Real Estate News Blog California April Archive

California foreclosures near record levels

By Art C Ryter at 04/17/07 19:01

California foreclosures levels not seen since the last housing market downturn in the mid-1990s. Foreclosure percentage changes from just a year ago are astounding. Most greatly affected areas are places where housing was initially inexpensive such as the Inland Empire and Central Valley. As defaults rise, there may be increased calls for foreclosure help or mortgage relief.

Original source: . [404 Check: was link to http:/ / www. latimes. com/ business/ la -fi -forclose17apr17,0,5052032. story?track=mostviewed -storylevel, anchor: California foreclosures near record levels]

An unsettling adjustment

Presents the case of San Diego residents trying to sell their home before defaulting on their mortgage or losing their home to foreclosure. Although the couple makes over $90,000, their mortgage payments are rising at astonishingly high rates. Many similar cases are happening across the nation: Homebuyers bought homes with the intent to refinance within a year in order to reduce their monthly payment instead got stiffed with a high payment, an overvalued property, and rising interest rates. The article has a section on places to get help to avoid foreclosure.

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Impossible loan turns dream home into nightmare

Presents the story of a couple of first time homebuyers duped into a home priced above its assessed value and financed with a loan that was impossible to maintain on a farm laborer budget. Lenders and real estate agents in the case were potentially short of criminal in selling the house and financing to the two families involved. The article has a nice advice section which advocates seeking a lawyer to help read the financial mumbo jumbo if you are not able to do it, contact HUD for a free appraisal of the lending terms, and beware. Seek help with your loan and avoid foreclosure before it’s too late.

Original source: . Impossible loan turns dream home into nightmare

For Distressed Homeowners, Short Sales Stave Off Credit Ruin

Discusses short sales, selling a property for a loss rather than a profit, as a way for troubled homeowners to avoid foreclosure and ruining their future ability to buy a home. Short sales can be difficult to orchestrate to avoid foreclosure because buyers, sellers and lenders must agree on the sale price and determine who pays takes and how much is written off. People looking at the prospects of losing their home to forclosure due to upward adjusting interest rates would do well to look into short selling.

Original source: . For Distressed Homeowners, Short Sales Stave Off Credit Ruin

Foreclosures on the rise

Foreclosures are on the rise in the Coachella Valley, California, just as they are throughout the country. Homes are taking longer to sell and as more homeowners fall behind on payments, more foreclosures are hitting the market. Many homeowners need foreclosure help due to adjustable interest rate mortgages that are resetting at higher rates.

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