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FIRST ON 3: Foreclosure rates in Wilmington increase

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WILMINGTON, NC (NEWS RELEASE) - A new housing report out today indicates foreclosure rates in the Wilmington area are on the rise.

These figures, coming from CoreLogic, show foreclosure rates up in March 2011 over two and a quarter percent.

While that's up almost a full percent from this same time last year, the Wilmington rate is actually lower than the national foreclosure rate.

That rate still sits at over three and a half percent.

The report also says homeowners are having trouble keeping up with their house payments.

The local mortgage delinquency rate is almost five and a half percent, more than it was at this time last year.

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foreclosure fix

Burn your house down, either that or wait until they foreclose and get someone you know to buy it on the courthouse steps for 50 cents on the dollar. Most of the trouble is the banks refusing to come off those 11-14% interest loans.

Example, $200,000 loan @ 10% that's $20,000/yr in just interest payment

$200,000 loan @ 5% that's $10,000/yr, in interest

Mom and dad buy it for $100,000 @ 5% that's $5,000/yr in interest

A savings of at least roughly 75%

Payments from $1,600/mo to $450/month Same house, nothing has changed except you are now the beneficiary of the banks greed. They wont deal? Screw'm, live in the house rent free until they foreclose, that will take at least a year. Save money to do the down payment.

PLUS you have the potential of having $100,000 in profit should the house get back up to value. You can work the split with your mom and dad or whoever.

Your grasp of knowledge

is very weak.

Burn the house down. Good one. Then someone from my company will be hired by the Insurance Company to investigate; to identify flash points of ignition; to review the financial condition of the property owner. When we are done, the Insurance Company might pay the bank what it is owed. They'll pay the property owner nothing. And then we'll wave good bye to the property owner as he heads to trial and Central Prison.

Have someone buy it at the courthouse steps for pennies on the dollar. The foreclosure process does not work that way. The bank presents an opening bid for all monies due including legal fees and acrued interest. In this climate, the bank typically places the only bid and becomes the owner. There's no such thing as "pennies on the dollar" at the courthouse steps. Nice try though; next time do some research.

Have Mom & Dad buy it. Ever hear of conspiracy to defraud? Maybe they can share the cell with Junior or Missy when they go to jail.

Pennies on the dollar can take a year to achieve; and that's a year after the bank takes ownership of the property. And before they put the property back on the market, they have any occupants of the property removed from the premises. Another of my companies buys distressed properties regularly; I've never had to remove the former owner from the property.

Again, you might want to do some research and know the facts before you post on a topic you clearly know little about.

How can this be?

the Annointed One, with his little gnome Geitner, came up with a plan to save the housing market through mortgage modifications.

Is it possible neither had the faintest idea how to solve the problem?

Well... the honest truth is

Well... the honest truth is that in the fall of 2008 when the Bush administration instituted TARP, and spent over 700 billion dollars to try to head off a catastrophe they saved the banks and financial institutions.. and made no provisions for mortgage holders.

Yes Obama should have had a better plan than what they have done to try to modify loans so people could save their homes..

There is plenty of failure all around.

The only way to remedy this is that the federal govt go in and reduce interest rates on existing loans for homeowners.. say by 3 percentage points for like 5 years of maybe the first $500000 in loan amount..

This would do many things simultaneously... It would shore up the housing market immediately, as most people would work hard to save their homes, and not walk away from them. It would also infuse a lot of cash into the economy direct to the consumer and stimulate growth.

Yes it would be expensive but simultaneously the fed could raise interest rates on the money they lend banks to make up the differents..

Government help

So you want the government to step in and save all the people who signed stupid agreements just so they could appear to be doing better financially than they were. Meanwhile those of us who made good decisions and lived within our means and paid cash for stuff or did without, punish us for being prudent. The way I was raised, if you made a dumb decision you had to deal with the consequences. They wonder why the deficit is so high. Liberals...

You can only beat on Bush

for so long.

Face the facts. TARP passed under a Democratic House & Senate.

The mortgage crisis began, in reality, when guys like Barney Frank & Christopher Dodd forced the banking industry to make loans to individuals who had no possible right to have a mortgage; they could not qualify for any type of mortgage. And, lo and behold, the Community Oranizer stepped into the foray in Chicago and brow beat lenders to make loans to unqualified individuals.

In a Wall Street Journal article just last week, it was noted his crowning failure to date has been an inability to correct the mortgage industry despite allowing Geitner to pour over $700 Million into the pot.

And let's not forget, 2 of the Annointed One's chief financial advisers, during his campaign, were the former heads of Fannie Mae and Freddie Mac.

So let's get off the GW train andput the focus where it belongs.

Um...

lets not forget...CONGRESS passes legislation...it was a DEMOCRATICALLY controlled Congress that passed TARP...

Well

Maybe if the lovely gov. would start by changing the way loans are based on credit scores, the banks could actually loan some money....
Prime example.. I have a 40 yre old friend. In 1990 someone applied for a $5k credit card in his name... It is only supposed to stay on his credit report for 7 years, but each time it is disputed, another company buys it, lists it as a new debt then whatever he has done in the past year to get rid of it it comes back and slams his credit sub 600 which makes him not able to secure a loan.
He has been at his current job for 8 years and makes $70 k a year.. But because of one thing.. one thing that many years ago, he cannot buy a house... OUr credit and banking system are retarded...

What in the world....

...makes you think that the government has the power to modify the terms of a legally binding contract without benefit of bankruptcy?

Even when the Obama adminstration ripped off the Chrysler secured bondholders, they had to go through bankruptcy court.

Under what i proposed the

Under what i proposed the bank/note holder would still be getting the same return on the money.. The federal govt would pay the 3 points of interest for the five years... there wouldnt be any modification.. and it could be funded by slightly higher rates the govt charges the banks for the money they are charging now. .. Yes you might say higher interest rates would slow growth but if only this was marginally increased it would cover it.. or most of it.. The real problem banks are not willing to lend right now because of an economy that the risk is high.. so like today... it doesnt matter how low interests rates are .. if the banks arent lending out the money it doesnt matter anyhow..

If we can get the housing sector under control and stop the eroding value.. the economy will improve dramatically ... it is our biggest problem..

It's our SECOND biggest problem

The biggest problem is the out of control entitlements and spending that are slowly making the dollar worth a handful of magic beans.

In addition to the crummy economy, the banks aren't lending because of the precedent set during the Chrysler bankruptcy. If the government can come in and basically steal the collateral that was pledged to back the loan, why would anyone MAKE a loan?

Well thought out!

Hats off to you. This is one of the brightest ideas that I've seen that would simultaneously work and also punish banks for the complete lack of accountability they showed when they loaned out hordes to anyone with a pulse. I hope that you follow up with your congressman. I don't think the gov't should eat the 3% points, but allow banks to gobble it up.

Foreclosures

It was the government in past years before OBAMA that made Banks lend to people that normally could not afford a house, and now you blame the banks. Check your facts. It was the government that made them loan to high risk persons.

I am sure the government is the answer after all look at what a fine job they have done managing the national debt.

MORONS!