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asked: I was just wondering how many people on here, or people that you know are going through mortgage troubles, or foreclosures, it’s happening to us and I wanted to see how widespread this damn thing is.
Tags: Damn Thing, Mortgage Foreclosures, Mortgage Troubles
February 11th, 2008 |
February 14th, 2008 at 3:22 pm
No one I know personally is going through foreclosure. Foreclosures are harder hitting in some areas. The states with the most foreclosures are: California, Florida, Arizona, Colorado, Massachusetts, Georgia, Connecticut, Ohio and Michigan, in order.
The average across the United States is one foreclosure for about ever 530 homes. Remember, this is an average. Local markets in the top 10 states listed above will have more than that. The other state will have less than that.
February 16th, 2008 at 8:52 pm
I am in CA, where it is highest, I am even in the hardest hit area of CA. 3% of homes are either in trouble or foreclosing.
97% of people are good to go though! It depends on how you are looking at it.
February 18th, 2008 at 6:13 am
I am a real estate professional helping people who are in this type of trouble and I get calls everyday from friends and family who have referrals of people they know who need my help. I also live in California. I live in the Orange county area and almost every block I pass through everyday has a for sale sign and about 75% of those are in some sort of distress. It is so bad out here. I helped a client buy a home early last year for 630K in a middle class area and because of the current maket conditions that same house is now worth 399K. It is really sad.
I wish you lots of luck. Stay positive. I hope you have spoken to your lender to try and make arrangements to avoid losing your home. If that is not an option than try to enlist a Real estate agent to help you shortsale your property. It is better than an actual forslosure.
February 21st, 2008 at 1:53 pm
foreclosures have not been this bad since the mid 90s. I work for a bank.. in the foreclosure dept- commerical real estate.
If i can offer any advice- be as candid as possible with the lender. Lenders will work out forbearance agreements if feasible. The more people avoid the reality, the less likely the lender would be willing to negotiate.
In regards to short sale, have your facts and hopefully a buyer lined up before approaching your lender- as foreclosure can happen quickly depending on what state you are in. If you can work out something prior to any foreclosure due diligence reports (appraisal/environmental, etc) you could save yourself 5-8,000 in reinstatement costs.
hope that helps.