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Foreclosures across Alabama decline in 1Q

A research firm specializing in foreclosures has reported that foreclosures in the state of Alabama declined during the first quarter of 2012.

The foreclosures declined by 18.6 percent in Alabama, as compared to the first quarter in 2011, and totaled 4,534 applications for the first quarter of 2012. The results of the research regarding national filings for foreclosure revealed that the overall foreclosure rate fell by 16 percent, when compared to the same quarter from the previous year.

According to several experts, this number may be increasing in the very near future. Alabama banks are expecting foreclosure filings to increase dramatically due to the $25 billion mortgage settlement that was announced in February.

If you have questions regarding foreclosures, please contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Foreclosure activity continues to fall in 2012

Foreclosure activity has continued to decrease on a year-over-year basis in Alabama in 2012. According to a RealtyTrac report, January’s foreclosure activity was lower than it was a year before.

Last month, 1,489 foreclosure filings were filed throughout the state. This was 9.3 percent lower compared to foreclosure filings filed in January 2011. However, foreclosure filings filed in January 2012 were 33 percent higher than the number filed in December 2011.

A foreclosure was filed for approximately one in every 1,459 homes in Alabama last month. The average foreclosure rate in the U.S. is currently around one in every 624 residences. Alabama ranked as the 38th state with the highest foreclosure rate as of last month.

If you or someone you know is facing foreclosure, contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about how we can help you.

Mortgage delinquencies and foreclosures decrease in Birmingham

According to foreclosure research company CoreLogic, foreclosures and mortgage delinquencies decreased in Birmingham in November.

In November, the foreclosure rate on outstanding mortgage loans in the metro Birmingham area was 1.58 percent.  The foreclosure rate in Birmingham was 1.81 percent in November 2010.  The national foreclosure rate in November 2011 was 3.41 percent.

Mortgage delinquencies in the area also decreased, with 6.22 percent of loans 90 or more days delinquent.  In November 2010, 6.64 percent of mortgage delinquencies in Birmingham were 90 or more days delinquent.

If you have questions about defending yourself against foreclosure, contact the Birmingham foreclosure defense attorney, Paula Greenway, at (205) 324-4000 to learn more today.

Foreclosure rate down by 21 percent in Alabama in 2011

According to a recent report by foreclosure research firm RealtyTrac, the rate of foreclosure in Alabama was 21 percent lower in 2011 than in 2010.  Last year, Alabama had the 31st lowest foreclosure filing rate in the country.

In total, 16,487 foreclosures were filed in Alabama last year.  The rate of foreclosure for 2011 was about 1 in every 132 homes.

Last month, foreclosures filings decreased by 24.3 percent from November, with a total of 1,122 foreclosures in the state.

Across the country, the foreclosure rate decreased by 34.3 percent, with 1.9 million foreclosures filed in the U.S. in 2011.  On average, foreclosures were filed at a rate of about 1 in every 69 homes.

If you or someone you know is facing a foreclosure, contact the Birmingham foreclosure defense attorneys of Greenway Bankruptcy Law, LLC by calling (205) 324-4000.

Foreclosure rate doubled from last year

According to the latest data from Fitch Ratings, foreclosures are almost two times as high as they were at the same time last year.

The agency uses Residential Mortgage-Backed Security, or RMBS, Performance Metric.  Their most recent findings indicate that the rate of foreclosure on homes with delinquent mortgages has increased to 10 percent a month.

Officials say the apparent increase in foreclosures is related to last year’s discovery of problematic procedures in the foreclosure industry like “robo-signing” and the subsequent delay in many foreclosure proceedings.

Experts predict that home prices in the U.S. will drop by about 10 percent in the months to come.

If you or someone you know is facing foreclosure, contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to discuss your situation with one of our attorneys today.

Reports show drop in number of Alabama foreclosures

A report by RealtyTrac recently found that the rate of home foreclosures in Alabama is dropping steadily.

The reports stated that the rate of foreclosures for the month of April dropped 24 percent from April of last year. Only 1,840 properties in Alabama were in foreclosure for the month of April, and this was also a 21 percent decrease from the number of foreclosures in March of this year.

Foreclosure rates are not only decreasing in Alabama but also in the entire country. The rate of foreclosures for the U.S. dropped 34 percent from last year. This decrease in foreclosures seems to be a sign that the economy is slowly but surely recovering.

If you or someone you love is facing foreclosure, please contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

House Ends Foreclosure Defense Programs

Foreclosure defense programs that were put into action by the Obama administration in 2007 are now being abandoned by many in the House and Senate who say that the programs cause homeowners more harm than good.

Votes in the House proved to be partisan, as Republicans voted to end the programs, and democrats voted to continue them. Republicans against the bills argue that they do not adequately protect homeowners from foreclosure, and, if the programs are ended, taxpayers could save $40 billion. Democrats in favor of the programs have said that they are important safety nets for homeowners who have been struggling in the harsh economy.

One of the first programs to be cut was one which helped people who lost their jobs by providing short-term loans so that they could pay their mortgages. Alabama will be affected the most by the loss of this program because it has the highest rate of unemployed homeowners who could have benefitted from the program.

If you are at risk of foreclosure and would like information about actions you could take to prevent the loss of your home, please contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000