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Nationwide foreclosure inventory decreases as completed foreclosures increase

A California-based real estate information provider observed that there was an increase in completed foreclosure procedures nationwide, but the foreclosure inventory has decreased, a November 8 article of Housing Wire reported.

According to CoreLogic’s September data, there was a 31.1 percent decrease in yearly nationwide foreclosure inventory, which amounts to a 3.1 percent decrease on a monthly basis. CoreLogic noted the recent trend can still be perceived positively because the housing market has been eliminating its inventories faster than homeowners who are starting to file for foreclosures. The completed foreclosure rate nationwide increased in September by 5.2 percent in monthly terms. However, the rate is still down by 7 percent annually.

Though foreclosure levels across the nation continue to improve, the attorneys at Greenway Bankruptcy Law, LLC understand that many Birmingham homeowners are still threatened with foreclosure every year. If this happens to you, we can offer you legal assistance with foreclosure defense. Learn more about your options from us today by calling (205) 324-4000.

Nationwide foreclosure level normalized

Levels of foreclosure activity in the U.S. have decreased to a pre-recession level, a mydaytondailynews.com article stated on October 13.

Overall foreclosure data provided by RealtyTrac noted in September that foreclosure filings nationwide have reduced by 24 percent compared to the data recorded in the same month last year. Recent data also revealed that foreclosure levels have reduced by 13 percent compared to a month earlier. RealtyTrac also reported that the recent foreclosure rates are similar to levels recorded before the housing market collapsed in 2007. Real estate expert Daren Blomquist noted that this year’s recent record shows overall foreclosure levels continuously improve year by year.

Though recent data is projecting that the housing market is actively recovering from the horrors of the crisis, there are still many homeowners who are at risk of losing their home to foreclosure. If you are in such a situation in Birmingham, a lawyer at Greenway Bankruptcy Law, LLC may work for you. Call our office today at (205) 324-4000 to find out how we could protect your home from being taken away from you.

US foreclosure inventory has significantly decreased since 2007

A September 13 article released by CoreLogic revealed the foreclosure inventory rate in the U.S. significantly fell in July compared to the same month in previous years, an article of the National Mortgage News stated.

According to reports, the foreclosure inventory recorded in July was an estimated 355,000, compared to the 501,000 recorded in the same month in 2015. CoreLogic also said that completed foreclosures dropped by 16.5 percent compared to previous years. Economist Frank Nothaft attributed the foreclosure decline to the continuous housing industry improvement since the housing crisis. Though foreclosure inventory rates, in general, continue to decline, there are some states, such as North Dakota, which are still plagued by foreclosure.

The attorneys at Greenway Bankruptcy Law, LLC understand that many Birmingham families are facing risks of losing their homes to foreclosure every day. If this situation is happening to you, we may be able to offer you legal assistance to prevent your foreclosure. Call our office today at (205) 324-4000 to find out how we may be able to work on your behalf.

What should foreclosure victims do to buy another home?

Individuals should know that there are steps they can take to buy a home after completing a foreclosure procedure. Buying a home should be an option families consider because continually renting a home can become expensive and mortgage rates are becoming affordable for many.

As most foreclosures happen due to financial problems, potential home buyers should consider improving their finances by avoiding unnecessary expenses and starting a savings account. Be aggressive in paying off your debt and refrain from applying for new loans and maxing out your credit card as it can badly hurt your credit score. Previous homeowners should know that the Federal Housing Administration is providing financial assistance for those who have completed foreclosure or bankruptcy proceedings. Potential home buyers should do their research to avoid falling prey to shady real estate agents and lenders that offer “unbelievable” deals.

Undergoing foreclosure proceedings is a frustrating experience, especially if you are currently experiencing other unavoidable circumstances that lead to a serious financial loss. However, if you are facing foreclosure in Birmingham or the surrounding area, the Greenway Bankruptcy Law, LLC attorneys may be able to help you. Call our office today at (205) 324-4000 to find out how we may be able to work on your behalf.

Distressed borrowers given foreclosure protection under new mortgage rules

Under the new mortgage rules approved on August 4 by the Consumer Financial Protection Bureau (CFPB), certain distressed homeowners who are being threatened with foreclosure may get relief, an article of Reuters reported.

The CFPB will now require mortgage payment servicers to help struggling borrowers keep their homes from being foreclosed if they have made their payments on time. Unlike before, borrowers may now receive protections, such as mortgage modifications, several times. The new rulings are designed to aid borrowers who are dealing with sudden financial loss, such as from the death of a relative or losing a job. Mortgage servicers now are also required to provide information to struggling homeowners about their possible options. The rulings aim to reduce the effects of the foreclosure crisis that has plagued the country since 2006.

If your home is being threatened with foreclosure in Birmingham, the attorneys at Greenway Bankruptcy Law, LLC may be able to help you prevent it. Find out how we can help you protect your family’s home today by calling (205) 324-4000.

Foreclosure looms for NFL legend Terrell Owens

Former professional football player Terrell Owens is at risk of losing one of his properties to foreclosure after he failed to settle mortgages of over $900,000, an August 6 article of Realty Today reported.

According to reports, Owens defaulted $905,417.06 on his $2.2 million San Fernando Valley property that he and his former spouse Rachel Snider bought in 2014. The 42-year-old ex-member of the San Francisco 49ers and Dallas Cowboys reportedly made the property available for sale for a slightly higher price. However, no one as of reporting has shown interest in buying it. The 90-day extension given by the bank to Owens to settle his debt has already expired and he decided not to pay his mortgage since he is already selling his home, reports said. Owens, who admitted in past reports that he is already broke despite making 70 million dollars in the NFL, is also selling his 4,250 sq./ft. house in Sherman Oaks for $2.35 million.

If you are facing foreclosure, working with a skilled attorney is important,  especially if you are unfamiliar with the complicated process. Find out how an experienced attorney at Greenway Bankruptcy Law, LLC may work for you in Birmingham today by calling (205) 324-4000.

Homeownership rate in the US declines

A July 28 report of Bloomberg revealed that this year’s homeownership rate is the lowest in decades. In the recent data released by the U.S. Census Bureau, the nationwide homeownership rate was 63.5 percent in the first quarter, and it fell to 62.9 percent before the third quarter. This year’s homeownership rate marks the lowest rate since 1965.

The bureau found that people who are in the 18-35 age bracket and those looking forward to buying their own house are having a hard time finding affordable mortgages. Many people have turned to renting as a viable option. A real estate expert noted that while the trend of decreasing homeownership rates hurts people who are looking to buy a house, increasing renting trends are benefiting families who were victims of the foreclosure crisis.

Due to home prices increasing faster than salaries, the attorneys at Greenway Bankruptcy Law, LLC in Birmingham understand that many families are liable to lose their homes to foreclosure. If you are facing potential foreclosure, we may be able to offer you legal options to save your family’s shelter. Find out how we can work on your behalf today by calling (205) 324-4000.

Foreclosure rate in Russell County among highest in state

Real estate experts recently observed that the Russell County foreclosure rate is one of the highest in the state of Alabama, making its way to the 9th spot, an article of wtvm.com reported on June 30.

According to reports, of every 1,200 homes in Russell County, at least one is being foreclosed upon. Members of the community do not find this development to be a surprise, since The Department of Defense cut 3,000 jobs at the nearby military base, Fort Benning. Military personnel either own or lease many of the houses in Fort Mitchell since it makes an easy commute to Fort Benning, which is one of the biggest employers in the area. Although the foreclosure rate in the area has increased, increased foreclosures translate to lower prices for buyers.

Many families are left in trouble when their homes are foreclosed on. If you were the victim of a foreclosure, enlisting a qualified attorney can help you protect your home. Speak with an attorney at Greenway Bankruptcy Law, LLC in Birmingham today by calling (205) 324-4000 to learn more about your options.

Glen and Cristy Rice’s Miami condominium facing foreclosure

The Miami condominium jointly owned by former basketball star Glen Rice and his ex-wife Cristy Rice is being threatened with foreclosure, a November 6th article reported.

According to reports, the bank who gave the former couple the loan for the property has claimed that Glen and Cristy have not made a payment on the $1,401 monthly mortgage of their condo unit in the Neo Vertika building in downtown Miami since February.

The condominium apparently was bought by the Rices in 2006 as an investment after Glen retired from the L.A. Clippers. The ex-couple still owes a portion of the original $500,000 mortgage. Cristy reportedly sought legal help to challenge the foreclosure, claiming that the bank failed to follow the right procedures in their foreclosure claim.

Unfortunately, many families are devastated upon realizing that their home is being threatened with foreclosure. If you are facing this frightening and stressful prospect, consider seeking the assistance of a bankruptcy attorney who may be able to help you protect your home. To discuss your case with the attorneys at Greenway Bankruptch Law, LLC, call our Birmingham office today at (205) 324-4000.   

Foreclosures not at pre-recession levels but still improving

Although more homes were foreclosed in May than pre-recession levels, it is still nearly half the number of foreclosures that occurred in 2011, according to the Orange County Register on July 14.

According to CoreLogic data, approximately 7.8 million homes across the nation have been foreclosed in the last 11 years. This past May is the most recent month with data available; during this month, 41,000 homes in the U.S. were experienced foreclosure. CoreLogic also revealed that 491,000 homes nationwide are currently in different stages of the foreclosure procedure. Despite these seemingly large numbers, May of 2011 saw the foreclosure of 77,000 foreclosures.

The legal team of Greenway Bankruptcy Law, LLC, understands that in Birmingham alone, many homeowners are at risk of losing their homes to foreclosure. If you are in such a situation, our lawyers may be able to offer you legal solutions to save your home. Call our office today at (205) 324-4000 to find out how we may work for you.

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505 20th St N #1220
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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.

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