Foreclosure Default
Foreclosed Homes Taxes and Penalties Reduced, Grants Awarded to Stop Foreclosures
In an effort to stop foreclosures, HUD has decided to award grants to 9 Alabama state agencies. This decision, coupled with the lowering of forclosed homes taxes and penalties, will surely drive the foreclosure number down. The said grants will total $435, 484.
Last year, there were 19, 896 foreclosure cases filed in Alabama, including forclosed homes in Toney, Alabama, as evidenced in the report from the Birmingham HUD office. Since each foreclosure filing can be equated to an entire family in trouble, the department believes the fund will surely help reduce the number of foreclosures in Alabama, and, consequently, families avoid foreclosure.
With the reduction of forclosed home taxes and penalties, the said funding from HUD hopes to provide assistance to about 10, 000 mortgage borrowers on the brink of foreclosures. The grants also target the 22,000 homeowners who are likely to default on their housing loan payments and 5,000 homeowners who have neglected to pay their mortgage dues at least once in the last year.
The funds from the HUD will be broken down as follows: $43, 374 to Jefferson County Housing Authority so that they will have funds for their counseling programs, and $29, 097 for the Committee for Economic Opportunity in the same county to be used for assisting homeowners looking to avoid foreclosure with a loan modification program.
On the other hand, buyers interested in a foreclosure home will be pleased to know that the federal government has become quite lenient with regard to the forclosed home taxes and penalties. In fact, in most states, lenders who participate in loan modification and short sale as well as buyers of distressed properties receive incentives. Obviously, the federal government hopes to improve home sale activity and eventually raise home market values, which will pave the way for the housing market’s recovery.
About the Author
Original post: http://www.buyforeclosuressale.com/blog/foreclosed-homes-taxes-and-penalties-reduced-grants-awarded-to-stop-foreclosures/ onBuyForeclosuresSale.com, your source of homes in foreclosure.
Defending a FL Foreclosure: Strategic Default
|
|
60 Minutes – Walking Away (May 9, 2010) $17.95 Airdate: 5/9/10 Currently about 7 million U.S. homeowners are behind on their mortgages, and some may end up losing their homes because they can’t make the payments anymore. Then there are those homeowners who can make the payments, but are going into “strategic default,” walking away from their homes because they’re “underwater” — worth far less than the mortgage. Is this financially savvy or s… |
|
|
60 Minutes – Where’s the Bottom? (December 14, 2008) $17.95 Airdate 12/14/08 A second wave of mortgage defaults is coming, Scott Pelley reports. Even once the U.S. economy is clear of the sub-prime mortgage meltdown, there are even more exotic, risky mortgages that will haunt the economy. They are called Alt-A and Option ARMS, and the low initial rates of these adjustable-rate mortgages are due to reset at higher rates over the next few years. A cascade … |
|
|
Stop or Stall Your Foreclosure, What the Big Banks Don’t Want You To Know Did you know that the banks make more money if they foreclose rather than modify?Did you know there are over 1 million Americans searching for the terms “loan modification help” on Google each month? You are not alone.After a two year struggle with my lender (yes..I did not make mortgage payments for two years!) I finally got the modification I needed and saved my home!Stop or Stall Your Foreclosu… |
|
|
The Strategic Default Plan Do you owe more on your mortgage than your home is worth? Are you struggling with an underwater home loan? Do you wish you could just walk away? YOU CAN! In THE STRATEGIC DEFAULT PLAN, nationally renowned foreclosure defense attorney Christopher Forrest guides you through his step-by-step strategic default plan and teaches you the tips and insider information you need to know if you’re thinking ab… |
|
|
Underwater Home: What Should You Do if You Owe More on Your Home than It’s Worth? $15.16 Underwater on your home? Don’t know what to do? Let one of the the nation’s leading experts guide you to the right decision. In Underwater Home, Professor White addresses all your concerns and helps you work through the emotions and practical realities of being underwater on your home. He explains your options and gives you the facts that will empower you to make the best decision for your famil… |
|
|
Stop Home Foreclosure Now 2009 $49.95 Just look at some of what you will get: You’ll get all you need to stop your foreclosure in less than one week, no matter how deeply in foreclosure you are. You will get all the secrets your mortgage company don’t want you to know. You will get little secrets they use in the negotiations. These secrets will help you take over control of the negotiations. You will be the one who will have the contr… |
