Category Archives: North Salem

Treasury foreclosure prevention info-push begins final phase | Mount Kisco NY Real Estate

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Wednesday morning the Treasury Department, U.S. Department of Housing and Urban Development and Ad Council will launch the final phase of their Foreclosure Prevention Assistance public service advertising campaign.

The third phase of the PSA is in an effort to increase awareness of the resources and assistance for struggling homeowners through the Making Home Affordable Program, which is now extended through December 2013.

“Research conducted by the Ad Council shows that many struggling homeowners delay conversations about their mortgage concerns because they feel confused about where to turn for help and whom to trust,” spokesperson Andrea Risotto of the Treasury and deputy press secretary George Gonzalez of HUD said in a post.

The “whom to trust” bit is the kicker and the Consumer Financial Protection Bureau provides a great example of what to look out for.

Earlier today, the CFPB cautioned distressed homeowners to be weary of the use of government logos in campaigns because two mortgage loan modifications were allegedly ripping-off struggling homeowners using false advertising.

The CFPB forced Gordon Law Firm and the National Legal Help Center to halt all operations after investigating the two entities for allegedly scamming borrowers.

The protection bureau said the two parties took in more than $10 million by falsely promising homeowners they had the ability to prevent foreclosures and renegotiate troubled mortgages for borrowers.

Here’s an example of a real ad.

Going forward there are various signs to spot a scam. Be suspicious if an ad or someone suggests paying high fees upfront to receive services, promises of a loan modification and making payments to someone other than your servicer or lender.

However, distressed homeowners can rest assure that the final installment of the PSA campaign is the real deal and the unveiling tomorrow is being done so in struggling homeowners’ best interest.

Don’t believe me? Check it out for yourself tomorrow morning.

via housingwire.com

The Foreclosure Iceberg is Slowly Melting | North Salem NY Real Estate

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The shadow and visible inventories of foreclosures accumulated during the processing slowdown in the wake of the Robogate scandal are slowing shrinking, absorbed by healthy demand so health that distress sales are actually rising faster on a national basis that full-priced homes.

CoreLogic reported Monday that October prices that exclude distress sales rose only 5.8 percent while prices that include distressed sales increased on a year-over-year basis by 6.3 percent in October 2012, the biggest increase since June 2006 and the eighth consecutive increase in home prices nationally.

In a separate report, CoreLogic said that despite the demand only 58,000 foreclosures were completed in October, a year-over-year decrease of 17 percent and a decrease of 25 percent from September.

There are still 1.3 million foreclosures in the visible inventory, a decline of only 13 percent from a year ago, when there were 1.5 million backlogged in the final months before the AG settlement was reached. Some 3.9 million foreclosures that have been completed since the housing crisis began in September 2008.

With demand strong and new standards in place, the pace of foreclosure completions could pick up next year. Where this will happen is very import to investors. As time passes, the differences between markets in judicial and non-judicial states continue to increase, and a handful of markets, largely in the Midwest and Northeast, today are the hotbeds of foreclosure activity

Here’s how CoreLogic sees the geography of foreclosure completions:

  • The five states with the highest number of completed foreclosures for the 12 months ending in October 2012 were: California (105,000), Florida (95,000), Michigan (68,000), Texas (59,000) and Georgia (54,000).These five states account for 49.0 percent of all completed foreclosures nationally.
  • The five states with the lowest number of completed foreclosures for the 12 months ending in October 2012 were: South Dakota (19), District of Columbia (64), Hawaii (452), North Dakota (511) and Maine (643).
  • The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.1 percent), New Jersey (7.7 percent), New York (5.3 percent), Illinois (5.0 percent) and Nevada (4.8 percent).
  • The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and South Dakota (1.0 percent).
via realestateeconomywatch.com