Upside Down Mortgage

Archive for December, 2007

Mortgage Modification Utah

Foreclosures are very common not only in America but in different parts of the world. However, it is more concurrent in the United States. To begin with, a foreclosure is a legal action where a homeowner’s right to redeem mortgage will be taken away. The most usual reason behind foreclosures is because of the mortgagee’s failure to make mortgage payments. According to the newest reports of the U.S. Foreclosure Market Report on the current home foreclosure statistics, the first three months of the year 2009 is all about foreclosure filings, auction sale notice, bank repossessions and default notices on 803,489 properties. These numbers mean that there is a 9 percent increase from the preceding quarter and a rise of a shocking 24 percent from the same term in the year 2008. Simply put, one out of every one hundred and fifty-nine homes in the United States acquired foreclosure filings in the first quarter of the year, months January, February and March.

In the month of March alone, there were 341,180 reports of foreclosure filings, which translates to a 17 percent increase from February and an incredible 46 percent upsurge from the same month in the previous year, 2008. As a matter of fact, RealtyTrac, the company that records the home foreclosure statistics, stated that the March 2009 totals were the highest totals both monthly and quarterly since they started recording foreclosure reports last January 2005. They quoted that the total foreclosure activity on March was over 12 percent higher than the next month to it. Due to the fact that these activities are new actions of foreclosure, it means that numerous lenders and service providers were holding back on foreclosure executions because of legislative delays and industry moratoria. On the positive side, however, the demand is on the rise in some of the harder-hit areas, especially those REO properties that are owned by banks and seen by first time investors and buyers as “bargainsâ€. It is not likely, though, that this increase in demand is enough to counteract the rising number of foreclosures.  

Nevada has constantly led the American states in terms of foreclosure filings. According to home foreclosure statistics, there is one out of every twenty-seven houses in the state that receives foreclosure filings. This statistics is over five times higher than the foreclosure average of the nation. 41,296 units were reported to have foreclosure filings during the initial quarter, which states a 19 percent increase from the prior quarter and a 111 percent increase from 2008’s Q1. Bank repossessions in the state went down 3 percent as well. However, defaults rose to 27 percent and auction sale notice went up by 35 percent as well. Arizona falls in second place in terms of foreclosure filing rates. In Arizona, there is one from every 54 houses that receive foreclosures. California stays close in third place, with one out of every 58 units receiving foreclosure filings. Other American states that belong to the top 10 states with most foreclosure filings are Florida, Michigan, Utah, Idaho, Oregon and Illinois.

The Internet is a great way to know more about home foreclosure statistics. Plus, you can find several tips on how to avoid constant increase in the foreclosure rates.

About the Author:

Looking for home foreclosure solutions? We can give you a 100% free consultation to give you the BEST solution for your situation. Stop worrying and visit us today, go to
http://www.homemodificationplan.com

Source - Home Foreclosure Statistics – Startling Information!

Trying to STOP FORECLOSURE? Our COPYRIGHTED SYSTEM has a 100% SUCCESS RATE.

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Loan Modification Senate Bill

The State Bar’s loan modification task force obtained the resignations of three more California attorneys as a result of misconduct related to their loan modification activities. It also placed another attorney on inactive status, charging his work poses a substantial threat to the public, and has undertaken similar efforts against two other lawyers.

In addition, JAMES PARSA [#153389], a southern California lawyer who advertised his loan modification work on television throughout the state, resigned Oct. 21. He faced interim suspension from practice as a result of a 2001 misdemeanor conviction for sex with a child under 18 that he never reported to the bar.

Parsa, 44, advertised heavily throughout California for the past several months, offering to help homeowners facing foreclosure. Although he provided evidence to the bar that he was in fact working on cases, an investigator uncovered two 2001 misdemeanor convictions for sex with an underage girl. The bar court ordered that Parsa be placed on interim suspension Oct. 16, but his resignation made the suspension moot.

The State Bar created a 10-person loan modification task force in March after receiving thousands of calls from homeowners complaining that lawyers have done no work after taking fees purportedly to help avoid foreclosure. The task force had 738 active investigations underway last month.

It earlier released the names of 16 attorneys it was investigating for possible misconduct related to loan modification. Four of the six who resigned or face inactive enrollment were on that list.

“We are very pleased that we have been able to remove these practitioners from the practice of law quickly in order to protect the public,” said Interim Chief Trial Counsel Russell Weiner.

Until last month, attorneys were able to legally accept advance fees from borrowers for residential loan modification work and other forms of mortgage loan forbearance services. Lawyers’ services were in demand by foreclosure relief companies and operators that could not otherwise receive payment until contracted or promised loan modification work was completed. However, on Oct. 11, Gov. Schwarzenegger signed SB 94, which prohibits attorneys and any other persons from collecting an advance fee for residential loan modification and mortgage loan forbearance services. The measure took effect immediately. Details about the new law are at the Department of Real Estate home page, www.dre.ca.gov.

New law prohibits advance fees for lawyers doing foreclosure work

Gov. Schwarzenegger signed Senate Bill 94 Oct. 11, immediately prohibiting any person, including attorneys and real estate licensees, from collecting an advance fee to perform foreclosure relief services. The new law, adopted as an emergency measure, closes a loophole that permitted foreclosure scam artists to exploit the ability to charge advance fees.

It is now unlawful for any licensed attorney or real estate agent “who negotiates, attempts to negotiate, arranges, attempts to arrange, or otherwise offers to perform a mortgage loan modification or other form of mortgage loan forbearance for a fee or other compensation paid by the borrower … to claim, demand, charge, collect, or receive any compensation until after the [attorney or agent] has fully performed each and every service the licensee contracted to perform or represented that he, she, or it would perform.”

The advance fee prohibition for loan modification and forbearance services applies to residential property containing four or fewer dwelling units.

The new law also requires the following written disclosure in at least 14 point bold type regarding loan modification and/or loan forbearance services prior to entering into any fee agreement with a borrower:

“It is not necessary to pay a third party to arrange for a loan modification or other form of forbearance from your mortgage lender or servicer. You may call your lender directly to ask for a change in your loan terms. Nonprofit housing counseling agencies also offer these and other forms of borrower assistance free of charge. A list of nonprofit housing counseling agencies approved by the United States Department of Housing and Urban Development (HUD) is available from your local HUD office or by visiting www.hud.gov.”

If loan modification or other loan forbearance services are offered in Spanish, Chinese, Tagalog, Vietnamese or Korean, a translated copy of the disclosure above must be given to the borrower in that language.

A violation of the law can result in fines and up to a year in jail.

The text of SB 94 is available at leginfo.ca.gov; click on “bill information.” Information is also available from the California Department of Real Estate at dre.ca.gov.

About the Author:

To find pre-screened Real Estate Attorneys in the Los Angeles Metro Area, you must call a State Bar's Certified Lawyer Referral Service such as 1000Attorneys.com 661-310-7999.

Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

Source - More California Lawyers in Trouble for Foreclosure Activities

FORECLOSURE YOUR CONSTITUTIONAL RIGHTS TO LOAN MODIFICATION SB 1137

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