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The first step towards qualifying for the foreclosure aid fund of up to $3.2 million has been taken by Southfield. They are planning to use the money for helping the homeowners in fighting with the problem of foreclosure and abandoned homes in the real estate. The officials of Southfield have published their proposed Neighborhood Stabilization Program on the website of the city. This way it has been able to meet its first deadline that has been established by the Department of Housing and Urban Development (HUD). This fund is a part of the Housing and Economic Recovery Act of HUD that was approved in the month of July.

Southfield has to meet its next deadline on December 1. Along with Southfield, the other communities are required to make their formal applications by that date. They have to clearly mention as to how they plan to spend the foreclosure fighting fund. Southfield together with Waterford and Pontiac is one of the heavily hit foreclosure communities. These regions are suffering heavily from subprime mortgage problems. Above $8.7 million fund has been approved for those communities. About a total of $17.4 million has been kept aside for nearly 50 other communities of Oakland County.

A total of about $3.9 billion have been approved by the Congress for providing emergency assistance. This includes $264 million for the communities of Michigan. According to the manager of Community and Home Improvement of Oakland County Karry Rieth, “The money is intended to help finance the purchase or refurbishing of foreclosed homes, or in some cases, the money can be used to demolish houses that are beyond salvaging.” The people of Southfield have been asked to get hold of the deputy administrator Fred Zorn for foreclosure assistance. City Council President Joan Seymour said, “Fred Zorn has been working on the plans since he came aboard,”

Seymour also said that the city is planning towards working in close connection with the associations in the neighborhood that deals with foreclosed and vacant homes. The feedbacks from the residents have to be taken by the respective communities. Zorn has already received a feedback from one of the residents who has said that their foreclosure fighting plans are going to provide great advantages to the real estate of the city. The goal of the city is to make an equal distribution of the federal fund throughout the city. However, according to the president of the Ravines Neighborhood Association Mindell Penn, this won’t be that easy.

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Ventura County has been able to get a foreclosure fund aid of $3.8 million. This fund will help a lot the distressed homeowners in fighting with this real estate crisis in their region. This fund is a part of the $4 billion emergency funds of federal housing authorities. It will aid the cities in purchasing vacant homes and foreclosed properties. Apart from that, it will also help in rehabilitating them. This will in turn bring stability in the housing market and stabilize the neighborhood. According to the deputy director of Housing and Community Development Department, Chris Westlake, the $137 million fund that will be used statewide will surely bring a difference.

Westlake has further said, “Unfortunately, it’s not enough because the crisis is so huge,” The Ventura County along with its cities however failed to qualify for the first pot of money that was awarded by the federal officials. This money was awarded to the locales that were heavily hit by foreclosures, subprime mortgages, and delinquencies. The highest amount has been awarded to Oxnard. It is eligible for a fund of $1.4 million. The remaining county has been able to qualify for an extra $2.4 million.

A few of the community leaders of the county of Ventura in the earlier part of this year delved their hands into making an extensive study on the probability of purchasing those properties facing foreclosure. They aimed at transforming these foreclosed properties into homes for the homeless people, a mean to provide them shelter. According to Westlake, that is likely going to be a permissible usage of the fund. He said that the cities need to make their submissions in the month of January thereby furnishing the ways of how they are going to use the fund. He even hoped the applications to get approved within a span of 30 days.

Hugh Ralston, who is a nonprofit executive, said that the local effort has been able to bring down the crisis in the banking sector, crisis in the real estate area, and affordability issues. He has also said, “This was all a conversation before the banking system freaked out. While you’ve got declines in property value, I haven’t seen them decline to the level they’re actually affordable for the kind of structure you need for a shelter. There’s not a sweet spot yet.” People in Ventura County are quite expectant about a change in the real estate after they get the fund.

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Central Florida is facing a huge number of bankruptcies. The lawyers of Brevard hold foreclosures responsible for this. Neil Buchalter, who is a bankruptcy attorney have said, “I have more foreclosures coming across my desk in a month than I would see in a year previously,” According to him about 40 percent of his clients have declared bankruptcy as a result of foreclosure. This shows an increase of nearly 5 to 10 percent from what it was a few years back. Brevard had witnessed about 820 filings in the last four months. Buchalter has also said, “I see more investors,” Real estate is in danger there.

It is being expected by the American Bankruptcy Institute that the sluggish economy is going to increase the number of real estate consumer bankruptcy filings in 2008 to an excessive level as more rigid terms of bankruptcy were imposed in 2005. Through October, there have been more than 880,000 filings. This has already overshadowed 823,000 filings for the whole of 2007. It has been found that the mortgage delinquency rate in the US have increased to 5 percent from 2 percent. Apart form that, the number of mortgage defaulters have gone up to 700,000 in the recent quarter. This figure is almost the quadruple of what it was in 2000.

Orlando segment of the Middle District of Florida that has within its periphery the counties of Seminole, Orange, Brevard, Lake, and Osceola, have witnessed bankruptcies that have increased by nearly 3,500 from what it was in 2006. About an approximate of 4,300 bankruptcy filings were made in the month of October alone. Besides, about 10,535 bankruptcy filings were made through October of 2008. Billy Thomas, an attorney of Melbourne has said, “One of every two walking in is probably due to a foreclosure problem, and it may be higher than that,”

Nearly 10 to 20 percent of the cases of bankruptcy were due to foreclosures some five years back. Thomas has said that it is not the medical problems but it is the problem of foreclosure and credit cards that is firing the bankruptcies for him. Carole Suzanne Bess, who is an attorney at Merritt Island, said that about a total of 200 bankruptcy cases has been filed by her this year. About 20 to 80 percent of her clients have been led to bankruptcy as a result of foreclosure. The percentage of bankruptcies due to medical bills stands at 20 percent.

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North Carolina banking commission is expecting that the new law of the state is going to help in assisting the distressed homeowners in fighting with the problem of foreclosure. This law has come into effect from November 1. According to this new law, the lenders are required to notify the banking commission of North Carolina [...]

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Continue reading: Additional Help Required in Fighting Away Foreclosure

The local governments across the state of Michigan are making preparations to spend over $263 million to help the homeowners facing foreclosure on their real estate. This money can be used to help buyers to purchase vacant homes and also meet the closing costs. Also, the buyers are supposed to get interest-free loans in some [...]

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Continue reading: A Ray of Hope for Detroit Residents Facing Foreclosure

Sacramento County is passing through one of the worst phase of foreclosure. The real estate has been hit hard creating a big housing crisis in the region. The condition there is very unstable. According to SHRA redevelopment analyst Joel Riphagen, “Foreclosures are continuing to increase. The common denominator of the hardest-hit areas is they are [...]

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Continue reading: Sacramento County Foreclosures Worsens the Neighborhood

The rate of foreclosure filings in Kentucky has declined by one-third in the month of October as compared to the figure in September. There has been a decline of about 33.5 percent in this state. This has led to an improvement in its rank which now stands at 43rd. It was the 38th rank holder [...]

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Continue reading: Foreclosure Down in Kentucky

North Port is no exception to the problem of foreclosure. As like others parts of US, this region also has been facing the real estate crisis. The homeowners are in serious problems. A large number of people relocated to this place once when there was a heavy boom in the housing market. They are now [...]

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It has been found that Wyoming, a state in western United States, had one of the lowest rates of home foreclosure during the third quarter of 2008 in its real estate area. However, it has increased from what it was a year back during the same period. It owns the credit of having the 44th [...]

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Continue reading: Foreclosure Rate Down In Wyoming

Las Vegas has shown a fall in its number of pre-foreclosure filings and bank-owned properties in the real estate in the month of October. It has been found that the number of pre-foreclosure filings declined to 6,420 in the month of October in Clark County from 6,565 in the month of September. On the other [...]

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Continue reading: Nevada Foreclosure Decline: A Good Sign