Ro Troia

Foreclosure Rate Drops For The 12th Straight Month

Foreclosure activity continues to slow throughout the United States.

According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.

A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.

September marks the 12th straight month in which foreclosure filings fell year-over-year.

There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. It now takes a nationwide average of 336 days from the date of initial default notice to bank repossession.

Some states work quicker than others, however, because of a combination of state law and personnel.

Homes in New York take an average of 986 days to foreclose, for example, the longest in the country. Homes in Texas foreclose the quickest, registering just 86 days.

As in prior months, bank repossessions remain concentrated by state. Just 6 states accounted for half of the country’s REO last month:

• California : 16.6 percent
• Georgia : 8.5 percent
• Florida : 8.3 percent
• Texas : 6.2 percent
• Michigan : 6.1 percent
• Illinois : 5.2 percent

Collectively, these 6 states represent just 36 percent of the nation’s population.

By contrast, the bottom 6 states were home to just 192 repossessions last month — 0.3% of the national total. Those 6 states were Alaska, Wyoming, District of Columbia, North Dakota, South Dakota, and Vermont.

For home buyers in Broomfield , shopping for foreclosed properties can be an excellent way to get “a deal”. Foreclosed homes typically sell at discounts as compared to “non-foreclosed” homes, but are often sold “as-is”. This means that homes listed for sale may be defective or out-of-code.

Before placing a bid on a foreclosed home, make sure that you’re represented by an experienced real estate professional. 

Tags: Tags: foreclosure, RealtyTrac, REO

Looking for an Alternative to Foreclosure

Really?  Not a short sale?  Not a foreclosure?  It’s called a ” Deed in Lieu of Foreclosure” which actually lets a homeowner voluntarily turn over the deed to their house to the lender!    This is not a new concept, however, neither is foreclosure, but this crazy real estate market we are living in now requires that you cover all you bases before making a final decision on how to get out from under your mortgage.  Even thought the federal government launched some new rules earlier this month concerning short sales, some homeowners might not quality for a short sale because they have no hardship. Could this be you?  Read on please…. Read the rest of this entry »

Tags: Tags: boulder, deed in lieu, foreclosure, real estate, short sales

Examples Of Short Sale Financial Hardship Letters

Yes, we can help! Short sales are increasingly common as new government acts have passed to find alternatives to foreclosures.  You are not alone.  The economy is tough in Boulder Colorado and elsewhere;  people are losing jobs and it’s been a difficult time in real estate as property values have dropped below mortgages owed on homes.  This makes it difficult to refinance and when it’s hard to pay on that mortgage, you find yourself in a dire situation.  Often times if you qualify, a short sale is a better solution that foreclosing.  It’s not as hurtful to your credit and the bank is willing to accept a payment lower that the borrowed amount in order to avoid foreclosure costs.  The Troia Team has written many blogs on the topic so if you feel you are a candidate for a short sale, let us know.  We can help.   Because we have covered the positives to a short sale and explained the process in detail, I wanted to use this blog to provide examples of short sale hardship letters.  These are necessary to submit to a lender when simultaneously submitting the other necessary documents that go along with a short sale request to the bank.  Click here for hardship letter examples.

Read the rest of this entry »

Tags: Tags: Bank of America, boulder colorado, foreclosure, hardship letter, job loss, lender, market trends, mortgage, property values, real estate, realtor, short sale, The Troia Team

Foreclosure Verses A Short Sale

A short sale is when the real estate sale proceeds fall short of the balanced owed on the property’s loan.  This happens when the borrower is unable to pay their  property’s mortgage.  Instead of penalizing the mortgagor, the lender agrees to sell the property at a moderate loss.   This is an advantage to both parties as  it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. Clients in Boulder ask this all the time and no,  this may not release the mortgagor from their deficiency. Neither foreclosure nor a short sale leaves you free and clear.

Definition made simple of foreclosure: when the borrower is legally removed as owner to their home.  Ownership is terminated due to late payments (default).  The property is sold at a public auction.  Proceeds go to payment of the balance.  When the bank buys the property at the auction, it is then put on the market.

If it’s right for your situation, a short sale would occur before the home goes to auction.  A Realtor lists the home in hopes of selling and presenting an offer to the bank before the sale date.  This date can be extended while the home is listed.  Two basic scenarios: 1) Home receives an offer and the bank accepts = no foreclosure. 2) Property receives no offers or the bank rejects offers = home goes to auction & foreclosure.

Tags: Tags: bank, borrower, boulder, Boulder County, credit report, default, deficiency, employment, foreclosure, home, homeownership, lender, listing, mortgage loan, mortgagor, proceeds, property, realtor, selling, short sale

Stimulus or Depressant – What Do You Think?

We have all been reading and hearing about all the bail out bills and the latest $75 billion to aid homeowners at risk of losing their homes.

I found this clip on CNBC which is entertaining and might be right on.   Watch and tell me how you feel.   See Rick Santelli take down Cramer!

Tags: Tags: economy, foreclosure, homeowner aid, rick santelli

Tips On How To Find Your First Real Estate Investment

I know…I know…how can I possibly be talking about buying investment property with the recent developments in the economy.  The truth of the matter is rates are still at historic lows and it’s a buyer’s market in Boulder Colorado.  With depreciating home prices and a rise in foreclosures, why not try investing in real estate?  Sure, it’s takes some experience but with these helpful strategies, you’ll be ready to close a deal in no time.  Read more Read the rest of this entry »

Tags: Tags: Boulder real estate, foreclosure, interest rates, investment, investment property, marketing analysis, opportunity, real estate, real estate attorney