Utah Foreclosure

2006-05-10T21:58:00.000-07:00

There are some interesting trends coming in the world of foreclosures here in Utah! I thought it would be interesting to see some of the historical numbers for foreclosure in Utah County over the last several years. I counted the number of Notice of Defaults filed in January of each year and this is what I found:
2000 - 72
2001 - 120
2002 - 212
2003 - 205
2004 - 167
2005 - 145
2006 - 130

Salt Lake County had the following number of Notice of Defaults recording in January of each year:

2000 - 330
2001 - 421
2002 - 594
2003 - 644
2004 - 617
2005 - 507
2006 - 419

Both Counties saw higher foreclosure rates for the years 2002, 2003, and 2004. The number of foreclosures has been dropping over the last few years, but that may change is Utah follows the National trend. In April RealtyTrac.com reported that foreclosure rates were up 38% in the first quarter of the year. You can read the article by going to this sites - http://www.realtytrac.com/news/press/pressRelease.asp?PressReleaseID=99

I have a feeling that as interest rates continue to climb we will see more and more of the ARM (Adjustable Rate Mortgage) loans got into foreclosure. I guess time will tell!

John Long
John@801SellNow.com
www.801SellNow.com
Utah Affiliate for www.SellYourHouseIn7Days.com

2006-02-02T08:33:00.000-08:00

Hey all - I know long time no blog. Sorry I've been busy! There are a lot of people out there that need help stopping their foreclosures!

In fact I have been working with 4 or 5 people on a regular basis for months now (they rotate in - stop their foreclosure - and then rotate out). I've seen some great success and I've helped stop three foreclosure THIS MONTH! One lade even walked away with nearly $60,000!! How about that! From about to loose the house to getting top dollar out of a sale to stop the foreclosure! Needless to say she was very happy.

Another couple was particulary desperate due to a loss of job. They really didn't have any place to turn and I was able to get them over$7,000!

So many people think that they are going to lose their house and they just give up! That is the worst thing they can do. If they simply act sooner rather than later they could stop their problem.

Anyway, I'll try to do a little better at keeping this blog current. Let me know what you think!

John LongJohn@801SellNow.comwww.801SellNow.comUtah Affiliate for www.SellYourHouseIn7Days.com

2005-11-25T12:04:00.000-08:00

This is an interesting article on foreclosures in Utah. It was published in the Deseret News. It looks like the efforts of myself and others are starting to pay off. NO ONE should ever loose their home to foreclosure!

Foreclosure rates finally dip in Utah

By Dave Anderton
Deseret Morning News
Fewer Utah homeowners found themselves facing foreclosure in first quarter, mirroring a national trend of falling foreclosure rates.
Deseret Morning News graphic Of the nearly 360,000 mortgage loans serviced in Utah for the three months ended March 31, just 1.33 percent were in foreclosure, the lowest rate since the fourth quarter of 2000 and down from 1.80 percent in the 2004 first quarter, according to a quarterly national delinquency survey released Tuesday by the Mortgage Bankers Association of America.
Utah's foreclosure rate in first quarter ranked 13th-highest in the nation, an improvement from previous quarters when the state rated among the highest rates in the country. Yet the state's average still is higher than the national rate of 1.08 percent.
Ohio had the highest percent of loans in foreclosure at 3.37 percent. California showed the lowest at 0.2 percent.
The five-state Pacific region — including Alaska, California, Hawaii, Oregon and Washington — showed the lowest overall regional foreclosure rate at 0.31 percent.
The five-state East North Central region — comprising Illinois, Indiana, Michigan, Ohio and Wisconsin — had the highest rate at 2.08 percent.
Utah's delinquency rate — mortgage loans 30 days or more past due — declined to 4 percent in first quarter, down from 4.62 percent in the fourth quarter and also a decline from 4.4 percent during the first quarter of 2004.
For the first time, the MBA survey in the first quarter measured serious delinquent loans — defined as the percentage of loans that are 90 days or more delinquent or in the process of foreclosure.
In Utah, serious delinquent loans were at 2.31 percent. Across the nation, 15 other states ranked higher in the percentage of serious delinquent loans.
Utah economists have attributed the state's falling foreclosure rate to strong economic performance and rising real estate values.
Yet Utahns holding subprime mortgages were more likely to enter foreclosure. Of nearly 40,000 subprime loans serviced in Utah in the first quarter, the foreclosure rate reached 4.11 percent, nearly three times higher than the overall state average of all loans serviced.
Nationally, the foreclosure rate of 1.08 percent in the first quarter was down from 1.27 percent.

John R. Long II
John@801SellNow.com
www.801SellNow.com
Utah Affiliate for www.SellYourHouseIn7Days.com and www.BargainHomeZone.com

2005-11-17T11:19:00.000-08:00

Well howdy! I've gotten everything I need from the Homeowner and now I'm waiting for her real estate agent to fax me some papers and I'll be sending everything off to the Bank.

This could become a bit interesting because there is a co-signer on the loan and we are trying to do everything through the primary borrower and not have to get the co-signer involved. It is the homeowners Aunt and Uncle and they live out of state.

I'm amazed sometimes by a few things.

First, I'm amazed how some people get by as long as they do (financially). This particulare homeowner has 1200 a month income and has over 1500 a month in expenses???? How did she make it this far - I have no clue!

Second, I'm amazed at what people choose to spend their money on. This homeowner has 3 or 4 goats, 3 dogs, and I don't know how many cats (food, vet, etc.). She also has Dish TV ($55 a month!!). To try to keep up with everything she is working about 30-40 hours of overtime. It is a good thing she has the animals and TV to help her pass all her free time! We are working with another couple in the exact same situation who got behind because of vet bills with their dog.

I guess everyone has to make their own decisions. . .

John Long
John@801SellNow.com
www.801SellNow.com
Utah Affiliate for www.SellYourHouseIn7Days.com and www.BargainHomeZone.com

2005-11-07T23:08:00.000-08:00

OOPS! Even the experts mess up sometimes!

I have a fax number that converts the faxes into emails so I can get a fax from any computer. That is very convient except when you accidently delete the email/fax that had the short sale package attached!

Yes, that is right Mr. Briliant deleted the short sale package. I have already requested another be sent, but it will hold things up on this house a few extra days.

Today I looked at a house that didn't make it in time! The bank got it and now they are re-selling it. The bad part is that there were plenty of opportunities to stop the foreclosure and avoid all of the horrible side effects of foreclosure, but they either didn't act quickly enough or didn't know what to do or something.

Oh, well - I guess everyone has to make their choices.

John Long
John@801SellNow.com
www.801SellNow.com
Utah Affiliate for www.SellYourHouseIn7Days.com and www.BargainHomeZone.com

2005-11-05T08:54:00.000-08:00

I met with the homeowner down in Santaquin and her real estate agent. I explained the foreclosure process to them and the agent was shaking her head the whole time in agreement. Apparently the agent has done a couple of short sales, but was not able to get the bank to work with her. So, while I was there I pulled out my cell phone (which has a speaker phone on it) and called the bank. The homeowner had to give the bank all of the necessary info (SS#, Mom's last name, etc.) after she got past all the security stuff she turned the call over to me. In about 15 minutes I had the bank working with us and the Short Sale Package was faxed to me! For some reason I didn't have any troubles with the bank?? Maybe that is where experience pays off! We will start gathering the short sale information and start working on stopping the foreclosure! We discussed all the other options such as workout plans, deed in lue of foreclosure, etc. and the short sale was really the best option. The agent will still get paid even though I'm going to do all of the work. This works well for both of us. The agent found the seller and has been working with her to try to sell the home, but hasn't had much luck. I'll be able to work the shortsale and buy the house (stopping the foreclosure). So. . . the meeting when well and now the work begins!

John Long
John@801SellNow.com
Utah Affiliate for www.SellYourHouseIn7Days.com and www.BargainHomeZone.com

2005-11-03T14:13:00.000-08:00

I'm going to meet with a homeowner in Santaquin who is behind on payments and facing foreclosure. I should be able to help stop the foreclosure. I'll have to get more details. This one could potentially be more challenging because she has a real estate agent involved. Most agents try to "handle" everything, even when they are not expereinced in the required areas. I guess everyone has to learn, I would just hate to be the homeowner whose house they are learning on! I'll see where this owner is financially and we may be able to do a workout agreement with the bank, but if that doesn't work we can do a short sale.

John Long
John@801SellNow.com
Utah Affiliate for www.SellYourHouseIn7Days.com and www.BargainHomeZone.com

2005-11-02T12:16:00.000-08:00

Foreclosure is never good. The homeowner looses their credit, their home and heap upon themselves a lifetime of headaches and problems. The bank looses money. I guess the attorney handling the foreclosure is the only one with a smile on his face. I've been able to help stop several foreclosues and make the best of a not-so-good situation. The sad part about foreclosures is that no one ever knows where to go or what to do. There are several ways to stop a foreclosure dead in its tracks.

The most common is the 3rd Party Negotiations or "Short Sale" - That has been the most succesful for me. This is where the bank allows a 3rd party to negotiate the loan balance down to make selling the home easier for the homeowner. They end up having to sell the home, but they avoid the lifetime of headaches that foreclosures cause.

I have also worked with a few people on Bank Workout Plans. This is where the bank allows them to slowly pay back the amount in default. This works great if the owner is back on their feet financially, but it digs a bigger hole if they are not financially strong. The payments go up and they usually have to come up with a fairly large initial payment. We have been able to help some people out with the initial payment and they are able to make it on their own from there.

Others just give up and let the bank take the house. This is sad for me to see. There are so many things that can be done I hate to see people just give up.

I'll try to post more details later. Or you can visit my website at www.801SellNow.com for more details.

John Long
John@801SellNow.com
Utah Affiliate for www.SellYourHouseIn7Days.com and www.BargainHomeZone.com