subject: Court Involvement A Key Factor In Foreclosure Rates [print this page] In February, there was a noticeable disparity of foreclosure rates throughout the countryabout half-and-half, in fact.
National Public Radio, NPR, pointed out an interesting key factor in a recent article about the split.
The increase occurred across 26 states where the courts supervise the foreclosure process. In contrast, the 24 states where the courts do not play a role in the process saw activity decline in February, as reported by RealtyTrac, in an NPR article.
Although the rates are uneven, as a whole, rates of homeowners in need of help with foreclosure have increased throughout the country. Ironically, this spike occurred since the $25 billion foreclosure fraud settlement was reached last month.
Were not just seeing an increase in properties starting the foreclosure process, as we have in previous months, but were starting to see dramatic increases in properties completing the foreclosure process in many of those judicial foreclosure states, said Daren Blomquist, a vice president at RealtyTrac, in an NPR article.
What does this mean for home values through the 2012 year?
Increased loans in mortgage default and rampant foreclosures are not a good look for the housing market. Throughout the next several months, home values are predicted to plummet, unfortunately.
Restructuring your mortgage on your own is a difficult thing to do. A foreclosure lawyer can help provide mortgage rescue for homeowners.
There are about 335 federal and state mortgage lending laws that could have been violated in your own mortgage documents. The Mortgage Forensic Audit is used to uncover these predatory lending practices and then used as legal leverage to secure a modification with a lender.
Rates might continue to rise, but there are always options and people there to help with foreclosure.
Saving Homes and Building Homes A Group Effort:
Here is my blog-post handshake!
My name is Sarah and I am the writer and editor of Foreclosure Today here at The Foreclosure Law Center, a Mortgage Law Firm that specializes in help with foreclosure, in Philadelphia. Our goal is to help keep as many families as possible in their homes and making monthly mortgage payments they can afford.
This blog keeps our clients and readers up-to-date on the foreclosure crisis and is used as a place to share client stories. After my recent building venture with an organization in a similar field, Habitat for Humanity, I would also like to share my story.
About three years ago my friend Tara embarked on a Habitat mission in Hawaii. We always talked about going on a build together and began making moves this October, with four of our friends, on planning a build in Houston, TX.
I wasnt sure what to expect but I knew that helping people from a different angle of the housing crisis would be a great learning experience.
Our company works to save homes each daywhy not help build them?
Habitat for Humanity is a nonprofit organization dedicated to eliminating poverty and substandard housing throughout the world.
The Habitat volunteers believe that every person deserves, at least, a simple and decent place in which to live and grow, as described on the website.
The Foreclosure Law Center staff has these same qualities and beliefs.
Last week, my five friends and I headed south for a project that really opened our eyes to true poverty in the U.S. and worldwide.
We met other volunteers who we related with and learned from throughout the week. We came from all different backgrounds and cities, but all with one common goalhelping others.
On any given night in America, anywhere from 700,000 to 2 million people are homeless, according to estimates of the National Law Center on Homelessness and Poverty.
Both the housing and foreclosure crises affect many more people than imaginable.
About 250,000 new families enter foreclosure every three months, according to the Mortgage Bankers Association.
Our countrys economic status will not fix itself, but with help from organizations like Habitat, and foreclosure lawyers, there is one thing that those struggling can count onhope.
