The Virginian-Pilot
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Foreclosure activity in Hampton Roads eased a little again in February as many of the nation's lenders continued to hold off on repossessions, a report to be released today found.
The number of foreclosure-related notices filed in February in Hampton Roads was 920, down 7.35 percent from January but up 231 percent from a year ago, according to RealtyTrac, an online foreclosure-monitoring service based in Irvine, Calif.
The service tracks the number of bank repossessions and auctions of foreclosed homes in the region.
The pace of foreclosure activity in Hampton Roads has fallen for the past two months as many lenders launched foreclosure-prevention efforts or held off on foreclosures after federal programs were announced to keep home-owners in their houses. Nationally, foreclosure activity rose 6 percent last month.
Vinod B. Agarwal, an economist at Old Dominion University, said he expects foreclosure activity to continue to slow as banks and lenders gauge the impact of federal programs aimed at stemming foreclosures.
However, Agarwal called troubling a recent report by the Virginia Employment Commission that Hampton Roads had lost almost 1 percent of its jobs during 2008.
"If local job losses continue, you will see foreclosures here rise," he said.
Last week, President Barack Obama released guidelines on his administration's foreclosure prevention and homeowner refinancing program.
The program is expected to aid as many as 9 million troubled U.S. homeowners, including some with negative equity whose loans are financed or backed by Fannie Mae or Freddie Mac.
Also last week, a national mortgage tracker reported that more than 33,000 homeowners in Hampton Roads had negative equity or owed more on their mortgages than their homes were worth at the end of 2008. That figure represents roughly 13 percent of all mortgages in the local market.
Economists say homeowners being "under water" in their mortgages is one of the leading precursors to foreclosure.
The RealtyTrac data suggest foreclosure activity in the past year has grown faster here than nationally. In February, foreclosures nationwide were up 30 percent from year-ago levels.
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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An increase of....
An increase of 231% y/y is huge...and the "decrease" might have been from a moratorium on foreclosures by many of the largest banks. Also, some banks are reticent to foreclose/list sales as foreclosures due to the huge losses the might incure from lowball offers and decreased overall property values.
I'm sorry but Chapter 13 is
I'm sorry but Chapter 13 is nothing like a debt consolidation if by debt consolidation you mean a single loan taken out to pay off other debts. It may "act" like one but, is not one.
Nobody is judging you, but how can you say it is not fair that you are unable to get a refi but, to you, it is fair that you have unilaterally changed your agreements with creditors under chapter 13? You don't get loans because you are a nice person; You get them if you are a good risk. You now, by your own description, unfortunately, are not one.
Yes, seriously I do........
Before YOU jump to any conclusions and stereo type me as someone who was living beyond their means know this........A chapter 13 bankruptcy is actually similar to debt consolidation, which means, I am still responsible for my debt and I am paying it back. It is very easy for someone to pass judgement, before knowing all the facts. Fact being that I have lived in my home 16yrs and have NEVER refinanced or pulled any equity. I have approx 160K in equity, so why shouldn't I be able to make my situation better...my mortgage is getting paid. And honestly, I would not have to worry about scrapping together my mortgage if I am not making that extra bankruptcy payment. And I also have NO credit card debt, single mom, no child support, serious medical issues, laid off, yet still found a job to live. One day you may find yourself in a situation beyond your control and think back about your judgemental words.
far too many....
are under the misinformation that filing for a bankruptcy is a good thing -- especially Chapter 7, because 'poof' all your bills are gone and you can start fresh. Little do they know the wreckage it causes...
Seriously? You really cannot
Seriously? You really cannot understand why, after filling bankruptcy, you cannot get refinanced?
What in the world did you think was going to happen?
Intruder - if you think
Intruder - if you think about it from the bank's perspective, if there is a bunch of equity then the bank will want to foreclose and resell. If there isn't, then they don't want to. I know people in the local area that were $10K behind and the bank wasn't moving to foreclose. Also I've read in areas like Orlando there are people who haven't made a mortgage payment in over 12 months and they have yet to receive anything from the lender (most likely the lender is working to hide the true condition of their loans from their investors). All this gov't action will do nothing to "save" the market. A huge problem is that home prices went up, not that they are falling. But the politicians can't grasp this.
So what is next?
I myself have fought off a foreclosure, but still need to do a refinance as I am in a active Chapter 13 Bankruptcy (I am paying it back).
I haven't given up and continue to work my butt off, yet I can't find anyone who is willing to refinance me and allow me to pull out money to pay off my Bankruptcy. It just seems unfair, as the equity in my home is almost 4 times what I owe. Just when you think you are going to get your head at least above water someone has to kick the chair out from under your feet! If they think about it, if they allow me to pay off my other debt than I will have more income to pay them. I have been in my home since 93 and if they check my payment history they would see that I have never been behind until I recently fell (1) month behind and am paying extra to pay that off.
WOW...is there ANY hope???