Foreclosure Filings Surge in June 2008

MSNBC is reporting this morning that foreclosure filings June 2008 have surged 53% over the same month a year ago. More and more homeowners are finding they can no longer afford their mortgages, for various reasons, and can't sell because their house is no longer worth what they owe.

If you are facing a foreclosure now or fear that you will be soon, and would like to talk to us about the situation, please call our 24-hour free educational message and leave a message or follow the prompts to be direct connected to us. We will send you our free Consumer Guide to the Foreclosure Process by return very discreet mail. You can also send me an email by clicking this link: Email Me!. We really can help, and we really DO care. Just call 1-800-433-8563 ext. 86186 right away!

Blogging Again

We are back online and blogging now after an extremely busy time in the Arizona real estate market. There have been lots of folks entering the foreclosure process, especially considering what the Arizona market over the last year or two has done to property values. Couple that with ARMs escalating and payments becoming unaffordable and many people find themselves in an impossible situation.

The good news is that the lenders are becoming more willing to work with borrowers and to grant short sales so that a foreclosure auction can be prevented, even in Arizona.

If you are facing a foreclosure now or fear that you will be soon, and would like to talk to us about the situation, please call our 24-hour free educational message and leave a message or follow the prompts to be direct connected to us. We will send you a free Consumer Guide to the Foreclosure Process by return very discreet mail. You can also send me an email by clicking this link: Email Me!. We really can help, and we really DO care. Just call 1-800-433-8563 ext. 86186 right away!

President Bush to Announce Mortgage Plan this Week

In the news today, it's being reported that later this week President Bush may announce a mortgage plan that he's worked out with the mortgage industry. Details are sketchy, but may involve an arrangement whereby banks will freeze the rates of certain subprime mortgages that were taken out from 2005 through the middle of 2007. The targeted adjustable rate loans are scheduled to have their rates (and payments) adjust up between the start of 2008 and mid-2010.

Watch the news later this week to see if this plan is put in place, and what the detail are!

Home Foreclosure Notices Hit Record High

The Associated Press on FOXNews.com reported that "the rate of home loans in foreclosure rose to a record high in the second quarter of 2007" (through June). Many of these loans wound up in foreclosure because they were adjustable rate loans where the borrowers were trying to refinance them into fixed rates but could not.

"It was the third straight quarter in which the foreclosure rate rose to a record-setting level and the worst is likely still ahead" the article continued.

The article reported that the problems are somewhat concentrated in states where the largest property price increases have occurred a few years ago. That includes Arizona, unfortunately.

Borrowers trying to refinance out of their ARMs often find that they owe more than the property is worth, so a new lender will not refinance their loan (unless they could make up the difference in cash, which most cannot). If they can't afford the increased payments and can't sell the property for enough to payoff the loan, these families often wind up facing a foreclosure.

If you would like to read the entire article, click here:

Home Foreclosures Hit Record High

If you are facing a foreclosure now or fear that you will be soon, and would like to talk to us about the situation, please call our 24-hour free educational message and leave a message or follow the prompts to be direct connected to us. We will send you a free Consumer Guide to the Foreclosure Process by return very discreet mail. You can also send me an email by clicking this link: Email Me!. We really can help, and we really DO care. Just call 1-800-433-8563 ext. 86186 right away!

August Foreclosure Filings More Than Double Versus 2006

I saw an interesting and stunning article today on FOXNews.com by the Associated Press. It reported that nationally, the number of foreclosure filings last month have more than doubled since August of last year.

The most amazing figure was what came next, that the number of foreclosure filings has increased 36% from LAST MONTH! This is an incredible jump. All indications are saying it will get worse before it gets better, especially after more and more subprime and adjustable rate loans start to reset to market interest rates this year and next.

Arizona is among the top 10 states with the highest foreclosure rates, ranking #7.

Speaking of the RealtyTrac, Inc. real estate tracking company, the article stated "August's (2007) total represents the highest number of foreclosure filings reported in a single month since the company began tracking monthly filings two years ago."

"Lagging home sales and flat or decreasing home prices have also left homeowners unable to make their mortgage payments hard-pressed to find buyers." Many of these houses wind up going back to the banks at auction, since often the opening bid (typically what the foreclosing mortgage company is owed) is more than what the property is worth. No one bids and then the property becomes the bank's (REO or real-estate owned).

If you'd like to read the whole article, it's here:

August Foreclosure Filings More Than Double Versus '06

Don't Wait to Stop Foreclosure!

Recently we had something sad happen. Someone called us to help with their pending foreclosure, but they called just two days before the auction was to occur. We scrambled to contact the bank with their authorization, but the bank was determined to take them to auction. They were too far along in the process to stop the wheels from turning.

We tell clients that the foreclosure process is like a train that is hard to slow down or stop once it gets going. The best thing to do is to take proactive action early in the process. That gives us the best chances for success in getting a more positive result for our clients.

These days, with all the foreclosures happening nationwide, the mortgage companies are absolutely slammed with paperwork. They are buried in foreclosures and take a long time to respond to our requests to prevent them. They've had to hire a lot of new (and often untrained) staff to cope with the enormous volume. Sometimes their staff quits and leaves lots of files incomplete, which can take even longer. We cope with this everyday, and I can tell you for sure that the sooner we get started, the better the chances of success are for everyone.

If you are facing a foreclosure now or fear that you will be soon, and would like to talk to us about the situation, please call our 24-hour free educational message and leave a message or follow the prompts to be direct connected to us. We will send you a free Consumer Guide to the Foreclosure Process by return very discreet mail. You can also send me an email by clicking this link: Email Me!. We really can help, and we really DO care. Just call 1-800-433-8563 ext. 86186 right away!

U.S. June Foreclosures Up 87% from Last Year

Web news digest MoneyNews.com reported some sobering statistics today.

U.S. foreclosures for the month of June were up 87% over the same month last year. The article reports that "a spokesman for RealtyTrac told Bloomberg that an estimated 58 percent of properties in the foreclosure process are linked to borrowers with sub-prime loans. RealtyTrac forecasts U.S. foreclosures will reach 1.8 million by the end of the year."

Sales of existing houses also continue to be sluggish, with the National Association of Realtors revising its sales forecast down for the remainder of 2007 for the fifth consecutive month and widening its predicted drop in existing home values. NAR predicted existing home sales will hit 6.11 million units this year, down from the 6.18 million units it predicted last month.

Arizona ranked 5th by RealtyTrac in foreclosure filings, with one Notice of Trustee Sale for every 383 households, behind Nevada, California, Colorado and Florida. The national average is one for every 704 households.