Archive for the 'Mortgage' Category

Foreclosures in Virginia caused housing deflation and yet Delisa Mackey and some of her neighbors in Hampton Roads are losing their homes.

When Mackey had foreclosure problems, she ran to Shanita Lacy – owner of Clean Slate Financial Services. Then after months of waiting, Mackey was taken by surprise when she learned that she may be dispossessed of her home because her straw buyer is now on foreclosure, near to bankruptcy.

Scammers have devised a new way to earn from others properties, while the unsuspecting victim was left in foreclosure, worst to bankruptcy.

The modus operandi goes:

• The alleged scammers choose their financially problematic victims and assure aid in their loan and foreclosure troubles.
• Instead, they acquire straw buyers to buy the properties when the truth is larger mortgages are taken out. The scammer freely walks away with the money.
• This leaves the homeowner and the straw buyers robbed and with bigger financial troubles.

A Pilot investigation said that at least 9 other homes in Hampton Roads are victimized by this scam.

Lacy has allegedly bagged $750,000 from the 9 known cases. The FBI is now on Lacy’s case, but is unsure if the said properties can be regained.

Rodney Ringgold met Lacy in church then she recruited him to be a straw buyer. Money did come until last spring— the money flow halted, Lacy was harder to contact. Then, he discovered that the property that he paid $118,013 for is old and definitely not worth of his money. Ringgold was stunned then declared bankruptcy.

The Virginia foreclosures opened a window for these frauds to self-gratify through robbing.

President of Virginia Mortgage, Neil Phelan was once invited in a seminar where they were taught how to deplete homeowners of their equity. The speaker was proud that he became a millionaire from this safe activity- swindling from naïve homeowners.

Virginia is seventh in the list of most mortgage-fraud-states.

Search Foreclosures for Sale by Virginia Top Cities:

• Alexandria Foreclosures
• Manassas Foreclosures
• Virginia Beach Foreclosures
• Woodbridge Foreclosures

It is a known fact that a lot of Americans are experiencing difficulties particularly due to the mess in the housing industry that has caused home prices to plummet. To make matters worse, the collapse of the financial market has caused the unemployment rate to rise. With such bleak economic outlook, it is not surprising that many distressed homeowners are no longer able to pay their mortgage dues and will be soon entering foreclosure territory.

Basically, states have different foreclosure laws but here are the things that you could usually expect if you miss your mortgage payments:

1. You will receive a letter from your lender or the bank representative informing you of your missed payment.
2. If you failed to contact your lender regarding the missed payment, you will receive another letter – this time asking you to settle the unsettled mortgage payments within 30 days or your lender will demand payment of the entire mortgage debt.
3. Failing to settle your amount past due, your lender will now hire a lawyer to act as trustee in the event of the foreclosure filing. The trustee requests for you to attend a hearing at the Clerk of Superior Court.
4. At the hearing, the trustee presents the evidence and if they are sufficient, the court will order for the property to be sold at a foreclosure auction.
5. Notice of the foreclosure sale will be published in the local newspaper. All the other debtors and lien holders will also receive notices.
6. The property will now be sold at a public foreclosure sale. The highest bidder will be given the property’s deed.
7. An eviction notice will be served if you have failed to vacate the premises even after the foreclosure sale has been completed.

For a homeowner about to face foreclosure, it is important that communication with the lender is explored and maximized in order to avoid such unfortunate situation. But in many cases, the only time that these distressed homeowners were able to speak with their lenders is during the foreclosure court hearing. For judges in Orlando (Florida), ordering foreclosure mediation seems like the best way to help both lenders and troubled borrowers.

Since Florida is one of the states hit hardest by the foreclosure crisis, it is not surprising that everyone in this state have been helping out just to curb the rising foreclosure rate. Not only will the number of homeless families be minimized but it will also protect the local economy.

With the court ordering lenders and distressed homeowners to undergo foreclosure mediation, it is expected that more homeowners will be able to stay in their homes and curb the rising foreclosure rate in the state.

During foreclosure mediation, homeowners and lenders are able to discuss the problems involving the mortgage with an impartial and neutral third party. It is the only venue that will allow homeowners to face their lenders and explore different options to stop foreclosure.

Sometimes an amicable settlement is reached by the two parties and sometimes not. In any case, it is important for the homeowner to have this chance to work out their mortgage troubles. Even the lenders are given the opportunity to save on foreclosure costs by considering other alternatives including loan modification.

In order to ensure that foreclosure mediation is successful, troubled borrowers are advised to be prepared. All financial documents that show the real financial situation should be presented so that the lender could see the entire picture. By doing so, the lenders will also believe that you are serious with avoiding foreclosure.

With the new housing legislation expected to provide relief for many troubled homeowners, it is not surprising that lawmakers are urging mortgage lenders to delay foreclosure filings until after the new law has taken effect on October 1.

In order to address the enduring foreclosure crisis, the Senate has passed a mortgage rescue proposal that aims to help distressed homeowners switch to government-backed mortgages under the supervision of the Federal Housing Administration. Based on initial estimates, about 500,000 homeowners will be qualified for such program, which will be worth $300 billion.

For the first time in three years, mortgage rates dropped below 6 percent as recorded at the beginning of the year. Many homeowners took advantage of this and took out new loans to refinance existing ones to avoid foreclosure. For them, it might be the only chance they have to enjoy a cheaper loan and keep their homes.

Milwaukee bank foreclosures are ruffling the feathers of the Wisconsin real estate market. Due to the rising rates in adjustable rate mortgages, more and more people are falling into the trap. There are many more who are taking the adjustable rate mortgages and at the end of the day, it is becoming tougher to pay back the loan. The result: foreclosure homes!

The housing market in the United States is said to be in the throes of a major crisis. Last year, there were more than one million homes that entered foreclosure. Unfortunately, the number of foreclosure homes in the nation is forecasted to double or even triple in the next couple of years. Fingers have been pointing everywhere and no one really knows who is to blame.