e.g. Miami or Miami-Dade or Florida or 33132
Foreclosure filings are part of the judicial process of foreclosure by which the banks realizes unpaid dues. Each state has its own foreclosure laws – some judicial and others non-judicial.
When a borrower falls behind three months in paying mortgage dues the lender sends a notice that a court nod has been asked for to sell the house at a court auction. In other words the foreclosure is filed in the court. The court gives the green signal after checking the bonafides of the lender to press through with the case. A number of consecutive notices have to be given of the foreclosure filings in local newspapers.
Once the court agrees to the lender proceeding with the case a date is fixed for auction. The latter is conducted by the court. The sale proceeds go to clear the dues of all creditors including tax authorities.
When a foreclosure is filed the previous owner loses all rights to the property. It is best for the borrower to take steps before the foreclosure is filed. But even then there are chances of a negotiation with the lender and modification of the loan. The lenders are being pressurized by the community and the government not to go ahead with foreclosure filings. The lenders have realized that they lose more money and time by proceeding with foreclosure filing. Pursuing foreclosure is a costly affair. Most of the houses do not sell at the auctions and the lenders find themselves saddled with decaying houses incurring the wrath of the local communities, the governments at all levels and the politicians.
Lately there have been a number of foreclosure filings because of moratoriums placed by the lenders and the government.
Colorado, in the month of July experienced a drastic fall in the number of foreclosures. As per the observations of the RealtyTrac Inc., despite this Colorado managed to hold it position at No. 9 in the list of filings in the country regarding foreclosures.
In the month of June, Colorado was at the 10th position concerning [...]
The $75 billion program by the Obama government intending to cut down on foreclosures for sale has suffered major setbacks. A major chunk of homeowners complained about certain inaccuracies in the information by the lenders and many more commented that they did not receive any help.
There has been a 48 percent increase in the month of May, 2008 in the US Foreclosure filings. A minimum of one foreclosure filing has been received by about 261,255 households throughout the nation in May. This is a great crisis situation that has provided a major setback to the real estate sector of US. [...]
Foreclosed homes are a serious problem that has put the homeowners in a situation of utmost despair. It has caused a great harm to the real estate as well. The Humboldt County foreclosures has shown its highest record of foreclosure filings this April over the last 30 years. There has been a total of 63 [...]
When it comes to foreclosure auctioning, often, as no third party bidders offered to buy the foreclosed properties the estates got auctioned off with the mortgage lenders repossessing their claims through the reclamation of these properties. Sean O’Toole of ForeclosureRadar.com has said that despite the situations of lenders often offering bigger discounts at courthouses and [...]
The foreclosure filings occurring throughout the first quarter of the year had been some of the worst in recorded history. In Florida, at least one out of 242 households has had a filing. Locally, one out of every 311 households has received a filing.
The current announcement may be taken further ahead with the hope that [...]
California-based real estate tracker RealtyTrac reports that foreclosures have reached an unexpected 64,711 homes last month. Florida and Ohio has in fact got the dubious distinction of coming second and third in rank following suite to the Golden State.
Rick Sharga of RealtyTrac has said that the huge acceleration in the number of foreclosures have been [...]
As there are news being reported from the different counties about the court rulings bringing down the rate of foreclosures in the case of real estate properties, the latest addition is the ruling by an Ohio court that denied a bank to foreclose on a home in the lack of the strong proofs about [...]
Everywhere in the country, the much dreaded word is foreclosures but it has become such an avoidable word pertaining to real estate. This is because it is happening across the nation in massive numbers. Foreclosure filings doubled in the month of September 2007 vis-à-vis September 2006. This maybe due to the fact that those homeowners [...]
A mortgage data company said on Thursday, that U.S. homeowners struggled in large numbers to meet their monthly mortgage payments this quarter, causing various properties at some stage of foreclosure or the other to double from last year.
According to Irvine-based RealtyTrac Inc. a sum of 446,726 households countrywide were involved in some sort of foreclosure [...]
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