Foreclosure flood: 1,000 auctions per day in California
California’s foreclosure crisis passed another ominous milestone in April, when more than 1,000 foreclosed homes were auctioned off every weekday at courthouses across the state, the auction tracking firm ForeclosureRadar reported today.The April total of foreclosure sales at auction — 22,838 for the state — represents a jump of 44% over March totals and the highest level ever in California, ForeclosureRadar reports.
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May 14th, 2008 at 3:52 pm
[...] Foreclosure flood: 1,000 auctions per day in California [...]
May 14th, 2008 at 4:45 pm
Facing Foreclosure: Brooklyn Retiree on Verge of Losing Home as Subprime Lenders Target Cash-Poor Black Seniors
The Indypendent
There was a time when Simeon Ferguson grew tomatoes and callaloo leaves in the garden behind his three-story brownstone in Crown Heights, Brooklyn, the home he has owned since 1975. He would give out the excess harvest to friends and neighbors, according to his daughter, and cook up the rest. Ferguson, 86, is now retired, after working for more than 20 years as a chef at Long Island College Hospital. But his remaining years of rest and relaxation are facing a major obstacle — his home is at risk of foreclosure.
In early 2006, Michael Bocelli, a mortgage broker with the Long Island-based Global Financial Inc., sold Ferguson a new $450,000 option adjustable rate mortgage (ARM ) that was fairly guaranteed to put his house in foreclosure, according to Ferguson’s attorney. His fixed-rate 30-year mortgage at 5.95 percent interest was refinanced into a complex subprime mortgage that offered him a teaser interest rate of 1 percent — which lasted all of six weeks before jumping to 7 percent, and eventually, higher.
May 21st, 2008 at 4:20 pm
And what did Ferguson do with the $450,000 he received? Talk to me when he returns the money/pays down the loan, and refi at an attrractive rate.
May 21st, 2008 at 10:02 pm
Good Evening just wondering what are the full documentation to start off a process and are did documents avalible from lender if need.
May 22nd, 2008 at 10:57 am
Owning a home since 1975, yet in danger of losing it, where did the equity go?
May 22nd, 2008 at 3:33 pm
Greg,
Some lenders will provide copies, others won’t. Wells Fargo will not if they know that you are trying to do a loan modification with them. They will only provide them AFTER the loan mod. That is because in many mod agreements, there are clauses that limit the ability of the borrower to go after lenders for violations prior to the mod.
May 24th, 2008 at 7:55 pm
Hi im Aliece . Ive been trying for years to get the Loan Documents from the lender but like most only get copies of them ive been trying sence 2004 and always get the run around, Come to find out there are no loan Documents we never even got any because there was no Closeing for us they never called us they had one though and the Notary Claims she was in out home but that would be in possable because she has us signing papers in 3 diffrent County’s and my husband was working that day they had the closing and to get the real one’s you can not because because they had shreaded them the copies we have are all diffrent and they are trying to Claim our back proptery and it was not on this loan we are in court now to save our home been doing this for a year now and i would like to know how a 30 year fixed went to a 3 year arm in less than 2 days i need some help im about at the end of my rope , and even though this is not our fault we about to just give up everything this is our life we have been in our home sence 1974 something is so wrong here if you can help it would be great but you would have to hear the whole thing from where it started and then you tell me if you can help i dont want to lose everything we have my Husband has had 2 Heart Attacks from the stress of all of this and he is really depresied next thing i will lose is him if this keeps up so any kind of help would be great
Aliece
May 25th, 2008 at 7:42 pm
I am currently in foreclosure-in fact I have been for 6-7 months. I originally agreed to a forebearance listing agreement as I believed then the only course of action was to sell.I saw my
home de-value by maybe 80K to 100K since Oct.2006.It was then I refinanced my mortgage,paid off other debts and took 11K cash equity out.All told including the debts I paid I actually took 37K-38K from property.My loan was a 2yr adjustable starting in the 7%-8% range.Now it has gone to the low-mid 10% range.I was only able to make a couple payments on the foreberance agreement
and then I defaulted.My servicer(HomeQ)said because I defaulted, they cannot reinstate such program again for me.They also have no
loan modification programs for their borrowers per,I presume, the
noteholder(DeutscheBank)instructions. Also,in their attorneys’ filing of the lawsuit to begin the foreclosure, they acknowledged
that they lost the note,however,I am not going to stand up and deny I took out this loan-I did.So now the real issue is why are
DeutscheBank and /or HomeQ so adverse to alleviateing not only their situation a little bit but mine too.In the latest talks I have had with them( 2 weeks ago),they said they are only too willing to put me on an active re-payment plan but, of couse, I need to come up with at least 10K or close to this and then start
making payments again that will be about $700 more than what my regular payments are now. And I can’t afford to do this …its simply ludicrous!I live in Florida and I know my area is very bad
but probably not the worst in terms of foreclosed properties.Our
court system also can not handle the caseload of these foreclosures.This, plus the horrible market is why I am certain there has been no sale date as yet, thank God.I would be interested in hearing from you and if you know any particulars re
either HomeQ servcing or DeutscheBank, good or bad. Thank you.
May 26th, 2008 at 10:17 pm
I have been in foreclosure for 8 or 9 months now. My house has already been in the sheriffs auction, but noone bid on it, Thank God. I hired someone to stop the foreclosure, but the company didn’t do what they said they would, so I’m back to square one. I’ve tried getting a loan, but since I filed bankruptcy, that didn’t work either. My house is appraised at 90000 and I owe 28000, not because of a mortgage, but because I used it as collateral on my Master Card and fell behind on those payments. Now I’m stumped and need any kind of help anyone can give me so I can save my home. I have to call the bank on 5/29/08 to let them know what I can do. PLEASE HELP!!!
May 26th, 2008 at 10:19 pm
I think the bank wants about 10 gran to solve this matter because of lawyer fees and back payments. If I had that kind of money I wouldn’t be in this god awful mess, now would I? Please reply asap so I know where to turn….. Thank you very much
May 27th, 2008 at 12:26 am
J Christopher Lawson, what state do you live in? I may be able to help or direct you to someone who can. Kevin
May 29th, 2008 at 2:14 am
I need help I want to save my home,I’AM IN PRE FORCLOSURE.