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The real estate experts of Richmond and Northern Virginia are going to meet soon to discuss about how to spend the $46 million to fight away foreclosure crisis. This amount is likely to be handed over to the local governments for rehabilitating the vacant properties, buying homes, assisting the first time home buyers to make their mortgage payments, as well as helping the distressed borrowers to get back their homes and prevent foreclosure. This $46 million is actually a part of the $4 billion program of the US Department of Housing and Urban Development that was approved by the Congress in the month of July. It was basically to help those areas that have been heavily affected by the problem of foreclosure.

According to the US Department of Housing and Urban Development, about 4.3 percent of the mortgages in Prince William are in a state of foreclosure. It has been found that the Fairfax County has a foreclosure rate of about 2.3 percent. Probably both these counties are going to get some extra amount of cash from Richmond. It has been estimated that about $38.7 million share of Virginia is going to be directed through the housing officials in Richmond. Prince William County is going to enjoy $4.1 million and Fairfax County will get a share of $2.8 million.

Counties like Arlington and Loudoun as well as Manassas and Alexandria of Northern Virginia can go for an application of money from the state pot. Director of Virginia Department of Housing and Community Development Bill Shelton has said, “The key thing is that $38.7 million for Virginia may seem like a big number, but in the foreclosure business, it’s a pin drop in the bucket. So if we don’t find ways to leverage this, it’s not going to be impactful,”

Fairfax County has plans to use the share of HUD and $6.3 million together in county funds as has been said by the deputy director of housing and community development Mary Stevens. She has further said, “We want to help homeowners in distress and buy foreclosed properties to sell to first-time home buyers,” The data of HUD reveals that although Fairfax, Prince William, and other areas of Northern Virginia are facing foreclosure problem, still their condition is much better than some of the nation’s places that has been badly affected by this real estate problem. The rate of foreclosure in Florida, Nevada, California, and Ohio stands at 10 to 14 percent and that in Detroit stands at 16 percent.

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The John D. and Catherine T. MacArthur Foundation has pledged $68 million in local grants and subsidized interest rate loans to combat the rising scourge of foreclosures in Chicago. Though they began this initiative in March, it was announced only on Wednesday, 15th October 2008. It aims to help more than 10,000 homes in Chicago, including the prevention of around 2,700 homes by 2010, and providing counseling services to more than 6,000 home owners.

Some of these funds will also be used buy and remodel more than 3,500 properties particularly in neighborhoods where foreclosures have had a very damaging effect. This project will be done in collaboration with the city of Chicago and Mercy Housing Inc.

There has been a 85% rise in the number of foreclosures from 2005 to 2007. Some of the neighborhoods worst affected by the onslaught of foreclosures are Englewood, Woodlawn, Humboldt Park, Lawndale, Auburn Gresham and Grand Boulevard, but most of these are now seeing a turnaround in their fortunes, according to the president of the foundation – Jonathan Fanton. He said “As families lose their homes, neighborhoods suffer. A wave of foreclosures is threatening to flush away all that progress.”

Around 2/3 of the funds will be dispersed in the current fiscal, while the rest of the funds will be disbursed in 2009. Of these, over $4.5 million will be disbursed in grants that will be provided to the Neighborhood Housing Services of Chicago, the Spanish Coalition for Housing, the Local Initiative Support Group, and the Greater Southwest Development Corp.

“More than 100 people a week are calling us,” says the executive director of Neighborhood Housing Services Bruce Gottschall. He adds that they have needed to double their counseling staff and hopes to be able to guide more than 800 families in a year to help prevent foreclosures.

Further, a $400,000 grant is to be provided to the Legal Assistance Foundation to offer legal advice to borrowing homeowners, and another $400,000 is to be given to the Lawyers’ Committee for Better Housing to help those people who are living as tenants in homes which are facing foreclosure.

Importantly, a larger part of $15 million will also be deposited into the ShoreBank’s $100 million Rescue Loan and Prevention Program to provide help to over 600 or more borrowers every year, while $36 million will be pumped into additional program related investments along with $750,000 in grants to help make other efforts to buy, resell and repair existing foreclosed properties.

ShoreBank’s senior vice president of mortgage lending, Michelle Collins said “We’re having about a 70 percent success rate in saving people we reach”

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Asking for quicker steps to be taken to solve the country’s massive economic crisis, democrat presidential candidate Barack Obama has asked for a 90 day freeze on foreclosures for homes, as well as a 2 year tax break for companies that help create new jobs. While the current economic crisis weighs down heavily on his rival McCain, Obama also wants people to be able to withdraw up to $10,000 without incurring any penalties from their retirement funds.

Obama said that his $60 billion proposal spread out over the next two years can be implemented fast by passing a special session after the elections in Parliament, or by virtue of the governments regulatory powers. Talking to a crowd of 3,000 strong Obama said “I’m proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities and help struggling homeowners, It’s a plan that begins with one word that’s on everyone’s mind, and it’s spelled J-O-B-S.”

Delivering this message in Toledo, he came closer to winning over this mostly blue-collar hub in a state where winning will really boost Obama’s presidential chances in the upcoming election. There are 20 electoral votes at stake in the state. While a spokesman for McCain, Tucker Bounds, accused him of planning to raise taxes if he was elected, Lindsey Graham, who is a key advisor to McCain, said that McCain was considering a proposal to reduce taxes people made on investments, which could include a reduction in capital gains tax, though this was not spoken about by McCain when he made his stump speech on Monday.

Many have applauded Obama’s plans to raise taxes for just 5% of the population that make over $250,000 annually. By taxing the richest 1% of the US population, Obama hopes to rake in an average of $93,709 more per taxpayer for this bracket in 2009. Obama also wants to cut taxes for all other taxpayers who make less than $200,000 every year.

He wants that banks that are part of the federal bailout package should freeze all foreclosure proceedings for three months so that families can get a second chance to repay their outstanding dues back to the bank, and get back on track. Obama said “We need to give people the breathing room they need to get back on their feet. Part of the reason this crisis occurred, if we’re honest with ourselves, is that everyone was living beyond their means — from Wall Street to Washington to even some on Main Street.”

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The number of foreclosure in the metro area of Portland is increasing. This is indeed a bad news for the real estate of this region. Nearly 70 percent of the people have been found to have defaulted on their mortgage payments in the month of August. This is a 40 percent increase from the figure [...]

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Continue reading: Portland Metro Area Foreclosure on Rise

Clark County foreclosure rate has almost tripled in September. Nearly 3,563 properties have been taken over by the lenders in the month of September. This has made the year-to-date total stand at 22,543, which were 7,704 in 2007 during the same period of time. The number of pre-foreclosures stood at 6,565 this September which was [...]

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Continue reading: Clark County Foreclosure Triples

It has been found that the number of foreclosure in Brevard County has soared to 850 in the month of September. This has been reported by Scott Ellis, the Brevard County Clerk of Courts. This has a really bad effect on the economy hitting hard the real estate of the region at the same time. [...]

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Continue reading: Brevard County Foreclosure Has Touched 850

Brooklyn Park along with other cities that have been heavily affected by foreclosure rates to impose expenses will, according to a new legislation, be separated from that of the general fund. Though the people living there will continue to pay taxes for foreclosure expenses, but the money will not be taken from other expenses of [...]

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Continue reading: Foreclosure Cost Might Be Separated from General Fund in Brooklyn Park

Collier County has been reported with a high rate of foreclosure in the month of September. It was 674 in August, which rose to 751 in September. The highest was recorded in the month of June when the number of foreclosure filings stood at 716. However, a further increase in the month of September has [...]

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Continue reading: Collier County Foreclosure Rate High in September

A lot of ways are there if you want to escape the predicament of foreclosure. The main ways are to contact the money lender, to take the problem seriously, responding to mails from the money lender and contacting the HUD counselors along with acting smart all through out.

The very first thing that you have to [...]

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Continue reading: 6 Useful Tips for Avoiding Foreclosure

The number of home foreclosures in Oakland County is expected to go up. L. Brooks Patterson, Executive of the county, envisions that the value of property in the county is not going to stabilize anytime before 2013. He has further said that the number of home foreclosures in this county may increase to up to [...]

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Continue reading: Foreclosures May Increase in Oakland County