foreclosed houses are being sold at the sheriff’s auction.

The Chief Civil Deputy of the Sheriff’s office says that in the previous year 359 units were sold as compared to 335 sold in 2006. In fact more houses were listed but they have been put up for 2008 sales. Uhrichsville and Dennison are the worst hit pockets although to some extent the entire region including Phila, Dover and Bolivar have been affected.

However the sale value of the properties are rising. From $20,000 and $40,000 the range has gone up to $100,000. Previously the units were sold at two thirds the mortgaged value but today it is slowly touching the loan value. Banks are desperately trying to get back the amount they had advanced.

Clarke however added that the picture is bleak for 2008 – in fact it is going to be worse. A lot of factors are at play –ARM’s, predatory lending and the general weak pallor of the economy. Plans are afoot at the state and national levels to correct the picture but how much impact it will have seems to be anybody’s guess. The step of freezing interest rates seems to have come too late.

Dealing with a local lender is always preferred but unfortunately these entities cannot carry the load for long 20 or 30 years. That is why it goes beyond the hands of the local groups. Countrywide and Wells Fargo are the two main loan agencies whose names pop up repeatedly in foreclosure listings. They buy up the local mortgages and then follow up the foreclosures that later follow. This has led to a grand mix up with the original lenders and servicers.

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Scammers Lurking In Murky Foreclosure Waters

Posted on January 2nd, 2008 in House Foreclosures | No Comments »

Foreclosures are on the rise across the nation. Following the footsteps of the predators are the scavengers – picking the leftovers and making the situation worse for the unfortunate victims. In a recent release the Attorney General is pressing for legal steps to be taken in the forthcoming session to help control this menace of foreclosure rescue scams. The aims have been outlined in a short video clip on YouTube. It points out that the scammers find out the details of the foreclosure via public records and then they follow it up pressing the traumatized borrowers through mails and phone calls.

The bill instructs that the helping authority must have ready a written contract in which the terms would be clearly stated. One of the conditions is that the house owner is to received a minimum of 82% of the difference between the mortgage dues and the fair market value of the property that would be collected in case of a sale.

The public has been warned that these are wolves in sheep clothing trying to dupe the gullible. The borrower thinks that the house is being saved from foreclosure but in reality the deed is being gifted to the scammer. Once the wolf has the deed he knows how to get a new mortgage valuing more than the old one. He clears the pending dues and snaps up the difference himself. The scammer may even want rent from the borrower. Meanwhile dues on the new mortgage shoot up. The net result is that the house owner loses his home and even the equity after having paid handsome fees for nothing.

There are mortgage rescue fraud hotlines that should be immediately contacted as soon as the borrower smells a rat. The National Consumer Law Center and the Attorney General’s office has given some tips on this matter.

The moment someone or a company knocks claiming to be a mortgage consultant or foreclosure service help providers one should become extremely cautious. Never sign away the ownership. It is termed ‘quit claim deed’. Nothing should be inked without seeking legal advice. Mortgage payments must not be made to anyone other than the lender. Any too-good-to-be-true offer is exactly what it denotes – it is not true but false. Read all the papers and never sign without understanding the matter fully. Foreclosures are not the last words – there are many alternatives to check it.

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House Forecosures: The Era Of Foreclosures

Posted on January 2nd, 2008 in House Foreclosures | 1 Comment »

Of late foreclosures have become a fashion. Until 2005 the real estate market was in boom but the balloon burst in 2007. In Lee County there were 11,698 foreclosure listings till the end of November. It showed a triple jump from what it was in the previous year. The increases were marked from 2006 in both Lee and Collier Counties. November was the worst month as far as foreclosure numbers. Even though there has been a slight fall in December the general trend is the same – a steady increase in numbers.

Sometimes the numbers are jumping by four folds. If this is the way the New Year will be welcomed a great strain will be felt on the public and administrative bodies.

South West Florida is one of the worst zones. Its fall is in direct proportion to its boom during the preceding years.

Analyzing the factors, experts opine that after Hurricane Charley money began to flow in the form of insurance and help schemes. People started coming here and there were a lot of activity in the housing sector. Prices rose quickly and sharply. A house valued at $200,000 suddenly was worth $400,000. This should have set off alarm signals.

At that juncture the stock market was wobbly and people turned from it to the real estate. It led to a false sense of security. South West Florida seemed to be a good place to invest because the market price of land was lower than Orlando, Miami and Sarasota. But with the recovery of the stock market people began to withdraw their attention from the real estates.

Many of houses now under foreclosure are brand new – these had been bought by investors even before construction. Many investors left half way after forfeiting their deposits. They did not want to incur further losses by hanging around.

Short sales have picked up lately. In a short sale the bank agrees to a sale wherein the price is less than the loaned amount. As a result the prices of other neighbouring houses depreciates.

The net result of this crisis that emanated from the sub-prime ARM’s is that all are sinking with the ship – borrowers, lenders, the administration and the entire neighbourhoods. Those in the middle and lower income bracket are having to suffer the most. House prices are falling – but not falling enough to accommodate them.

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The Ticking of the Foreclosure Clock

Posted on January 2nd, 2008 in House Foreclosures | No Comments »

Real estate broker Andrew Fitzpatrick from California pointed out in details many options available to the beleaguered foreclosure victim that had not been focused properly.

Andrew has vast experience working with people undergoing non-judicial and judicial foreclosure headaches. Most of the sufferers have a fixed notion that this is only a passing wave with the lender taking on bullying postures. This is a dangerously wrong view to take. The borrowers should realize that once the foreclosure notice has been filed the clock has begun to tick loudly and clearly.

In nine cases out of ten the borrowers do not have the capability nor any equity left on the house to timely halt the process. Therefore without any sort of delay they should considers all – all the options open before them.

The house can be listed with a realtor. It is foolish to try to conduct the sale on one’s own. After all – why are professionals there for? They know the work like the back of their hands.

A second option is to agree to a short sale – or agreeing to sell for less than the loan amount. But there is a danger that the lender can pursue the matter of unpaid dues in court.

There are foreclosure bailout loans that give those with stable income to get a breather – take another loan and rectify the previous one.

A safe way out is to rent out the premises seeing to it that the rent takes care of the monthly mortgage payments – at least a good chunk of it.

The house can be sold to an investor for a quick sale. It will save the pain of being tagged with a foreclosure.

Most of those facing foreclosure think of only one or two of the above listed alternatives and end up with disastrous consequences. Once a foreclosure is reported to the credit bureaus it marks the credit history of the person with a dark black stain that cannot be easily removed. It will hamper the person from obtaining any type of loan in the future – even many years after the foreclosure tragedy.

The majority of the counseling groups will suggest only one or two alternatives with which they are familiar. Knowing this, many owners are knocking for advice on the doors free forums consisting of professional realtors, legal and loss mitigation experts.

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House Foreclosures: Senate Bills And Foreclosures

Posted on December 28th, 2007 in House Foreclosures | 1 Comment »

After sitting on the fence for months while the foreclosure tsunami raged, the Senate has at last come forward with two bills on 14th December of major significance. It may help some boiling in the foreclosure cauldron.

The FHA Modernization Act that had been stalled for a long time will reduce the amount of down payments and raise the limits of mortgage amounts that can be forwarded by the Federal Housing Administration (insured loans). This bill was passed by an overwhelming majority of 93-1. The Senators also gave their nod to Mortgage Forgiveness Debt Relief Act that would do away with the tax being imposed on the amount of money borrowers saved by coming to an understanding with the lender. Hitherto this was considered as taxable income. This anomaly will be removed for three years.

The House has already passed both the measures. A conference committee will resolve the difference between the Senate and House bills before getting the signature of the President.

The FHA Modernization bill will be of great help to house owners who are stuck with the sub-prime mortgages that force the borrower to pay exorbitant interest rates. Invariably they cannot afford it and foreclosures follow – leading to eviction or bankruptcy. Another important point is that a wide range of consumers in the high cost regions of the country like California, the Northeast and Mid-Atlantic States will be benefited.

By the Senate bill, the limits of the loan amount of the FHA will be raised to $417,000 – bringing the ceiling to be at par with Fannie Mae and Freddie Mac. The limits to median house prices would be tied and the FHA loans amounting to more than$700,000 would now be able to penetrate expensive markets like San Francisco.

One feature of the House Bill is that applicants for FHA loans will be able to do so without any down payments. Till now 3% had to be paid. In the Senate’s version a down payment of at least 1.5% will have to be made. The House bill will allow the FHA to vary the insurance premiums in accordance with the risk status of the borrower. Those who make nil or minimum down payments will have to pay a higher premium. The Senate Bill would freeze for a year pricing system based on risks developed by FHA and set to be launched from 1st January.

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House Foreclosures: California Tops House Foreclosure Listings

Posted on November 19th, 2007 in House Foreclosures | No Comments »

California, Ohio and Florida has the dubious distinction of having more than two thirds of the top 25 metropolitan region’s house foreclosures listings during the last quarter of this year. According to data provided by one of the best online groups engaged in this work, foreclosure is not restricted to few pockets. 77 out of the 100 metro regions showed more foreclosure listings during the third quarter than the numbers recorded in the previous one. North Carolina, South Carolina, Virginia and Texas are relatively in a better off position.

In Stockton the ratio is 1:31 during the last quarter – this being the highest among the 100 metropolises. In the metro area out of 4,409 units there were 7.116 foreclosure filings. In Detroit, the ratio was 1:33 and it ranked second among the jumbo cities. Out of 16,079 units there were 25,708 foreclosure filings in the third quarter – it being double than what it was in the second quarter.

The metropolitan area of Riverside-San Bernardino, California stood third among the large cities with a ratio of 1:43. There were 31,661 filings against 20,664 properties during the third quarter – a rise of 30% over the second quarter.

Other cities following the top three were Fort Lauderdale, Las Vegas, Sacramento, Cleveland, Miami, Bakersfield and Oakland. The California cities took up seven of the top 25 positions. Florida and Ohio accounted for five of the 25 hot spots.

Riverside-San Bernardino region was the worst hit during the last third quarter. Los Angeles came next with 29,501 filings on 18,043 units – the ratio being 1:113 houses. It stood 26th among the top 100 jumbo cities. Detroit stood third during the last quarter.

Atlanta came fourth with 21,695 filings on 18,940 units – the ratio being 1:92. It ranked 18th among the 100 big metro regions. Other top ten contenders were Phoenix, Fort Lauderdale, Cleveland, Chicago, Miami and Sacramento.

Sale of houses in Los Angles County fell by 48.3% in October as compared to October 2006. The prices dived down by 3.8%. In October 4,368 houses were sold – 8,451 less than the previous year in the same month. The average price of property in Los Angeles County was down by $20,000 as compared to October 2006. The sale of houses was 42% less than what it were in the same month the previous year and the lowest in 20 years.

Seeing the trend buyers are hesitating to invest.

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