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The Difference in Buying a Foreclosed House and Short Sale House

Foreclosed homes may not be the best deal financially.

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Newcomb Hotel owner offers city deed to forgo foreclosure on property

Herald-Whig Staff Writer

The city of Quincy could decide to accept the deed to the Newcomb Hotel instead of trying to foreclose on the property.

Victor Horowitz, the owner of the hotel at Fourth and Maine, is offering the deed to the property to avoid foreclosure proceedings. Horowitz owes the city about $477,000 in overdue loan payments and back property taxes.

The city’s Revolving Loan Committee will discuss the deed proposal Thursday in closed session. Director of Planning and Development Chuck Bevelheimer said if the committee decides to recommend accepting the deed, it would go before the City Council for approval.

The city planned to take Horowitz to court after he failed to respond to a 20-day notice ordering him to pay the overdue money and improve the physical condition of the former hotel building. He bought the building for $550,000 in 2003 from the Rezmar Corp., which had owned the building since 1996, and planned to develop it into an assisted-living facility.

The Revolving Loan Committee provided Horowitz with a $500,000 loan in December 2003, and the Adams County Revolving Loan Committee provided an additional $50,000. Property taxes have been paid by the Revolving Loan Committee for the past two years, and the committee covered also overdue taxes for 2008 and 2009.

With the status of the building in limbo, the city has been unable to market the property to developers.

“Without control of the property, we’re unable to seek development opportunities beyond what the owner was proposing, which wasn’t going anywhere very fast,” Bevelheimer said. “Our hope is to control the property so we can pursue other redevelopment opportunities.”

A long line of owners and developers have been unable to rehab the 77,500-square-foot building, which has stood empty for the past 30 years.

Realtor and developer Bob Mays bought the building for $287,500 in 1983. He sold it in 1988 to Rappaport Inc. of Minnesota, which planned to develop the property as a senior housing project. When the company ran into financial difficulties, the Westin Financial Group bought it and soon transferred ownership to its construction division, American Reality Constructors. Ownership of the building then was transferred to Historical Housing for Senior II in California.

Rezmar bought the Newcomb in 1996 for $1.2 million, but while some work inside was started, it was never completed.

The vacant building is in need of millions of dollars in renovations. A $14 million to $15 million plan to develop the hotel into an assisted-living facility fell through at the last minute in 2011 when Skokie-based 3 Diamond Development could not guarantee the financial return for potential investors and pulled out of the deal.

It is one of two buildings in the city that is marked with an “X,” meaning Quincy firefighters won’t enter it unless someone needs to be rescued or a fire is small enough that it can be extinguished quickly.


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Foreclosure rate in Louisville falls in November

Sacramento four-county region foreclosures

The foreclosure rate for mortgage loans in Louisville fell to 2.47 percent in November 2012, a decrease of more than half a percentage point from November 2011.

Kevin Eigelbach
Reporter- Business First

 | Follow Kevin on Twitter

The foreclosure rate for mortgage loans in Louisville fell to 2.47 percent in November, a decrease of more than half a percentage point over the 2.98 percent rate of November 2011, according to Santa Ana, Calif.-based CoreLogic, a provider of business information and analysis.

The November 2012 rate was the lowest it has been in Louisville since July 2010, when the rate was 2.39 percent.

In other good news for the housing market, the mortgage delinquency rate also decreased. According to CoreLogic (NYSE: CLGX), the number of Louisville mortgage loans more than 90 days delinquent fell to 5.66 percent of total mortgage loans in November 2012, a decrease of 0.43 percentage point from the rate of 6.09 percent in November 2011.

The local delinquency rate was as low as it has been since at least December 2009.

For Kentucky as a whole, the foreclosure rate for November 2012 was 2.28 percent, more than half a percentage point lower than the November 2011 rate of 2.81 percent. The 90-plus-days delinquency rate was 5.27 percent, nearly 0.3 percentage point lower than the November 2011 rate of 5.56 percent.

Both the Kentucky and Louisville foreclosure and delinquency rates were lower than the U.S. rate. In November 2012, 2.97 percent of all U.S. mortgage loans were in foreclosure, a decrease of nearly half a percentage point from the November 2011 rate of 3.46 percent. The November 2012 delinquency rate of 6.45 percent was nearly a full percentage point lower than the November 2011 rate of 7.29 percent.

Kevin Eigelbach covers these beats: Financial services, residential real estate, property and casualty insurance, construction, unions, engineers, architects, agriculture, South End, Southwest County, Bullitt County.

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Foreclosure rate falls in metropolitan Miami

The foreclosure rate – the percentage of mortgages in some stage of foreclosure – fell to 14.59 percent in Greater Miami in November 2012, down 3.13 percentage points from a year earlier, continuing a long downward trend, CoreLogic said.

The percentage of delinquent mortgage loans in the Miami-Miami Beach-Kendall area fell 3.87 percentage points in November to 21.24 percent from 25.11 percent a year earlier, the Irvine, Calif.-based data firm reported.

The delinquency rate is the percentage of loans more than 90-days delinquent, including foreclosures and mortgages in which a lender has taken title to a property.

While metro Miami’s trends show continued solid improvement, its rates of foreclosure and mortgage delinquency remain far above national and state levels.

In November, the foreclosure rate was 10.41 percent across Florida and 2.97 percent nationwide. The delinquency rate was 15.45 percent in Florida and 6.45 percent nationally, CoreLogic reported.

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Lesniak says Christie veto misses mission of foreclosure transformation bill



But state Sen. Raymond J. Lesniak (D-Union), who shepherded the Senate version of the Residential Foreclosure Transformation Act through to the governor’s desk, said Christie’s suggestions don’t touch on the purpose of the bill.

“It’s obvious the governor does not want to deal with the foreclosure problem that in New Jersey is dragging down our economic recovery,” Lesniak said. While Lesniak and Assemblyman Jerry Green (D-Plainfield) garnered praise from an unusual mix of business and community groups for pushing the measure through the Legislature a second time, Lesniak said he didn’t know “where to take the next step when we have a governor who refuses to recognize we have a serious foreclose problem.”

In his conditional veto message, Christie said efforts to tackle the state’s foreclosure crisis should be handled by the programs established through federal funding that will be used by the New Jersey Housing Mortgage and Finance Agency over the next seven years. He also cited the immediate challenge of recovering from Hurricane Sandy’s devastation.

“The state’s foreclosure prevention program portfolio would be best served through the continued utilization of the $300 million of federal financial assistance, as opposed to the unavailable — and, in some cases unidentified — state funding sources that this bill relies upon,” Christie said in his conditional veto message.

But Lesniak said the federal program Christie referenced in his conditional veto was enacted in 2010 to help delinquent homeowners avoid the foreclosure process, not to transform homes that have already been foreclosed on into affordable housing.

“This bill was meant to bundle the foreclosed homes that are sitting on the balance sheets of banks that have no idea what to do with them and to get them in the hands of private investors to have more affordable housing on the market. It has nothing to do with (President Barack) Obama’s Hardest Hit fund,” Lesniak said. “The conditional veto message had nothing to do with the bill that was conditionally vetoed.”

A Christie spokesman was not immediately available to discuss Lesniak’s comments this afternoon.

Still, Christie’s message on Monday was less ruthless than his response to the Legislature’s initial attempt at the New Jersey Residential Foreclosure Transformation Act, which included a provision to expedite foreclosures of abandoned properties and coincided with debate over the state fiscal 2013 budget. In his July 2012 veto of the original bill, the governor called Lesniak’s first proposal “little more than a thinly veiled attempt to circumvent the tough choices required to meet the constitutional obligation of passing a balanced budget.”

After Lesniak reintroduced the measure in the Senate without the abandoned property provision, he was hopeful Christie would sign the new bill into law, as it included the creation of a new financial structure for HMFA to leverage funds in order to purchase foreclosed properties and then sell them as affordable and market-rate housing.

Instead, Christie recommended HMFA use the state’s $300 million share of the federal funding to set up foreclosure prevention programs that achieve the goals of the Hardest Hit program — like issuing grants or loans to help homeowners refinance first mortgages to a more affordable level — which Fair Share Housing Center attorney Adam M. Gordon said would “merely continue the status quo.”

“This bill presented the framework for a step forward, but Christie said, ‘Let HMFA use its existing programs.’ Unfortunately, those have not worked for the New Jerseyans facing foreclosure,” Gordon said. “This conditional veto doesn’t provide any new resources or new programs or new leverage, so in essence, we don’t need any legislation to do what it says to do.”

In addition to New Jersey housing advocates, the measure received backing from groups representing bankers, real estate agents and developers in the state.

New Jersey Association of Realtors CEO Jarrod Grasso previously said the influx of foreclosed properties “have been the albatross preventing true recovery in the state … (and) without this legislation, the market will have to work itself out.”

Jeffrey Kolakowski, director of government affairs for the New Jersey Builders Association, said the group supported Lesniak’s measure, but declined to comment further.

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What Homeowners Need To Know About Zombie Titles

ISLIP, NY - FEBRUARY 09:  A foreclosed home st...

Homeowners think that when they receive a notice of foreclosure from their bank, it’s time to move out. But sometimes banks unexpectedly dismiss the foreclosure, and the home’s title remains in the name of the owner who thought he or she had lost the property.

Homeowners who aren’t aware of this practice can find themselves the holders of so-called “zombie titles.” A regular title becomes a zombie title when a homeowner finds himself or herself being mindlessly pursued by mortgage servicers, local governments and debt collectors for bills related to a home she thought she no longer owned. If you’re facing foreclosure, here’s what you need to know to avoid this problem.

Read More: 5 Common Budgeting Mistakes When Buying A Home

The Bank May Never Complete Your Foreclosure
“If your lender is in the process of foreclosing on you, do not assume that your lender will follow through with the foreclosure until it is final,” says John H. Corcoran, Esq., a real estate broker and investor in Los Angeles who has worked with distressed assets for more than 19 years.

“For a variety of reasons, lenders may hold off on completing a foreclosure because they simply don’t want the house back, or because they have too much inventory on their hands, or because the costs of foreclosing do not justify completing the foreclosure,” he says.

“It may seem counterintuitive, but banks are not obligated to foreclose and take legal title to a property if they feel the loss or potential liability is too great,” says Allan S. Glass, president of ASG Real Estate, a Los Angeles firm that has served bank and investment clients handling distressed assets and foreclosures since the early 1990s.

“If the property falls into severe disrepair, becomes occupied by rogue tenants or becomes cited for excessive abatement by a municipality, the bank could decide to charge off the debt and walk away,” he says. The likelihood of these problems increases the longer a property hangs in limbo, he adds.

What’s more, the bank may not tell the homeowner it has stopped moving forward with the foreclosure or canceled it altogether. The bank may not attempt to notify the homeowner because it isn’t legally required to. Even if it does try to notify the homeowner, it may not be able to locate a homeowner who has moved out and has new contact information.

Your Name Remains on the Title until the House Is Sold
“Just because you moved out of a house doesn’t mean you automatically stop owning it, any more than you would cease owning a car you left parked by the side of the road,” says Corcoran.

The house remains yours until someone else’s name is on the title. This change of ownership often happens after the bank sells your home at a foreclosure auction, but if the foreclosure process stops, your home won’t make it to auction.

“It’s extraordinarily important to understand you can’t just walk away and expect the problems to resolve themselves. Homeowners must see the foreclosure process to completion,” says Glass. He adds that even if a large amount of time has passed since getting the initial foreclosure notice, it doesn’t make the problem or responsibility go away.

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Learn How Bankruptcy Can Prevent Foreclosure – Stop Foreclosure Guidelines

Pittsfield, MA — (SBWIRE) — 01/29/2013 — Answering the Question

The simple answer to will bankruptcy stop foreclosure is yes… sometimes. It depends on how much debt one has and if other methods have been applied to remedy one’s situation. If one files for Chapter 7 bankruptcy, it can only delay the foreclosure, not prevent its occurrence. Filing for Chapter 13 bankruptcy can actually stop the foreclosure process. Check with a bankruptcy attorney to find out which will suit one’s particular circumstances.

- An answer to the question
- Mortgage modification
- Contacting one’s lender
- Requesting government assistance

Look into Mortgage Loan Modification

Can bankruptcy stop foreclosure has already been answered, but try some other options before filing for it. Most financial institutions have an in-house loan modification program set up. What this means is that changes can be made to one’s original mortgage loan by reducing the interest rate or allowing more time to repay the past due amount and become current on the modified mortgage. Apply for modification with one’s current lender.

Talk to the Original Mortgage Servicer

Will bankruptcy stop foreclosure has an answer of yes, more or less. However, prior to actually filing for bankruptcy, talk to the original loan servicer to find out what he can do to help one out. Set up an appointment to meet with the lender that services the mortgage. Make a list of specific things to ask for, such as forbearance, in which one makes reduced or no payments for a set amount of time; loan modification, which was outlined above; or loan reinstatement, in which one agrees to make up the late payments by a certain date. Any of these options can help prevent the foreclosure from going forward.

Ask the Government to Help

The Obama administration chose to answer can bankruptcy stop foreclosure with a resounding “don’t file before contacting us!’ There are several federal government-sponsored choices to look at, including HARP (Home Affordable Refinance Program) and HAMP (Home Affordable Modification Program). The Dept. of Housing and Urban Development (HUD) also offers help. Apply for this type of assistance through one’s loan servicer.

Looking to stop foreclosure after bankruptcy , Request with credit-yogi and get solution in same day

For more in-depth information about bankruptcy and foreclosure, contact a reputable consumer resource website such as

About Credit-yogi, an online marketing company located in Pittsfield, Massachusetts .This free service has in excess of 260,000 attorneys and financial experts to help one get answers to one’s problems. For a free initial consultation, dial 866-964-9644.

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Time is Running Out for Tampa Bay Home & Condo Owners in Mortgage Trouble

Homeowners in mortgage trouble are running out of time to avoid foreclosure and take advantage of opportunities to eliminate deficiencies, get relocation assistance up to $45,000 and/or eliminate taxes on the forgiven debt.

Foreclosures slowed dramatically after the November 2010 ’robo-signing’ bank scandal.  But in 2012, several of the larger lenders worked out a settlement with the federal government and, as a result, foreclosure filings in Florida are increasing.  Because of this, many homeowners who have gotten used to staying in their properties for years after no longer paying on their mortgage may find that they will now have to take action.
Foreclosure filings in Florida increased by 53% from 2011 to 2012 and the average time to foreclose decreased in both the 3rd and 4th quarters of last year.  Due to this and other factors, Florida had the nation’s highest state foreclosure rate for 2012 and the largest percentage of the national foreclosure inventory of any state at 20%.  (Statistical information from RealtyTrac.)
In an attempt to avoid negative effects on the recovering housing market, many lenders plus Fannie Mae and Freddie Mac are now attempting to prevent as many foreclosures as possible. They are working to help homeowners who can’t afford their mortgage payment with alternatives to foreclosure and as a result there has been an increase in loan modifications and short sales being done as opposed to foreclosures.
The Department of Treasury also recently extended the Home Affordable Foreclosure Alternatives program, or HAFA,  for another year through the end of 2013 in its supplemental directive 12-07. The program provides options for homeowners who owe more on their home than the property is worth and are in danger of foreclosure, primarily through short sales and deed-in-lieu.
Originally created in 2009, the HAFA program provides incentives for eligible homeowners including $3,000 in relocation assistance to help homeowners move on from a difficult financial situation with some money in their pocket.  There are also programs through some of the major lenders that will provide eligible homeowners up to $45,000 in relocation assistance.
“For distressed homeowners, the HAFA program provides options that homeowners did not have early in the foreclosure crisis,” says Ron Nedd, a Realtor® with Charles Rutenberg Realty. “It also helps protect these homeowners and make sure that the short sale process is as easy as possible.”
A short sale occurs when the bank agrees to let the homeowner sell the property for less than is owed on the mortgage. In many cases, this is the best option for the bank and the homeowners. HAFA creates guidelines which banks and servicers must adhere to in order to execute a short sale.
Another advantage for eligible homeowners completing an approved short sale is The Mortgage Debt Relief Act which excuses eligible homeowners from paying taxes on forgiven mortgage debt.  This law was set to expire at the end of 2012 but was extended by Congress through December 31, 2013.
However, with HAFA and the Mortgage Debt Relief Act both set to expire at the end of 2013, homeowners will need to act in a timely manner as the eligibility for both of these include a deadline of completing an approved short sale by no later than 12/31/13.
As a Certified Distressed Property Expert (CDPE), Ron Nedd is specially trained to help homeowners who find themselves facing foreclosure. “It is important to me that homeowners know that they have options,” Nedd said. “Many times, people threatened with foreclosure believe there is nothing they can do. Nothing could be further from the truth.”
Ron has developed a free report with more information on the HAFA program and the options available to homeowners facing foreclosure. The report, entitled, “Struggling to Make Your Mortgage? Uncle Sam May Pay You to Sell Your House!,” is accessible from his website,

About Ron Nedd

Ron Nedd has been a licensed Florida Realtor since January 2004 and with Charles Rutenberg Realty since June of 2004.  In addition to his CDPE designation, he is also an Accredited Buyers Representative which is a special designation for qualified Buyers Agents presented by the Real Estate Buyer’s Agent Council which is part of the National Association of Realtors.

For more information about the CDPE designation, visit .

Related Links
Info on Options to Avoid Foreclosure
Clearwater Beach Condos Info Listings
Clearwater/Tampa Bay Homes and Condos


Tampa avoid foreclosure
HAFA Tampa
foreclosure help Tampa
HAFA Clearwater
stop foreclosure Tampa
Contact Information Ron Nedd Realtor Charles Rutenberg Realty (1) (727)

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Area foreclosures spiked in 2012 [The Post-Star, Glens Falls, NY]

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–>By Jamie Munks, The Post-Star, Glens Falls, N.Y.McClatchy-Tribune Information Services

Jan. 29–The number of foreclosures in the tri-county area and statewide increased dramatically in the fourth quarter of 2012 from a year earlier, attributing the spike to procedural delays and a continued difficult economy.

“There’s definitely an uptick in the amount of foreclosures,” said John Belanger, a broker with Glens Falls-based Royalview Realty, which specializes in distressed properties. “When we get them, they’re listings so they’ve already been through eviction, the homeowner is gone. There are still a ton of foreclosures out there and banks are slowly starting to release them.”

The spike in the number of foreclosures is attributed to delays caused by the procedure in New York, the federal government’s efforts to keep people in their homes and avoid foreclosure and the current economy.

Some area bankruptcy attorneys expect the number of personal bankruptcies will increase this year because foreclosures have picked up.

Belanger expects a relatively steady stream of foreclosed properties to be released back onto the housing market in the early spring.

Banks have been holding on to foreclosed properties for a while before releasing them back to the market so they don’t flood the market, he said.

That delay creates a “shadow market,” or a disconnect between the number of foreclosures and the number of foreclosed properties put up for sale.

Belanger knows of a number of properties in Glens Falls alone that went through the foreclosure process and are sitting vacant without being put up for sale.

Bank of America is currently the largest holder of foreclosed properties, and the bank acquired mortgage lender Countrywide Financial several years ago, which had a relatively large presence in the area, Belanger said.

Foreclosure proceedings also typically take longer in New York than in other states. The process can last up to 15 months in New York, which is longer than most other states.

Warren, Washington and Saratoga counties all posted significant fourth-quarter foreclosure increases from 2011 to 2012.

Warren and Washington counties each had numbers of foreclosures in the single digits in the fourth quarter of 2011, and each posted 79 foreclosures in the fourth quarter of 2012, according to RealtyTrac, which compiles foreclosure data.

Saratoga County’s fourth-quarter foreclosures rose from 25 in 2011 to 134 in 2012.

The total number of foreclosures in 2012 also rose significantly for each of the three counties and the state. (See accompanying box.)

Nationally, numbers were moving in the opposite direction: the number of foreclosures for the whole year and the fourth quarter decreased from 2011 to 2012.

Dawn Vann, of A-1 REO Services LLC, a broker of primarily distressed and foreclosed properties in the Capital Region, attributes the significant increase in foreclosures from 2011 in part to the efforts of President Barack Obama’s administration to help people who were in financial trouble keep their homes, she said.

“They wanted to improve the market,” Vann said. “Had foreclosures been allowed to run rampant, we could have seen ourselves in another Depression.”

In some cases, loan modifications were made to help homeowners, or hedge funds picked up some of the shadow inventory and kept people in their homes by renting to them.

In many cases, troubled homeowners still ultimately went through the foreclosure process, but that process was just delayed, Vann said.

“The real estate market was trying to stabilize after so many things didn’t work out,” Vann said.

Vann doesn’t foresee the current foreclosure situation changing too much in the next year from where it stands now, but she anticipates a continued increase in the number of short sales, when a bank agrees to accept less than the total amount owed on a house to avoid foreclosure.

“I don’t know that we’ll ever see normal,” Vann said. “I think there’s a new normal.”


(c)2013 The Post Star (Glens Falls, N.Y.)

Visit The Post Star (Glens Falls, N.Y.) at

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Foreclosure fraud case probed by DA

A fraud case involving an alleged loan modification/foreclosure consultant in the Santa Maria area is being investigated by the Santa Barbara County District Attorney’s Office.

The case involves an organization that operates primarily out of Los Angeles County but has victimized many homeowners in northern Santa Barbara County.

The organization appears to be run by people identified by community members as Ismael Cancinos and Mercedes Alvarez, according to the DA’s office.

They may operate under the business names of Hermandad Hispanic Group, Crown Point Education and America Asset Management. They may have offered loan modification services as well as other “programs” promising to stop foreclosures or save homes in foreclosure.

If you have information about any of these groups or the individuals, or if you believe you have been a victim, contact District Attorney Investigator Jennifer Glimp at 737-7871. If you are primarily Spanish speaking, contact District Attorney Investigative Assistant Maria Chavez at 346-7519.

It is illegal for loan modification and foreclosure consultants to charge any advance or up-front fees for their services, according to the DA’s office. All contract terms must be met before any fees can be collected, and all contracts must be in writing and must comply with statutory regulations.

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