Tag Archives: Foreclosure

New Foreclosure Activity Plunges

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Discovery Bay, CA (PRWEB) October 14, 2008

ForeclosureRadar, the only site that tracks each and every California foreclosure with daily auction updates, nowadays issued its California Foreclosure Report for September, 2008. Notice of Default filings, which indicate the start of the foreclosure procedure, fell 61.eight percent in September due mostly to new legislation that went into effect on September 8th. California State Senate Bill 1137 imposes important new requirements on lenders prior to filing for foreclosure, and the drop indicates that the lenders had been not prepared for the effect. The bill also effected new Notice of Trustee Sale filings, which dropped 47.3 % from August. The bill did not straight effect foreclosure sales even so, they nevertheless fell by 12.four percent.

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Higher-level findings incorporate:&#13

Only 16,352 Notices of Default were filed in September, down from 42,790 in August, a reduce of 61.8 % from August 2008, and a lower of 36.4 percent from a year earlier.&#13
Notices of Trustee Sale filings decreased 47.3 percent from August, to a total of 19,116 filings. In spite of the significant decline, filings improved 33.9 % from September 2007.&#13
Properties taken to sale at auction increased 163.two percent from the prior year, to 23,409 sales, with a combined loan balance of $ 9.75 Billion. This represents a 12.4 percent drop from August 2008.&#13
Lenders took back 95 % of the properties taken to auction, with a combined loan worth of $ 9.19 Billion. Third party purchases were flat from the prior month, but improved slightly as a percentage, due to the decline in sales activity.&#13
“CA State Senate Bill 1137 has rendered evaluation of existing activity against prior foreclosure levels useless in understanding industry conditions,” mentioned Sean O’Toole, founder of ForeclosureRadar. “What is essential to watch now, is how speedily lenders and trustees adjust to the new law. While it is unlikely foreclosures will return to preceding levels, offered the new needs we expect SB 1137 to have no long term impact beyond delaying the foreclosure method for home owners, and slowing the all round recovery.”&#13

The intent of CA State Senate Bill 1137 is to minimize foreclosure prices with one particular of the specifications being that lenders make speak to with home owners prior to filing a foreclosure, to make certain that they are aware of all their options. The bill calls for lenders to make a series of attempts to speak to property owners, and then wait 30 days following either contacting the owner or fulfilling the needed steps ahead of filing the foreclosure notice. The bill particularly looks to encourage loan modifications as an option to foreclosure. The state, however, cannot force lenders, typically operating beneath Federal Law, to modify an existing loan.

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“Offered the significant adverse equity now occurring in most California foreclosures, modifying loans to cost-effective levels either needs huge principal balance reductions, or extending the unsustainable teaser rates that designed the foreclosure crisis in the first place,” continued O’Toole. “Wide scale adoption of massive principal balance reductions also pose significant risks, as they are probably to encourage non-defaulting home owners to default in the hopes of securing related reductions. As such, either kind of loan modification is most likely to result in improved default, and/or foreclosure activity in the future, a consequence clearly not intended.”

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Average discounts presented by lenders on the outstanding loan balance at foreclosure auction averaged 37.4 % statewide with 36 % of properties taken to auction becoming offered at discounts of 50 % or a lot more.

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Small has changed at the county level with the leading six counties sustaining their rank from the prior month, and only relatively tiny counties seeing significant modifications in their overall ranking. Opening bid discounts were highest in best ranking counties, with discounts from the loan amount of greater than 40 % in the top seven counties.

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California Foreclosure Report Methodology – See table&#13

Rankings are based on population per foreclosure sale. NOD indicates the quantity of Notices of Default that had been filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the quantity of properties sold at foreclosure auction. Percentage adjustments are primarily based on monthly Sales. The data presented by ForeclosureRadar is based on county records and individual sales final results from day-to-day foreclosure auctions all through the state – not estimates or projections.

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About ForeclosureRadar.com&#13

ForeclosureRadar is the only net website that tracks every single foreclosure in California with day-to-day updates on all foreclosure auctions. ForeclosureRadar features unprecedented tools to search, handle, track and analyze preforeclosure, foreclosure auction, short sale and bank owned actual estate. The net web site was launched in May 2007 by Sean O’Toole, who spent 15 years building and launching computer software firms just before getting into the foreclosure company in 2002 exactly where he has effectively purchased and sold far more than 150 foreclosure properties. ForeclosureRadar is an indispensable resource for genuine estate agents, brokers, investors, lenders, mortgage brokers, attorneys and other real estate professionals specializing in the California actual estate industry.

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Assist for Homeowners Threatened with Foreclosure Free Workshop November 8th provides Home owners Alternatives.

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San Jose, Ca (PRWEB) November 11, 2008

Santa Clara County: Bay Location homeowners who are threatened with foreclosure can attend a totally free workshop to find out how to save their residence. “Home owners have possibilities”, says Hannah Fliegel, Credit Repair Professional and founder of the Foreclosure Choices Network. Partnering with renowned Tax Attorney, Steve Moskowitz, homeowners will find out just how a lot of alternatives they have and how these options will impact their future.

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At the Workshop, property owners will have the opportunity to ask questions distinct to their predicament. Panel will cover subjects such as brief sales, loan modifications, TILA law, Bankruptcy and Tax possibilities, Tax organizing, credit repair solutions and a lot more.

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Workshop will be held on Saturday, November 8, 2008 in San Jose, CA. at the Clarion Hotel San Jose Airport, 1355 North Fourth Street, beginning at 10:00 AM to 12:00 PM.

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Foreclosure Sales Drop Substantially

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Discovery Bay, CA (PRWEB) November 13, 2008

ForeclosureRadar (http://www.foreclosureradar.com), the only internet site that tracks every California foreclosure with every day auction updates, today issued its California Foreclosure Report for October, 2008. Foreclosure sales dropped by 39.1 % from the prior month, due to important increases in cancellations and postponements. Beneath California law, scheduled foreclosure sales can be postponed for a period of up to one year, until they are either cancelled or sold. Cancellations, exactly where the home is taken out of foreclosure, increased by 78 percent in October, resulting in nearly 20 percent of foreclosure sales scheduled for October getting referred to as off.

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Notice of Default filings, which begin the foreclosure process, continue to be substantially impacted by CA State Senate Bill 1137, as lenders work by means of the new requirements the law imposed. Notices of Trustee Sale, however, rebounded following a considerable drop the prior month.

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Higher-level findings incorporate:

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Loan Modification: The New ‘Bail-Out’ From Foreclosure for Home owners

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Laguna Hills, CA (PRWEB) December 16, 2008

In these times of economic crisis, a lot of are struggling to preserve up with their mortgage payments. Even even though foreclosures are at their all time highest levels, there is yet another way out. The Law Offices of Marc R. Tow is pleased to announce the development of The Loan Modification Division. The new department was formed as an answer to the overwhelming calls for support from home owners facing foreclosure or undergoing economic hardship.

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The Loan Modification Department at the Law Workplace of Marc R. Tow is the foreclosure alternative. The California-primarily based law firm re-structures terms of existing mortgages to make payments a lot more cost-effective. The firm employs a competent group of monetary and mortgage authorities, along with the lead lawyer Marc R. Tow, whom have helped thousands of property owners in crisis, steer clear of foreclosure.

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Homeowner’s across the nation are locating it hard to escape the disaster that as soon as was the mortgage euphoria. According to a report by the Mortgage Bankers Association in March 2008, “Far more than a single of each 20 property mortgages was delinquent for the duration of the final 3 months of 2007, the highest level in 23 years”. According to the professionals, far more than 3.six million mortgages have been past due or in foreclosure proceedings across the country during the final 3 months of last year. Loan modification will keep you from getting a single of these statistics.

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The law workplace group functions to assist clientele stay in their residences and keep away from foreclosure without having declaring bankruptcy. Mortgage modifications won’t take place overnight but obtaining help from competent loan modification lawyer who will work to negotiate the greatest possible terms is a good commence.

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The loan modification method begins with a consultation to make positive the modification is appropriate for our client. They appear closely at the homeowner’s position, documents and economic predicament to be specific that it is a case that will get a favorable modification. This is followed by an in-depth review and analysis of the financial documents. This info is utilised to structure the package that is sent to the lender to commence the negotiation procedure. This cycle will continue until an acceptable agreement has been authorized by the homeowner. As soon as the final loan modification has been accepted the homeowner can start the new payment schedule.

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The deteriorating economic and real estate industry are causing rise to numerous unreliable loan modification organizations. Before anybody secures a firm to operate on their behalf in regards to a loan modification there are many factors to think about. Only law firms are tied to a strict set of legal and ethical policies that other firms are not. Also a lot of organizations outsource the negotiation approach and because of this they do not have full manage of the homeowners’ circumstance. Feel secure that as a law firm, the loan modification group is held to a larger regular than most other firms and that they are in continuous communication with their consumers in the course of every step of the approach.

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The Loan Modification Division has all the encounter and expertise that is required to get the job done. The Law Offices of Marc R. Tow can be reached at 800-738-1170 Loan Modification Attorney

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Related Loan Modification Press Releases

Los Angeles Man DOES NOT Kill His Family members When His five Houses Face Foreclosure… Alternatively, He Beats the Banks at their Own Game

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Torrance, CA (PRWEB) February five, 2009

America’s gloom and doom attitude is not only depressing, it really is also dangerous and destructive, says distressed property consultant Mike Rockwood whose wife of 35 years is an administrator at Kaiser Permanente Los Angeles. Rockwood believes that now a lot more than ever, folks need to clench their fists tight and beat the technique–not give up!

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“Just 12 months ago,” says Rockwood, “If a guy lost his job or could not make his mortgage payment, it wouldn’t have seemed like the finish of the world… but take a look at what’s going on proper now. This is madness, and worst of all, it’s completely unfounded.”

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Rockwood is best-known for his timely, 60-Minute Loan Modification, workbook that helps families beat their banks and save their properties. Mike himself was facing foreclosure on his family’s residence (he has four children) and all four rental properties he purchased throughout the genuine estate boom of 2004-2007 that has now gone bust.

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“I was hunting at losing every thing,” says Rockwood. “But not for 1 minute did I feel about giving up. Not for 1 second did I think that some Wall Street fat cat or some international hedge fund was going to dictate my family’s financial future…”

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To date, Rockwood has modified mortgages on all five of his properties locking in prices as low as four.25% and saving a total of $ 493,000 in expenditures over the life of his loans. Amazingly, he did all this on his personal with no lawyers or foreclosure counselors to help him. What looked like the worst issue to ever take place has turned into a blessing that could extremely well advantage his family for generations.

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The government-backed bailout that started with Wall Street, according to Rockwood, has now come to Primary Street. Five million Americans face foreclosure in 2009, so it really is no surprise that banks are rolling over and throwing bailout cash back to borrowers in an try to save their own hides.

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An estimated 7,500 loan modification applications are received every day, so the approach generally takes three-six weeks but Rockwood claims that with his technique, the physical application and adhere to-up correspondence can be completed in less than an hour. From there, homeowners cross their fingers, get in touch with their representative once per week, and await the sweet 4-five% interest rate bargains that are being granted to thousands in need to have every single day.

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With loan modification scams and unscrupulous lawyers descending like vultures on underwater home owners, Mike Rockwood has produced it his individual mission to empower men and women to take handle for themselves–to become proactive rather of reactive. It really is going to be a busy year.

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New Mortgage Loan Modification Site Launches to Assist Property owners Avoid Foreclosure

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Delray Beach, Florida (PRWEB) March 13, 2009

In response to the massive onslaught of property foreclosures that have been spreading like a virus by means of every single city and suburb of this wonderful country, President Obama has signed into law the Homeowner Stability and Affordability Program, which is far more than most likely going to be an effective stopgap answer until we can get our economy back on the proper track.

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Mortgage loan modification, a key element of this strategy, is at this junction in time a really confusing topic to most struggling Americans. Certain, there are a lot of info tidbits strewn all over the internet, but as of yet there are no actual one-stop sources of worthwhile information on this subject. This is where Very first Capital Loan Mod claims that they can provide better assistance than what is currently obtainable in the marketplace.

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“We know that it’s really critical to get the correct info out to those who want it. This is a very timely matter, as mortgage loan modifications probably won’t be around forever. What struggling Americans really want appropriate now is a supply of reputable, secure and skilled details — not some ill-intentioned sales copy that only rewards the website’s firm!” a Initial Capital representative clearly explained.

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Via their website, FirstCapitalLoanMod.com, 1st Capital provides customers an straightforward step-by-step mortgage modification program. Their loan mitigation specialists offer an specialist information of all Federal and Customer Homeowner Laws to support any individual who really wants it by way of this current housing market crisis. Their belief is that every single single 1 of this nation’s 300 million citizens need to be allowed to have the correct to decide on whether or not to personal a property with no possessing to worry about what’s going to take place to them after they sign all the paperwork.

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Benefit Loan Modification Provides Aid to Struggling Property owners Steer clear of Foreclosure

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Phoenix, AZ (PRWEB) March 25, 2009

Homeowners across the U.S. are nevertheless feeling the crunch from the housing bubble that hit the country earlier this year. As sub-prime mortgages reverted to typical interest prices, a huge quantity of home owners have identified themselves unable to make ends meet, and several have lost their residences to foreclosure. The quantity of foreclosures peaked in 2007, and according to authorities, the circumstance is but to stabilize.

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Advantage Loan Modification provides a promising remedy to homeowners at threat of losing their properties. Loan modification is a contract in between a lender and borrower to restructure a mortgage, designed to help struggling borrowers meet their monetary obligations. Benefit Loan Modification aids homeowners negotiate much better prices with their lenders and steer clear of drastic measures such as foreclosure.

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The staff is led by Ron Anderson, an established specialist who has handled a quantity of productive loan modifications. Mr’. Anderson has been in the business for the last five years and has established contacts with all key American lenders. The rest of the team consists of skilled attorneys, mortgage and actual estate experts, and hardship analysts, all of whom make sure full representation for homeowners in financial problems.

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The loan modification approach begins with a consultation. The employees of Benefit Loan Modification will assessment the borrower’s monetary circumstance and history, ask for supporting documents, and then will operate out a customized negotiation program. Also component of the plan is to assessment the original loan documents for violations of the Genuine Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), which can be utilised as leverage for the duration of the appeal. The team then sends the application to the lender and begins negotiations.

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Advantage Loan Modification requires pride in its aggressive yet measured strategy to the loan modification process. All clientele are totally informed of their possibilities, and are guided via the application from begin to finish. Unlike other folks, Benefit Loan Modification will maintain negotiating till lenders can make a affordable offer. Advantage Loan Modification has successfully negotiated interest prices to as low as two.five%, and can stop foreclosures even after the homeowner has receive their notice of sale.

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The actual estate crisis has caused a substantial rise in loan modifications, and subsequently in loan modification firms. Benefit Loan Modification has a clear head commence and remains 1 of the most ethical and reputable loan Modification Company in Arizona. Interested homeowners can contact the mortgage specialists at 1-888-892-7604 or go to them online at http://www.AdvantageLoanModification.com

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More Loan Modification Press Releases

Fighting Foreclosure — A Contact-In Speak Show Will Be Aired On Newstalk 820 WWBA Tampa

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Tampa, FL (PRWEB) April 10, 2009

Fighting Foreclose, a get in touch with-in talk show focused on assisting those Floridians impacted by the present statewide true estate and mortgage crisis, will be aired begining Saturday, April 11th on Newstalk 820 WWBA. Listeners will be capable to call in and ask queries relating to genuine estate or mortgage problems such as Foreclosure Law, Brief Sale method and Loan Modification.

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Co-hosting the show will be Lawyer Brian Lit and Craig Sylvestre. Brian Lit, President of the Lit Law Group P.A., started his career representing a major national lender and for numerous years has been representing many property owners who are getting difficulty producing their mortgage payments. Craig Sylvestre has more than 18 years in the Mortgage Lending Market, most lately as National Sales Director for Option One Mortgage Corporation.

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About the Lit Law Group:&#13

Was mainly established as part of a legal outreach to support homeowners deal with the complexities of negotiating loan modifications of their existing loans, Foreclosure Defense and/or working with the homeowner to sell their house by way of short sale where the amount could not be enough to spend the total of all liens and fees.

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Newstalk 820 WWBA: http://1040wwba.com

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Speak to:&#13

Lawyer Brian Lit&#13

Lit Law Group, P.A.&#13

727-388-8332&#13

http://www.litlawgroup.com

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FOPI Score Developed to Assist Property Owners Facing Foreclosure

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San Diego, CA (PRWEB) July 24, 2009

Home owners now have a new tool named a FOPI score to assist recognize their danger of facing foreclosure. FOPI is an acronym for Foreclosure Probability Index, a numerical representation of the likelihood to shed real estate home due to foreclosure. The FOPI score is the outcome of analysis by Project HomeWatch a San Diego area business committed to supplying important resources for individuals who are losing their homes and companies due to the fact of economic troubles.

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“Just like a FICO score basically measures a person’s capacity to spend on their credit or loan, a FOPI score reflects activities on the foreclosure timeline,” explains Egbert Oostburg, Director of Outreach at Project HomeWatch. He adds, “Understanding the FOPI score will help home owners determine actions they can take to either get via, or keep away from, foreclosure altogether.”

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The FOPI score is generated by a proprietary on the internet monitoring technique named “The HomeWatch Tracker.” Via the use of information calculation algorithms and data supplied by Very first American Corelogic, a FOPI score is produced on a scale of to 500. The HomeWatch Tracker continually tracks any pending activity against a home which includes: preliminary injunctions, liens, notice of default, notice of trustee’s sale, notice of sheriff’s sale, and other elements, and allows a homeowner to monitor all elements of their home’s house worth. Any essential changes affecting foreclosure status trigger alternatives for managing the method.