Top 10 Foreclosure Cities

1.   Merced, California
2.   Modesto, California
3.   Stockton, California
4.   Riverside, California
5.   Detroit, Michigan
6.   Fort Lauderdale, Florida
7.   Cape Coral, Florida
8.   Vallejo, California
9.   Las Vegas, Nevada
10.   Sacramento, California

     As the first quarter passes the markets have still contunue to decline on stock markets worldwide, capital freeze, massive financial meltdown and layoffs from hundreds to thousands at a time.  With trillion of dollar assets wiped out in the past year and IRA investments loosing what was to be an aid in retirment it seems that there is no end in site during these hard times.

      Now you may have heard on late night television that the housing market is crashing everywhere and we are in a recession.  And that is somewhat true, especially since 60% of the top 10 are in California.  However, if this is absolutly true then why does Orange County hold well in the crashing market and curently why do we have bidding wars on properties?

     No matter what we all will eat, go to schools and colleges/universities, supermarkets will still be open, buses will run and most people will want to but gadgets and spend beyond their means - just not as bad as before.  It is often said that some of the most successful investments have been made by going against the grain, which means selling when most are buying and vice versa.  And in this market, of foreclosures, going against the grain now would mean buying while others are selling.  The goal during in recent years has been to buy now, sell quickly and pocket capital gains, abut not when values are falling or stagnant. The better option in hard times is to seek capital preservation and ongoing income.

     Now, imagine that during the Depression era of the 1930's those who bought real estate at sunken prices and simply held on. The importance of such of experiences suggest that going for long term benefits is a logical and reasonable strategy for today market. And given that foreclosures are often available with significant discounts, it follows that they represent a good starting point in the search for long-term income and capital safety.

Here are 5 basic questions which can help you decide:

1. Can you get financing? When the rates are exceptionaly low and you go to a direct lender for a 30 yr fix, then when the market turns around for the better so will your investment.
2. Can you do your own repairs? This will help aid in the reduction of the overhead on your investment.
3. How's your local market? Is the inventory of unsold properties increasing? Are new home builders discounting units in established projects?
4. Find an experienced Pre-foreclosure Realtor in the county you are purchasing.
5. Can you afford vacancies if your renter cannot pay? If you don't have the income to support this investment then you may want to reconsider.

     A worm has infected over 3 million right away and may end up to 20 million PCs.  What seems to be the culprit is USB drives.  It's called either Down & UP, Down-a-Up, or Conficker.  It works by tricking you by running the virus when you plug in a drive. Look closely at the screenshot above and you'll see two entries for "Open folder to view files." The one at the top is a phony entry that actually installs the virus. When installed the virus spreads like crazy via a separate flaw in Windows networking system and can quickly infect a whole office.  Get your latest Windows Update to get that flaw patched up.

     To avoid this turn off "AutoPlay/AutoRun" on your computer and if you have it then go to F-Secure and that should work.

     Now, Fannie Mae will be a landlord to some of the renters in properties foreclosed.  Due to the current market the renter of the foreclosed homes have been stuck in the cross fires.  Many states have been altering the laws to help them in their crisis by delaying the eviction process.

"Their new policy will apply to renters in single and multi-family homes, condos, co-ops and manufactured houses who are in place when Fannie Mae acquires the property.  The tenants will be offered a new month-to-month lease which will require them to pay market rate rent but they will not have to post security deposits.  And if the renter chooses to vacate the property instead, Fannie Mae will offer financial assistance for their move to other housing."

    Here's the fine print though... the foreclosed home must meet state laws and local codes to be eligible for their program.

NLM Processing can help you on your pre-foreclosure options.  For the borrower(s) that are unable to maintain your mortgage payment(s)and need an option to avoid possible Foreclosure or worse Bankruptcy.  Here are some hardships that may qualify for short selling a home and help your credit.

MORTGAGE RELATED REASONS FOR SHORT SELLING YOUR HOME

No Equity available to Refinance
Interest Rate Adjusted
Balloon is due
Huge Negative Amortization

 
PERSONAL RELATED REASONS FOR SHORT SELLING YOUR HOME

Loss of Employment
Loss of Secondary Income
Medical Related Issues
Divorce or Separation
Military Transfer or Deployment
Job Relocation

www.NLMloanmod.com

Who We Are

We at NLM are processors that will push to get your loan modification through with an honest and upfront outlook so you know where you are at every step of the way.  Either through proper processing and/or legally assisted negotiations our file will get the attention you deserve.  You will not speak with a sales person but a person that actually worked on files from start to finish.

Our goal is to provide a fresh new start (and possibly stop a foreclosure) by modifying the terms of a existing mortgage.  The common modifications are:

Fixing or Lowering the Rate  / Returning the Original Rate (NEG-AM)
Absorbing Late Payments/Fees into the Loan

Let us see if we can HELP you...

www.NLMloanmod.com

     Two banks have just fallen to start off the 2009 list.  National Bank of Commerce of Berkeley, Illinois and Bank of Clark County of Vancouver, Washington.  So the FDIC's final count for 2008 is 25 banks and 2009 is about to tie for the 3 in 2007.  So Washington has not only lost Bank of Clark County but its big one as well, Washington Mutual.  Well, at least the FDIC is currently insuring up to $250,000 per account through 2009.

     Citigroup plans to split into two units one will be a commercial and retail banking and the other is going to focus on brokerage, asset management, and their troubled assets.  Citi has taken $45 billion from the government's taxpayer TARP, Troubled Asset Relief Program, funded which holds about $700 billion but is going down fast from other banks dipping their hands in it as well.

Citicorp is going to be the retail banking and credit card businesses,  investment banking, Citi Private Bank

Citi Holdings will take the brokerage and asset management units for CitiFinancial and CitiMortgage

     Bank of America is taking$20 billion in government aid due to obtaining Countrywide and Merrill Lynch. B of A received a second capital infusion from the U.S. government due to its $118 billion troubled recent purchase. Bank of America's lending division is suffered and having it's existing loans even causing issues.  Even with their $8.54 billion fund for their bad loans they are still in need of help.

     So now the U.S. goverment is thinking of setting up a government bank that would use federal funds to purchase the troubled assets from financial institutions.

2008 U.S. foreclosure filings are more than 81% which is 3.1 million filings.  And 861,664 homeowners lost their homes to foreclosure on the steps of city hall.  Even with the government aid to sponsor the mortgage Freddie MAC and Fannie MAE to suspended foreclosures from November 26, 2008 through January 31, 2009, December filings still out did Novembers for 2008.  So I can imagine all of these aids are only a costly delay of the inevitable.

 Cailfornia 2008's foreclosure filings are around 44,000 per month and with all of the law to help aid the homeowners is not showing any difference in these numbers.  But only slow down the process of change that has to come sooner or later.  Masschusetts and Maryland have the same ideas with the same stale outcome.

The top three states that the foreclosure monster bit out of the most is Nevada, Florida, and Arizona.  California has some of the worst cities but it only puts them in the top 10.

Now going on the 11^th consecutive week that the interest rates are going down.  The 30 year fixed is hitting 4.96% with 0.7 point from last weeks 5.01% with 0.6 point.  15 year is around 4.65% with 0.7 points.  The 5 year Treasury indexed ARM, adjustable rate mortgages, dropped to 5.25% and 0.6 point.  Wow, now we are hitting the 2006 rates for the ARMs...