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The word foreclosure is on everybody’s lips – thanks to the crisis it triggered off in America that has spilled over to engulf the world. There are a staggering number of foreclosures in the America with millions facing it causing this focus on foreclosure, which till the other day was just a part of the mortgage world.
The foreclosure is a legal procedure by which a lender gets the nod from the court to terminate the right of the borrower over the property and to auction it to realize unpaid dues. Other holders of lines like tax authorities or unpaid contractors can also foreclose on the property in question. Foreclosure laws differ from one state to another – there being judicial or no judicial foreclosure. Some allow redemption others do not.
After the property is sold the lender or other interested creditors who had placed a lien on the house returns the balance amount after taking back unpaid dues.
When the borrower starts to lag behind in payments the foreclosure process in reality begins. The borrower is said to have become delinquent. The lender issues a notice saying that the house is in foreclosure and that it will be sold off at an auction to realize the dues. The formal demand for payment is known as NOD or Notice of Demand. It is usually issued when the borrower is three months behind. The notice terminates the borrower’s right on the property, threatens to sell it and then evict the previous owner.
Tenants have so far had no protection when the landlord is foreclosed upon as the lease agreement expires with the change of ownership. But lately changes are being made in the law to help the renters.
In Georgia and especially in Atlanta metro, the number of properties that are bank owned might be retained within the upcoming months. This has since Wells Fargo with its auxiliary body Wachovia Bank settled for a delay in the auctions of foreclosed properties in Atlanta and its neighboring regions. This decision was primarily taken due [...]
A fall in the number of home foreclosures might signify a stable market and in Howard County the foreclosures have decreased following the spiking of the sheriff’s sales in summer. For the local property experts this was a good news as on that day the congress announced the extension of the tax credit for the [...]
The third quarter of this year featured a 23% higher rate of foreclosure according to a current report while at the same time last year, the number of foreclosures peaked at record levels. In fact, last year during the second quarter the numbers were even higher locally. The RealyTrac report featured that foreclosure filings including [...]
In the Madison County there have been more than 1,000 foreclosure till date this year. To avoid being homeless, more homeowners are presently asking for help about foreclosures. At a Foreclosure Intervention Workshop, people were seeking help to deal with foreclosures. This workshop was organized by Community Hope Center located in the Cottage Hills. Lindy [...]
The Hope Now report shows that Florida’s records as compared to the first quarter’s 23,463 have increased. In the months of July and August, there were, another 31,683 that were finalized. This transcends this rate to approximately 47,000 for the whole quarter. However, there is a slow down in the modifications [...]
The rising trend of foreclosures this summer has set a record in the Chattanooga area. However, RealtyTrac Inc., analyzed that their rate of notices for local default including repossessions accounted for only one-half of the national figures during the 3rd quarter of this year. At least, one out of every 235 properties in Chattanooga metro [...]
The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.
The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared [...]
This means that homeowners who had to seek, apply for and were granted a mortgage loan are now eligible for assistance, of course, some criteria have to be met before they are elected and granted the assistance that they are seeking.
For instance, homeowners who want to abide by these programs have to be up to [...]
By the second quarter of this year, the number of foreclosed homes increased to approximately 17% despite the implementation of the federal program to help the borrowers to protect their homes from foreclosure. The figure of foreclosures rose to 711 in the Monterey County during the second quarter of this year. While during the first [...]
One of the differences that the programs such as Making Home affordable, implemented by the new Obama administration to help homeowners keep their homes without falling into foreclosure hell is that the foreclosure index is slowly but consistently lowering. This means that each time less and less homes and real estate properties are falling into the [...]
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