For many people, the American dream of homeownership has turned into a nightmare. Nearly 1.3 million households were in foreclosure at the end of 2010, according to a federal report, and another 350,000 homes slid into foreclosure in just the last four months of the year.
Are you worried your house might be next? Maybe your house has already been foreclosed upon, and you’re looking for the best possible exit?
We have some tips for what to do. They come from Todd Allen, the Florida attorney who recently made national headlines by foreclosing on a Bank of America branch after the mega-bank illegally foreclosed on two of Allen’s clients.
[Related article: What it Takes to "Foreclose" on Your Bank]
But first, a disclaimer. A few judges in a handful of states, notably New York, Ohio and Massachusetts, have grown so outraged at lenders and mortgage servicers trying to foreclose on homeowners using fraudulent or missing paperwork that they now require attorneys for the companies to vouch for the documents’ legitimacy. In a small number of cases, judges got so angry they actually threw cases out of court, giving the homes to the borrowers free-and-clear.
Such cases are the exception, Allen says. And in rare instances, banks do get confused and foreclose on the wrong person. (In the case that made Allen famous, Bank of America foreclosed on a couple who never had a mortgage from the bank, and who in fact owned the house outright.) Most people facing foreclosure will not be able to keep their house. The best they can hope for is to delay the inevitable and make sure the case being presented by the bank is in good order, with all documents accounted for properly.
“At some time they’re going to fix their documentation and then they’re going to foreclose on you,” Allen says.
Delay might actually be a good policy, says Gerri Detweiler, Credit.com’s expert on credit and debt issues.
“A lot of times you can stay for several months, even as long as two years, and during that time you can save money for your next move,” says Detweiler.
Christopher Maag is Credit.com’s Staff Writer. Chris graduated with honors from the Columbia University Graduate School of Journalism, and has reported for a number of publications including The New York Times, TIME magazine and Popular Mechanics.
This post originally appeared at Credit.com.
Special Note: It now appears the NAR will release the benchmark revisions in August (ht Mary Ellen). These revisions are expected to show significantly fewer sales and lower levels of inventory for the last few years. Hopefully the new methodology will be fully disclosed. Also, hopefully the NAR will release sales and inventory for all revisions (not just the last year).
From DataQuick: Southland Home Sales Quicken, Median Price Highest This Year
Southern California home sales last month shot up more than usual from May to the highest level for any month since June 2010, when the market got its last big boost from homebuyer tax credits. Sales of lower-cost homes, driven by investors and first-time buyers, and even high-end sales continued to outshine traditional move-up activity in middle price ranges ...This is another report suggesting an increase in existing home sales in June compared to the reported 4.81 million sold in May on a seasonally adjusted annual rate (SAAR) basis (before the benchmark revisions).
A total of 20,532 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in June. That was up 11.6 percent from 18,394 in May but down 14.0 percent from 23,871 in June 2010, according to San Diego-based DataQuick.
...
Builders continue to suffer on a scale not seen in decades: The 1,395 newly built houses and condos sold last month marked a 36 percent drop from a year earlier and the lowest new-home total for a June in DataQuick’s records.
...
Distressed property sales accounted for just over half of the Southland resale market last month. Roughly one out of three homes resold was a foreclosure, while almost one in five was a “short sale.”
On New Home sales: My understanding is DataQuick reports when the escrow closes, and the Census Bureau reports when a contract is signed. It usually takes about 6 months to close (builders usually build to contract with few speculative homes these days). So this low level is related to the Census Bureau reports for 6 months ago. Also, last year, June sales (reported at close) were boosted by the housing tax credit.
National existing home sales for June will be reported on July 20th, and new home sales will reported on July 26th.
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