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New Wave of Foreclosures Coming Soon

Saturday, June 22, 2013
by Don DeHanas, Broker




Government Housing giants Freddie and Fannie are under-prepared for new wave of foreclosures

When Americans default on federally backed mortgages, the Government steps in and “buys” them from mortgage companies, and then incurs the cost to keep them maintained as they attempt to sell them on the market. The problem is, there is a staggering 1.7 million mortgages near default, and some economists are questioning whether HUD is ready for a new wave of foreclosures to hit.

Currently, the government is stretched thin in managing the more than 195,000 foreclosed homes it now owns and is not well prepared to handle a new wave of foreclosures that is about to hit, according to some economists who paint a less rosy picture of the housing market than politicians.

In fact, as of June 1, 2013, the inspectors general at the Federal Housing Finance Agency (FHFA) and the Department of Housing and Urban Development (HUD) warn that a staggering 1.7 million mortgages are 90 days or more delinquent, putting them in danger of Foreclosure.

The inspector general's report warns the housing market remains in a delicate state, with 1.7 million potential foreclosures  swelling on the horizon. Additionally, it is noted, the serious delinquency rate has hovered at 9.4 percent, or about 1.4 percent higher than a year ago.

Executives at Fannie Mae told the FHFA inspector general that "due to the high numbers of delinquent borrowers, among other challenges in the housing sector," it does not expect its inventory of repossessed houses to "return to pre-financial crisis levels for years."

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Real Home Owner Stories: A Fresh Start

Monday, April 8, 2013
by Don DeHanas, Broker

For homeowners who are in danger of losing their home to Foreclosure, it is common to feel like you are all alone and that there is no one who can help. This simply isn’t true. There are real people who have been in the same situation who have found solutions. Take, for example, Dan and Jessica M. of Grand Blanc Township, Michigan.

For Dan and Jessica, their homeownership dream always involved building a house on a piece of land. “We build a house on half an acre,” said Dan.

 

In order to achieve their dream, they stretched a little beyond what they were comfortable with by getting two adjustable rate mortgages, a common practice at the time. “The introductory rates were 8.5% and 11.5%, but our lender said, ‘Don’t worry, you can refinance after two years.’”

 

For a while, they were getting by. Then, a couple of things happened. “We had our first child, and soon afterward, Jessica lost her job,” said Dan. “Soon, bills started piling up.”

 

Because they believed they’d be able to refinance, they started paying their bills on credit cards. “We hung on for the full two years hoping we could refinance at a lower interest rate, but when the time came, our lender said no because our home’s appreciation was too low.”

 

Dan and Jessica needed help. A friend referred them to a real estate agent who was a Certified Distressed Property Expert®. The agent answered their questions. Most importantly, the agent explained the difference between a Foreclosure and a short sale. In a short sale, the bank agrees to allow the home to be sold for less than the amount due on the loan.

 

“With this information, we were able to decide that a short sale was our best option.”

 

It was a stressful process, but the agent helped them tremendously. She even kept a potential buyer from walking when the process was taking longer than expected. “Honestly, if it weren’t for her, the buyer would have left and we’d have been stuck.”

 

Dan and Jessica’s story is just one of many. I have a report entitled “How to Avoid Foreclosure” which tells other stories of real homeowners who faced foreclosure and found relief. Download the report, read the stories, and then contact me for a free, confidential consultation.

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Money Saving Tips for Homeowners & How to Avoid Foreclosure

Saturday, January 7, 2012
by Don DeHanas, Associate Broker

I have long been associated with some of the top real estate professionals in the industry from all across the country through a network called Star Power Systems, and my fellow Certified Distressed Property Experts.  I had the surprise of turning on the news a few days ago to see one of my mentors, Alex Charfen, as a guest on FOX and Friends.  Alex has an insight and a delivery of information that is next to know one I know.  Here is the clip:

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Bank of America Resumes Foreclosures

Monday, October 18, 2010
by Associated Press

Bank of America says it plans to resume foreclosures in 23 states next week and will refile paperwork for 102,000 cases.

The company says it will begin refiling documents next Monday in states that require a judge's approval to restart the Foreclosure process. The company says it will continuing delaying about 30,000 foreclosures in 27 states that don't require a judge's approval.

Bank of America is the only lender to halt foreclosures in all states after evidence emerged that the bank filed documents that employees did not read.

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Criminal Allegations Loom Over Big Banks

Thursday, October 14, 2010
by Don DeHanas, Associate Broker

Allegations of possible mortgage fraud against financial giants GMAC, JPMorgan Chase and Bank of America read like a criminal rap-sheet: forged documents, faked Social Security numbers, phantom titles, disappearing paper trails, "robo–signers" and mortgages sliced and diced so many times that nobody really knows who owns them.

 

With news just starting to come out about how criminally mis-managed the Foreclosure process has been in the banking industry, it is hard to say what will happen next.  One thing is for sure, we have a real mess on our hands.  Any delay in getting through this housing crisis will cost the American homeowner, big time!

 

Across the country, State Attorney Generals have begun filing petitions to halt foreclosures pending an investigation in the thousands of allegations that big banks have committed fraud in the Foreclosure of hundreds of thousands of home. In addition, class action lawyers are signing up entire neighborhoods as clients, and gearing up for one of the largest class action law suits ever.

 

Being on the “front line” of this crisis, Realtors, all too often, hear the horror stories of struggling homeowners trying to fight with their mortgage holders for loan modifications. There are accounts of people spending more than a year in this process, not to be any better off than the day they began. As a Certified Distressed Property Expert (CDPE), I have a responsibility to help homeowners make the best choice for their situation. My first obligation is to help them stay in their home if at all possible.  In order for this to happen, there must be an open line of communication between the home owner and the mortgage institution.  The sad part about this is the vast majority of homeowners who attempt this process give up in frustration because of the lack of responsiveness from their bank. It becomes an overwhelmingly, frustrating task to get a mortgage modification, and in most cases short sale or Foreclosure is imminent.

 

If you feel as though you have been a victim of Foreclosure fraud, you should contact your States Attorney General to file a complaint.

 

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The DeHanas Team
DeHanas Real Estate Services
601 Post Office Road, Suite 2D
Waldorf MD 20602
Office: 301-870-1717
1-800-842-0190
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Servicing all Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro areas of Maryland, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County real estate advertised in this website are subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise any preference, limitation, or discrimination based on race, color, religion, sex, handicap and familial status, or national origin, or any intention to make any such preference, limitation or discrimination. DeHanas Real Estate Services will not knowingly accept any listing agreement for real estate sales in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas which are in violation of the law. Our clients and customers are informed that all dwellings advertised on our website in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas are available on an equal opportunity basis. All prices and finance claims appearing in this site are subject to change without notice.