Foreclosure rates show no sign of slowing

I agree. I work for www.CurrentForeclosures.com a foreclosures site, and I have been noticing a huge increase in the amount of foreclosures in the past year. I do not think that we have hit bottom yet, and I expect the market to finally hit rock bottom early next year when all those ARM loans adjust.

I faced a foreclosure with Countrywide because they sent me a check one month instead of a bill. The next month they said we owed for two months, this was a mix-up as we just purchased the home; however, Countrywide was unwilling to add a month's payment to the end of the loan. They put us into foreclosure and ruined our credit. So, I do not think the mortgage companies are doing everything they can to avoid a foreclosure. In fact, the customer service people there could care less. Their solution was for us to pay 1 1/2 payments for 3 months- which of course we couldn't afford, so we lost our house.

I'm in forclosure as we speak-I know that the bank got rich off of people that needed to refinance their home only to find out that the deal was only good for the big companies. When is the government going to start investigating why people with not so good credit is lossing their home???I know that I'm accountable for my action and I do take all what is happening to me very serious. However, when you can not pay and the lenders do not want to work with you're force to give up your home and start renting. This is a sad way of during business!

I know that I'm going to get out of this, but I'll never look at lenders the same!

Sign-Ms. Accountable

I deal with foreclosures all day and if anyone needs help with anything go to my website.
123soldhouse.com

Also there is ways I can help people buy home without the banks go to www.anycredithouses.com

My contact info is on our sites. Alot of knowledge also

4. I deal with foreclosures all day and if anyone needs help with anything go to my website.
123soldhouse.com

Also there is ways I can help people buy home without the banks go to www.anycredithouses.com

My contact info is on our sites. Alot of knowledge also

Anyone facing foreclosure should be aware that there is one very important alternative to avoid the foreclosure and that is the Short Sale. A Short Sale is a proven way for a homeowner who owes more than the house is worth to avoid a foreclosure and the subsequent credit hit.
I would advise anyone facing foreclosure to discuss their situation with an experienced Realtor. Short Sales are not a part of real estate basic training but there are a number of educational seminars a Realtor can take to get up to speed. Lenders will pay a reasonable selling commission so Realtors have an incentive to get involved in Short Sale situations.
The basic requirements for a Short Sale are a Listing Agreement with a Realtor and a Sales Contract from a Buyer which are submitted to the Lender along with a Hardship Letter from the Seller explaining why they cannot continue to pay the mortgage and supporting documents such as tax returns, bank statements, information and photos of the home and the Comps, or comparative home prices supporting the offer. The way mortgages are sold, the mortgage holder can be anywhere and certainly not aware of local real estate conditions.
If the package is complete, the Lender will order a BPO, or Broker's Price Opinion, from an independent Realtor. Ths BPO is the key to the whole process. If it is too high, the Lender will not accept a low offer. Your Realtor can meet with the Agent doing the BPO and offer information supporting the offer, such as the average time on market of comparable homes, recent selling prices and point out any defects in the home. Most Lenders will accept an offer lower than the BPO, but usually not much more than 10% lower, though that will vary depending on the company.
The sales contract should specifically state that the offer is contingent on the Lender accepting the purchase price in full and forgiving the Seller the deficiency on the mortgage. Yes, there can be tax consequences. The Seller does receive a 1099 on the forgiven part of the mortgage, but there are provisions in the tax code for the offset of the phantom income due to insolvency. Most Short Sellers will satisfy the insolvency requirements or the Lender would not be allowing the Short Sale in the first place. Be aware too that if the home goes to foreclosure, a 1099 is received for the FULL amount of the mortgage, plus late fees, legal fees etc. Obviously every individual situation is different so a CPA or tax attorney should be consulted.
The process does all take time and Lenders are swamped, expect at least 2-3 months before a sale can be finalized, even if the Lender accepts the first offer. If they do not, the price can be negotiated.

I am a Realtor, a Broker Associate and I am involved in Short Sales. It is a detailed but fairly straightforward process that can work to benefit Buyer, Seller and even the Lender. The Buyer gets a good price on a home, the Seller gets to avoid the disruption and credit hit of a foreclosure and the Lender avoids the delay and expense of foreclosing on a property they don't want to own and that would negatively impact their ability to make more loans.
All this information is available on the web site
www.free-foreclosure-information.com