If you"™ve been reading HotProperty"™s coverage of the foreclosure crisis, you"™re not going to be surprised by RealtyTrac"™s latest report, which shows that foreclosure filings jumped 7% in May compared to the previous month and rose 48% compared to May 2007.
The foreclosure filing rate in Nevada was the worst in the country as it has been for many months. California had the highest number of foreclosures. And the problems continue to worsen in Florida.
Digging lower down the list, I found something interesting. Maryland, which had the sixth worst foreclosure rate in April, had fallen back to No. 22 on the list in May. The May rate of foreclosure filings dropped by 61% in Maryland from a month earlier. Why such a big drop off? One possibility: a new law in Maryland that took effect in April gives distressed homeowners a little breathing room. Lenders must wait at least 90 days after a borrower defaults on a loan before initiating foreclosure proceedings. Lenders must also warn homeowners at least 45 days in advance that they are initiating foreclosure actions.
Other states are also taking action to give borrowers more time to work out problems. Lenders are swamped with filings and can"™t necessarily give borrowers the attention they need.
RE: Some think the Gov. needs a rite to do something
It's a shame. The Government doesn't need to step in a do anything. The last thing lenders want to do is foreclose on somebody. However, they do owe it to their share holders the ROI and at times foreclosure is the only way to protect their rights. Even in foreclosure though, homeowners still are protected in many states. They have the ability up until the new deed is recorded to make good on the loan.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
RE: Some think the Gov. needs a rite to do something
True. In many states you have up to a couple of yearsto redeem your foreclosed home by paying off the loan or the purchaser, whichever is less.Problem is that you probably won't have the money and no one is going to lend it to you unless you got a terrific job in the meantime.
Your best course is to look into bankruptcy BEFORE the foreclosure. A wage earner plan, if you have a job, may allow you to pay off a portion of your bills over a 3-5 year period and keep your home and most of your stuff. You will still have to pay off your home mortgage and any home equity loans in full, but the trustee may be able to get the lenders to renegotiate the mortgage.
If you have a job, you should confer with a lawyer who specializes in banruptcy and see if there is a way you can work your way back to financial health and keep your home.
RE: Some think the Gov. needs a rite to do something
Quote:
ORIGINAL: nodog
Quote:
ORIGINAL: Fieldmouse
It's a shame. The Government doesn't need to step in a do anything.
Shame, ya.
Please explain to me why I have less right to my money and/or propertythen they have to theirs?
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
RE: Some think the Gov. needs a rite to do something
Quote:
ORIGINAL: don128
Easy answere to that, your'e man I assume your'e, is in office and you now have to pay for his screw ups. so now is not the time to complain.
??? what are you talking about. Please explain?
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
Location: Northern Missouri\'s Grand River Outfitters
Posts: 334
RE: Some think the Gov. needs a rite to do something
Quote:
ORIGINAL: Fieldmouse
Quote:
ORIGINAL: don128
Easy answere to that, your'e man I assume your'e, is in office and you now have to pay for his screw ups. so now is not the time to complain.
??? what are you talking about. Please explain?
simple, the administration blew it with mortgage companies, let them lobby their way up to even help and getunlimited loan action.until they went for their own insurance coverages for a loss, now k-oss, so the new admin may have to save what this admin allowed to rape it. so you gotta finance your'e own creation, if you voted them in.
RE: Some think the Gov. needs a rite to do something
Quote:
ORIGINAL: don128
Quote:
ORIGINAL: Fieldmouse
Quote:
ORIGINAL: don128
Easy answere to that, your'e man I assume your'e, is in office and you now have to pay for his screw ups. so now is not the time to complain.
??? what are you talking about. Please explain?
simple, the administration blew it with mortgage companies, let them lobby their way up to even help and getunlimited loan action.until they went for their own insurance coverages for a loss, now k-oss, so the new admin may have to save what this admin allowed to rape it. so you gotta finance your'e own creation, if you voted them in.
Your making absolutely no sense. Do you even know anything about the home mortgage market? Because by what your posting tells me you have no idea.
My question I want to know the answer to, Why is my money/property worthless then the one who is forclosed on? If it's my money that boght that house in an agreement to terms they signed, why am I not allowed to say get out, it's my house because your not living up to the terms you agreed to? By saying I'm not allowed to forclose on a propert in default takes food from my childs mouth and I want to know why thats fare.
__________________
John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
Some think the Gov. needs a rite to do something
