Task Force Challenged by Increasing Foreclosures
In Chattanooga the task force is being challenged by record breaking number of increased foreclosures. Property experts are apprehensive that with moratoriums having been closed and unemployment increasing there will be a fresh flood of foreclosures, before it starts to improve.
Nickie Schwartzkopf of Remax Properties and head of the Chattanooga Association of Realtors said, “Unfortunately, I think we’re going to see even more foreclosures. There are still a lot of mortgages whose interest rates are going to be reset in the next couple of years at higher rates and, with unemployment still very high, there could be a lot of people who won’t be able to make their payments.”
Mayor Ron Littlefield said, “We definitely have to have more counseling services available and more trained people in order to help those being affected by this growing problem.”
In Hamilton County foreclosures of residential houses have doubled over the last ten years. In the first six months of this year there were 669 foreclosures calculating to a record according to Hamilton County Register of Deeds. In comparison to the previous year in this year there has been a spike of 3.2% - the highest so far noted. But the rate of spiking is decreasing. The foreclosure rate in Chattanooga is much below those in Arizona, California, Florida, Georgia and Nevada as per the findings of RealtyTrac.
In Hamilton County the foreclosure rate in May was 1:800. In the nation during the same month the rate was 1:398. But in Ooltewah is the worst hit pocket in Hamilton County. Here the foreclosure rate was a good niche above the national mark calculating to 1:228.
Cindy Walker of Real Estate Owned branch of Crye-Leike Realtors said that this month there has been more foreclosures. She remarked, “Chattanooga has never been as bad as most markets, but we seem to be getting a lot more than a year ago right now. Our economy has held up better than most markets, but it is a large problem and, for anyone facing foreclosure, it’s a major tragedy.”
A task force has been set up by the Littlefield and the Mayor of Hamilton County Claude Ramsey comprising of the agencies in the locality to draw up new action plans to help those facing foreclosure. HUD has come forward to help those agencies who would reschedule bad mortgages for the troubled homeowners. Unfortunately many of the victims do not seek help until it is too late.
- Tendency to Walk Away from Underwater Mortgages Facing Foreclosure has Increased
- Life Goes Flowing On Even After Foreclosure
- There is a Huge Shortage of Lawyers Trained in Foreclosure Complexities
- The Foreclosure Crisis Means a Bonanza for Some Enterprising Entrepreneurs
- The Restoration of the Jacksonville is Aided by the Prices of the Foreclosure Listings
- Foreclosure Climate has Caused Sharp Rise in Homeless Persons
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