Ada County Market Report

Notice of Default and Notice of Sale for Ada County 5-3-2010

2010-05-10T09:35:00.001-06:00

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

Ada County Notice of Sale and Notice of Defaults for 4-26-2010

2010-04-27T10:10:00.001-06:00

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

Click here to download:

ada_county_ (61 KB)

Notice of Default and Notice of Sales in Ada County 4-20-2010

2010-04-20T08:59:00.001-06:00

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

http://www.scribd.com/doc/29908560/ADa-NOS-4-14-2010

Notice of Sale and Notice of Default for Ada County 4-14-2010

2010-04-14T08:38:00.001-06:00

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

Ada County Notice of Sale and Notice of Defaults for 4-5-2010

2010-04-07T12:08:00.001-06:00

The Notice of Sale and Notice of Defaults are out for the week. And the Notice of Defaults are at the highest level I have seen since I started tracking them over 42 weeks ago. Notice of sales are at the third highest level over the past 42 weeks. For current market trends and past files to view and download. Just click on the links below. Don't forget to subscribe if you haven't already. just click here!

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

Notice of Default and Notice of Sale Filings for Ada County 3-30-2010

2010-03-30T11:44:00.001-06:00

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

Click here to download:

ada_county_ (62 KB)

Notice of Sale and Notice of Default for Ada County 3-22-2010

2010-03-24T22:35:00.001-06:00

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

3/15/2010 Notice of Sales and Notice of Defaults for Ada County

2010-03-16T10:16:00.001-06:00

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

Notice of Default and Notice of Sale filings out for week ending 3-1-2010

2010-03-02T15:41:00.001-07:00

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

When It's OK to Walk Away From Your Home -WSJ (Wow, this is Crazy Stuff) American as Apple Pie?

2010-03-01T09:36:00.001-07:00

Millions of Americans are now deeply underwater on their mortgage. If you're among them, you need to stop living in a dream world and give serious thought to walking away from the debt.

No, you shouldn't feel bad about it, and you shouldn't feel guilty. The lenders would do the same to you—in a heartbeat. You need to put yourself and your family's finances first.

How widespread is this? More than 11 million families are in "negative equity"—that is, they owe more on their home than it is worth—according to a report out this week by FirstAmerican Core Logic, a real-estate data firm. That's a quarter of all families with mortgages. And for more than five million of those borrowers, the crisis is extreme: They are more than 25% underwater—the equivalent of having a $100,000 loan on a property now worth just $75,000 or less. That's true for a fifth of mortgage holders in California, nearly a third in Florida and an incredible 50% in Nevada.

Are you in this situation? Are you still battling to pay the bills each month, even when it may make little financial sense to do so?

It's time for some tough talk.

Stop trying to chase your lost equity. That money is gone. Don't think like the gambler who blows more and more cash trying to win back his losses. That's how a lot of people turn a small loss into a big one.

And do the math. Even if you hope the real estate market is near the bottom—it's possible, but by no means certain—it may still take years to see any meaningful recovery. If you are 25% underwater, your home will have to rise by 33% just to get you back to even.

Is that likely? And over what time period? Even if home prices rose by 5% a year from here, that would still take six years. And during that time you could instead be building fresh savings elsewhere.

View Full Image
Bloomberg News
A real-estate agent moves a torn "Lender Foreclosure" sign outside a foreclosed home in Reno, Nev., last Monday.

If you are reluctant to give up on "your" home, realize that it isn't "yours." If you are in negative equity, it's the bank's home. You're just renting it. And right now you may be paying way above market rates. You need to be ruthless about your cash flow.

Are you worried about the legal consequences of walking away? Certainly, you should check with a lawyer before doing anything, but the consequences will probably be more limited than you think.

In "non-recourse" states, the mortgage lender may have no right to come after you for any shortfall. They may have no option but to take the home, sell it and eat the loss. According to a survey last year by the Federal Reserve Bank of Richmond, such states include negative-equity hot spots California and Arizona. Even in "recourse" states, lenders may have limited ability to come after you. Often they'd have to jump a lot of legal hurdles, and it's just not worth it for them. They're swamped with cases anyway.

"In my experience, right now they're not really going after anyone," says Richard Nemeth, a bankruptcy attorney in Cleveland. "They just don't have the resources."

If you've taken smart steps to protect your money, you may be safer still. For example, money held in a 401(k), Individual Retirement Account or pension plan is sheltered from creditors.

Sure, a strategic foreclosure may hurt your credit score. But if you're in financial difficulties, it's probably already suffered. And your credit score is not the only thing in life that matters.

Still, when it comes to the idea of walking away from debts, many people are held back by a sense of morality. They feel it's wrong to abandon their obligations. They don't want to be a deadbeat.

Your instincts, while honorable, are leading you astray.

The economy is fundamentally amoral.

Sometimes I think middle-class Americans are the only people who haven't worked this out yet. They're operating with a gallant but completely out-of-date plan of attack—like an old-fashioned cavalry with plumed hats and shining swords charging against machine guns.

Do you think your lenders would be shy about squeezing you for an extra nickel if they thought they could get away with it?

They knew what they were doing when they wrote your loan. Many were guilty of malpractice, but they pocketed good money and they've gotten away with it. And if they thought your loan was "risk free," how come they were charging you so much more than the interest on Treasury bonds?

If you're only a small amount underwater on your mortgage, it's probably the case that you're going to be better off staying put. But if you are deeply underwater, it's a different matter.

Whether we like it or not, walking away from debts is as American as apple pie. Companies file for bankruptcy all the time, and their lenders eat the losses. Executives and investors pocketed millions from the likes of Washington Mutual, Lehman Brothers and Bear Stearns when the going was good. They didn't have to give back one cent of that money when the companies went into bankruptcy.

Limited liability, after all, is one of the main reasons every business from your local dry-cleaner to a major multinational gets incorporated in the first place. They're not shy about protecting themselves if things go wrong. You shouldn't be either.

Write to Brett Arends at brett.arends@wsj.com

via online.wsj.com

I was a little taken back from this article, I don't agree with the vibe that Brett is putting out here, If everyone walked away from their mortgage obligation that is underwater, we would have some mass bank failures... um.. well.... um.... evil banks go down in flames... I still don't feel good about it even though I abhor some banks and think they are totally evil. There is still a lot of good banks that haven't taken advantage of the consumer... or is that even possible to say about a bank. Either way, it goes against what we feel is right inside, even if it is a amoral economy. But I do agree with his statement about doing what is right for your family. I know that rationalizing your behavior, and saying things like "they would do it to you if they had the chance" is the same stuff that criminals think to justify their crimes. Justifying like a criminal is not "as American as Apple Pie"

1/11/2010 Notice of Default and Notice of Sale filings for Ada County

2010-01-13T19:20:00.001-07:00

The Notice of Sale and Notice of Defaults are out for the week. For current market trends and past files to view and download. Just click on the links below.

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

1/4/2010 Notice of Default and Notice of Sale filings for Ada County have been updated!

2010-01-08T14:08:00.001-07:00

The Notice of Sale and Notice of Defaults are out for the week. For current market trends and past files to view and download. Just click on the links below.

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

SplusE

AdaCountyMarketReport.com

1/4/2010 Case-Shiller Home Prices Indices

2010-01-04T10:14:00.001-07:00

Download now or preview on posterous

Case-Shiller October 2009.pdf (69 KB)

The following Report is data through October 2009 Released on December 29th 2009.

“The turn-around in home prices seen in the Spring and Summer has faded with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis. All in all, this report should be described as flat.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s

This Report covers the 20 major metro areas, so we can glean what we want from it. At least it gives us a little information on the market for the nation.

Make sure you hit the download link on the bottom of the document preview to get a copy in pdf on your computer.

Thanks

Jeremy E

Troy S

SplusE.com

12/28/2009 Notice of Default and Notice of Sale filings for Ada County

2009-12-31T19:08:00.001-07:00

The Notice of Sale and Notice of Defaults are out for the week. For current market trends and past files to view and download. Just click on the links below. I hope you all have a Amazing New year, 2010 here we come!

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

Why Home Sales are up and down?

2009-12-27T19:16:00.001-07:00

People are hearing in the news that Existing home sales are up, and then they hear a day later that New Construction is down 11.3% ...what the heck!.. YOU MUST understand how the Government reports the two differently.

They report Existing home sales when they close escrow, and they report New Construction when the pen is inked.. when the contract is written, when the deal is has "gone pending". Get it?.

. totally two different time frames.. When I report the numbers on AdaCountyMarketReport.com I use the same reporting for both. So there is no confusion, why not! I'm sure they have good reason for doing it that way, but I can't figure it out. Lets make it real confusing, so people won't understand, and then they will report on it wrong too.

I don't want to be looked as a pessimist, but we need to make sure we don't give people the wrong information, when it actually is not looking as good as it is being reported. I am hearing everywhere that the sales are doing great, and we are out of this mess. When I hear that stuff, it sounds like they are looking at the numbers wrong, the sales are down for both Existing, and New Home sales. Foreclosures are getting worse, and Loan mods are failing. Its time to get real people! We have a long way to go!

If you look at the AdaCountyMarketReport.com videos, both existing, and new construction are down, and things don't look as good as they were. A few months ago Existing home sales were doing good, as was new construction. So don't get too excited when you hear people reporting about Existing home sales being up, that is old news! (like i said earlier, they look at closed escrow transactions on the resale side) We saw that happen 2-3 months ago (when they went pending, when the deal was written). Just check out the article below that I have added, from Dawn at WSJ, she explains it so much better.

(article from WSJ starts here)

We can’t blame you for being confused about housing. Tuesday, the market cheered a surge in existing-home sales. Then comes today’s news that new-home sales slid 11.3% in November, falling to the lowest level since April.

Up, down. Up, down. What gives?

Though the two reports both concern home sales in November, they aren’t really in synch and so aren’t comparable. The National Association of Realtors records existing-home sale data when the home closes, while the government records new-home deals when contracts are inked.

For home resales, there is typically a lag of a month to six weeks between the signing of contracts and the closing. So most of the November sales reported by the Realtors are based on decisions buyers made in September or October. At that point, lots of people were scrambling to buy homes in time to qualify for a tax credit that was due to expire Nov. 30. (It was later extended through April 2010.)

For the new-home sales, the decisions were made in November, when there was no such scramble to qualify for the tax credit.

Existing inventory includes foreclosures, which continue hitting the market and typically command a steep discount to new homes. Buyers, particularly first-timers, are rushing to take advantage of these falling prices. As Wednesday’s Journal points out, first-time buyers made up 51% of purchases in November, according to the Realtors. Sales of foreclosed and other “distressed” properties - which includes homes built during the housing boom - accounted for one-third of the purchases.

Median prices are another issue: The price tag for existing homes came in at $172,600, while new homes registered $217,400.

Housing economists and analysts are eager to see how this plays out in the next few months. It is likely that the tax credit pulled forward demand for both new and existing housing, but no one knows by how much.

“The spring selling season would be critical to determining whether a possible double-dip is at hand, or whether housing’s recovery will regain steam,” writes Carl Reichardt, an analyst with Wells Fargo.

Some experts seem more optimistic than others, particularly when it comes to new homes.

“The new home sales figures didn’t bring any smiles to Wall Street’s face this holiday season,” writes Mike Larson, real estate and interest rate analyst at Weiss Research “Still, I’m not all that surprised. Some giveback was to be expected given the feared expiration of the tax credit and the pull-forward of some demand Now that the credit has been extended and expanded, and the economy has improved a bit more, I suspect sales going forward will find support.”

But Mr. Reichardt, who covers the home builders, remains concerned.

“We are entering poor-weather winter months, when it is more difficult to construct homes in a substantial part of the country, with builders also low on spec units,” he writes. “While [today's] dataset is volatile and could be revised, the poor weather thus far in December also leads us to conclude sales rates could continue to show weakness when reported in late January.”

He also points out that numbers for August, September, and October were revised down by 2%, 3%, and 7%, respectively. Will that happen again? Stay tuned.

Follow Dawn on Twitter at twitter.com/dwotapka

12/21/2009 Ada County Notice of Default and Notice of Sales

2009-12-23T09:37:00.001-07:00

The Notice of Sale and Notice of Defaults are out for the week. For current market trends and past files to view and download. Just click on the links below. Have a Merry Christmas!

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

U.S. FORECLOSURE ACTIVITY DECREASES 8 PERCENT IN NOVEMBER

2009-12-15T14:22:00.001-07:00

U.S. FORECLOSURE ACTIVITY DECREASES 8 PERCENT IN NOVEMBER
By RealtyTrac Staff
Activity Up 18 Percent From November 2008, But Down 15 Percent From July Peak
More Than 300,000 Properties Receive Foreclosure Filings for Ninth Straight Month

IRVINE, Calif. – Dec. 10, 2009 – RealtyTrac® (http://www.realtytrac.com/gateway_co.asp?accnt=137300), the leading online marketplace for foreclosure properties, today released its November 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 306,627 U.S. properties during the month, a decrease of nearly 8 percent from the previous month but still up 18 percent from November 2008. The report also shows one in every 417 U.S. housing units received a foreclosure filing in November.

“November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level we’ve seen since February,” said James J. Saccacio, chief executive officer of RealtyTrac. “Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation’s ailing housing market — foreclosures and home value depreciation. This is providing a welcome respite for the real estate industry, but a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years.”

Default notices nationwide were down 8 percent from the previous month but still up 22 percent from November 2008, scheduled foreclosure auctions were down 12 percent from the previous month but still up 32 percent from November 2008, and bank repossessions were flat from the previous month and down 2 percent from November 2008.

Nevada, Florida, California post top state foreclosure rates
Nevada foreclosure activity decreased by a double-digit percentage for the second straight month, but the state continued to document the nation’s top foreclosure rate with one in every 119 housing units receiving a foreclosure filing in November — 3.5 times the national average. A total of 9,295 Nevada properties received a foreclosure filing during the month, a 33 percent decrease from the previous month and also a 33 percent decrease from November 2008. Nevada’s November total was 52 percent below its July total of 19,535 properties with foreclosure filings.

Florida posted the nation’s second highest state foreclosure rate in November with one in every 165 housing units receiving a foreclosure filing during the month. Florida took the No. 2 spot from California, which posted the nation’s third highest foreclosure rate — one in every 180 housing units received a foreclosure filing during the month.

After three straight months of decreases, Arizona foreclosure activity increased nearly 8 percent in November and the state documented the nation’s fourth highest foreclosure rate with one in every 186 housing units receiving a foreclosure filing.

Despite a nearly 2 percent decrease in foreclosure activity from the previous month, Idaho posted the fifth highest state foreclosure rate in November with one in every 259 housing units receiving a foreclosure filing.

Other states with foreclosure rates ranking among the nation’s 10 highest were Michigan, Illinois, Utah, Maryland, and New Jersey.

Four states account for more than 50 percent of national total
For the second month in a row, the same four states accounted for 52 percent of the nation’s total foreclosure activity: California, Florida, Illinois and Michigan.

Despite a 13 percent decrease in foreclosure activity from the previous month, California continued to post the highest total of any state with 73,995 properties receiving a foreclosure filing in November — still up 22 percent from November 2008 but down nearly 32 percent from its July peak of 108,104. November marked the fourth straight month that California foreclosure activity has declined on a month-over-month basis.

After two straight month-over-month decreases, Florida foreclosure activity increased slightly in November. A total of 52,935 Florida properties received foreclosure filings during the month, an increase of nearly 2 percent from the previous month and up nearly 8 percent from November 2008.

Illinois foreclosure activity decreased nearly 18 percent from a record high in October, but the state’s 16,422 properties receiving foreclosure filings in November was still nearly 108 percent higher than November 2008 and third highest among all the states.

A total of 15,988 Michigan properties received foreclosure filings in November, a decrease of nearly 3 percent from the previous month but still nearly 10 percent above the state’s total in November 2008.

Other states with totals among the 10 highest in the country were Arizona (14,349), Texas (12,095), Ohio (10,587), Georgia (9,664), Nevada (9,295) and New Jersey (9,227).

Las Vegas drops out of top spot among 10 highest metro foreclosure rates
After four straight months with the nation’s top foreclosure rate among metropolitan areas with a population of at least 200,000, Las Vegas dropped to No. 5 thanks to a 33 percent decrease in foreclosure activity from the previous month. One in every 102 Las Vegas housing units received a foreclosure filing in November — still more than four times the national average.

The top three metro foreclosure rates were in California. Merced took the top spot, with one in every 83 housing units receiving a foreclosure filing in November thanks in part to a 21 percent increase in foreclosure activity from the previous month. Stockton foreclosure activity increased 37 percent from the previous month, and the city documented the nation’s second highest metro foreclosure rate with one in every 85 housing units receiving a foreclosure filing. Despite a 7 percent decrease in foreclosure activity from the previous month, Modesto posted the nation’s third highest metro foreclosure rate, with one in every 87 housing units receiving a foreclosure filing in November.

Other California metro areas with foreclosure rates in the top 10 were Riverside-San Bernardino-Ontario at No. 6 (one in every 102 housing units); Bakersfield at No. 7 (one in 111); Vallejo-Fairfield at No. 9 (one in 126); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 132).

Florida accounted for two of the top 10 metro foreclosure rates: Cape Coral-Fort Myers at No. 4 with one in every 96 housing units receiving a foreclosure filing; and Orlando-Kissimmee at No. 8 with one in every 120 housing units receiving a foreclosure filing.

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

U.S. Foreclosure Market Data by State – November 2009

Properties with Foreclosure Filings

Rate Rank State Name NOD LIS NTS NFS REO Total 1/every X HH (rate) %Change from Oct 09 %Change from Nov 08

-- United States
44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

31

Alabama

0

0

1,349

0

796

2,145

996

-12.34

249.92*

33

Alaska

2

0

207

0

63

272

1,038

-10.53

51.96

4

Arizona

8

0

9,823

0

4,518

14,349

186

7.52

9.23

26

Arkansas

125

0

1,021

0

426

1,572

819

-16.91

1.95

3

California

30,071

0

29,125

0

14,799

73,995

180

-13.38

22.32

11

Colorado

22

0

3,299

0

1,883

5,204

409

3.11

-2.31

20

Connecticut

0

1,585

0

95

434

2,114

680

-8.33

-3.69

29

Delaware

0

0

0

220

223

443

877

0.91

87.71

District of Columbia

0

0

316

0

46

362

785

40.31

5.23

2

Florida

0

32,276

0

13,806

6,853

52,935

165

1.97

7.61

12

Georgia

0

0

6,460

0

3,204

9,664

410

-22.49

-3.39

15

Hawaii

96

0

580

0

196

872

581

-5.73

121.88

5

Idaho

1,202

0

1,095

0

135

2,432

259

-1.58

89.41*

7

Illinois

0

8,524

0

2,840

5,058

16,422

319

-17.67

107.64

17

Indiana

0

1,344

0

1,477

1,392

4,213

659

-3.94

-6.02

42

Iowa

0

0

284

0

338

622

2,138

47.04

19.16

37

Kansas

0

198

0

369

311

878

1,389

-5.49

24.01

40

Kentucky

0

250

0

406

351

1,007

1,893

-13.49

135.83

32

Louisiana

0

526

0

818

449

1,793

1,037

40.74*

255.75*

41

Maine

0

39

0

234

92

365

1,909

0.55

21.67

9

Maryland

0

2,342

0

3,317

711

6,370

364

-4.37

83.57

19

Massachusetts

0

1,715

0

1,632

658

4,005

680

-25.98

76.35

6

Michigan

5,954

0

4,982

0

5,052

15,988

283

-2.91

9.55**

18

Minnesota

5

0

1,646

0

1,782

3,433

671

15.09

56.97

46

Mississippi

0

0

206

0

127

333

3,768

-38.22

148.51*

27

Missouri

4

0

1,944

0

1,269

3,217

823

-0.03

11.51†

43

Montana

0

0

3

0

151

154

2,828

45.28

165.52

45

Nebraska

149

0

14

0

53

216

3,615

75.61

500.00

1

Nevada

5,549

0

1,368

0

2,378

9,295

119

-32.85

-33.43

25

New Hampshire

0

0

557

0

198

755

787

-15.83

12.52

10

New Jersey

0

7,499

0

1,028

700

9,227

379

24.10

65.30

38

New Mexico

0

211

0

105

236

552

1,562

-55.63

150.91*

39

New York

0

3,285

0

509

607

4,401

1,804

-8.26

69.20

36

North Carolina

405

0

1,321

0

1,547

3,273

1,260

-5.05

17.19

48

North Dakota

0

0

0

16

30

46

6,751

-22.03

-16.36

13

Ohio

0

3,963

0

3,142

3,482

10,587

478

-9.09

-17.82

34

Oklahoma

0

592

0

560

325

1,477

1,099

-4.83

44.95*

14

Oregon

35

0

1,877

0

943

2,855

564

-9.65

-3.71

35

Pennsylvania

0

1,905

0

1,694

1,366

4,965

1,103

-10.46

24.94

21

Rhode Island

0

0

482

0

174

656

687

-27.35

-26.70

30

South Carolina

0

1,047

0

261

911

2,219

911

-23.19

9.80

44

South Dakota

0

50

0

30

28

108

3,308

2.86

140.00

23

Tennessee

0

0

1,721

0

2,004

3,725

731

-7.57

7.44

24

Texas

19

0

6,818

0

5,258

12,095

780

2.52

54.21

8

Utah

1,079

0

614

0

977

2,670

347

11.11

33.30

50

Vermont

0

0

2

0

14

16

19,465

6.67

-27.27

22

Virginia

31

0

2,998

0

1,561

4,590

713

-16.30

-19.39†

28

Washington

1

0

1,719

0

1,568

3,288

835

-1.47

15.45

49

West Virginia

0

0

9

0

105

114

7,743

14.00

235.29

16

Wisconsin

0

2,062

0

1,354

878

4,294

596

-0.39

118.30

47

Wyoming

0

0

3

0

41

44

5,508

-33.33

-56.00

*Actual increase may not be as high due to data collection changes or improvements
**Collection of records classified as NOD began in August 2009 because of change in state law
† Collection of some records previously classified as NOD in this state was discontinued starting in January 2009

About RealtyTrac Inc.
RealtyTrac (http://www.realtytrac.com/) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures. RealtyTrac publishes a blog with daily updates on the foreclosure market (www.foreclosurepulse.com) and a monthly print newsletter covering the foreclosure market in depth (www.foreclosurenewsreport.com).

###

Media Contact:
Michelle Sabolich
Atomic Public Relations
415-402-0230
michelle.sabolich@atomicpr.com

		Properties with Foreclosure Filings
Rate Rank	State Name	NOD	LIS	NTS	NFS	REO	Total	1/every X HH (rate)	%Change from Oct 09	%Change from Nov 08
--	United States	44,757	69,413	81,843	33,913	76,701	306,627	417	-7.72	18.35
31	Alabama	0	0	1,349	0	796	2,145	996	-12.34	249.92*
33	Alaska	2	0	207	0	63	272	1,038	-10.53	51.96
4	Arizona	8	0	9,823	0	4,518	14,349	186	7.52	9.23
26	Arkansas	125	0	1,021	0	426	1,572	819	-16.91	1.95
3	California	30,071	0	29,125	0	14,799	73,995	180	-13.38	22.32
11	Colorado	22	0	3,299	0	1,883	5,204	409	3.11	-2.31
20	Connecticut	0	1,585	0	95	434	2,114	680	-8.33	-3.69
29	Delaware	0	0	0	220	223	443	877	0.91	87.71
	District of Columbia	0	0	316	0	46	362	785	40.31	5.23
2	Florida	0	32,276	0	13,806	6,853	52,935	165	1.97	7.61
12	Georgia	0	0	6,460	0	3,204	9,664	410	-22.49	-3.39
15	Hawaii	96	0	580	0	196	872	581	-5.73	121.88
5	Idaho	1,202	0	1,095	0	135	2,432	259	-1.58	89.41*
7	Illinois	0	8,524	0	2,840	5,058	16,422	319	-17.67	107.64
17	Indiana	0	1,344	0	1,477	1,392	4,213	659	-3.94	-6.02
42	Iowa	0	0	284	0	338	622	2,138	47.04	19.16
37	Kansas	0	198	0	369	311	878	1,389	-5.49	24.01
40	Kentucky	0	250	0	406	351	1,007	1,893	-13.49	135.83
32	Louisiana	0	526	0	818	449	1,793	1,037	40.74*	255.75*
41	Maine	0	39	0	234	92	365	1,909	0.55	21.67
9	Maryland	0	2,342	0	3,317	711	6,370	364	-4.37	83.57
19	Massachusetts	0	1,715	0	1,632	658	4,005	680	-25.98	76.35
6	Michigan	5,954	0	4,982	0	5,052	15,988	283	-2.91	9.55**
18	Minnesota	5	0	1,646	0	1,782	3,433	671	15.09	56.97
46	Mississippi	0	0	206	0	127	333	3,768	-38.22	148.51*
27	Missouri	4	0	1,944	0	1,269	3,217	823	-0.03	11.51†
43	Montana	0	0	3	0	151	154	2,828	45.28	165.52
45	Nebraska	149	0	14	0	53	216	3,615	75.61	500.00
1	Nevada	5,549	0	1,368	0	2,378	9,295	119	-32.85	-33.43
25	New Hampshire	0	0	557	0	198	755	787	-15.83	12.52
10	New Jersey	0	7,499	0	1,028	700	9,227	379	24.10	65.30
38	New Mexico	0	211	0	105	236	552	1,562	-55.63	150.91*
39	New York	0	3,285	0	509	607	4,401	1,804	-8.26	69.20
36	North Carolina	405	0	1,321	0	1,547	3,273	1,260	-5.05	17.19
48	North Dakota	0	0	0	16	30	46	6,751	-22.03	-16.36
13	Ohio	0	3,963	0	3,142	3,482	10,587	478	-9.09	-17.82
34	Oklahoma	0	592	0	560	325	1,477	1,099	-4.83	44.95*
14	Oregon	35	0	1,877	0	943	2,855	564	-9.65	-3.71
35	Pennsylvania	0	1,905	0	1,694	1,366	4,965	1,103	-10.46	24.94
21	Rhode Island	0	0	482	0	174	656	687	-27.35	-26.70
30	South Carolina	0	1,047	0	261	911	2,219	911	-23.19	9.80
44	South Dakota	0	50	0	30	28	108	3,308	2.86	140.00
23	Tennessee	0	0	1,721	0	2,004	3,725	731	-7.57	7.44
24	Texas	19	0	6,818	0	5,258	12,095	780	2.52	54.21
8	Utah	1,079	0	614	0	977	2,670	347	11.11	33.30
50	Vermont	0	0	2	0	14	16	19,465	6.67	-27.27
22	Virginia	31	0	2,998	0	1,561	4,590	713	-16.30	-19.39†
28	Washington	1	0	1,719	0	1,568	3,288	835	-1.47	15.45
49	West Virginia	0	0	9	0	105	114	7,743	14.00	235.29
16	Wisconsin	0	2,062	0	1,354	878	4,294	596	-0.39	118.30
47	Wyoming	0	0	3	0	41	44	5,508	-33.33	-56.00

via realtytrac.com

I think December will be a lot higher, and the new year will bring in some new numbers when we see some of the failed loan mods come down the pipe.

12/15/2009 Notice of Default and Notice of Sale filings are out for the week

2009-12-15T14:02:00.001-07:00

The Notice of Sale and Notice of Defaults are out for the week. For current market trends and past files to view and download. Just click on the links below.

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

12/8/2009 Current Notice of Defaults and Notice of Sales for Ada County

2009-12-08T14:55:00.001-07:00

The Notice of Sale and Notice of Defaults are out for the week. For current market trends and past files to view and download. Just click on the links below.

You can also find this post and much more at AdaCountyMarketReport.com

Thanks,

Jeremy Erickson

Ada County Market Report

12/2/2009 A New Push on Mortgage Relief

2009-12-02T10:45:00.001-07:00

By RUTH SIMON
In the latest move to bolster its $75 billion foreclosure-prevention plan, the Obama administration on Monday will outline new efforts designed to increase the number of borrowers who receive mortgage relief.

The Treasury Department on Monday will announce plans to appoint officials to monitor the actions of the largest mortgage servicing companies on a daily basis. It also will announce it is requiring mortgage companies to develop and report to the administration their plans to increase the number of completed modifications, a Treasury spokeswoman said.

Journal Community
discuss

“ What's silly about this is that it is wholly unsustainable ”
—Charles Gotlieb
While more than 650,000 borrowers have been given trial mortgage modifications under the plan, few borrowers have received permanent modifications. Many borrowers complain that it is difficult to get a permanent fix even once they have made trial payments; some have been required to send in duplicate paperwork or even ended up further behind on their mortgage payments.

The Treasury won't release the number of completed modifications until December, but the spokeswoman said it is in the "tens of thousands." It is too early to know what portion of trial modifications will become permanent, she added.

Based on their initial experience, some mortgage executives expect 25% to 35% of borrowers enrolled in the trial program to qualify for final modifications.

The stakes for the economy of a successful modification program are high. To stop further home price declines, some economists argue that the share of home sales that are foreclosures and other distressed properties must remain stable. Foreclosure sales fell this year because of moratoriums and stepped-up modification efforts, helping stabilize home prices.

The Obama administration program provides financial incentives for mortgage companies and investors to reduce loan payments to affordable levels for troubled borrowers. Borrowers first make reduced payments under a trial program. To receive a permanent modification, borrowers must make three payments during the trial period and provide a hardship affidavit and other documents.

For borrowers who do receive a trial modification, few are becoming permanent. Some borrowers can't make the required payments during the trial period, mortgage companies say, often because the reduced payment still isn't low enough or they have suffered another financial setback.

In other cases, borrowers in the trial program aren't providing a hardship affidavit and other necessary documents or the paperwork doesn't match the information provided verbally. In still other cases, the loan may not pass a "net present value test" used to determine whether a modification is less costly to the lender or investor than a foreclosure.

Meanwhile, the number of borrowers falling behind on their loan payments continues to outpace the administration's efforts to help them. Roughly 1.56 million loans that were current in March were at least 60 days past due in October, according to LPS Applied Analytics. That's more than double the number of trial modifications.

Mortgage companies have stepped up efforts to collect documents, but many borrowers say firms are frequently disorganized and ask repeatedly for the same paperwork or offer confusing information.

John Fitzpatrick, a home builder in Ohio, made his first $1,464 trial payment in June. Three months later, Bank of America Corp. sent him a statement indicating he should pay $2,038, his monthly payment before the trial modification. Mr. Fitzpatrick said he has continued to make the lower payment on the advice of his attorney. Mr. Fitzpatrick said he believes he has provided all the required documents; in mid-November, he sent in another set of papers at the mortgage company's request. A Bank of America spokesman said the statement with the higher payments "was sent out in error."

Some borrowers are ending up in worse shape after seeking help under the government program. Jennifer and James Pugliese, of Scranton, Pa., were struggling, but still current on their mortgage when Litton Loan Servicing offered them a trial modification that reduced their loan payments by nearly 50% to $758. But after making successful trial payments, the couple was turned down for a final modification. Because the trial payments are considered partial payments if the modification fails, the Puglieses are now more than $5,000 behind on their mortgage; their credit score dropped after Litton reported to the credit bureau that the couple had entered the Obama program.

"There is no way we can recover at this point," said Ms. Pugliese, who received a foreclosure notice last week. "We are pretty much resolved to losing the house or filing for bankruptcy." When their loan payments were cut, the couple used the extra cash to pay other debts, she says.

A spokeswoman for Litton, a unit of Goldman Sachs Group Inc., said: "Litton is following the program's guidelines for eligibility qualifications, modification trial periods and credit reporting. Loans that do not pass the net present value test are not eligible" for a modification under the Obama program.

via online.wsj.com

What happens to the 75% to 65% that don't get the modifications that they are waiting for? They short Sale, or foreclose! yes,, more inventory to wipe away all the gains we have made over the past 6 months. "Shadow Inventory" is coming, and it doesn't look good.

11/30/2009 Weekly Ada County Notice of Sale and Notice of Default tracking

2009-12-01T10:28:00.001-07:00

The Notice of Sale and Notice of Defaults are out for the week. For current market trends and past files to view and download. Just click on the links below.

Introduction Video to the all new ACMR website November 29th 2009

2009-11-29T23:04:00.001-07:00

I just put this video together to highlight some of the new features of the all new website. Take a look!

One in Four Borrowers Is Underwater, pent up "Shadow" Inventory coming soon!

2009-11-25T13:06:00.001-07:00

By RUTH SIMON and JAMES R. HAGERTY
The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.

Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, Calif.

Underwater Mortgages

State-by-state details on underwater home loans

More interactive graphics and photos
Developments: So You're Underwater, What's Next?

These so-called underwater mortgages pose a roadblock to a housing recovery because the properties are more likely to fall into bank foreclosure and get dumped into an already saturated market. Economists from J.P. Morgan Chase & Co. said Monday they didn't expect U.S. home prices to hit bottom until early 2011, citing the prospect of oversupply.

Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20% higher than their home's value, the First American report said. More than 520,000 of these borrowers have received a notice of default, according to First American.

Most U.S. homeowners still have some equity, and nearly 24 million owner-occupied homes don't have any mortgage, according to the Census Bureau.

But negative equity "is an outstanding risk hanging over the mortgage market," said Mark Fleming, chief economist of First American Core Logic. "It lowers homeowners' mobility because they can't sell, even if they want to move to get a new job." Borrowers who owe more than 120% of their home's value, he said, were more likely to default.

AM Report: Millions Underwater in Mortgage Crisis
10:06
Even home buyers who thought they were getting a bargain are now finding themselves underwater. The News Hub panel discusses a mortgage crisis that has left millions owing more than their homes are worth.

Journal Community

Discuss: How much of your home's value do you owe on your mortgage?

Mortgage troubles are not limited to the unemployed. About 588,000 borrowers defaulted on mortgages last year even though they could afford to pay -- more than double the number in 2007, according to a study by Experian and consulting firm Oliver Wyman. "The American consumer has had a long-held taboo against walking away from the home, and this crisis seems to be eroding that," the study said.

Just months after showing signs of leveling off, the housing market has thrown off conflicting signals in recent weeks. Jittery home builders and bad weather led to a 10.6% drop in new home starts in October, and applications for home-purchase mortgages have dropped sharply in recent weeks.

These same falling prices have boosted home sales from the depressed levels of last year. The National Association of Realtors reported Monday that sales of previously occupied homes in October jumped 10.1% from September to a seasonally adjusted annual rate of 6.1 million, the highest since February 2007.

The bump in sales was ahead of forecasts, spurred by falling prices, low mortgage rates and a federal tax credits for buyers. Congress recently expanded and extended the tax credits.

The latest First American data aren't comparable to previous estimates because the company revised its methodology. First American now accounts for payments made by homeowners that reduce principal, and it no longer assumes that home-equity lines of credit have been completely drawn down.

The changes reduced the total number of borrowers under water -- although both old and new methodology show increases from the previous quarter. Using the old methodology, the portion of underwater borrowers would have increased to 33.8% in the third quarter.

View Full Image
Reuters
Homeowners in Nevada, Arizona, Florida and California are more likely to be deeply under water, according to the analysis. In Nevada, for example, nearly 30% of borrowers owe 50% or more on their mortgage than their home is worth, said First American.

More than 40% of borrowers who took out a mortgage in 2006 -- when home prices peaked -- are under water. Prices have dropped so much in some parts of the U.S. that some borrowers who took out loans more than five years ago owe more than their home's value.

Journal Community
discuss

“ If you can't afford it, you shouldn't have bought it, you don't deserve it, walk away. And greedy bank that holds it can take the hit. They may not have been the one that sold it to you but there isn't a financial institution that is innocent in this mess. ”
— Tim Caputo
Even recent bargain hunters have been hit: 11% of borrowers who took out mortgages in 2009 already owe more than their home's value.

Andrew Lunsford put 20% down when he bought his home in Las Vegas for $530,000 in 2004. Now, he said, his home was worth less than $300,000.

"I'm to the point where I feel I will never get my head above water," said Mr. Lunsford, a retired state trooper who works for an insurance company. He said his bank won't modify his loan because he can afford his payments, and he's unwilling to walk away, he said: "We're too honest."

Borrowers with negative equity are more likely to default if they live in a state where the bank can't pursue their assets in court, according to a study by the Federal Reserve Bank of Richmond.

But borrowers who are less than 20% under water are likely to maintain their mortgage if their loan is modified and the payments reduced, said Sanjiv Das, head of Citigroup's mortgage unit. "Beyond 120%, the most effective modification is a complete loan restructuring, including a principal reduction."

Mortgage companies have been reluctant to reduce mortgage principal over worries about "moral contagion, with people not paying their mortgage or redefaulting because they believed the bank would reduce their principal," Mr. Das said.

Related Article

Distressed Homeowners Ponder Whether to Stay or Go

Many borrowers are so deeply under water that they can't take advantage of lower rates and refinance their mortgage. "We're declining hundreds of loans each month," said Steve Walsh, a mortgage broker in Scottsdale, Ariz. "The only way we will make headway is if we allow for a streamlined refinance where the appraisal is irrelevant."

Realtors reported that home sales in October were up 24% from a year earlier. The number of homes listed for sale nationwide was 3.57 million at the end of October, down 3.7% from a month earlier, the trade group said. But that inventory could rebound next year as banks acquire more homes through foreclosure.

About 7.5 million households were 30 days or more behind on their mortgage payments or in foreclosure at the end of September, according to the Mortgage Bankers Association. Many of those homes will be lost to foreclosure, adding to the supply of homes for sale.

A recovery could pay off for the roughly 30% of underwater borrowers who owe 110% or less of their home's value and are able to endure the slump. "Most people prefer to stay in their home" even if the value of their property has declined, said John Burns, a real-estate consultant based in Irvine, Calif.
—Nick Timiraos contributed to this article.

via online.wsj.com

11/23/2009 NOD and NOS tracking charts for Ada County

2009-11-24T16:56:00.001-07:00

You can find these charts and much more on AdaCountyMarketReport.com

11/23/2009 Notice of Sale and Notice of Defaults Ada County Real Estate

2009-11-24T16:49:00.001-07:00

Notice of Sale and Notice of Defaults are out for the week. For current market trends and past files to view and download. Just click on the links below.

Download now or preview on posterous

Ada Co NTS Nov17-23.xls (244 KB)

Download now or preview on posterous

Ada Co NDF Nov17-23.xls (166 KB)

11/24/2009 Ada County Notice of Sale and Notice of Defaults

2009-11-24T16:39:00.001-07:00

The Notice of Sale and Notice of Defaults are out for the week. For current market trends and past files to view and download. Just click on the links below.

You can also find this post and much more at AdaCountyMarketReport.com

Thanks, have a wonderful thanksgiving!

Jeremy Erickson

Ada County Market Report

http://AdaCountyMarketReport.com

Ada County Market Report Distressed Property Guide

2009-11-18T17:52:00.001-07:00

ACMR

Market Stats, and Market Analysis in Ada County

Distressed Property Guide

The following is some good information that I have collected over the past. If you have any questions, please don't hesitate to email me at jeremy@adacountymarketreport.com

Foreclosure process
Pre-Foreclosure
Deed in lieu of foreclosure
Loan Modification
Foreclosure short sale
Mortgage Forbearance
Stop Foreclosure Process
Avoid Foreclosure
Making Homes Affordable Plan
Chapter 13 bankruptcy explained
Chapter 7 bankruptcy basics

The foreclosure process

Even if you miss one mortgage payment, you are in danger of having the foreclosure process begin. Now, this does not necessarily mean you are inevitably going to be foreclosed upon, but the mortgage company is going to tell you that they have not received your payment and that you should send it immediately.

Typically, you will get these letters for two to three months if you do not make a payment, and nothing else will happen. If you make good on your mortgage payments, nothing else should occur and everything should be okay as far as your mortgage goes. However, it might go on your credit report that you have been past due on your mortgage payments.

Let's now see how the foreclosure process unfolds if you do not meet your obligations:

1. Notice to accelerate

Once you are sixty days past due, you will get what is called a notice to accelerate. At this point, you will need to bring the loan current and nothing else will do, usually, to stop the foreclosure process. You will need to pay the past amount plus any late fees they assess you. You may also receive a threatening letter saying that if you do not pay by a certain date, they may accelerate the due date of the loan and start the foreclosure process. The letter may also tell you that if you do not pay the amount past due and they accelerate the due date of the loan, you will also be responsible for any attorney fees added to the delinquent amount.

2. The demand letter

If you do not respond by paying the full amount due on the date the mortgage company has established in their notice to accelerate, they will hire an attorney and this attorney will forward you what's called a demand letter.This letter formally notifies you that if you don't bring your loan current immediately, the foreclosure process is going to go ahead within the court system.

3. Notice of default (Click here to see Local Ada County NOD's)

If you do not respond to the previous demand letter by paying the full amount due plus any attorney fees, the lender will then file a formal foreclosure notice with the court. This is a notice of default, and will list the entire amount you need to pay. You have about twenty to thirty days to respond to this judgment before the foreclosure process proceeds further.

4. The notice of sale (Click here to see Local Ada County NOS's)

If you have not previously responded to the demand letter or to the notice of foreclosure, you will be given a notice of sale after twenty to thirty days have gone by, the period of time you were given to respond to the notice of foreclosure. This particular notice simply sets the sheriff's auction date, and your house will be sold at auction at that point.

Foreclosure information: stop home foreclosure

Be aware that this is the foreclosure process the mortgage lender takes if you do not respond at any other point in the process.With the exception of the last step, the notice of sale, you have the ability to stop home foreclosure, in some cases, as long as you stay in communication with the bank.

It does not necessarily mean you are not going to lose your home, but be aware that the bank does not want to foreclose on you any more than you want the foreclosure process to happen. Therefore, to help stop home foreclosure, establish communication with the bank at the very first step of the process, even before you have missed your first payment if you know it is going to happen.Therefore, to help stop home foreclosure, establish communication with the bank at the very first step of the process, even before you have missed your first payment if you know it is going to happen. They may be willing to work with you to accept partial payments right up front until you've caught up, AS LONG AS you keep in constant communication with them

Once you get to the point in the foreclosure process where they cannot accept partial payments, the notice to accelerate,you will have no other recourse but to make full payment or lose your house. Therefore, it is in your best interests to keep in constant contact with your mortgage lender once you know you're going to have trouble meeting your mortgage payments.

A pre foreclosure could be seen as an opportunity to avoid foreclosure. The foreclosure procedures go through different stages. Pre foreclosures also allow the stressed homeowner to make the late loan repayments, bring the account current and thus keep the real estate.

A pre foreclosure is a stage previous to a foreclosure that can last from three to six months. During this time, homeowners can still avoid foreclosure by simply paying the defaulted mortgage payments. If you do that, your home will not go into full foreclosure.

Property in pre-foreclosure

When a property is in pre foreclosure the bank or other lending company has to send word to the homeowner that his/her house is in pre forclosure. At this stage of a pre foreclosure home, most of the times the lenders are willing to collaborate with the homeowner to design a plan that is acceptable for the lending society and makes repayments affordable for the homeowner.

Keep in mind that generally the lending institution is not particularly interested in a foreclosure process that costs them money. Besides, often foreclosure procedures fail to produce the entire sum of money that is owed to them. They would rather work with homeowners in financial difficulties to find a solution for the missing mortgage repayments.

In times of general economic troubles, it is not easy for the lenders to sell foreclosed homes for the right price. Thus, they might end up losing money on the foreclosure and the poor sale of the foreclosed home.

You can count on it most of the times. During the pre foreclosure, the banking or lending institutions will try everything in their power to come up with a new payment schedule to prevent foreclosure, perhaps a mortgage refinance planor extending the payment period over more years to make the bills more affordable for the homeowner. You should not delay collaborating with your lender. The sooner you get down to it the better.

How foreclosure procedures start

States have regulations that establish the months that a property is in pre foreclosure. The best thing you can do is to ask for advice at your local real estate agency, specialized lawyer or lending society. You want to find out the amount of time you have available to settle things with the lenders before they go on with the actual foreclosure process.

During pre foreclosure the lending company does not have the legal right to go on with foreclosure procedures. Hence, it is pivotal that you are aware of the exact time at your disposal.During the pre foreclosure months, the lending society cannot take legal actions to expel homeowners that have failed to meet their obligations from the pre foreclosure property. If the pre foreclosure period ends without a new agreement between the homeowner and the lender that corrects the late payments, the bank or lending society have now the right to start foreclosure procedures and repossess the foreclosed home. If the lending society and the homeowner develop a more affordable repayment plan together, there is a foreclosure stop and from then on the new payment schedule, mortgage refinance or mortgage expansion prevails. In fact, a pre foreclosure process can occur more than once. However, the second time the lending companies will be more reluctant to cooperate with homeowners that are repeatedly late on payments to find a solution that corrects the non-payment situation. So be sure to grab your opportunity stop foreclosure in the first pre foreclosure period. In a second pre foreclosure collaboration with your lender will become more difficult.

Deed in lieu of foreclosure

A deed in lieu of foreclosure is one of the several methods you can implement to stop foreclosure. In times of economic crisis many people face the fact that they cannot pay for the homes they bought years ago. Overextension of credit, loss of jobs, and many other factors have left many families fearing foreclosure and unaware of the foreclosure alternatives they could be taking advantage of. One such option is called adeed in lieu of foreclosure. You have probably heard this term before, but there is a very good chance that no one has explained it to you. Here is some basic information on deeds in lieu of foreclosure and what they could do to help you in avoiding foreclosure.

What is a deed in lieu of foreclosure?

A deed in lieu of foreclosure is an option where homeowners voluntarily give up their collateral in exchange for being released from all their mortgage obligations. If you can make your mortgage payments, however, there is a good chance that you will not be accepted for this option. Basically, if you know you are going to lose your home and foreclosure is certain, you can choose to turn over the deed without going through the whole foreclosure process. Since that process is painful and unpleasant for the homeowner and expensive and difficult for the bank or lending society, it is an easier method than dealing with the foreclosure process.

Benefits of a deed in lieu of foreclosure

Under the right circumstances, it can be a big help to the borrower and the lender alike:

If the lender accepts your deed in lieu of foreclosure, you benefit from not being responsible for any short fall.

In a housing market where prices are frequently lower than the ones you originally paid for the house, this is a way of not ending up having to take a short sale.

Generally, you have ninety days to complete the process of transferring the deed once the process has been initiated.

Not everyone qualifies for a deed in lieu of foreclosure

However, you should be aware that there are some reasons your lender might not accept your offer to transfer the deed to avoid the foreclocure process. For instance:

If it looks like you can pay the difference between the mortgage and the market value of the house, you may be required to do so.

If it looks like you are letting property foreclose because it is more convenient to do so, rather than out of real financial problems, you may also be refused.

If you have a home equity loan, mortgage, or other lien on your property, you will not be allowed to do this, either.

However, for many people, a deed in lieu of forclosure is a much less difficult foreclosure alternative.

Who qualifies for a deed in lieu of foreclosure

Before most lenders accept a deed in lieu of foreclosure arrangement, you will have to attempt to sell the house for a period of time —generally three months on the market will do it. That is because the bank or lending organization would rather have you try to sell the house than having to sell it on their own.

Filing a deed in lieu of foreclosure and tax considerations

There are also tax issues when you get your lender to accept a deed in lieu of foreclosure. You may be perceived by the IRS as having made money on the deal via your equity, and can be taxed on it. The lender will send a form to the IRS, and you will need to make arrangements for dealing with the resultant tax —hiring a good accountant is worth it in this case. In addition, there is an act that gives homeowners relief from this taxation on some loans during the tax years of 2007, 2008 and 2009. A deed in lieu of foreclosure is one of several foreclosure stop alternatives. Keep in mind thoughthat it does not save your house and you should thus see this deed in lieu as a last resort. However, if you are unable to apply or do not qualify for any other foreclosure stop method, ask your lender to accept a deed in lieu of foreclosure and you will be spared the foreclosure process trouble. Your lender can facilitate the deed in lieu of foreclosure form you need to file to start the process.

If you are facing an impending foreclosure, it is possible to stop a foreclosure process by requesting a mortgage loan modification. Knowing that you could possibly manage to keep your home and end up with reduced monthly repayments means you could find a way out of your financial mess sooner than you think.

What is a loan modification?

If you are suffering under financial difficulties and you are struggling to keep up with your repayments, you can request a mortgage loan modification in an attempt to help you catch up any delinquent payments. Mortgage modification happens when your lender allows modifications to the conditions on your mortgage. These may include reducing your repayment amounts, extending your loan term or lowering your interest rate.

Why would a bank want to accept a loan modification?

Banks do not actually want to foreclose on your home. They make far more profit by charging you interest on the money you borrowed from them than they do by selling your home at a loss. Therefore, it is in their interest to help get you back into a stronger financial situation so you are able to continue repaying your loan.

How does a loan modification stop foreclosure?

By making an arrangement with your lender to modify the terms of your existing mortgage, they will honor the agreement and allow you and your family to stay in your home and work through your financial problems. This means they will avoid any foreclosure proceedings for as long as you keep your newly modified repayments current. A mortgage loan modification is one way of avoiding foreclosure.

How do I apply for a mortgage loan modification?

In the first instance, you should put your proposal to your lender in writing. Your lender's loss mitigator will want to know what you plan to do to put your financial situation back in order. You should include information about your current income levels and the amount of your bills and repayments in your letter. You should be honest with them about your plans to either find new employment or find ways to improve your current income levels. Let them know that if they approve your mortgage loan modification and reduce your repayments you will have a much better chance of getting yourself back on track. Do not be tempted to tell your bank a 'hard-luck' story - banks are not in the business of feeling sympathetic. They will want to know that you are working towards a logical, responsible solution to your problem.

Am I eligible for a loan modification?

Before you apply for any type of mortgage loan modification, you should be sure you qualify for this kind of assistance. You should be able to verify that you are experiencing temporary financial hardship or a change in financial circumstances, but you must not have filed for bankruptcy. Your current repayments should also be at least ninety days in arrears, although you must not have purposely defaulted on your repayments in order to qualify. It is also important that the bank has not already begun foreclosure proceedings before you send in your modification letter.

What is the difference between mortgage refinancing and a mortgage loan modification?

Refinancing your mortgage to a new lender simply means you are moving your mortgage from one bank to another. This does not guarantee you lower repayments or a reduced interest rate. A loan modification means you stay with your current bank, only the original terms of your mortgage are amended to help you with your financial situation. This means that with a mortgage loan modification your amended conditions are able to take place much sooner and usually with less fees involved.

Foreclosure Short Sale

A foreclosure short sale is a realistic option in some cases. Indeed, despite popular belief, banks do not want to foreclose on your home. They want you to repay the money you borrowed and they want to continue charging you interest. It is how they make their profits.

When you signed your mortgage contract, you promised you would repay the bank’s money along with the resultant interest charges due.

If your financial situation has changed since you applied for your loan and you can no longer meet your repayment obligations, then unless you have made other arrangements to catch up any past due payments, the banks will begin to take steps to foreclose on your home in order to recoup their money. One way for them to recover all or part of the money you owe them is to accept a foreclosure short sale. Foreclosures cost banks and lenders a lot more money than it makes them, so if you present a bank with a viable option to recoup some of their money without the attendant costs associated with foreclosure, such as a foreclosure short sale, then they are likely to listen to your plan. It is for this reason that your lender may be willing to accept a short sale process.

Short sale definition

Here is how to define short sale : The term short sale simply means you know you will be selling your home for less money than you still owe to the bank. In a foreclosure short sale, the bank or lender may consider accepting less than the total amount owed to them.

You will need to demonstrate that you do not have the financial means to repay the shortfall between the sale price and the remaining loan balance.

How a foreclosure short sale affects your credit rating

A foreclosure is a serious financial problem that will be listed on your credit report and may remain there for up to 10 years. This will negatively affect your ability to access credit for a long time to come. By comparison, a short sale process will still be listed on your credit report, but it will only be noted as a debt that has been settled for a lower amount than the full balance due. A foreclosure short sale listing on your credit report will cause your score to drop, but not nearly as significantly as a foreclosure.

What you need for the short sale process

If you think your financial situation could be helped by negotiating a foreclosure short sale with your bank, then you will need to provide your lender with some documentation to support your request.

You will need to write a short sale hardship letter that explains adequately why you believe a short sale will help you.

You should avoid trying to win any sympathy in your letter. The bank does not want to hear about how difficult your life it. They want to know how and if you are going to repay the money you borrowed from them.

They will also require copies of your income verification, such as pay slips and tax returns.

They will want to see your banking statements that give them an accurate picture of how dire your financial situation really is.

The short sale process begins by making a formal request to your lender

When you submit your request for the lender to consider accepting a foreclosure short sale, a negotiator will be allocated to your file. You should be aware that the negotiator is also trained to make alternative financial suggestions designed to help you keep your home.

These alternatives to a foreclosure short sale could include repayment negotiations, interest rate reductions, leniency periods and other avenues available so that you will not necessarily have to sell your home for less than its true value. If you still believe short selling is your only option for getting out of your financial mess without the stress of a foreclosure, then a foreclosure short sale could be the ideal solution for you. Always be sure to consult with an attorney regarding your rights and your obligations in a short sale process. Due to the nature of a foreclosure short sale, the attorney’s fees are covered by the net proceeds of the sale of your home, so these fees are deducted from the final amount accepted by the bank.

Mortgage Forbearance

Mortgage forbearance is a formal arrangement which your bank or lender may agree to if your mortgage payments are delinquent. Even if your mortgage payments are seriously past due, you may be able to avoid foreclosure with a loan forbearance agreement.

No matter how heartless or cold the bank’s staff might seem, there is no bank in the world that wants to foreclose on the family home. This is because banks have no interest in selling real estate – they make their profits by lending you money and then having their money repaid to them with an agreed amount of interest. When customers default on those responsibilities that the banks rely on to make their profits, then they are left with no alternative but to sell your asset in order to get back the money you promised you would repay. Unfortunately, we all have moments in our lives where things go wrong. Job lay-offs or illness can cause some major financial problems in many people’s lives. Once your repayments begin falling behind it becomes harder and harder to catch those payments up.

What is a mortgage forbearance agreement?

If you already know you are in financial distress, then it is important you call your lender and discuss your options for mortgage forbearance immediately. Banks have dedicated staff available who are trained to assist customers just like you to catch up past due payments and hold off the foreclosure process for long enough to allow your account to be put back in order. Your bank’s loss mitigator will assess your situation and discuss what options you might have available. They will work with you to uncover any options that can help you to actively avoid foreclosure, working towards a mortgage forbearance agreement.

Who qualifies for mortgage forbearance?

In order to qualify for mortgage forbearance you may have to meet a few conditions. If your repayments have been continually missed for ninety days or more, you should receive a letter from your bank very soon – if you have not already. It is important that you respond to this correspondence immediately as your response will instantly freeze any foreclosure proceedings against you and your family home. During this foreclosure freeze, your lender will work with you to actively bring your account back into line by developing a payment plan designed to catch up with any past due payments. They will take your financial circumstances into account and may even suggest further loan modifications that may help you in other areas. You should be aware that the mortgage forbearance program is not available for investment properties or homes that are currently vacant.

If your mortgage forbearance agreement is approved then you may be allowed to postpone your monthly repayments for a minimum of four months, although your agreement does not allow your delinquency to be longer than twelve monthly payments.

Loan forbearance is not loan modification

Do not make the mistake of thinking a mortgage forbearance agreement is the same thing as a loan modification. With a loan modification, your lender works with you to either reduce your repayment amount or sometimes even your interest rate in order to help you catch up your past payments, but will not allow you to postpone them.

If you think your financial troubles are temporary, contact your lender as soon as possible as mortgage forbearance could be the answer to avoiding foreclosure.

Avoiding foreclosure means that you have to take resolute action, because the only way that you will eventually be foreclosed upon is if you do nothing at all. So, unless you are one of those people who had no business even getting the loan to start with, do not hide from those scary letters in the mail. Do not ignore the ringing telephone.

Open communication with your lender

The first thing you can do to prevent foreclosure is, very simply, communicate. Communicate early and often with your lender until you are current on your payments. Lenders are people, too, and if you are honest with them about why you are late on your mortgage payment they by all means want to work with you to resolve the situation. Communicating prevents about 80% of potential foreclosures all by itself.

Stop Foreclosure Process

Avoiding foreclosure means that you have to tell your lender that you were laid off. Tell them you were slammed with medical bills that you believed your insurance was going to cover. Tell them you are the victim of identity fraud and you had your bank account cleaned out by a crook.

Just communicate and be very honest about your predicament. Put away your pride and tell your lender all the details of how bad things are for you.

Loss mitigation departments help prevent foreclosures

Next, if you are more than 30 days behind, contact your lender's Loss Mitigation Department. All lenders have these, and they employ them for the specific reason of not losing loans and their interest payments. These departments advise borrowers on what their payment options are. Sometimes they are combined with the collections department, so if you have to contact them do not panic if you find yourself talking to a collection agent.

Notice of Default and Notice of Sale filings are up in Ada County!

2009-11-17T15:12:00.001-07:00

The Notice of Default and Notice of Sale filings are out for the week ending 11-16-2009. click the links below to see the trends and to download the current list of NOD's and NOS's. Have a great week!

http://adacountymarketreport.com

New updated website AdaCountyMarketReport.com, take a look!

2009-11-17T14:52:00.001-07:00

I have updated AdaCountyMarketReport.com with a self hosting wordpress blog. I still have a lot of stuff I want to do with it, but I wanted to get it out there so people could get used to it before I do next months Market reports. Please feel free to give me feedback, if something is not right just send a quick not over to me. Thanks