Foreclosure Business News

Celebrity Foreclosures: O.J. Simpson’s Miami Home in Foreclosure; Comedian Tracy Morgan’s Mom’s Home in Foreclosure (and He Won’t Help)

Y. Black, Site Editor — Fri, 03 Feb 2012 18:55:23 +0000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

It’s not just the “Average Joe” who faces foreclosure these days. Foreclosures happen to rich celebrities too. Following are two of the latest celebrities to deal with this misfortune.

O.J. Simpson Foreclosure: The Specifics

Oh how the mighty have fallen – very far in O.J. Simpson’s case. Currently, the Hall of Fame running back is serving time in a Las Vegas prison stemming from a 2008 conviction on armed robbery and kidnapping charges.

And, his home in Miami is also in foreclosure. Taken from the CNN Money article (and another source), O.J. Simpson faces foreclosure on Florida home, following are some particulars of the home:

Initial Purchase Price of O.J. Simpson Home: O.J. paid $575,000 in 2000 for the house, getting a first and second mortgage to pay for it.

Square Footage: Roughly 4,000, with 4 bedrooms and 4 bathrooms.

Current Value: O.J. Simpson’s home has lost roughly $75,000 in value since last assessment. The value now stands at approximately $478,401, according to county records.

Last Mortgage Payment Made: In 2010 (specific month not listed).

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Simpson ostensibly has little use for the home in the foreseeable future, as he could be in prison for up to 33 years. He must serve at least 9 years without parole.
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30-Rock Star Tracey Morgan’s Mother’s Home Is In Foreclosure

It’s bad enough to face foreclosure, but when you have to endure it in the spotlight, it must be tough. This is what’s happening to 30 Rock star Tracey Morgan’s mother. Following are the particulars of this celebrity foreclosure, as taken from the WonderWall post, Tracy Morgan’s mother facing home foreclosure.

Reason for Foreclosure: Job loss last year in Ohio.

Amount in Arrears: $25,000.

Allegedly Why Famous Comedian Won’t Help: Family estrangement. In the aforementioned article, Tracey Morgan epxlains why he won’t fork over money to help his mother avoid foreclosure. He states:

For reasons that are between us, I have not seen my Mother in 11 years and outside of a random call here and there have had little to no contact with my sister.

According to the aforementioned article, Mr. Morgan’s mother refused lump sum paymen of $2,000 he offered her out of “embarrassment” that it was so little.

Family drama – there’s nothing like it and who of us hasn’t experienced it. Sounds like the foreclosure is the least of this duo’s problems; hence, it’s a situation the public at large should just let rest.

Celebrity Foreclosure News: Famous R&B Singer Hasn’t Paid Mortgage for Over a Year, Yet He Is Still Unlikely to Lose His Home to Foreclosure

Celebrity Foreclosures in 2011: From Sports Greats to Entertainment Superstars, Home Foreclosures are Not Limited to the Average Joe

Home Foreclosure News of the Day: Celebrity “Beach” Daughter in Foreclosure and Iraq War Veteran Suing Over Illegal Foreclosure

Celebrity Home Foreclosure News: West Wing & Thirtysomething star Timothy Busfield May Lose Home in January

Tiger Woods’ $865,079.36 Monthly Mortgage Payment

Octomom Avoids Foreclosure

Stopping Foreclosure: “Extreme Home Makeover” Family Held Raffle to Avoid Foreclosure?

Another Extreme Home Makeover Family Facing Foreclosure: Are These Families Irresponsible?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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Buy Foreclosures Cheap: Private Equity Firms are Snapping Up Foreclosed Properties – What This Means for the Average Joe

Y. Black, Site Editor — Wed, 01 Feb 2012 14:53:48 +0000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

The current administration has tried many things to end the housing crisis; everything from government-backed foreclosure prevention programs, to giving incentives to lenders to work with homeowners facing foreclosure to modify their home loans, to passing foreclosure laws designed to help homeowners stay in their properties.

Now, private equity firms – with the blessing of the government to invest in foreclosures – is turning its attention to this market. Many are aiming to buy foreclosures cheap, and turn them into rentals. In this last link, we highlight some of the possible implications of this for current homeowners.

If the Bloomberg article, Foreclosures Draw Private Equity as U.S. Sells Homes, is correct, then this is about to happen more and more, which makes the questions put forth in this post even more pertinent. The Bloomberg article states:

Private equity firms are jumping into distressed housing as the U.S. government plans to market 200,000 foreclosed homes as rentals to speed up the economic recovery.

GTIS Partners will spend $1 billion by 2016 acquiring single-family homes to manage as rentals, Thomas Shapiro, the fund’s founder said. That followed announcements this month that GI Partners, a Menlo Park private equity fund, expects to invest $1 billion, and Los Angeles-based Oaktree Capital Management LP will spend $450 million on similar housing.

“It’s a massive market,” Shapiro said . . . “We’re starting to see this as a billion dollar opportunity to buy rental housing.”

Buying Foreclosures Cheap: The Pros & Cons of Private Firms Buying Foreclosed Properties

While on the face of it this may seem like a good idea – especially for the companies doing the investing – it raises some real concerns for the Average Joe homeowner, as we discussed in the post, White House Wants to Convert Foreclosed Homes to Rentals: The Consequences of Doing So (Hint: It Ain’t Good).

What do you think? Please share in the comments section below.

Home Foreclosure Crisis in Chicago Highlights Nationwide Issue: Will Renting Foreclosed Properties Cause Existing Home Values to Plummet?

Home Foreclosure News of the Day: Nearly 29% of Homes with Mortgages are Underwater in the U.S. Which States/Cities Have the Highest Rates?

Foreclosures Set to Skyrocket Again: 1.5 Million Homeowners Scheduled to Be Foreclosed on Next Year

Home Foreclosure News of the Day: Why Some Cities are Tearing Down Foreclosed Homes

Cleveland Foreclosures: City Giving Land Away — The Reality of Foreclosure and What It’s Going to Take to Stop the Crisis from Getting Worse

Buying Foreclosures Cheap: Homes Under $20 and the Debt Ceiling Interest Rate

Foreclosure Auctions: Turf War Ensues Between Local Municipalities and Private Foreclosure Auction Firms (Opportunity Knocks for Foreclosure Business Owners)

Home Foreclosure Auctions: The Biggest Advantage and Disadvantage of Them

How Foreclosure Cleanup Companies Are Keeping Neighborhoods Safe

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Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Y. Black, Site Editor — Mon, 30 Jan 2012 16:31:21 +0000

The housing crisis is entering its fifth year, with no end in sight, if recent foreclosure statistics are anything to go by. There is lots of free foreclosure help available – from government “prevent foreclosure” programs to non-profit agencies, but many homeowners simply aren’t taking advantage of them. Proof?

The article, Foreclosure Fund Goes Unused, highlights the issue by shining spotlight on homeowners facing foreclosure in Indiana. It states:

Although Indiana’s foreclosure rate continues to climb the national charts, few Hoosiers are taking advantage of programs that can help keep them in their homes.

The state, which has seen its foreclosure rate climb to seventh in America, established the Hardest Hit Fund to provide assistance in the form of forgivable 10-year loans from a grant to Indiana by the U.S. Department of the Treasury.

And though there is money in the fund to assist more than 13,000 Hoosier households, only 651 homeowners had applied by the end of 2011. Of those, 226 have been approved, with another 300 cases pending.

Foreclosure Help: Why Many Homeowners Facing Foreclosure Don’t Seek Help

There are many reasons that a homeowner who is facing foreclosure may not ask for help. Following are a few:

Stress: It is an emotionally turbulent time for many. Foreclosure is often the result of another major life upheaval, eg, job loss, illness, divorce, etc. In times like this, it can be difficult to think straight and seek the help you need.

Awareness: As the aforementioned article highlights, many homeowners simply don’t know that there is free foreclosure help available. And, even if they did, they don’t know how to go about finding it.

Non-Tech Savvy: The internet offers a plethora of free information on programs designed to stop foreclosure, but many just aren’t tech-savvy enough to go online and do the research that’s needed to find the program that fits their needs.

Confusion: As the previous reason alluded to, there are a ton of programs available, but the guidelines can be confusing. And, it can be difficult to actually get in touch with someone to speak to clarify things.

Deer in Headlights: Many homeowners who want to stop foreclosure are actually like deer in headlights. Their whole situation (eg, loss of job, possible lose of home, illness, etc.) has caught them unawares and they don’t know exactly where to turn or who to ask for help, so they do nothing.

While all of these are reasons that many homeowners facing foreclosure don’t ask for help, it is no excuse for inaction.

Get Free Foreclosure Help: How to Do It

Following is a plan of action you should take if you’re faced with the possibility of losing your home to foreclosure.

Talk to Your Lender: This is the first step. It likely won’t outright stop foreclosure, but there might be some “prevent foreclosure” help they can offer you, eg, a home loan modification, forbearance, principal reduction, etc.

Go Online: Go online and do an internet search for non-profit agencies that work with homeowners to stop foreclosure. Start with programs at the national/federal level, eg, President Obama’s Making Homes Affordable Program, then work your way down to the local level by next looking for state programs, then local programs.

Gather Paperwork: Learn what documents you need to get together to apply for a home loan modification, etc. After you get all of your documents ready, have them scanned as well as copied so you can email and/or mail them off quickly when your lender/loan counselor requests them. This will help the process go so much smoother.

Get – and Stay – Proactive: Stopping foreclosure is a process; a process that is probably going to be a pain in the butt; there’s no way of avoiding this. But, you must get ready for the battle physically (eg, getting your docs together), as well as emotionally. For example, put calling your lender on your list of things to do every day.

Stay on them until you get a resolution. Now, while you may still lose your home to foreclosure, at least you’ll know sooner rather than later. This will help you make some concrete decisions so you can get on with the rest of your life.

There is life after foreclosure, but you can’t turn your attention to it until you have some definitive answers about whether you’ll be able to keep your home or not. And as we just stated, staying proactive will get you the answers you need sooner rather than later.

Avoid Foreclosure Scams: What Not to Do When Searching for Foreclosure Help

Under no circumstances should you pay someone to help you stop foreclosure. As we’ve discussed previously here on how to prevent foreclosure scams, there is nothing you can’t do yourself that someone else can do. And, most often, you NEED to be the one involved in the process of negotiating with your lender because all kinds of sensitive, financial information/documentation is called for.

Do you really want all of this info in some third party’s hand – someone you’ve paid for their services? Please, please, please if you don’t remember anything else – there is tons of free foreclosure help available from trusted organizations. Find one of these. Don’t pay a “Foreclosure rescue company,” a “foreclosure specialist,” a “foreclosure counselor,” etc. or anyone else who asks you for money to help you stop foreclosure.

And be really, really leery if they promise or guarantee you that they can stop foreclosure. They can’t. There are no guarantees. Only a lender (or a lawsuit, preferably filed by a reputable foreclosure attorney) has this power.

Free Foreclosure Help Programs

HAMP (Home Affordable Modification Program)

HUD-approved housing counseling agencies: You can also call. The number is 877-HUD-1515 (877-483-1515).

All HUD (Federal) “Prevent Foreclosure Programs

Florida Housing Assistance: Get 6 Months of Your Mortgage Paid Free — How? Via the State’s “Hardest-Hit” Fund

Neighborhood Assistance Corporation of America (“NACA”)

Prevent Foreclosure Scams

For more information on foreclosure scams, visit the Federal Trade Commission’s website on foreclosure rescue scams. Also, take action and report offenders. You can find out how to do this on the Report Federal Citizen Information Center’s Consumer Action Website.

How to Stop Foreclosure by Getting a Home Loan Modification, Loan Forbearance and Even a Principal Reduction: 100% Free Foreclosure Help Given by a Reputable Nonprofit Agency

HSBC Home Loan Modification Help: Yes, You Can Get a Permanent Modification and Even a Principal Reduction — Here’s How

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Home Foreclosure News of the Day: Facing Imminent Foreclosure in Georgia? Here’s How to Get It Stopped

Underwater On Your Home? Filing Chapter 7 Bankruptcy? Should You Reaffirm Your Mortgage?

Mortgage Foreclosure Timeline: How the Foreclosure Process Works & How Long You Actually Have to Move if You Eventually Lose Your Home

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

Right of Redemption Laws: How to Get Your Home Back – Even After It’s Sold as a Foreclosure

Stopping Foreclosure: What to Do When the Bank Refuses to Accept Your Mortgage Payments & Tries to Escalate the Home Foreclosure Process

Home Foreclosure News: Bankruptcy Attorney Explains Why Foreclosure Is Inevitable for the Vast Majority of Homeowners Going Through the Home Loan Modification Process

Mortgage Foreclosure Timeline: How the Foreclosure Process Works & How Long You Actually Have to Move if You Eventually Lose Your Home

Home Foreclosure News: Occupy Wall Street People Have Been Stealing Our Ideas on How to End the Home Foreclosure Crisis

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Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Y. Black, Site Editor — Fri, 27 Jan 2012 18:31:47 +0000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

The home foreclosure crisis continues to drag on, and many solutions have been tried to fix it, but with limited to no success thus far, eg, President Obama’s Making Home Affordable Program; prosecuting lenders for illegal foreclosures (a la robosigning practices); a foreclosure workout deal that includes principal reductions; etc.

In spite of all of this, there simply doesn’t seem to be any end in sight, if recent foreclosure statistics are anything to go by.

Sobering Foreclosure Statistics for 2012

Short Sales Up: In 2011, there were 26,000 more short sales than there was in 2010.

Housing Inventory Up: The real estate company RealtyTrac has estimated that the market needs to process another 14 million properties before the foreclosure crisis can be considered over.

Property Values Down: Residential real estate prices dropped more than forecast in the year ended October, showing a broad-based decline that indicates the U.S. housing market continues to be weighed down by foreclosures.

More Foreclosures Coming: There’s no doubt that foreclosures will increase in 2012. Proof? Close to 3 million homes were foreclosed on in 2010. Between 2009 and the end of 2012 more than 9 million homes are expected to be in foreclosure, according to the Center for Responsible Lending.

With these daunting numbers, new ways of solving the foreclosure crisis are constantly being put on the table. One of them – allowing buyers to rent the foreclosed properties they buy back to the previous owners – appears to benefit all involved, ie, lenders, homeowners, neighborhoods and the economy at large. But, it’s illegal. Why?

Post Continued Below . . .
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As explained in the HuffingtonPost.com article, Right to Rent: The Foreclosure Crisis Solution Banks Love to Hate

. . . banks refuse to allow these kinds of transactions unless the buyers sign legal documents promising they will not rent the property back to the previous owner [if they bought it in a short sale]. The restrictions are designed to limit fraud: If a struggling homeowner can sell the property for less than what they owe the bank and remain in the home, they could find a partner to buy the home at the reduced price, and together they could then sell the home and split any profits.

But, has the time come to repeal/amend this law? In light of the numbers above, many are screaming, “Yes!” And, legislation to that effect has been introduced. It’s known as the Right to Rent Act.

The Right to Rent Act: Proposed Legislation That Would Keep Foreclosed-On Homeowners In Their Homes

Following is what the Right to Rent Act is and how it would help to end the foreclosure crisis sooner rather than later.

Under the plan, after a home is foreclosed on, the homeowners would be given the option to stay in the house paying a fair market rent determined by an independent appraiser.

Ending the Foreclosure Crisis: 4 Immediate Benefits of the Right to Rent Act

Keeps Families in Their Homes: This is beneficial on several levels, eg, the kids can stay in the same school; family routines stay the same; etc.

Neighborhoods Remain Safer: When a home is foreclosed on, it can sit vacant for months, and in some cases years, before it is resold. Vacant/foreclosed properties destabilize neighborhoods by inviting crime. And, they’re just unsightly if not properly maintained, which brings us to the next benefit of this act, which is . . . .

Stabilizes Property Values: Foreclosures decrease the value of surrounding homes. This plan would help mitigate this because many investors have said that they would be willing to pay more for a property if they were allowed by lenders to lease it back to the previous owners.

Decrease Housing Inventory: There is a glut of foreclosed properties on the market now, with more on the way; again, as the stats cited above highlight. So it’s a simple case of supply and demand – the more supply there is, the more the price decreases. This means that the housing market can’t really start to recover until a lot of this inventory is sold off, leased and/or rented.

The Right to Rent Act would prevent more foreclosed-on properties from being dumped on an already full-to-the-brim housing market.

So, why hasn’t this act been passed yet? It has in Ireland.

Look no further than Washington and petty politics. Once again, the Average Joe is left out in the cold – literally and figuratively speaking. Learn more about the Right to Rent Act in this video.

What do you think? Should investors be able to buy foreclosed properties and rent them back to the previous owners? Share your thoughts in the comments section below.

Stopping Foreclosure: Obama Administration to Launch 2 New Programs to Help Homeowners Avoid Foreclosure (One is for Unemployed Homeowners)

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Stopping Foreclosure: Obama Administration to Launch 2 New Programs to Help Homeowners Avoid Foreclosure (One is for Unemployed Homeowners)

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Home Foreclosure News: Why 2012 Is a Critical Year on a Few Levels If You’re Facing Foreclosure

Stop Foreclosure: How to Ready Your Home for a Fast (Short) Sale

First-Time Home Buying Advice: Is It Better to Buy a New Home than a Foreclosed Home?

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Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/27/2012

Y. Black, Site Editor — Fri, 27 Jan 2012 11:00:25 +0000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Large Property Preservation Company Seeks Subcontractors (Los Angeles, CA): Firm needs professionals to do trashouts, general cleaning, ongoing lawn maintenance (eg, bi-weekly mows), winterizations, etc. (Foreclosure cleanup) business insurance needed. Lots of Work Available: Co expects to double workload in early spring. Get full details on this property preservation job.

Established Regional Property Preservation Company Seeks General Laborers & Contractors (Chicago, IL): Description: Must have construction industry knowledge in the areas of carpentry, drywall and roofing at least. Get full details on this construction job.

More Jobs Listed Below . . .
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Get 1,500 Contacts to Start Landing Foreclosure Cleaning Jobs. Learn more in the The Property Preservation & Real Estate Industry Contracting & Subcontracting Directory.

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Property Preservation Contractors Needed to Work on Foreclosed Properties (Oregon (Statewide)): Scope of Duties: trash outs, mowing grass, cleaning, etc. Must be licensed and insured. Get full details on this foreclosure cleaning job.

Job Opportunity for Independent Property Preservation Professionals (Chicago, IL): Paid on a 1099 basis. Job duties include removing trash/debris, general cleaning, winterization, snow removal, securing property via lock/key changing, doing HUD inspections, etc. Get full details on this property preservation job.

Requests for Proposals / Job Contracts

City Request for Proposal (RFP) for Landscape Maintenance Contract (Phoenix, AZ): The Phoenix Maintenance Gateway Airport Authority (PMGAA) proposes to contract general landscape maintenance for multiple sites. Duties include the application of fertilizers, herbicides and pesticides, watering, pruning, weeding, deadheading, replacement plantings (as approved by PMGAA), loose trash removal, leaf removal, irrigation repair and maintenance, spring and fall cleanup. Deadline to Apply: February 12, 2012. Get full details on this landscaping contract.

City Request for Proposal (RFP) for Landscape Maintenance Contract (Phoenix, AZ): Overview: Provide Landscape Maintenance Services for the Wayne County Airport Authority (Airport Authority). Length of Contract: The contract will be for a term of up to three (3) years. Deadline to Apply: January 30, 2012. Get full details on this landscaping contract.

Most Recent Job Listings

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/26/2012

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/18/2012

Related, Detailed Posts on How to Find Foreclosure Clean Up Jobs / Contracts

Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/Construction Type Jobs

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Bank Failures Can Mean Big Business for Foreclosure Cleaning Businesses! Learn which banks closed have closed recently. Then, learn how to use bank failures to grow your foreclosure cleaning business.

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Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/26/2012

Y. Black, Site Editor — Thu, 26 Jan 2012 19:00:12 +0000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Property Preservation Job / Foreclosure Cleaning Business Opportunity of the Day

We are a national property preservation company looking for contractors and handymen all throughout the following states: Washington, Oregon, California, Virginia, West Virginia and Maryland to complete maintenance on vacant properties.

You will also be able to bid on larger contracting repairs you come across at these properties. This will be a subcontractor relationship, so you will be responsible for your own equipment, expenses and general liability insurance.

If you believe you qualify, call us at (540) 738-0607, or apply online at http://www.questhp.com/jobs. If we don’t answer your call, please leave a voicemail with all of your contact info, and the city and state you’re based out of. You can also visit us online at www.QuestHp.com for more info on our company. Thanks for your time.

Note: If you apply, please tell this employer that you found this opportunity on ForeclosureBusinessNews.com. Get exposure for your real-estate related business.

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Get 1,500 Contacts to Start Landing Foreclosure Cleaning Jobs. Learn more in the The Property Preservation & Real Estate Industry Contracting & Subcontracting Directory.

P.P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

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Home Foreclosure News: Why 2012 Is a Critical Year on a Few Levels If You’re Facing Foreclosure

Y. Black, Site Editor — Thu, 26 Jan 2012 16:18:03 +0000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Homeowners have some rough decisions to make this year if they’re facing foreclosure, for two reasons.

2 Reasons Homeowners Facing Foreclosure Need to Make Some Tough Decisions This Year

(I) Principal Reductions Likely to Become a Reality for Up to 1 Million Homeowners: The President touched on it in his State of the Union Address the other night. On this blog, we’ve been writing about why principal reductions need to be given by lenders for going on two years now, and – yet again — we wrote about it here recently.

Now that this looks like it’s finally going to become a reality, homeowners are going to have to decide a few things, ie:

(a) Is it enough? Many homeowners are much more underwater than the relief that may be forthcoming in this foreclosure settlement. The proposed package works out to about a $20,000 principal reduction per homeowners. According to the stats we posted in Monday’s post here, this won’t alleviate a lot of the pain homeowners are feeling, ie:

Foreclosure Statistics: How Underwater are U.S. Homeowners?

According to The New York Times article, Political Push Moves a Deal on Mortgages Inches Closer:

About 11 million more own homes that are “underwater,” meaning the amount of money owed now exceeds the value of the home. They owe, on average, $45,000 to $50,000 more than their home is worth, according to Mark Zandi of Moodys Analytics. The deal may help about one million homeowners with an average debt reduction of $20,000.

(b) What to do if their home values continue to decline: While property values are creeping up and/or holding steady in some areas around the country, they continue to decline for a lot of others. Many housing experts are saying that we haven’t hit bottom yet. Proof? According to the USNews.com article, Severe Home Value Declines In Battleground States”

. . . a recent report by the Progressive Policy Institute [cited that] 15 of the 16 [political] battleground states saw an average home value drop of more than 16 percent since October 2008. Three of those states—Florida, Nevada, Arizona—saw drops of more than 30 percent in median home prices.

So, if this proposed foreclosure deal goes through, what happens if property values continue to plunge? Will homeowners regret staying (if they decide to accept the deal)?

(c) Factor in how shadow inventory will affect any decisions they make now: This remains a real threat to not only the housing market recover, but to property values. How? As we wrote in the linked-to article on shadow inventory in a previous post, “This is a simple case of supply and demand. If there is a glut of homes on the market for potential buyers to choose from, it depresses prices overall.”

II. Tax Implications: While a $20,000 principal home loan reduction carat dangled in front of your face may be enough to make you consider staying, if you’re leaning towards walking away from your home – either by doing a deed-in-lieu or a short sale – then you may owe taxes if you don’t do it before the end of the year.

As The New York Times article, Thoughts on Walking Away From Your Home Loan, details:

Often, forgiven debts are taxable as income. Recent legislative changes, however, eliminate the federal tax burden through 2012 on most primary residence debt that a lender has reduced through loan restructuring or forgiven during foreclosure.

We touch on this in the post, Short Sale vs. Foreclosure: What’s the Difference between Them and Which One Hurts My Credit (FICO) Score More?, explaining:

Tax Implications of a Short Sale: You Could Wind Up Owing a Lot of Money in Taxes If You Short Sale Your Home after December 2012

Most times, you as the owner would be responsible for the “short” fall – as in, the government looks at it as “income” and you have to pay taxes on that. Yep, that’s right, you could wind up owing taxes when you do a short sale.

But, current legislation in place protects you from this penalty – if you act by a certain date.

Click thru to learn more.

As you can see, homeowners facing foreclosure have a lot to think about – and many of these decisions are ones that are going to have to be made in the next few months. While stagnation has been the name of the game until now, finally, homeowners trying to prevent foreclosure are being presented with some options. How many of them they decide to act will have far-reaching implications for the housing market overall for years to come.

Foreclosure Crisis Deepens Yet Again: The One Thing Lenders Won’t Do That Could Significantly Decrease Foreclosures Immediately

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

The Short Sale Process: How to Find a Short Sale Buyer for Your “About to Be Foreclosed On” Home

What Is the Bank Short Sale Process for Sellers?

Short Sale: Definition, Credit Implications, Tax Implications & More

Home Foreclosure News: 9 Million Homeowners Could Go Into Foreclosure Between 2009 & 2012

Stop Foreclosure: How to Ready Your Home for a Fast (Short) Sale

HSBC Home Loan Modification Help: Yes, You Can Get a Permanent Modification and Even a Principal Reduction — Here’s How

Home Foreclosure News of the Day: Nearly 29% of Homes with Mortgages are Underwater in the U.S. Which States/Cities Have the Highest Rates?

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Foreclosure Business News of the Day: Principal Reductions Finally Becoming a Reality — Homeowners to Get $20,000 Off Their Mortgage Balances?

Y. Black, Site Editor — Wed, 25 Jan 2012 01:17:04 +0000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

According to the MSNBC.com article, Deal could cut principal on 1 million loans, 1 million homeowners could be helped, If that’s the final number, that would equal an average reduction of $20,000 that each homeowner would have slashed off what they owe on their mortgages.

Stopping Foreclosure: Is This a Good Deal for American Homeowners?

Before a final deal is even hashed out, many housing experts are asking, “Is this enough to help homeowners?”

When you consider that roughly 11 million U.S. homeowners are underwater on their mortgages — and by much more than $20,000 — it’s a good question.

Foreclosure Statistics: How Underwater are U.S. Homeowners?

According to The New York Times article, Political Push Moves a Deal on Mortgages Inches Closer:

About 11 million more own homes that are “underwater,” meaning the amount of money owed now exceeds the value of the home. They owe, on average, $45,000 to $50,000 more than their home is worth, according to Mark Zandi of Moodys Analytics. The deal may help about one million homeowners with an average debt reduction of $20,000.

While any mortgage principal reduction is appreciated, one has to wonder, how will homeowners who are so underwater will respond. Will they bite the bullet and accept this offer, or will they decide to walk away after surmising that this is the only help they’re going to get.

Only time will tell.

Stopping Foreclosure: The Tax Consequences of a Principal Reduction

One commentor on the above-mentioned MSNBC article astutely asks: What I would like to know is how the IRS will react with a change in principal. The difference between what is actually owed and the newly adjusted principal will be taxable. This is often kept out of the whole picture!

President Obama may discuss this home foreclosure deal that includes principal reductions in his State of the Union Address tonight.

How to Stop Foreclosure by Getting a Home Loan Modification, Loan Forbearance and Even a Principal Reduction: 100% Free Foreclosure Help Given by a Reputable Nonprofit Agency

HSBC Home Loan Modification Help: Yes, You Can Get a Permanent Modification and Even a Principal Reduction — Here’s How

Home Foreclosure News of the Day: Nearly 29% of Homes with Mortgages are Underwater in the U.S. Which States/Cities Have the Highest Rates?

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Home Foreclosure News: Occupy Wall Street People Have Been Stealing Our Ideas on How to End the Home Foreclosure Crisis

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Your Foreclosure Cleanup Business Questions Answered: When to Get Workman’s Comp Insurance

Y. Black, Site Editor — Mon, 23 Jan 2012 21:12:31 +0000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Recently, we started answering questions received from foreclosure business owners here on ForeclosureBusinessNews.com. So, if you have about starting, operating or marketing a foreclosure clean up business, send it in. All identifying details will be removed, so that you remain anonymous (if you wish).

Here’s one we got from a business owner about foreclosure cleaning business insurance. Following is his entire email, and our response.

Question from a Reader

Pleasant Morning to You,

My name is Andre, I recently purchased one [of] your eBooks (Foreclosure Marketing) and I must say; it HELPED me tremendously. I started [my business] a few months ago and I must admit; your book gives me hope. I could tell you have lots of experience in the business and you take a hands-on approach to your craft.

Not too many times, you find people who aren’t willing to share the formula of success with others. Thank you for sharing.

At this moment I am faced with a quagmire; we are currently covered with general liability insurance but not Worker Compensation insurance. The business is still in its early stages and we are not currently generating enough income to purchase Worker’s Comp. My brother and I are the main workers and occasionally we might hire someone for the day, when we have extra work. Due to the fact that we only have a 3 man team and financial resources are tight:

· Do you think it would be alright for me to advertise that we are fully insured at this point?
· How do you suggest I handle potential clients, who ask if I am fully insured or if I have workers comp?
· At what point do to you suggest I get Worker’s Comp insurance?

Thank you for your help,

Andre

Post Continued Below . . .
**************************************************************
Get 1,500 Contacts to Start Landing Foreclosure Cleaning Jobs. Learn more in the The Property Preservation & Real Estate Industry Contracting & Subcontracting Directory.

Our Answer

Hi Andre:

I’m glad the books are helping you in your business!

RE your query . . .

Sure, you can indicate you are licensed and insured in your literature; because you’ve stated you have general liability; but the larger clients, esp. prop preservation companies, may ask for proof of WC.

You can put on your applications the type of insurance you have in these instances and state you will get WC before performing jobs. If a client asks if you have WC and you don’t yet have it, tell them you don’t have it, but can get it quickly to secure the job, no problem. Call around and get your quotes NOW and ask the insurance companies you’ll be soliciting for coverage how quickly the policy can be written when you do need the coverage to perhaps seal a deal.

Rule of Thumb: Get the WC when the biz can afford to pay for it. Your numbers will guide you.

Continued success to you and your brother with your foreclosure cleanup business!

Cassandra Black, CEO/Consultant
Foreclosure Cleanup, LLC
P.S.: Get more answers to your questions about starting/operating a foreclosure cleanup business.

Foreclosure Cleanup Business: Why You Need Insurance & In-depth Advice on What Type to Get

Want to Start a Foreclosure Cleaning Business? Advice on Type of Insurance You Need

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Why Foreclosure Cleaning Companies Will Be Profitable for Years to Come

Foreclosure Clean Up: Why It’s Still a Leading Small Business Opportunity for 2011

Foreclosure Cleaning Business: How to Start One While Working Fulltime

Foreclosure Cleaning Business Owners: Advice from a Banker Who Handles Foreclosed Properties on How to Land Foreclosure Cleaning Jobs

How to Bid on Foreclosure Cleaning Jobs: Inside Peek at an Actual Foreclosure Cleanup Bid

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleaning Business Advice: One Sure Way to Make Your Company Stand Out from the Competition

How to Get More Foreclosure Cleaning Jobs with Postcards

Cleaning Foreclosure Properties: Learn How to Price Jobs by “Spying” on the Competition

P.P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Get a Job to Stop Foreclosure: Here are Some Well-Paying Job Leads

Y. Black, Site Editor — Fri, 20 Jan 2012 17:17:25 +0000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

All this week here we have discussed how to stop foreclosure with the help of NACA, The Neighborhood Assistance Corporation of America (“NACA”). In yesterday’s post, we discussed how to get a home loan via NACA.

Today, we’re going to give you some job leads. The reason that many homeowners are facing foreclosure in the first place is that they’ve lost a job, been laid off from a job and/or have had their hours cut.

Many have sought work for months on end – with nothing coming to fruition (as the unemployment stats below highlight). Of course, the longer you’re out of work, the further you get behind with your mortgage payment. Before long, it seems hopeless.

Unemployment Statistics: Gloomy Reality Forces Many into Foreclosure

Unemployment Remains High: The unemployment rate was 8.5 percent in December of 2011. Source: BLS.gov (Bureau of Labor Statistics)

Underemployment Grows: Another telling measure of frustration in the labor market—the number of underemployed individuals—rose for a third consecutive month in September, by almost a half of a million people. Almost 9.3 million Americans are considered underemployed, defined by the Bureau of Labor Statistics as working part-time for economic reasons, such as unfavorable business conditions or seasonal declines in demand. That’s up from just over 8 million in July . . . Source: U.S. News: The Ranks of the Underemployed Continue to Grow.

Taking MUCH Longer to Find a New Job: The median period of unemployment is now at a historic high; 39.7 (that’s over 9 months) weeks according to the May Report. That’s the highest it has ever been in the history of the survey. . . . The report says that if you’ve been unemployed for less than five weeks, you have a 30 percent chance of finding work in the next month. For those unlucky folks who have been out of work for almost seven months, the chance of finding a job in the next four weeks drops to just 10 percent. Source: ABCNews.com, Report: Time It Takes to Find a Job is Off the Charts

Access NACA’s Job Listing

NACA has positions all over the country – ranging from Mortgage Counselors to Event Organizers. And the pay is none too shabby, as the following jobs plucked from their database illustrate.

Mortgage Counselor Job Details
COMPENSATION RANGE: $45,000 – $65,000 Annual Compensation (View NRCP)
CONTACT:hr@naca.com
BENEFITS: Excellent single/family health and dental PPO, 80% employer contribution, 401K & more.
LOCATION: ATLANTA – Decatur, GA (160 Clairemont Ave, Suite 350)

NACA Organizer Job Details
SALARY RANGE: $30,000 to $45,000+
CONTACT: hr@naca.com
BENEFITS: Excellent single/family health and dental PPO, 80% employer contribution, 401K & more.
LOCATION: NATIONAL – Jamaica Plain, MA (3607 Washington Street)

Good luck applying, and feel free to send in your questions about anything you’ve read in our NACA series (all posts listed below).

Stopping Foreclosure: How to Get Your Home Loan Modified Quickly with the Help of NACA

Stop Foreclosure by Getting a Same-Day Home Loan Modification: Here’s How and Where

How to Stop Foreclosure by Getting a Home Loan Modification, Loan Forbearance and Even a Principal Reduction: 100% Free Foreclosure Help Given by a Reputable Nonprofit Agency