Add Reply
Add Comment As A Guest
Close Topic OptionsForeclosure Industry
Foreclosure Industry - Politics, Business, Civil, History - Posted: 28th Jul, 2008 - 12:32am
Posts: 9 - Views: 1803
Post Date: 30th Apr, 2008 - 4:54am / Post ID: #
NOTE: News [?]
Foreclosure Industry
Foreclosure Industry Is Booming
On the other side of the country, outside Los Angeles, there's a booming industry in preparing repossessed homes for resale. Two years ago, WSR Preservation Services, a California property maintenance company that specializes in cleaning up foreclosed homes, had 10 employees. Today, they have 60.
Ref. https://abcnews.go.com/Business/story?id=4751251&page=1
Sponsored Links:
Post Date: 14th Jun, 2008 - 6:32am / Post ID: #
NOTE: News [?]
Foreclosure Industry History & Civil Business Politics
Annual Home Foreclosures Soared by 48% in May, Says Report
U.S home foreclosures grew by 7% percent in May and increased by 48% annually, according to a report released by RealtyTrac. That is the highest rate since the firm began tracking foreclosures in 2005. There were 261,255 foreclosure filings in May as one in every 483 U.S. households received a foreclosure notice during the month. "May was the third straight month where we've seen a month-to-month increase in foreclosure activity..."
Ref. https://www.mortgagenewsdaily.com/6132008_M...oreclosures.asp
Industry Foreclosure
Many foreclosed homes are not in the best of shape. When someone loses their home they are less motivated to clean it up. They are more likely to just pack up and go, leaving behind trash, damage and anything they don't want. Sometimes they will even cause more damage out of frustration or anger. They mortgage company hopes to sell the home for at least what is owed them. Hiring these clean-up companies is a small investment if it helps them get top dollar on resale.
International Level: Activist / Political Participation: 32 
3.2%
Post Date: 14th Jun, 2008 - 2:23pm / Post ID: #
Industry Foreclosure
Yes top dollar is what they are looking for and if the banks get more money than what they were owed that makes the cleaning company they hired look good. They would probably hired them again and refer them to other banks that need a foreclosed home cleaned and fixed up.
Foreclosure Industry
It is sad that there are so many people losing their homes that there is even a need for this type of business. There are also businesses to help people save their home before it is too late.
International Level: Activist / Political Participation: 32 3.2%
Post Date: 2nd Jul, 2008 - 1:54pm / Post ID: #
Foreclosure Industry
Yes it is sad that this type of business is on the rise while there are soo many programs out there to help people. Maybe some people got in way over their heads and now they can no longer live the dream they wanted to have. If this is the case I doubt many of the options to help them are going to work.
Foreclosure Industry Politics Business Civil & History
If someone is finding it hard to make their mortgage payments and facing foreclosure they should not just give up. There are things they can do to save their home. I see an increasing number of people just throwing in the towel and letting the bank take their home. The US Department of Housing Development has published 10 tips to help save your home:
| QUOTE |
| Tips for Avoiding Foreclosure Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? Don't ignore the letters from your lender Contact your lender immediately Contact a HUD-approved Housing Counseling Agency Toll FREE (800) 569-4287 TTY (800) 877-8339 If you are unable to make your mortgage payment: 1. Don't ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house. 2. Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times. 3. Open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court. 4. Know your mortgage rights. Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office. 5. Understand foreclosure prevention options. Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL . 6. Contact a HUD-approved housing counselor. The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339. 7. Prioritize your spending. After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage. 8. Use your assets. Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home. 9. Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them. 10. Don't lose your house to foreclosure recovery scams! If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor. https://www.hud.gov/foreclosure/index.cfm |
Edited: alskann on 28th Jul, 2008 - 12:34amInternational Level: Activist / Political Participation: 32 3.2%
TOPIC: Foreclosure Industry