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BANK FORECLOSURE
Homeowners who have received a notice of default and pending bank foreclosure on their homes need not feel alone. According to the 2nd Quarter National Delinquency Survey, released today by the Mortgage Bankers Association (MBA), “Mortgage loans entering foreclosure have increased in 47 states since this time last year. On average, the increases were 50% higher. Only four states -- North Dakota, South Dakota, Utah and Wyoming -- did not experience increases in new foreclosures.” Less than two percent of the American population lives in those states. Bank foreclosure, in many cases, can be successfully resolved. Many options are available to the homeowner. ApartmentStores Moving and Relocation can aid you in the search for the best option for your particular foreclosure situation.
There are government programs designed to help you renegotiate your mortgage. FHA, VA, Freddie Mac and Fannie Mae all have programs especially for foreclosures. Timing, however, is critical. Knowledge specific to the programs available to you is needed to halt bank foreclosure. A repayment plan is also a possibility. Sometime the missed payments can be added on to the end of the mortgage or a plan can be put together so that you can pay back the missed payment in small monthly amounts.
Accessing the right information and the right time is critical and ApartmentStores Moving and Relocation can help you decide the best course of action in dealing with a bank foreclosure.
In the midst of all of the bad foreclosure news, there are some bright spots depending on where you live. Doug Duncan, MBA’s Chief Economist and Senior Vice President of Research and Business Development., states that, “ What continues to drive the national numbers, however, is what is happening in the states of California, Florida, Nevada and Arizona. Were it not for the increases in foreclosure starts in those four states, we would have seen a nationwide drop in the rate of foreclosure filings. Thirty four states had decreases in their rates of new foreclosure and the increases were very modest in the states with increases, other than those four.” Therefore, while there are no guarantees, if your foreclosure can be resolved, chances are the value of your home will eventually increase.
Regardless of were your home is located, if you have received the default notice from your lender or have missed payments, now is the time to act. Get information on bank foreclosures and prepare a plan. Use the resources of ApartmentStores Moving and Relocation for assistances in making final decisions.
Foreclosure is commonly misspelled as Forclosure.
