Why the foreclosure nightmare isn’t over yet for many homeowners


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One missed mortgage payment 5 years ago sends a family into foreclosure hell

The Moodys missed a single mortgage payment in February 2009 after Paul injured his back, lost his job, and drew down his bank account faster than expected. Five years later, after wrangling with three different mortgage servicers, two foreclosure attempts, and more than a dozen different applications for loan modifications, the Moodys still haven’t come to a resolution.

“I need to move on,” says Paul Moody, 46, a land surveyor who lives in a rural stretch of Maryland’s Eastern Shore. “It’s destroyed our credit. It’s destroyed our quality of life.”

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Read the rest of this article on how the foreclosure crisis rages on with no end in sight for many homeowners — seven years after it officially started.

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© 2014 Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

How Home Foreclosure Auctions Work: An In-Depth Tutorial


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When a home goes into foreclosure, it generally means the owner of the home is 90 days or more behind on his payments. At this time, the lender can start foreclosure proceedings. If the homeowner cannot stop the foreclosure, the property goes to auction.

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In the absolute auction format, the home is sold to the highest bidder, regardless of the price. In the auction with reservation format, the seller of the auctioned home may reject the sale for any reason. This isn’t normally used in foreclosure auctions, because the seller has no choice but to sell.

Read the rest of this article on how foreclosure auctions work.

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© 2014 Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

Foreclosure Statistics: U.S. Cities with the Highest Foreclosure Rates in 2014 So Far


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One in every 438 homes received a foreclosure filing in January 2014

The rise in foreclosure activity was driven by a surge in foreclosure starts — properties that have started the foreclosure process and scheduled foreclosure auctions.

The monthly increase in January foreclosure activity was somewhat expected after a holiday lull, but the sharp annual increases in some states shows that many states are not completely out of the woods when it comes to cleaning up the wreckage of the housing bust …

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Gain more insight into the state of foreclosures in U.S. for the first part of this year in the article, The 14 US Housing Markets With The Worst Foreclosure Rates.

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© 2014 Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

Can Crowdfunding Save a Family’s Home from Foreclosure? You’re Going to be Amazed at How This Turned Out


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Bet You Never Thought of This Way to Stop Foreclosure

He’s lost his mother to illness and his childhood home is in foreclosure. … After his mom died and his father was forced to stop working following a series of debilitating physical injuries, DeCesare turned to his last, great hope: strangers on the Internet [to save his family’s home from foreclosure].

He needed to raise $40,000 and turned to crowdfunding as a way to raise the money.

What Is Crowdfunding?

In case you don’t know, it’s the practice of getting money for a project/cause by raising many small amounts of money from a large number of people, typically via the Internet. There are online companies set up specifically for this purpose eg, Kickstarter, but you can do it yourself. How? For example, you could solicit funds from friends/family on your Facebook page.

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Read the rest of the article, Can crowdfunding save this family’s home from foreclosure? on Yahoo! News.

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© 2014 Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

Foreclosures Surging in New York and New Jersey — Why?


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STOP! If You Take It Or Trash It You Might Be in Trouble

New Jersey has surpassed Florida in having the highest share of residential mortgages that are seriously delinquent or in foreclosure, with New York third, a Mortgage Bankers Association report showed last week. This is  threatening a housing rebound in one of the country’s most densely populated areas.

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Read the rest of the article, Foreclosures Surging in New York-New Jersey Market, at Bloomberg Business News.

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© 2014 Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

Stripping Foreclosures: What Homeowners Can Legally Remove from a Home & What They Can’t


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STOP! If You Take It Or Trash It You Might Be in Trouble

This article details fixtures that should not be removed from a home that is in foreclosure, and those that the homeowner can legally take without fear of prosecution.

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Get the full scoop at About.com’s Home Buying & Selling section in the article, Stripping Houses After a Foreclosure: What Stays With the House After Foreclosure?

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© 2014 Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

Life After Foreclosure: Some Survival Tips


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Insight into How to Get Back on Your Feet After Foreclosure

If you’re in foreclosure, facing foreclosure or have recently lost your home in a foreclosure, here are some survival tactics on looking for a place to live, how to rebuild your credit and finding a job that you can use to keep moving forward.

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Get this free “foreclosure survival guide” at DrPhil.com. It offer some basic, but very good advice (Word document download).

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© 2014 Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

Life After Foreclosure: Some Surprising Insights


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What Happens to People Who Lose Their Home to Foreclosure? It’s Not as Bad as You May Think

While foreclosure does force many people to move, most do not end up in “substantially less” desirable neighborhoods or more crowded living conditions. Although, they are less likely to live in owner-occupied housing and also tend to move to denser, more urban neighborhoods.

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Read the rest of this article on MSN Money.

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© 2014 Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

Foreclosures Fall to Lowest Point in 8 Years


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U.S. Housing Market Gets Some Good News

The rate of new foreclosures in the U.S. dropped to the lowest level in eight years as rising property prices erased negative equity and allowed more delinquent homeowners to sell without losing money.

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Read the full story on Bloomberg.

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© 2014 Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

When to Do a Deed in Lieu of Foreclosure


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Dear Debt Adviser,

My husband and I are struggling to make ends meet. We’re retired and owe a lot more on our home than it is worth. The payments are too high for our fixed income, and we’re trying to find the best way to handle this. As far as we can tell, we wouldn’t be able to refinance the home at a lower interest rate since our debt-to-income ratio is too high.

We are thinking instead of a deed in lieu of foreclosure, which I think would allow us to walk away from our mortgage. Our credit score will take a hit, but at this point in our lives, it doesn’t matter. Do you think this would be our most beneficial route to take? Thank you for your advice.

-Peggy

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Get the answer to this question on FoxBusinessNews.com.

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