The foreclosures in the county of Broomfield and Boulder of Colorado are increasing day by day which is having a very negative effect on the real estate of the region. From January to June, it has been observed that there has been a 16 percent increase in the foreclosure filings in Colorado as compared to the last year during the same period of time. According to the Colorado Division of Housing’s Department of Local Affairs, it decelerated by 6 percent from the first quarter to the second quarter.

However, some observers are very positive that there will be an easing in the foreclosures very soon. The community relations director of the Colorado Division of Housing Ryan McMaken has said that an increase of 16 percent is not that big when seen in the national context. The number of foreclosure filings from 2005 to 2006 has shown a 30 percent increase and that from 2006 to 2007 has shown a 40 percent increase. Thus the scenario now is much better when compared to these periods.

The number of foreclosures in the counties of Boulder and Broomfield is the highest. From January to June, it has been recorded that there were 575 foreclosure filings. In Boulder County, there has been one foreclosure filing per 197 houses. This is considered to the lowest in the whole metro area of Denver. On the other hand, there have been about 152 foreclosure filings in Broomfield County with one foreclosure for every 112 households. The number of foreclosure filing in the real estate of Boulder and Broomfield has increased over the years in the period from January to June. They have shown an increase of 35 and 48 percent respectively. The Douglas County foreclosures have spurted to 49 percent from January to June of 2008 in comparison to the first quarter of 2007.

The increase in the Weld County during the second quarter and from January to June stands respectively at 20 and 23 percent. There has been one foreclosure filing for every 44 households in Adams County, one foreclosure filing for every 65 households in Denver County, and one foreclosure filing for every 344 households in Garfield County. A buffer in foreclosures is there in the Boulder City due to the increasing demand of real estate and growth controlling measures. It is anticipated that there can be an increase in foreclosures in the Broomfield County in the near future. The betterment of the situation depends on how fast the US can come out of its sluggish pace of economy.

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A family in Grand Rapids, Michigan is facing foreclosure again due to their secret dealing. It is Jason and Tricia Wise who at the time of losing their home suddenly received a mail from a company named Canal Street Financial that wrote about saving their home on Grand Rapids’ northwest side. They called this to be a foreclosure rescue scheme. But instead of doing what they actually said, they simply got a mortgage from the Wise and took all their equity on home. Also, they did not make the payments and instead waited for the home to be foreclosed.

Jason and Tricia Wise signed a deed with a company called Wells Financial that was owned by an employee of Canal Street Financial which was in turn deeded to the owner of Canal Street Financial named Norman Long. Under a separate identity of NTW Investments, Norman Long sold this house back to Jason on the basis of a contract that included a monthly payment of $719 from them till the total amount was paid off; the time at which they are supposed to get the deed to the house. Norman got a new mortgage and sold off the old one and took the difference right into his pocket. Besides, he was also enjoying the monthly payments on the land contract.

As Norman never made the payments on his mortgage, the lender foreclosed, which put Jason and Tricia Wise in deep soup as they had to make a much bigger payment than before to get their home saved. Teresa Long, wife of Norman reported that her husband expended the whole money for his own pleasure activities. It has been discovered by the Target 8 Investigators that about 24 properties that were being managed by Norman were already foreclosed. It was early in 2005 that the Target 8 Investigators tracked Canal Street Financial on another foreclosure rescue issue. In 2006, the Canal Street Financial operated from an industrial building on North Monroe, Grand Rapids.

Norman Long’s home has been foreclosed and he has been expelled from his office on 28th Street from where he last operated. Teresa Long is afraid of being a target of an IRS investigation. She does not have money by which she can afford a lawyer for herself. The Target 8 Investigators are in search of Norman and, the Grand Rapids police detective as well as a US Postal Inspector is trying to charge him with a criminal offense. Jason and Tricia Wise are trying hard to get back their home.

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At last, Fed’s new rules have been approved for Roxanna Evans. She has a home in Ohio, which she bought some years ago, but didn’t stay there. Now she is facing foreclosure on that property. The mortgage lender along with the real estate agent and appraiser together are inflating the cost of the home. It is expected that approval of these rules will be profitable for so many real estate owners and prevent them from losing their house.

The sky high rate of foreclosure is a result of shady lending practices. The era of the booming real estate market ended up giving birth to thousands of “subprime” borrowers, which actually belong to lower income groups. They have just taken loans without any concern of how to repay them. The lenders have utilized this opportunity and imposed a higher rate of interest on home loans. This deceptive act is responsible behind extension of high-cost loans thus causing foreclosures.

Fed’s new rules will impose some restrictions for lenders, like:

1. approving loans without borrower’s income proof
2. penalizing borrowers who have paid off loans earlier
3. approving loans without confirmation of borrower’s ability to repay
4. misleading advertising

However, critics are doubtful about the relevance of these rules. They remember the former experience of Fed’s failure on the same issue, which resulted in increasing numbers of foreclosure.

These rules won’t achieve an immediate result, because:

1. There are very few numbers of real estate buyers
2. Many of those shady practices along with lenders are wiped out from the real estate market during the mortgage meltdown
3. Disappearance of “real subprime” market
4. Lenders are less interested in expensive foreclosures, and are trying to solve the existing cases
5. Lenders have to be more strict about approving new loans

The new rules will take defect on 1st October, 2009. The rules are stick to some basic points, like:

1. Lenders should advertise properly mentioning detail about rates, monthly installments etc.
2. They should clear the exact time period, and mention fixed rate of interest that is applicable
3. Mortgage companies should credit the payment to the borrower’s account on the same day it is received, to prevent the borrowers in paying late fees
4. Agents are restricted in inflating the value of a home
5. Brokers will get their yield-spread-premiums as before

No doubt, this is a “thoughtful effort to tackle difficult concerns”, according to the Mortgage Bankers Association. However, the lenders think that getting new loans will become difficult after the rules are in effect.

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The Bush Administration is trying to save mortgage giants Fannie Mae and Freddie Mac, in order to prevent the nation’s economy crashing in mortgage defaults. The President and the Senators are eagerly waiting to pass a foreclosure aid plan. It would help 400,000 real estate owners in getting affordable fixed-rate loans. The White House approved its May version. However, disputes between the president and the lawmakers over the matter were the primary reason that slowed down the process. Modernization of the Federal Housing Administration along with better control over Fannie and Freddie are the main aspects of this bill, and that has been clear to all.

It is expected that Senate would have no more objection on the matter this time round. The criticizers are now ready to make the mortgage markets sound after the Treasury President’s announcement of his plan to help the mortgage giants.

Still, GOP conservatives are not fully agreeable to it, and they are not taking the matter of helping private companies lightly. As Rep. Jeb Hensarling, R-Texas puts it, this decision would be harmful for every Americans and they may have to suffer for decades. He wanted congress to give the matter a second thought before finalizing the issue.

Republicans have constantly been questioning this “government bailout”. They are against the policy, which is for the rescue of irresponsible real estate owners who have borrowed above their capacity, resulting in huge numbers of foreclosure homes in the market. The lenders who have utilized these people and preyed on them should also be liable.

This mortgage rescue plan considers the FHA to back and invest $300 billion more for new home loans. This amount is for those real estate borrowers who are not in a condition to repay their loans. It would help them to refinance into cheaper, fixed-rate loans. The plan would also help lenders to recover more than their expenses involved in the costly process of foreclosure.

The package has now gained approval of those critics who were earlier against it, but after they got confirmation from the Fed Reserve and Treasury that they would help the mortgage giants, the similar way they did for Bear Stearns.

The plan will not only make more credit available in the market but will also restrict this situation from going further.

The biggest gripe with this bill is that the White House will probably drop a sum of $3.9 billion from the Senate passed bill in order to help those foreclosed homes, and rehabilitate those real estate owners, who have lost their home equities.

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The Sheriff of Philadelphia has stated that the network of counseling and credit mastering agencies that have attempted to help the families under threat of foreclosure or facing the loss of property through foreclosure, desperately need the City’s focus. So, the Sheriff and his committee has chosen to take actions in their hands and take an initiative program that would focus on helping the already financially challenged as well as those who are in need of help. He thinks that it is wiser to keep the financially troubled families who are still credit-worthy, borrowers in their own homes. For them, getting foreclosed would only put them into the throes of their own problems. He says that in his three-point plan, a declaration of Neighborhood Security meant to act for safeguarding the “Right to Protect Our Homes”, has given very positive results.

This is a proposal to make large-scale publicity campaigns against mindless borrowing. This comes as a red alert for those on the borderline and suffering from possible foreclosure. In their alerts their payments that are falling behind will be informed to them much before time. There will also be a repayment plan that would negotiate a sustainable and suitable plan that can not only delay, but ward off foreclosure in the long-run.

The community-wide call is meant to collaborate the long-term as well as short-term legislative structures that would deal with the issues of attorney fees, the necessity of a third party involvement, as well as home loans to provide the assistance from temporary mortgage to FHA borrowers. The plan actually looks forward to make a rally for the community, and support and provide greater relief in the neighborhoods that have been hit by higher foreclosure tides.

Rallying community support is part of the plan too. This is in looking forward to creating relief in the neighborhoods that would be hit the hardest by foreclosures in Philadelphia. 2004 is a year that the Sheriff noticed that there was a surprising rise in the amount of real estate properties that went up for sale. This rise was again noticed in 2007. The City Councilman Curtis Jones also took notice that this was a repetitive behavior that took a surprising turn in the form of an indefinite turn. 2008 has been the year when the Sheriff has finally called for a moratorium for foreclosures. He attempts to bring public consciousness to the forefront bringing forward practical means for help as well. Green is still happy that his office has generated some positive results so far.

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Detroit has always been considered the place with the highest rates of crime as per FBI records. It is believed to be one of the most dangerous places in the US but recently, the city came into news for different reasons altogether. The city has been so badly hit by the spike in foreclosures. In fact, this has been an issue of great concern for everybody that Detroit city has been one of the most badly hit places as far as rising foreclosures is concerned. This is also why a meeting of the country’s pool of mayors is scheduled next week. The discussion would naturally pertain to the real estate turmoil and problem of foreclosures as well. As we all agree, this is now the country’s great crisis, namely the housing crisis.

The U.S. Conference of Mayors took the commendable initiative of founding the National Forum on Homeownership Preservation and Foreclosures. This would provide a resourceful avenue to initiate meaningful and relevant discussions about the state of the mortgage industry, the peculiar and rather disturbing trends in real estate as well as methods for homeowners to prevent the incidence of foreclosure. The prospect of strategizing is always important to ensure that the issue of properties being foreclosed doesn’t drag down or reduce the values of those properties from bringing down the standard of lifestyle that is generally followed in the neighborhood.

The mayors, apparently, would not be discussing about any avenues for legislation. The understanding is that the mayors would come together to discuss the probability of finding a local remedy or solution that is effective to address the real estate as well as foreclosure related problems. The mayors hope to create valuable recommendations as part of making a policy in these issues. No wonder, the mayor’s meeting that is meant to take place next week is off-limits for the members of the Press as well as the media.

However, when the meeting is over and concluded, there would be a report that would be released by the mayors in order to highlight the worrisome ripple effect that has now taken an economic backlash on real estate as well as foreclosures across most of the metropolitan areas in the U.S.

The areas that would be focused on are those that indicate the highest foreclosure rates as far as the country’s statistics are relevant. These places include Ohio, Arizona, Florida, California, Indiana, Michigan, as well as Nevada.

This problem of foreclosure has been as devastating as the episode of tsunami so it’s hoped that ‘relief action’ would rescue the situation from worsening any further.

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Morgan says “Foreclosure really damages your potential to be a homeowner again, or even a renter,” so she believes that even a “short-sale” or accepting a deed-in-lieu-of-foreclosure deal from the lenders is a better option than an instantaneous foreclosure. Tracy Morgan, a spokeswoman for the Home Ownership Preservation Foundation, which operates a foreclosure hotline (1-800-995-HOPE) for Neighborworks has found out that there has been a steady increase in the number of people wanting assistance regarding their property and foreclosures on them.

Doug Robinson, a spokesperson for Neighborworks believes that the ‘mixed success’ of the company is because of the ‘resource gap’ that has been created. Robinson talks about easy cases where the mortgages are held in portfolio and are not been sold into the secondary market yet. This gives the lenders more tractability in dealing with neglectful borrowers and giving them incentives such that their debts are kept up to date.

John Snyder, a home ownership specialist with Neighborworks, believes that this company helps a lot of the people who come for help. He talks about loan modification which he terms as being ‘very frequent’. In these cases, missed payments are added by the lenders and interest is backed into the principal, often stretching out the length of the loan from, say, the 340 months remaining to 360 months. Borrowers are also offered major fixes. These include rate reductions for some borrowers who’ve been on-time payers before their payments adjusted upward. Some borrowers are even offered refinancings from ARMs to fixed-rate loans.

Neighborworks and other non-profits act strictly as intermediaries; they have no ability to force agreements on lenders or borrowers. The value they provide is to get the parties talking early. Morgan says that if one works with non-profits instead of approaching the lenders directly, the work-out prospects can be improved by the borrowers. Morgan says that her company has advocates who really know the process and they validate it with their contacts which in turn can facilitate the work-out process.

Morgan says that they can look at a borrower and say whether the candidate is good for a work-out right now. If they do not suite the process they are often asked to take sometime off and repair the credit score by finding some extra income after which they can come back to the lender and be at a better bargaining position.

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Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider. Being a member of the S&P 500, Forbes 2000 and Fortune 500, this is a company that knows its business. The company purchases, securitizes, sells, and services residential and commercial loans. It provides loan closing services such as credit reports, appraisals and flood determinations. It also offers banking services. The services include depository and home loan products. In its ongoing effort to curb foreclosures, Countrywide Financial Corporation is actively working with borrowers who are experiencing financial challenges in real estate. Utilizing various methods to help homeowners to tackle foreclosures, the company has been speedy in providing assistance to anxious homeowners. Through loan modifications, repayment plans, postponement of payments and refinancing, Countrywide extended its preservation assistance to approximately 35,000 mortgages this year.

As part of this effort to revive real estate slump, Countrywide has completed more than 17,000 loan modifications. The target is to complete nearly 25,000 in 2007. Loan modifications involve changes in one or more of the loan terms that bring a defaulted loan current and provide sustainable affordability. The company’s number one priority is to tackle the foreclosure problem and help borrowers stay in their homes without being affected so deeply by the foreclosure crisis.

A problem that most homeowners face is in connected with a Countrywide representative. This is not easy at all. In fact, twenty percent of borrowers never make contact with the company during their foreclosure process. In addition to direct outreach, Countrywide’s efforts include working with non-profit and community groups across the country. This is a way to mobilize grassroots efforts to contact and counsel distressed borrowers, particularly in communities that are experiencing unusually high foreclosures.

There is a realization that no one benefits from foreclosure, and counseling. So home owners who are behind in payments are helped by the Countrywide home retention team at 800-669-6650.

Around 2,700 highly-trained home retention specialists have succeeded in reaching out to distressed homeowners in their own communities by setting up face-to-face meetings through various means. There are foreclosure prevention workshops, teaching home owners about possible foreclosure scams; and offering loan workouts on-site..

The Fed has also taken a number of steps to bring some peace into the turbulent crisis. But things don’t look too rosy on the market because the statistics point to continuing dip in home prices. This is despite the fact that analysts predict a possible cut in the federal funds rate, which is the rate commercial banks charge each other for short-term loans. Thus, gradually, this kind of sincere effort is bringing back smiles in the real estate scenario.

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The former senator of North Carolina, and also a presidential contender, Democrat John Edwards is not in favor of the lenders who are filing foreclosure cases against the delinquent homeowners – especially those who are sufferers of Hurricane Katrina. Fortress Investment Group’s sub-prime lending unit has filed foreclosure suits against the 35 homeowners in New Orleans, as pointed out by The Wall Street Journal.

The interesting part is that John Edward himself is linked indirectly with the lenders. His $ 16 million is invested in the Fortress Funds. Fortress is a publicly listed private equity fund, and Mr. Edward worked in the company in 2005 and 2006. This data was released in the report of the Federal Election Commission as an aid for the campaign.

This disclosure of his connection with Fortress can provide some relief to the delinquent house owners in New Orleans. Mr. Edward assured the people that he will himself extend financial support to those who have lost their property already or who are about to face the foreclosure by Fortress. This statement was made by Mr. Edward only when he was enquired about the subject.

He also added that he will not be investing any more of his family’s money in the firm. If the firm has profited from filing suits against these delinquent loans, then he will dissociate his investments from it. He will not maintain a portfolio that is gaining from someone else’s losses. He said he will not continue to invest in the firm if it has a stake in the foreclosure homes.

But there is still an uncertainty about how he is going to work this out, either by modifying his assets or by aiding borrowers. However, his plans are to contact the homeowners of New Orleans first, and then to see how much they have proceeded. He wishes to provide help either by extending funds from his own pocket or in partnership with a charitable trust specialized in revamping homes.

Foreclosures and sub-prime loans on real estate was the main agenda of Mr. Edwards’s campaign trail. He continuously attacked the sub-prime mortgage firms and their disgraceful lending practices. He said because Washington not acting seriously on this issue, lenders got their strength to torture hard working homeowners. He spoke against lenders who are issuing foreclosures in Louisiana, which was recently badly hit by a storm. He visited Lower Ninth Ward in April to raise his voice against the poverty caused by the foreclosure crisis in the real estate properties there.

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The real estate industry has been affected by a wide sweep of foreclosures in recent times. Research has shown that the number of foreclosure filings in the nation has increased as much as 87% since this time last year.

With the foreclosures increasing at such an alarming pace, those in distress are naturally looking for ways through which they can save the roof above their heads. This has led to a whole new set of real estate scams and frauds aimed at duping the susceptible homeowner.

Many homeowners are desperate to save their property from being repossessed by the lenders and will do almost anything to get themselves out of the debt trap they find themselves in. Unscrupulous con artists and fraudulent companies are taking advantage of this and making hay while the sun shines. The rate at which these scams are spreading is causing widespread alarm in the real estate world.

The scams take varied forms. Many involve an individual or a company claiming that it will help homeowners facing foreclosures with offers of refinancing. Willing to grasp at every straw homeowners take up the offers without asking too many questions. They transfer their homes to the “re-financer”, who then proceeds to strip it of its equity. Thus instead of getting relief, at the end of the day homeowners find that they have lost even the little that they had left.

One company claimed that it had stopped over 250 foreclosures and had refinanced many thousands of homes. However when investigators visited their office they found that the company had shut down! A major class action suit was brought against the company, the Metropolitan Money Store and it was accused of cheating over 400 homeowners.

CBS News undertook an investigation into some of these scams. It found that there are more than 1100 cases dealing with foreclosure scams pending with the FBI at present. It is significant that just a few years ago in 2003, there were just 436 cases pending.

The service through which offer are made to foreclosure victims promising relief and a way to save their home is usually referred to as “foreclosure rescue”. Scammers have been able to take advantage of this because there are few monitoring regulations attached to this service. Foreclosure rescues are monitored in only seven states. In only one, Massachusetts is it considered illegal.

The National Consumer Law Centre has termed this phenomenon one of the most outrageous in the United States.

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