US foreclosures surge 17%

The number of homes lost to foreclosures rose about 17 percent in the second quarter of this year despite the launch of an extensive government program aimed at helping borrowers save their home, according to government data released Wednesday.

Completed foreclosures reached 106,007 during the second quarter, compared with 90,696 during the first three months of the year, according to the report by the Office of Thrift Supervision and the Office of the Comptroller of the Currency, which regulates banks. Their quarterly report examines 64 percent of outstanding mortgages in the country.

The increase was primarily the result of various government and industry foreclosure moratoriums, the report said.

www.washingtonpost.com...

More people loosing their homes and heading to the streets or relatives/friends/shelters.
This is getting really really bad.

Tons of news about people living in tent cities via Google News
news.google.com...

Not surprising this is not covered more by the MSM

As workers lose their jobs, homelessness and tent cities are sprouting up around the country. Fearing mass rebellion, many municipalities are moving to legalize tent cities around the country. Examples are Nashville, Tenn.; Ontario (near Los Angeles), Ventura and Sacramento in California; Lacy, Wash.; and Champaign, Ill. These are among the many localities either providing services to the homeless or allowing charitable institutions to do so.

New York City and Seattle, on the other hand, have moved sharply to repress the growing homeless movement.

In Nashville, on any given night there are 4,000 homeless people, according to city authorities, and 785 shelter beds. There are now at least 30 known tent encampments in Nashville.

www.workers.org...

reply to post by warrenb


So much for the Stay in your home programs... That the messiah championed. Just collapse all ready, I applied for a reduction in my home cost not the principal but interst. My wife lost her job and we have cut all cost to bare necessities minus the internet so she can look for work. Do you think we got it, hell no we were declined and no reason giving. I told them well you may as well start the forclosure papers now, because i am no longer paying. If they wont just collapse the system all ready I will help it along by not paying any bills. Thats sticking it to th eman.

Originally posted by warrenb

The number of homes lost to foreclosures rose about 17 percent in the second quarter of this year despite the launch of an extensive government program aimed at helping borrowers save their home, according to government data released Wednesday.

What a joke, I don't know of anyone that has stayed in their home due to 'a extensive government program' except the bankers and fat cat executives.

I've been working for months to get some relief and it just not happening.

I am about to call the # bank and tell them look 'you can either help me lower my monthly payment or I'm going to have to be sending you the keys'. When you just don't have the money you don't have the money. It's not quantum physics.




[edit on 30-9-2009 by lucentenigma]

I'm so friggin happy to hear this is all still going on. I should be finally able to purchase a house next Summer/Fall.

Now if I can just keep whatever town I buy in from claiming some outrageous property value and milking me tax-wise for the audacity of saving a large down payment to buy a home in a buyers market.

reply to post by thisguyrighthere


I have a friend in Palm Beach that bought a property valued at $1.9 million(before the crisis) for a measly $59k from a developer who bought a huge lot of foreclosed homes from the bank for super cheap.

I couldn't believe it. $59k for a $1.9 million dollar home!
I know the values are super inflated but still it's bargain (assuming whats coming in the future makes it worth it)

Many homes either have not gone through foreclosure or houses that have gone through foreclosure and are not on the books yet (not on the MRIS). They are hiding these figures. It is much worse then banks are letting on to.

I put 30% down, paid for 4 years and still lost my home. Sadly that paid the principal off. They did not want to work with me. Why should they, they were paid. Plus they can resell the house and profit again. They only lost the interest. If I had put down 0-3% they would have something to loose. Those of us that risked a lot of $ lost a lot $. The banks get bailed out with my taxes to take my home. I’m pissed.

Originally posted by VAPatriot
Many homes either have not gone through foreclosure or houses that have gone through foreclosure and are not on the books yet (not on the MRIS). They are hiding these figures. It is much worse then banks are letting on to.

I put 30% down, paid for 4 years and still lost my home. Sadly that paid the principal off. They did not want to work with me. Why should they, they were paid. Plus they can resell the house and profit again. They only lost the interest. If I had put down 0-3% they would have something to loose. Those of us that risked a lot of $ lost a lot $. The banks get bailed out with my taxes to take my home. I’m pissed.

I'm in the exact same boat for the most part. I paid 20% down (crappy credit), was paying triple payments when I could, remodeled the bathrooms/kitchen, lot's of upgrades.

I don't see any reason for the bank to help. They made a nice profit and will profit again if it's foreclosed on.

reply to post by lucentenigma


It makes me nauseas to see my house now on the market for 60% less then I paid in 04 and that does not take into account the many upgrades made. I lost big $, 500K. I was not foolish with my decisions. I blame the baking industry and Gov. for all this mess. A pox on them all! Do what you can to make the end result as bad a posible for them. God knows it will be for you. Good luck.

reply to post by VAPatriot


LMAO!

Thanks for that man.

I'm sorry to here about all you lost. I am not out to lose that much but I am going to lose a lot. All my life I wanted to own my own home and to have the security that comes with it. I put so much work into making a house MY HOME, it's B.S.

Reminds me of the Richard Pryor movie where the people selling their house keep saying stuff like 'you like those cabinets?, were taking those with us'.

Richard Pryor shows up and the pool is gone, stairs are gone, doors are gone.

reply to post by lucentenigma


I had a 40x80 steel building on the property. Not on the deed mind you. Gone! Spent 200K building it sold it for 10K. Was not about to leave it to boost the value of the property. Totaly within my rights , completely legal. Pissed them off though.

www.businessinsider.com...

50% Of Rescued Mortgages Have Re-Defaulted

reply to post by leo123


I would be real interested in what percentage of the "rescued mortgages" where the 0-3% down people vs. 20%+ down.

People who put down 0-3% and got a balloon payment or interest rate hike never could afford the loans in the first place. It would take a massive modification, that didn't happen. It was a token gesture to delay the inevitable.