News of Foreclosures, Foreclosure Properties Information and How to Find Distressed Properties for Sale
Counseling services and advocacy groups have helped more than 50 percent of distressed homeowners avoid losing their properties to foreclosure even before President Barack Obama has announced details of his foreclosure prevention program.
US President Barack Obama has unveiled his strategy to put a stop on foreclosures that hinder the country’s economic recovery. His plan includes government-supported refinancing arrangements that will let about 9 million distressed homeowners reduce their mortgage loan payments and avoid foreclosure.
The foreclosure prevention plan introduced by President Barack Obama is a far cry from the Bush Administration’s anti-foreclosure program which was criticized for protecting banks and other financial institutions at the expense of homeowners who are in danger of losing their properties to foreclosures.
The unabated spread of foreclosures in the country which affects millions of homeowners has led to the decline of new home construction applications and building activity.
Foreclosure prevention is in the forefront of President Barack Obama’s housing recovery plan, details of which is expected be released as part of the administration’s efforts to boost the economy through increase government spending to bring more jobs, financial bailout and helping homeowners pay their loans to avoid foreclosures.
The main reason for foreclosure is delinquent payments for mortgage loans or taxes. The Income Tax Lien allows the Internal Revenue Service (IRS) to sell a foreclosed property ahead of lenders without following the rules set on the issuance of special notice to lien holders. This is because the IRS has its own rules when it comes to the issuance and timing of foreclosure notice.
Atty. April Charney, a Jacksonville Area Legal Aid Attorney, said that people who are facing foreclosure problems are in denial and feel guilty about their situation. Charney said that such feelings worsen their situation as this result to non-action.
Senate Bill 57 or the foreclosure bill is a legislative effort, which aims to help reduce Georgia foreclosures. It has received universal support on aiding local governments in dealing with code enforcement. However, different lending rules are proposed by housing advocates and representatives of financial institutions.
Total sales of new homes reached 482,000 in 2008 representing a drop of 37.9 percent from 776,000 units sold in 2007.
About 50 of the biggest charitable organizations in the United States have committed to donate over $100 million grants to help borrowers avoid foreclosure, prevent hunger and provide financial counseling.
