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More homes are expected to go to foreclosure auction listings in Wichita Falls this year, as the number of foreclosure filings in the first half this year has already exceeded last year’s first half total.

There are already 337 foreclosures filed in Wichita County in the first six months of the year, an increase from the 267 foreclosures filed in last year?s first six months. Since 2007, when the first half had 201 foreclosures, the six-month foreclosure total has been increasing.

On a month-over-month basis, the number of foreclosure filings in Wichita County increased in each of the first six months of 2009.

At current foreclosure rate, more homes are set to get included in foreclosure auction listings in Wichita Falls compared to last year, which had a total of 571 foreclosed units. In 2007, there were 432 foreclosed properties, some of which were sold in foreclosure auction events.

Housing analysts in Texas said Wichita Falls and some other cities in the state largely escaped the sting of foreclosure auction events in 2008 and in the first months of 2009. But more foreclosure auction properties are expected in the coming months because of a significant number of company closures and laid-off workers in the past several months.

Gail Cunningham, public relations vice-president of the National Foundation for Credit Counseling, said the number of unemployment checks being given out to Texans has increased and that unemployed homeowners are having difficulties allotting their unemployment benefits to their monthly loan payments.

Cunningham also observed that some homeowners have chosen to make their credit card payments instead of their monthly home loan payments, rationalizing that they are going to see their houses getting to foreclosure auction lists anyway. These homeowners who have given up on their mortgages, according to Cunningham, were now more intent on maintaining their good credit card records to help them survive the recession.

Based on data from the NFCC, foreclosure-related problems have spread to all levels of income. Also, most families are spending around 45 percent of their monthly income in paying unsecured debt, which is more than twice the ideal unsecured debt level.

The Consumer Credit Counseling unit of Wichita Falls is offering help to homeowners worried about foreclosures in partnership with the Credit Counseling Service of Greater Dallas.

Hope Now counselor Jeanine Pickett said that determined homeowners can save their houses from foreclosure auction listings. However, she expressed sadness that some have sacrificed their homes rather than their lifestyle.

The increasing number of bank owned homes foreclosures in Illinois is taking their toll on some cities that have to shell out money to keep these abandoned and vacant properties from becoming blights to neighborhoods.

In Collinsville, community service officers find it time consuming keeping track of abandoned and vacant properties and their unkept yards. Since last year, vacant properties with foreclosure notices are becoming a common sight around the city.

Community service officer Sheri Verstraete said that many homeowners just abandoned their homes. However, she pointed out that it is still the homeowners? responsibility to maintain their properties despite leaving it due to foreclosures.

So far, Madison County experienced a drop in bank owned homes foreclosures in 2009. But many cities have reported an increase in the number of vacant and unsightly houses once warmer weather starts to set in, causing a drain on taxpayers? money and manpower.

Madison Mayor John Hamm said that some families just walk away from their foreclosed homes, adding that the city could not attempt to clean the vacant properties until a hearing officer or judge says so.

In Granite City, officials have hired an outside firm to spray bank owned homes foreclosures for bugs, cut grass and remove trash.

Meanwhile, officials in Caseyville decided to close off the 500-acre Forest Lake subdivision after only one unit was sold. The subdivision became a haven for theft, dumping and graffiti. According to Caseyville Trustee Kerry Davis, Forest Lake will remain closed and locked until such time that sales in the subdivision pick up.

On the other hand, Mitch Blair, Collinsville assistant community development director, said that municipalities are attempting and trying various strategies to address the problems brought about by the increase in the number of abandoned and vacant houses. He added that municipalities have decided to become proactive in handling foreclosure-related issues.

Some municipalities use files by St. Clair County to keep track of foreclosure properties. The courthouse helps municipalities track down who were the last taxpayers, lenders or mortgage holders. Once they have established the persons or entities responsible for the foreclosure homes, they will contact them to do some work on the said properties within 7 to 10 days. If nothing will be done, the municipalities will file a lien.

The lien will ensure that once bank owned homes foreclosures were sold, the municipalities will be able to recover the funds they spent for maintaining and taking care of the yards of foreclosed properties.

A free foreclosure prevention workshop is being offered to homeowners who want to save their home from REO property listing.

The free workshop features representatives from various organizations, including The Pro Bono Resource Center of Maryland, Maryland Department of Housing and Community Development, Civil Justice Inc. and Catholic Charities of the Archdiocese of Washington.

The workshop will provide homeowners with information and legal advice about their foreclosure problem and where to seek help to save their houses from REO property listing.

Director of social concerns at St. Peter Anne Marie Prangley explained that the church offered to host the event to help the state disseminate the information about various available programs offered for homeowners to help them handle their foreclosure-related problems.

According to Prangley, foreclosures may not be a big problem in Maryland, particularly in Olney county, but still, she had received calls from homeowners who were concerned about the issue. Maryland offers several programs that could help distressed homeowners facing the threat of REO property listing, including the availability of about 800 pro bono lawyers who are trained to handle housing options and foreclosure cases.

Prangley said that many distressed homeowners are hesitant in coming out about their problem, with some refusing to acknowledge the fact that they are on the brink of losing their properties to foreclosures. She pointed out that coming forward and acknowledging the problem are the only way that troubled homeowners could get and receive help.

Workshop participants are advised to bring with them all documents pertaining to their former and current mortgages, including settlement papers, loan applications, notices of foreclosures, lender statements, threats of foreclosure and a copy or copies of their monthly home budget.

The Olney area, compared with other Maryland areas such as Germantown, Silver Spring and Gaithersburg, has not been severely affected by foreclosure. Out of the 78 resale houses on the REO properties listing, 18 are either bank owned homes or short sales.

Meanwhile, out of the 54 properties under contract in Olney, about 22 are either bank owned properties or short sales.

The free workshop to help distressed homeowners save their homes from REO property listing will be held at St. Peters Catholic Church on June 27.

Major banks managed most home loans that became bank foreclosure property in Wisconsin. Last May, one in every 731 houses in the state was in some kind of foreclosure proceeding. In 2008, the state?s foreclosure rate rose to 25,547 or 21 percent.

The California city of Los Banos has been suffering from drought for three years and from a staggering one-in-five foreclosure rate, but it has not received the kind of government repo funding received by other cities which got extra attention from the media.
U.S. Representative Jim Costa of California claimed that drought-hit Los Banos did not [...]

Foreclosure listing sales are increasing in affluent places in San Diego County such as Solana Beach, Rancho Santa Fe, Carmel Valley, La Jolla, Del Mar and Point Loma and other central San Diego gated neighborhoods, as shown in reports of San Diego County foreclosure listings in May.

Foreclosed home list properties dominated residential auctions in May in California’s Riverside County, according to foreclosure sales data released this week.

Many homeowners know that if they missed paying several installments of their mortgage, they are going to end up on a repo list. Or that if they also missed paying their property taxes, they could be put on the foreclosure block.

Because legislators in Florida have not passed significant laws to help facilitate the implementation of the Obama administration’s government foreclosures program, judges in several circuit courts in the state have taken the initiative to decongest the courts of foreclosure cases and at the same time help distressed homeowners.

If condo developers and owners in Manhattan and other parts of New York do not reduce their prices to match market prices, more units will stay empty and more units will be added to foreclosure list inventories, according to real estate brokers and agents selling units in higher-priced condo complexes.