Q3 Foreclosure numbers are out, and foreclosures are rising

Foreclosure numbers for the third quarter of 2006 are out, with two noticeable trends:

1. Foreclosures are up from Q2
2. Foreclosures are up from the same period in 2005.

The entire article, with data, can be read here.

Facing Foreclosure? The bank does NOT want your home

A common myth out there today in America, with an ever increasing number of foreclosures, is that the "bank wants to take my house".

That couldn't be further from the truth.

Banks are interested in money, not real estate. In fact, when a bank has to foreclosure, they waste so much money in administrative costs (legal, taxes, real estate, repairs, appraisals, lost income, etc) that it's rarely, if ever profitable for them to take back the real estate.

When a bank has a property in foreclosure status on its books, it's referred to as a non-performing asset. The non-perforiming assets really hurt the banks financial numbers, especially in the eyes of wall street.

This article from the San Francisco Chronicle goes into much more detail about this very topic.

What does that all mean? Well, your bank, much to your dismay, wants to help you get your loan back into good standing. For more information on how you can do a "workout" with your lender, to stop a foreclosure, visit us at www.SaveMeFromForeclosure.com.

Foreclosure scams strike again in Texas

We have posted many times about foreclosure scams that are out there to cheat and steal from homeowners, so please beware!

The most common scam is when you're contacted by an investor with promises of buying the home from you, and then leasing it back to you.

These programs are often plans to evict you from your home based on very small clauses written into the contract. Here's an article that shows another horrible tale of this scam stealing a home from a foreclosure victim.

If you're going to sell your home to an investor, you should be moving, without a plan to buy it back. If you really want to stay in your home, you have options that DO NOT involve selling to an investor.

Visit www.SaveMeFromForeclosure.com for more information on how to stop foreclosure on your home.

Colorado Foreclosure hotline working to stop foreclosures

Th Rocky Moutain News reports that less than two weeks after launching, the Colorado Foreclosure Hotline has received more than 3,000 calls, which state officials believe makes it the busiest network of its kind in the nation.

Homeowners if Colorado have a great free service to use in this case. Other homeowners across America should look into whatever resources they can to find out about all of their options. Starting online is a great place.

Houston Foreclosures continue to rise

Foreclosures in the Houston area, specifically Harris county, had already exceeded the 2005 totals by Oct 3rd of this year.

Foreclosures in Houston show no signs of slowing down, as this article indicates.

Foreclosure rates in the Bay Area continue to rise

Foreclosure activity in the Bay Area rose in the third quarter to its highest level in more than seven years as home sales slowed and prices began to slide.

The number of notices of default, the first formal step in the foreclosure process, jumped 89.2 percent in the nine Bay Area counties in the third quarter compared with the same period a year ago, according to the real estate research firm DataQuick.

The entire article can be read by clicking here.

Dallas Foreclosures approach 1980s levels

Foreclosures in the Dallas area are beginning to approach the same level as they were in their peak during the 1980s.

According to the article in the Dallas Morning News, interest rate hikes, rising living expenses and consumer debt, and aggressive lending practices are all contributin to the rise in foreclosures.

Boston banks offer foreclosure help

A couple of Boston banks are pooling funds to help refinance homeowners who might be in bad loans, or worse yet, are headed towards foreclosure. Read the complete article here if you're looking for more information.

Buy a house after a foreclosure

If you are serious about buying a home after suffering through a foreclosure, click here to read this short article with some very helpful tips on how you can own your own home once again.

Your home's equity is not your savings account

Many Americans have gotten themselves in trouble with their home loan, and are on their way to foreclosure, by treating their home as an ATM.

While increased home prices have resulted in large equity stakes for many homeowners, being irresponsible with the funds can easily get people into trouble. Read the following article for an example.

More advice if you're facing foreclosure

While this article from WSBTV in Atlanta tends to oversimplify the options that you have when facing foreclosing, it is a very good, basic start if you're unsure about what to do.

Remember that if you're facing foreclosure, or even if you're just behind on payments, the sooner you take action, the better. The sooner you seek out help, the more options that you'll have at your disposal to prevent the bank from foreclosing on your home.

Foreclosure and other debt problems

This article, although lengthy, is one of the best that I've read in a while in terms of debt, foreclosure, and what is going on with respect to the two items in America today.

It also talks about the perils of debt consolidation, a seemingly good idea which more often than not hurts, not helps, the homeowner.

The article addresses a number of issues, and those with any debt whatsoever, even if it's in good standing, should read the article to get a temperature check on their financial health.

Free Advice for Homeowners Facing Foreclosure

Great article on Foxnews, discussing some of the options available to homeowners, the free hotlines that they can call in (in certain states), and some ideas on what to do if you're facing foreclosure.

our advice is to act NOW, as the longer you wait, the fewer options there will be available to you.

Las Vegas Foreclosures continue to rise

Some feel that the dramatic rise in Las Vegas foreclosures is just the "tip of the iceberg" for what could be a massive problem to hit the city.

Bank loses check and tries to foreclosure

It's shocking how badly banks can treat their own customers. Read this article to hear about how Silas Braxton, 53, right, and his wife, Evelyn Casey-Braxton, 52 paid their mortgage arrears back on time, but the bank lost the payment....and now they're trying to foreclosure on them!

Help for Military facing foreclosure

Minneapolis-based Homeownership Preservation Foundation is granting $350,000 to support military homeowners through a partnership with USA Cares, the nonprofit loss mitigation agency announced Thursday.

For more information on the program, please click here.

Colorado Foreclosure Prevetion hotline is open

A new foreclosure hotline for Colorado homeowners is now open. Homeowners facing foreclosure can access the hotline by dialing 1-877-601-HOPE (4673). To read the article, please click here.

Of course, another great resource is visiting www.SaveMeFromForeclosure.com and learning about all of your options.

New Jersey Foreclosure assistance

Non-profit NJLegalPrep is now offering assistance for homeowners in the state of New Jersey facing foreclosure. To learn more about this free service, please click here.

SaveMeFromForeclosure.com relaunches website

www.SaveMeFromForeclosure.com has relaunched their website. For more information, you can read the press release by clicking here.

Baltimore, Marlyand foreclosure victims have a solution

A new service for homeowners in Baltimore, Maryland facing foreclosure is now available. To learn more about this service, click here to the read the article from the Baltimore Sun.

Risky mortgages can lead to foreclosure

While I am an advocate of ARMs (Adjustable Rate Mortgages) for the right people in the right circumstances, many borrowers who took out ARMs over the past few years just didn't know what they were getting into.

Read this article which talks about the economic impact of such "exotic" mortgages.