Spring Brings Sales - In Foreclosures - II

By
Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Spring Brings Sales - In Foreclosures - II

Earlier this week, I reported on the number of foreclosures that appeared in the local newspaper last Friday (40).

As it is again Friday, the newspaper has listed the upcoming foreclosure sales today.  This time there were only 10.  Maybe last week was just an anomaly.  The listings this week include sales that will be held beginning next Friday -- and run through sales scheduled through the first Friday of June.  A quick glance shows the balances due on these loans running from about $140,000 to over $500,000. 

It is interesting that several of these loans were originally written in 2006-2008 range.  As a lender, I am surprised that with all the news and commercials about the low interest rates that have been around for over a year now, these folks did not take advantage of getting their loans re-written and payments lowered.  If the sales actually go through, the former owners will then get to start the clock on their wait until they will be considered for another mortgage.

 

Posted by

 

Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
Office 253-874-1111 | Cell 253-677-1064
Toll Free 1-800-874-8760 | fax 253-295-3901
scook@cphloans.com | www.bayeq.com

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Comments (11)

Shar Sitter
Rooms With Style - Minneapolis, MN
Home Staging and Redesign Minneapolis/ St. Paul, M

Some people just don't pay attention Steven. Or maybe they thought they wouldn't qualify again?? 

May 03, 2013 12:23 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Steven what I have run into is that several people are going into foreclosure because they lost their job during that time, and they could not afford the payment even at a "0" percentage rate.  This economy has hit some families really hard.

May 03, 2013 01:20 PM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Let us hop eit was only an anomaly last week and not an anomaly this week!

May 03, 2013 11:28 PM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am always surprised at high interest rate loans out there yet.

 

May 05, 2013 11:53 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Shar -- thanks for stopping by and commenting.  Didn't check the details thoroughly enough to know how long they might not have been paying.

George -- those are the folks that really got the double whammy in this "recession" -- and yet the administration was broadcasting that those who lost their jobs should be given a "vacation" from having to make house payments for up to a year.  I haven't heard of any who actually got that offer.

Than -- Amen to that.  We will find out on Friday which it was.

William -- as am I, though ran into one recently that we couldn't refinance, and his bank wouldn't consider rewriting (1973 doublewide - at about 11%).  Most of the others though don't make much sense.

May 06, 2013 03:45 AM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Steve, 

I like the idea of you writing a blog every week about the foreclouse sales. It doe sseem starnge that some of these folks did not get help before the home went into foreclouse. 

Thanks for your excellent comment on my blog. You maybe onto something with your sttaement that circumstances might have changed for the lesse regarding their employment. It is hard to tell. 

May 08, 2013 08:16 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Bob -- Thank you for coming by and commenting.  I should have started this series earlier, oh, well. Better late than never at all.   Blessings to you and yours this spring and summer.

May 08, 2013 08:56 AM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Best wishes for a continued success.

May 09, 2013 06:32 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Thank you Jushua for stopping by, and for the continued beautiful pictures.

May 09, 2013 06:33 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Do we know yet if it was an anomaly? Appreciate the perspective Steven and hope you have a great weekend. The sun is shining in the Pacific Northwest - take time to play a bit too. :)

May 10, 2013 04:22 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Debb -- looks like the 40 may have been an anomaly while everyone tried to get caught up with those they hadn't been able to do anything with, due to 2011 law requiring negotiation - which created a bottleneck.

May 10, 2013 04:51 AM