Although foreclosure filings were down for the third month in a row in October, foreclosure filings continue to rise.
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In an attempt to keep foreclosed families from becoming homeless, mortgage buyer Fannie Mae has come up with a program that will rent homes back to delinquent borrowers at market rates.
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While Florida foreclosure numbers fell 6 per cent between the second and third quarter, the state still shows that approximately 1 out of every 158 homeowners is currently in some stage of the foreclosure process. While no one can give exact reasons for this slight decrease, some feel that additional short sales, along with the federal government’s push for mortgage modifications, has helped slightly in damming the foreclosure flood.
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Here is a simple foreclosure investment rule of thumb. While it’s certainly possible to make money flipping foreclosures, it takes time, effort, and on many occasions, a good deal of rehab work. Selling them quickly often requires the services of a real estate agent. But, to cite a cliché, it’s not rocket science.
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25 million foreclosures in the next few years sounds like an astronomical number. Since this housing crisis started in 2007, there have been close to 8 million foreclosures through the end of September 2009.
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Despite all the efforts from the federal government and the mortgage lenders, foreclosures are still increasing. On Thursday, RealtyTrac released a report that shows foreclosures were up in the third quarter.
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As home owners across the country are aware, getting a HAMP loan modification has been a nightmare. The paperwork has been at the crux of the problem. Recently U. S. Secretary of the Treasury, Tim Geithner, celebrated as the goal of 500,000 “trial modifications” approved was reached earlier than had been anticipated.
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The headline in the Wall Street Journal says "US Effort to Modify Mortgages Fails." The government has worked for almost two years to get mortgage lenders to adjust mortgage terms to allow people to stay in their homes rather than to foreclose.
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On October 17, 2005 sweeping bankruptcy reform laws went into effect forever changing the rules of debt collection in this nation. Consumer advocates and the public appear to be completely unaware of the total and complete victory of the creditors under the new legislation. This article opens the door to the Trogan Horse so that consumers can prepare themselves for the worst.
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Unless homeowners, authorities and mortgage lenders do something to stop foreclosures in Oregon the state's foreclosure filings will pass beyond the mark of every house out of 525 being up for foreclosures. Oregon has had one of the highest foreclosure filings in the country, rates jumping to 89.8 percent since May 2008.
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RealtyTrac®, released its U.S. Foreclosure Market Report for the first quarter of 2009, which shows that foreclosure activity was reported on just over 800k properties in the first quarter. This was nearly a 10% increase from the fourth quarter of 2008, and an increase of more than 20% from the same time period in 2008. The sad news is that 1 in every 159 U.S. homes received a foreclosure filing during the first three months of 2009.
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After reviewing many of the articles on the internet today, there are some attorneys who estimate that the documents belonging to as many as 50% of the mortgages made between 2001-2008 have been lost or destroyed, which if the Produce the Note strategy works, could leave lenders VERY vulnerable.
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