Archive for January, 2009
Immigrants Hardest Hit by New York Foreclosures
New York foreclosures showed some improvements in several boroughs such as Staten Island, Manhattan, Bronx and Brooklyn. However, at Queens, the number of foreclosed homes during the last quarter of 2008 remained high compared with the same quarter in of the previous year.
Housing Starts Down Due to Foreclosures
In 2008, banks, financial institutions and other mortgage lenders made over 860,000 foreclosures. According to RealtyTrac, which collects and compiles foreclosure data from more than 2,200 counties in the United States, over 3 million notices were received by homeowners which sets the motion for the foreclosures process.
SB 1137 Caused California to Set Foreclosure Records this 2008
Notices of default deliveries slowed down in September after the passing of SB 1137, asking lenders to give delinquent payers 30 days grace period before the actual foreclosure process begins. But it seems that this legislative effort to reduce foreclosure is a failure according to Sean O’Toole of ForeclosureRadar.
Obama to Spend Nearly a Third of the Remaining Bailout Money to Reduce Foreclosures
Larry Summers, top economic adviser of incoming US President Barack Obama, has assured House Financial Services Committee Chairman Barney Frank that the incoming president will commit up to $100 billion of the $350 billion Troubled Asset Relief Program financial bailout fund to help struggling homeowners avoid foreclosure.
Fannie Mae Helps Renters in Foreclosed Homes
Renters of Fannie Mae owned foreclosed homes across the country have been given an unexpected help from mortgage firm Fannie Mae. Renters have been given the option to stay and sign a new lease with Fannie Mae or to accept financial help from Fannie Mae and find another housing.
Home Buying Activity in California Surged With Foreclosure Rate
After experiencing decline in the past several months, California foreclosure incidence is on a surge once again. This is a clear proof that the housing market has not fully recovered yet. Despite the increase in average home sales, the housing industry is still in turmoil as proven by the high foreclosure rate.
Second $350 Billion of TARP: For Whose Foreclosure Program?
The outgoing Bush administration may request Congress to release the second half of the $700 billion Troubled Asset Relief Program fund allocated by Congress in October 2008 to help contain economic problems, especially foreclosure troubles.
Short Sale: One Way for Homeowners to Avoid Foreclosure
If you are having extreme difficulty in paying your monthly mortgage amortization, consider turning to short sale to avoid foreclosure. Short sale records appear on credit records, but borrowers who turn to short sales can make another home loan when things get better at least one year after the sale. Foreclosure almost always removes a consumer’s chance of taking another home loan in the future.
Habitat Puts Foreclosed Homes to Good Use
While others are making a hefty profit out of the sale of renovated foreclosures, the non-profit organization Habitat for Humanity remodels to put families back into affordable homes.
Hispanic Borrowers Affected By Foreclosure Crisis
The entire country has been under the foreclosure crisis over the past months ? the Hispanic population is not an exception.
