Foreclosure News

This article is found at: http://www.google.com/hostednews/ap/article/ALeqM5iusd1TwuJ9nBEZDXIObne7...

LOS ANGELES — Rosalyn Dalebout rents out space in her home to three tenants, has cut off her phone service and canceled her earthquake and life insurance — all to pay her mortgage every month.

So far, she's one of the lucky ones.

More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Article found at: http://newsfuzion.com/2010/07/12/push-for-mandatory-mediation-between-ho...

A law that is already in effect in Florida and Nevada, which requires mandatory mediation between homeowners and their lenders before foreclosure proceedings take place, is being pushed to be put into effect in Utah as well.

Advocates for Utah homeowners facing declining home values are starting a petition, which they say will level the playing field between homeowners and lenders during mediation. It would give homeowners and lenders the opportunity to negotiate terms to help homeowners keep their homes. Being one of the hardest hit states by the housing crisis, Utah ranks within the top ten with highest number of foreclosures on mortgages.

found at: http://www.capitolnewsconnection.org/news/congress-and-americas-unemploy...

There are now five unemployed for every available job
in the U.S. Growing numbers of former middle-class Americans are being forced into food stamps, welfare and homelessness.

WASHINGTON -- America’s nearly 15 million unemployed hope the July 4th recess changed at least a few lawmakers’ minds about extending out-of-work benefits.

Otherwise millions will continue losing unemployment compensation this month, adding further drag to the economy, if the congressional stalemate over benefits continues, some policy analysts contend.

Rising voter outrage

This article can be found at: http://www.upi.com/Real-Estate/2010/06/10/Mortgage-Defaults-Fell-Seven-P...

Good news on the foreclosure front continues as defaults fell 7 percent in May. Overall foreclosure activity fell 3 percent during the month and is virtually unchanged from the level of a year ago, according to RealtyTrac's latest report.

Bank repossessions hit a record high for the second month in a row in May, with a total of 93,777 U.S. properties repossessed by lenders during the month — an increase of 1 percent from the previous month and an increase of 44 percent from May 2009. All 50 states posted year-over-year increases in REO activity.

This article can be found at: http://www.themoneytimes.com/featured/20100610/us-foreclosures-decline-3...

After the two most tumultuous years since the 1930s, foreclosure crisis finally seems to be loosening its grip on the housing market. In what can be termed as some relief for the Americans, foreclosure filing in May decreased 3 percent, compared to the houses foreclosed in the previous month.

According to the U.S. Foreclosure Market Report
released by California-based RealtyTrac, a total of 322,920 houses received filing in the May, meaning that one in every 400 houses received an auction notice.

In April, total of 333,837 households received auction notice.

Delinquent Loans Plateau at High Level
The Wall Street Journal
By James Hagerty
My 20, 2010

Troubled Mortgages Edged Up to 14% in Past Year, but New Cases Fell; People Stay in Homes Much Longer Before Foreclosure

The number of American households behind on mortgage payments appears to have reached a plateau at a high level as the economy recovers, a survey showed Wednesday.

At the same time, people who fall behind on their mortgages are staying in their homes longer as banks struggle with huge volumes of calls for help and with the complexities of federal and state foreclosure-prevention programs.

I want you to know about the new EPA law that has taken effect. If you own or are going to own a building that was built in 1978 or older, you need to read this now:

Fannie Offers Spur to Avoid Foreclosure
By Nick Timiraos
The Wall Street Journal
April 26, 2010

Fannie Mae will make it easier for some struggling homeowners to buy houses in the future if they avoid foreclosure in the present.

Under rules released this month that will take effect in July, some troubled borrowers who give up their homes by voluntarily transferring ownership through a "deed in lieu of foreclosure" or by completing a short sale, where a home is sold for less than the amount owed, will be eligible in two years to apply for a new mortgage backed by Fannie.

Currently, borrowers who complete a deed-in-lieu of foreclosure must wait four years before they can take out a loan that Fannie is willing to purchase.

Last Year’s Foreclosure Moratoria Lead to Massive Jump in Foreclosure Numbers in 2010

Posted by Real Estate Investing Tips from Bryan Ellis on Wednesday, April 21st 2010

Thanks to last year’s voluntary foreclosure moratoria, this year California foreclosure numbers appear to be jumping right through the roof. California foreclosure sales in March 2010 increased 92.3 percent over March 2009, causing disbelief and some spikes in blood pressure as the media, the lenders and the public struggle to deal with the new numbers. Add in all the publicity about foreclosure alternatives, and the general sentiment is pretty negative on the west coast.

This story found at: http://www.realtor.org/RMODaily.nsf/pages/News2010041901?OpenDocument

The number of delinquent mortgages declined 8.6 percent in March, says LPS Applied Analytics, which tracks the performance of loans for investors. Totals also declined in February.

The biggest decline was in loans more than 30 days past due, which are now at about the same level as they were in spring 2008.

"We're not out of the woods, but this appears to be a turning point," says LPS Applied Analytics President Ted Jadlos. "This is the first time we've seen improvement across all stages of mortgage delinquency."

Source: The Wall Street Journal, Ruth Simon (04/19/2010)