Foreclosure News

How Banks Are Worsening the Foreclosure Crisis

AP – A foreclosure sign sits on top of a sale placard outside a home on the market in the south Denver suburb … The bad mortgages that got the current financial crisis started have produced a terrifying wave of home foreclosures. Unless the foreclosure surge eases, even the most extravagant federal stimulus spending won't spur an economic recovery.

Forbes Magazine identifies areas that maintain some of the most motivated sellers due to foreclosures. Sellers are offering incentives to buyers to take the home off their hands in these areas identified.

This article is found at: http://www.forbes.com/2009/01/21/investment-obama-realestate-forbeslife-...

This article was found on the 60 Minutes site and ran on December 15, 2008. It identifies the next reset of ARM's supposed to hit in 2011. I have paraphrased the article here but you can find the article/video at: http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml

Fed moves to help distressed homeowners

WASHINGTON – With foreclosures spiking, the Federal Reserve is taking steps to try to keep some distressed borrowers in their homes.

Under the program, the Fed has a number of options to provide relief, including lowering the amount the homeowner owes on the mortgage, reducing the interest rate or lengthening the term of the loan.

US foreclosure filings up 81 percent in 2008

Print By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – 1 hr 17 mins ago

WASHINGTON – More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices.

**NOTE - This is what I have been trying to tell you guys about since I joined this site. This is MY home town, this is where I live and this is whats happening here right NOW! Other than me and a handful of others no one is taking advantage of the opportunites here. I have ebven offered to act as a "Bird-Dogger" and find the deals for others, but still no takers. Now read this and let me know what YOU think.

(BTW Thanks Rina......)

Twice bitten: One town's foreclosure nightmare

Beginning Oct. 1 the sweeping housing bill signed into law last week by President Bush, HR 3221, will prohibit FHA from recognizing seller-funded "gifts" from nonprofits that are largely funded by home builders as a valid form of down-payment assistance.

President Bush drops opposition to housing bill By JULIE HIRSCHFELD DAVIS, Associated Press Writer
55 minutes ago

WASHINGTON - President Bush dropped his opposition Wednesday to a broad housing package aimed at bolstering the sagging economy, despite his objections to including $3.9 billion for neighborhoods hit hardest by foreclosures. The House was expected to vote on the bill Wednesday, and it could become law as early as this week.

By JULIE HIRSCHFELD DAVIS, Associated Press Writer 1 hour, 48 minutes ago

WASHINGTON - A mortgage rescue to help hundreds of thousands of struggling homeowners avoid foreclosure and get more affordable, safer loans passed the Senate overwhelmingly Friday, but it faces a bumpy road amid continuing turmoil in the housing market.
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The 63-5 vote reflected a keen interest by Democrats and Republicans to send election-year help to distressed homeowners with economic issues topping voters' concerns.