Taunya Fagan Bozeman Real Estate Blog: SW Montana Information & Listings: FC Heat Map - 2008 Home Mortgage Foreclosure Map - HUD Links & Information

FC Heat Map - 2008 Home Mortgage Foreclosure Map - HUD Links & Information

Home Mortgage Foreclosure Heat Map 2008

Unfortunately, California and Florida's home mortgage foreclosure rates have heated up since late 2007... 

Foreclosure Map to Mid 2008

 Heat map from RealtyTrac.com/ForeClosurePlus.com

For Last Year's Foreclosure Heat Map, Click Here

 ____________________________

Below is important information - Tips from the HUD website - to forestall home foreclosure. If you follow rule #1 you will be on your way to proactively addressing the problem. Never ignore your home payment; seek assistance immediately...

 1. Don't ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.  

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems.  Later mail may include important notice of pending legal action.  Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can't make your payments.  Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.  

5. Understand foreclosure prevention options.

Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at
portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide.  Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance.
Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority.  Review your finances and see where you can cut spending in order to make your mortgage payment.  Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets.  

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income?  Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.  

9. Avoid foreclosure prevention companies.

You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender.  While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a
HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!

If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home!  Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a
HUD approved housing counselor.

Thanks to HUD for the italicized information above.

giving you the advantage...®

Taunya Fagan Bozeman Real Estate Mortgage Information

Taunya Fagan Prudential Montana Real Estate Banner

Comment balloon 2 commentsTaunya Fagan • July 27 2008 10:19AM

Comments

It looks like Austin is now the red dot in the blue state.  all this time I thought we were the blue dot (Democratic) in the red (Republican) state?!?!? LOL

Betina 

Posted by Betina Foreman, Realtor, C.N.E., with WJK REALTY (WJK Realty) about 9 years ago

Great map -- Colorado does have it's share of foreclosures!  

Do you mind if I ask ............ Where did you get the map.   I love the visual.

Posted by Kathy Torline, Colorado Springs Real Estate Blog 719-287-1049 (ERA Herman Group Real Estate) about 9 years ago

This blog does not allow anonymous comments