While doing research on foreclosures in the area on RealtyTrac, I came across a useful tool for renters. It allows you to put in an address to see if it is in foreclosure. Which can be helpful for renters to know if their landlord is really making those mortgage payments.
I can't say if its 100% accurate but it is a tool for renters sidestep a possible eviction through no default of their own.
Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Monday, April 30, 2012
Monday, March 12, 2012
FREE Foreclosure Prevention Phone-A-Thon
The Texas Department of Housing & Community Affairs is hosting a Free Foreclosure Prevention Phone-A-Thon on Tuesday, March 13, 2012
Target Audience: Delinquent and at-risk Borrowers
What: Homeowners have an opportunity to ask questions and obtain information about steps to start or continue the process to avoid foreclosure
When: 8:00 am - 8:00 pm CST, Tuesday, March 13, 2012
How: Call toll free: 1-866-989-6931
Host: Fannie Mae's "Know Your Options"
Team: http://www.knowyouroptions.com/
While this event will be broadcast live only in Dallas on NBC 5, calls will be accepted from anywhere in Texas.
Please help spread the word to those in your community who may be facing foreclosure!
Target Audience: Delinquent and at-risk Borrowers
What: Homeowners have an opportunity to ask questions and obtain information about steps to start or continue the process to avoid foreclosure
When: 8:00 am - 8:00 pm CST, Tuesday, March 13, 2012
How: Call toll free: 1-866-989-6931
Host: Fannie Mae's "Know Your Options"
Team: http://www.knowyouroptions.com/
While this event will be broadcast live only in Dallas on NBC 5, calls will be accepted from anywhere in Texas.
Please help spread the word to those in your community who may be facing foreclosure!
Wednesday, February 29, 2012
Texas Foreclosure Activity Down in 2011
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 89,675 Texas properties in 2011, down 25 percent from a year ago and 10 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
The state posted the 25th highest foreclosure rate in the nation, with one in every 108 Texas housing units receiving a foreclosure filing in 2011.
Foreclosure filings were reported on 8,586 Texas properties in December, a 15 percent decrease from November and down 23 percent from December 2010. One in every 1,133 Texas housing units received a foreclosure filing in December, the 25th highest state foreclosure rate in the nation.
Tuesday, January 3, 2012
What Does it Mean to Buy and Bail?
“Buying and bailing” refers to the act of buying a second property and allowing a first home to fall into foreclosure. Homeowners who purchase second properties in this scenario are typically “upside down” on their primary residence, meaning they owe more on their first home than it is worth in the current market. It's likely that they had an adjustable rate mortgage and their monthly mortgage payment grew to a payment they could no longer afford. For some, an easy solution appears to be buying a second property at a depressed price with a fixed rate mortgage in order to lower their monthly mortgage payments. At the same time, they let their first home fall into foreclosure hence the term buying and bailing.
You may wonder why a lender would loan someone money for a second property when they are already having difficulty making the mortgage payments on their first home. Typically, the buying and bailing homeowners will state in their loan applications that they intend to rent out the first property, but it should be noted that lying on a loan application constitutes fraud. Fannie Mae and Freddy Mac have instituted rules to curb the practice, but it continues. In addition to fraud, homeowners could get themselves into deep water when dealing with foreclosure and second properties.
Things to Consider About Foreclosure and Second Properties
There are two different scenarios that can occur with foreclosures and second properties. The first is the buy and bail situation explained above where the homeowner buys a second property and allows the home that has been his primary residence to go into foreclosure. The second is where a homeowner has a second property, perhaps a vacation home, and allows that second property to go into foreclosure.
When a home goes into foreclosure it will be auctioned off usually for a much lower amount than what is actually owed on the property. The difference between the amount owed and the amount received at auction is called a deficiency balance.
How the settlement of the deficiency balance will be handled varies greatly depending on where you live and your state's laws regarding foreclosure and the enforcement of deficiency balances. In about two-thirds of U.S. states, deficiency balances are treated like all other unsecured debts, and lenders may pursue a borrower after foreclosure by seeking a deficiency judgment. This allows a lien on the second property for the amount still owed on a previous mortgage. In states such as California and Arizona there are restrictions on lenders, and they may not have that option if the original home was a primary residence.
If you have a vacation home that goes into foreclosure, and end up owing a deficiency balance after foreclosure on that second property, the lender may file a lawsuit against you to collect the debt. This could result in garnishment of your wages, levies on your bank accounts, and/or liens placed on your property, including your primary residence, depending on your state's laws relating to the enforcement of judgments.
After foreclosure, the lender, otherwise known as the judgment creditor, may be able to force the sale of your primary residence to obtain the money needed to pay off its judgment depending on the state in which you live. Judgment creditors are more likely to pursue a forced sale of your property if you have a lot of equity in your home. Therefore, if you have a substantial amount of equity in your primary residence, you may want to think long and hard before allowing a foreclosure on your second property. A consultation with an attorney specializing in real estate law is advisable before deciding to let a foreclosure on a second property to occur.
You may wonder why a lender would loan someone money for a second property when they are already having difficulty making the mortgage payments on their first home. Typically, the buying and bailing homeowners will state in their loan applications that they intend to rent out the first property, but it should be noted that lying on a loan application constitutes fraud. Fannie Mae and Freddy Mac have instituted rules to curb the practice, but it continues. In addition to fraud, homeowners could get themselves into deep water when dealing with foreclosure and second properties.
Things to Consider About Foreclosure and Second Properties
There are two different scenarios that can occur with foreclosures and second properties. The first is the buy and bail situation explained above where the homeowner buys a second property and allows the home that has been his primary residence to go into foreclosure. The second is where a homeowner has a second property, perhaps a vacation home, and allows that second property to go into foreclosure.
When a home goes into foreclosure it will be auctioned off usually for a much lower amount than what is actually owed on the property. The difference between the amount owed and the amount received at auction is called a deficiency balance.
How the settlement of the deficiency balance will be handled varies greatly depending on where you live and your state's laws regarding foreclosure and the enforcement of deficiency balances. In about two-thirds of U.S. states, deficiency balances are treated like all other unsecured debts, and lenders may pursue a borrower after foreclosure by seeking a deficiency judgment. This allows a lien on the second property for the amount still owed on a previous mortgage. In states such as California and Arizona there are restrictions on lenders, and they may not have that option if the original home was a primary residence.
If you have a vacation home that goes into foreclosure, and end up owing a deficiency balance after foreclosure on that second property, the lender may file a lawsuit against you to collect the debt. This could result in garnishment of your wages, levies on your bank accounts, and/or liens placed on your property, including your primary residence, depending on your state's laws relating to the enforcement of judgments.
After foreclosure, the lender, otherwise known as the judgment creditor, may be able to force the sale of your primary residence to obtain the money needed to pay off its judgment depending on the state in which you live. Judgment creditors are more likely to pursue a forced sale of your property if you have a lot of equity in your home. Therefore, if you have a substantial amount of equity in your primary residence, you may want to think long and hard before allowing a foreclosure on your second property. A consultation with an attorney specializing in real estate law is advisable before deciding to let a foreclosure on a second property to occur.
Monday, November 28, 2011
HUD Home Sales Incentives
HUD is offering several new sales incentives on HUD homes that will
make these homes more affordable for homebuyers. The incentives vary
from state to state, but may include the following:
- $100 down payments on HUD Homes financed with FHA-insured financing
- Sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount
- Broker bonuses for owner-occupant sales.
Monday, September 19, 2011
Freddie Mac Not Allowing for Bulk Purchase of Foreclosures.
The Obama Administration, sent out a request for information
asking for ideas that would help Freddie Mac, Fannie Mae & HUD shed its
inventory of foreclosure homes. Pools
of investors approached Freddie Mac to purchase blocks of inventory homes @ 40
to 60 cents on the dollar. Freddie Mac,
however, is not considering any such discount pricing for these investors.
There are two sides to the argument. Having investors purchase the volume of foreclosures
in bulk transactions purges the inventory from the GSE which is a good thing. However the investors are wanting it a deep
discount, 40 to 60 cents on the dollar.
If a geographic area has a significant number of foreclosures that are
purchased in bulk, it can further erode the value of all the homes in the area.
Freddie Mac, Fannie Mae & HUD position is to continue to
focus on owner occupancy of its foreclosure inventory.
Friday, September 2, 2011
Renewed trust for tough times
Does it feel like trust is one of the major casualties of the economic meltdown of 2008 – followed by the “Great Recession,” the “Jobless Recovery” and now the threat of a “Double Dip Recession?”
Weren’t we assured that home values were destined to go up and up and up?
There have been lots of promises that help is on the way—and lots of warnings of scams and schemes that have only served to confuse the matter. So where’s a homeowner who’s underwater or overleveraged to turn?
Here’s the bottom line: the choices that homeowners make when they feel they are at the end of their rope will have ramifications for years to come on their ability to qualify for credit, their job prospects, their security clearance and their overall finances. When a family’s financial trajectory is rapidly heading in a negative direction, there’s no substitute for the helping hand of a knowledgeable expert who has the integrity, the experience and the training to reverse the course—someone who is tapped into regulatory initiatives and can separate fact from fiction.
It is my mission to serve as a credible source of information and perspective to homeowners who have found themselves in a tough situation and need help sorting through their options. That’s why I sought out the Certified Distressed Property (CDPE) designation—the most renowned and recognized credential in the distressed property field, and it’s why I continue to stay on top of regulatory and industry developments that impact options available to homeowners who are struggling with their current financial situations.
My message to homeowners who do not know where to turn: there is hope. Foreclosure is not inevitable and neither the government nor your bank wants to see that happen. No one expected to find themselves on the brink of foreclosure, but I have worked with countless clients who have managed to turn their financial trajectory around and get on a path of financial recovery.
It CAN be done! And it would be my privilege to help.
Weren’t we assured that home values were destined to go up and up and up?
There have been lots of promises that help is on the way—and lots of warnings of scams and schemes that have only served to confuse the matter. So where’s a homeowner who’s underwater or overleveraged to turn?
Here’s the bottom line: the choices that homeowners make when they feel they are at the end of their rope will have ramifications for years to come on their ability to qualify for credit, their job prospects, their security clearance and their overall finances. When a family’s financial trajectory is rapidly heading in a negative direction, there’s no substitute for the helping hand of a knowledgeable expert who has the integrity, the experience and the training to reverse the course—someone who is tapped into regulatory initiatives and can separate fact from fiction.
It is my mission to serve as a credible source of information and perspective to homeowners who have found themselves in a tough situation and need help sorting through their options. That’s why I sought out the Certified Distressed Property (CDPE) designation—the most renowned and recognized credential in the distressed property field, and it’s why I continue to stay on top of regulatory and industry developments that impact options available to homeowners who are struggling with their current financial situations.
My message to homeowners who do not know where to turn: there is hope. Foreclosure is not inevitable and neither the government nor your bank wants to see that happen. No one expected to find themselves on the brink of foreclosure, but I have worked with countless clients who have managed to turn their financial trajectory around and get on a path of financial recovery.
It CAN be done! And it would be my privilege to help.
Monday, August 8, 2011
Handling the Stress of an Unaffordable Mortgage Payment
Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me. It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.
In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.
The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.
I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.
In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.
The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.
I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.
Monday, July 25, 2011
HUD and NeighborWorks America Announce Deadline Extension for Emergency Homeowners’ Loan Program
HUD and NeighborWorks America have extended the deadline for homeowners who have experienced a loss of income to apply for the Emergency Homeowners’ Loan Program (EHLP). The extension is provided in order to give homeowners at risk of foreclosure in the participating 27 states and Puerto Rico more time to apply for the program. Texas is one of the 27 states participating in this program.
The Emergency Homeowners’ Loan Program (EHLP) will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition.
The program has been extended to 07/27/2011.
If you or someone you know is having difficulty with their mortgage due to job loss or a medical condition, they may qualify.
To find out more on home sales in your neighborhood, click the link provided.
The Emergency Homeowners’ Loan Program (EHLP) will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition.
The program has been extended to 07/27/2011.
If you or someone you know is having difficulty with their mortgage due to job loss or a medical condition, they may qualify.
To find out more on home sales in your neighborhood, click the link provided.
Friday, July 22, 2011
FTC Settlement with Countrywide
The Federal Trade Commission (FTC), the nation's consumer protection agency, sued Countrywide for unfair and deceptive practices in servicing the mortgages of homeowners in default or Chapter 13 bankruptcy. The settlement requires Countrywide to pay $108 million in refunds. The FTC will begin sending refunds to eligible homeowners in late July 2011. If you're eligible, you'll get a check in the mail.
What's this case about? According to the FTC, Countrywide used unlawful practices in servicing homeowners' mortgages. The company allegedly (1) charged excessive fees for default-related services like property inspections. (2) Made claims about amounts owed by homeowners in bankruptcy that were false or couldn't be backed up. (3)Didn't tell people going through bankruptcy when new fees or charges were being added to their loans.
The FTC settlement includes a $108 million consumer redress fund. Countrywide also agreed to stop the illegal servicing practices and make major changes to its business practices.
Click the following link if you want to find out more on foreclosures in your area.
What's this case about? According to the FTC, Countrywide used unlawful practices in servicing homeowners' mortgages. The company allegedly (1) charged excessive fees for default-related services like property inspections. (2) Made claims about amounts owed by homeowners in bankruptcy that were false or couldn't be backed up. (3)Didn't tell people going through bankruptcy when new fees or charges were being added to their loans.
The FTC settlement includes a $108 million consumer redress fund. Countrywide also agreed to stop the illegal servicing practices and make major changes to its business practices.
Click the following link if you want to find out more on foreclosures in your area.
Wednesday, July 20, 2011
Survey Reveals Significant Optimism Among Distressed Homeowners who Receive Housing Counseling
A growing number of government studies show that if a homeowner in distress seeks out housing counseling, the odds of the borrower receiving a loan modification or work out plan brings better and more sustainable terms. In a news release by HPF (Homeownership Preservation Foundation), an independent national nonprofit dedicated to helping distressed homeowners navigate financial challenges and avoid mortgage foreclosure released survey findings underscoring a surprising level of financial optimism among home buyers who call HPF for foreclosure prevention counseling.
Despite a majority (52%) of survey respondents reporting a significant decline in their household income compared to a year ago and 88% reporting anxiety around their ability to make payments on their debt, nearly three-quarters (71%) of survey respondents said they are confident that they will be in their home 12 months out. Nearly three-fifths of respondents (58%) said that they expect their personal financial situation to get better over the next year. An expected reduction in mortgage payments (41%), a new job (19%), or an increase in wages (12%) was the most common reason cited for the anticipated improvement to their personal finances.
The takeaway for homeowners, there is help for you. For a list of non-profit housing counseling in your area, you can visit HUD.gov.
To find out more about the market in your area, click here.
Despite a majority (52%) of survey respondents reporting a significant decline in their household income compared to a year ago and 88% reporting anxiety around their ability to make payments on their debt, nearly three-quarters (71%) of survey respondents said they are confident that they will be in their home 12 months out. Nearly three-fifths of respondents (58%) said that they expect their personal financial situation to get better over the next year. An expected reduction in mortgage payments (41%), a new job (19%), or an increase in wages (12%) was the most common reason cited for the anticipated improvement to their personal finances.
The takeaway for homeowners, there is help for you. For a list of non-profit housing counseling in your area, you can visit HUD.gov.
To find out more about the market in your area, click here.
Wednesday, May 25, 2011
Foreclosures Dropping to New Low in Texas
According to said Scott Norman, president of the Texas Mortgage Bankers Association Residential mortgage foreclosure rates continue to fall in Texas, dropping to percent during the first quarter of 2011 — well below the national average of 4.52 percent. Texas now has the sixth lowest foreclosure rate in the country. If this trend continues, it’s good news for homeowners in Texas. To read more about the article click here. To find out more about homes in the Austin area, click here.
Thursday, May 12, 2011
40 Month Low in Foreclosures
RealtyTrac released U.S. Foreclosure Market Report for April 2011, which shows foreclosure filings, default notices, scheduled and bank repossessions — were reported on 219,258 U.S. properties in April, a 9 percent decrease from March and a 34 percent decrease from April 2010.
“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.”
There is still a staggering amount of foreclosures in the pipeline that still need to move into the market. A portion of the decrease is due to banks not pushing the foreclosure process, but instead allowing time for loan modification and short sales.
To find out more information about foreclosures in your area, click here.
“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.”
There is still a staggering amount of foreclosures in the pipeline that still need to move into the market. A portion of the decrease is due to banks not pushing the foreclosure process, but instead allowing time for loan modification and short sales.
To find out more information about foreclosures in your area, click here.
Friday, May 6, 2011
Mortgage Foreclosures: Documentation Problems
Based on a report from the GAO, more regulatory action is coming. The report highlights a lack of consistency among mortgage servicing companies and how they handle their documentation in the foreclosure process. The Federal government has little statutory impact, most foreclosure laws are on a state level. To read more, click here. To search for foreclosures in your area click here.
Wednesday, March 9, 2011
Changes to Texas Property Tax Code
As a Texas property owner, you are aware that in October you receive a bill for your yearly property taxes. What you may not know, is we are in the 1st stage of a seasonal process that runs in four basic phases. From the first of the year to May 31st, appraisal districts appraise the properties in their districts, give notice to property owners and receive protests, primarily from the owners who think their properties are overvalued.
The 81st Legislator added language to the property tax code, foreclosures are now included in the appraisal valuation.
See page excerpt of Property Tax Code: 123, Section 23.011
Text of subsec. (c), as added by Acts 2009, 81st Leg., ch. 619, § 1
(c) Notwithstanding Section 1.04(7)(C), in determining the market value of a residence homestead, the chief appraiser may not exclude from consideration the value of other residential property that is in the same neighborhood as the residence homestead being appraised and would otherwise be considered in appraising the residence homestead because the other residential property:
(1) was sold at a foreclosure sale conducted in any of the three years preceding the tax year in which the residence homestead is being appraised and was comparable at the time of sale based on relevant characteristics with other residence homesteads in the same neighborhood; or
(2) has a market value that has declined because of a declining economy.
This may or may not have an impact on your property valuation. If your neighborhood has been affected by a number of foreclosures, this may impact the appraised value of your home. If you want to find out more about homes in your neighborhood, you can search here.
The 81st Legislator added language to the property tax code, foreclosures are now included in the appraisal valuation.
See page excerpt of Property Tax Code: 123, Section 23.011
Text of subsec. (c), as added by Acts 2009, 81st Leg., ch. 619, § 1
(c) Notwithstanding Section 1.04(7)(C), in determining the market value of a residence homestead, the chief appraiser may not exclude from consideration the value of other residential property that is in the same neighborhood as the residence homestead being appraised and would otherwise be considered in appraising the residence homestead because the other residential property:
(1) was sold at a foreclosure sale conducted in any of the three years preceding the tax year in which the residence homestead is being appraised and was comparable at the time of sale based on relevant characteristics with other residence homesteads in the same neighborhood; or
(2) has a market value that has declined because of a declining economy.
This may or may not have an impact on your property valuation. If your neighborhood has been affected by a number of foreclosures, this may impact the appraised value of your home. If you want to find out more about homes in your neighborhood, you can search here.
Thursday, August 5, 2010
Fannie Mae Website - Short Sales & Foreclosure
I came across a website for consumers that address questions about foreclosure, short sales and ways to stay in your home. It allows you to see if your mortgage is owned by Fannie Mae, contact a housing counselor and provide a financial checklist.
Click here for the Fannie Mae Website
Click here for the Fannie Mae Website
Wednesday, May 27, 2009
Short Sales
Many sellers in today’s market have little or no equity, or simply, the seller owes close to or more than the property is worth. In these situations, lenders are apt to accept less than the full amount due, commonly referred to as a ‘short pay’ or ‘short sale’.
Many folks who are ‘upside down’ on their mortgage opt to simply ‘walk away’ from their home, and allow it to foreclose. The short sale offers a much better solution and provides a win-win for the lender and home owner.
From the lender’s perspective, a short sale saves many of the high costs associated with the foreclosure process: attorney fees, the eviction process, delays from borrower bankruptcy, damage to the property, costs associated with resale, etc. In a short sale scenario, the lender gets their money faster and is able to cut its losses.
The bottle line, if your home is worth less than you owe, you can still sell it via a short sale – without bringing any money to the closing.
If you have any questions about this process, please contact me.
Many folks who are ‘upside down’ on their mortgage opt to simply ‘walk away’ from their home, and allow it to foreclose. The short sale offers a much better solution and provides a win-win for the lender and home owner.
From the lender’s perspective, a short sale saves many of the high costs associated with the foreclosure process: attorney fees, the eviction process, delays from borrower bankruptcy, damage to the property, costs associated with resale, etc. In a short sale scenario, the lender gets their money faster and is able to cut its losses.
The bottle line, if your home is worth less than you owe, you can still sell it via a short sale – without bringing any money to the closing.
If you have any questions about this process, please contact me.
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