Foreclosure Activity Rises 71%

[BassBoy]

Huge jump in the third quarter over the same period last year

http://www.msnbc.msn.com/id/27329406

[Overmylimit]

And its going to get worse before it gets better. This is why the bailout isn't going to fix this situation. They need to come up with a plan to keep people in their homes.

[chloe0724]

Also, a lot of people have a first and a second. The first may be affordable, but the second isn't. There's nothing about those people anywhere.

[Carter]

What about help for people like me who already lost their home (sept. 2007)before the bailout was issued. When will I ever be able to buy a home again?

[Flamingo]

What about help for people like me who already lost their home (sept. 2007)before the bailout was issued. When will I ever be able to buy a home again?

Carter...don't worry now about years down the road. Get through your Chapter 13 successfully and pay all your bills on time and make all your plan payments on time. In the long run, that works to your benefit. There is nothing you can do about your home that was lost in 9/07. There will be another home someday so keep that in your focus and when you are discharged work toward saving as much as you can and by that time the market should have changed somewhat as to mortgage lenders.

A friend of mine said it best...what about all the folks out there who work two or more jobs to pay their mortgages and bills all on time and live paycheck to paycheck to survive and there is no one to bail them out either as to their declining home values yet they see everyone else getting handed help in various ways and no bailout or lowered interest whatsoever. This whole thing is wicked for everyone in every respect.

[HRx]

I read an article this week that indicated that relatively 50% of houses listed for sale now are foreclures. Now if this number is an accurate representation, that's NUTS!!

[AngelinaCatHub]

And its going to get worse before it gets better. This is why the bailout isn't going to fix this situation. They need to come up with a plan to keep people in their homes.

[HRx]

There's actually a prevalance of owners that foreclose damaging the homes themselves from bitterness and anger. Many are destroying the walls, pools, doors, and actually removing items likes stoves, tubs, sinks etc.

[BassBoy]

There's actually a prevalance of owners that foreclose damaging the homes themselves from bitterness and anger. Many are destroying the walls, pools, doors, and actually removing items likes stoves, tubs, sinks etc.

Isn't that the truth. My wife and I were house shopping earlier this year (now waiting for the lending institutions to stablize) and we saw an REO and the place was trashed. The evicted owners had torn out all of the light fixtures, every interior door was missing, every cabinet was torn out, the toilets were gone, the shower was busted up, carpeting was gone......you name, the prevous owners tore it up. The lender had no idea the condition the home was in. They had it listed for $160K (a 1600 sq.ft. 3-bedroom, 2.5 bath bi-level) and the house sat until recently and it finally sold $105K. The bank paid $136K at the Sheriff Sale.

[StartingOver08]

It is not always the previous owner that removes the fixtures and anything of value. We have a tremendous number of REO properties in our area. One of the first things the bank does is hire a "clean up" company to go in a clean the property. Turns out that many of these firms are ALSO salvage type firms. So they are the ones stripping the property of copper, appliances, fixtures and even granite counter tops etc!!! They do it to augment their fee.