Friday, September 18, 2009

No relief from foreclosure heat in August

  • Bank Repossessions were down, but defaults keep increasing. With foreclosures doing what they're doing it will still be a long time before the housing recovery happens.

    tags: foreclosures, reos

    • month-over-month and year-over-year decrease in bank repossessions (REOs)
    • total foreclosure activity in August remained close to the record high set in July
    • increasing defaults and scheduled foreclosure auctions
    • 358,471 U.S. properties received foreclosure filings
    • an increase of nearly 18 percent from August 2008.
    • The August report demonstrates that there is still an ample supply of properties filling the foreclosure pipeline even
    • we also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction
    • Nevada, Florida and California posted the three highest state foreclosure rates in August. These three states, along with Michigan, Arizona and Illinois, accounted for more than 60 percent of the nation's total foreclosure activity

Posted from Diigo. The rest of my favorite links are here.

Signs of Foreclosure Prevention Scam

  • If foreclosure prevention companies ask for money upfront, guarantee success, and ask you to send money too them, they are a foreclosure prevention scam.

    tags: foreclosures, prevention

      • Here are some red flags that should make a home owner run in the opposite direction:
        • If the company guarantees success. Nobody can guarantee a lender won’t foreclose or will modify a loan.
        • If the company wants money upfront. "We can't say all advance fees are illegal," Kirtz says, “But in most cases they're probably bogus."
        • If the company wants the home owner to send mortgage checks directly to the modification firm. The only certainty there is that the company will cash the checks.

Posted from Diigo. The rest of my favorite links are here.