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For some, foreclosure is not the end of troubles

Much has been made of the "just walk away" strategy of dealing with an underwater mortgage, in which a homeowner packs up, hands the keys to his banker, and waves goodbye.

It sounds too easy to be true, and it is. In Virginia, lenders can and do sue homeowners to collect the difference between what is owed on a property and what it is sold for.

Foreclosures slowing in Hampton Roads

Foreclosure activity in Hampton Roads is down from April, but still higher than it was in May 2009, according to online foreclosure tracker RealtyTrac.

Banks and lenders repossessed and auctioned off 1,563 area homes last month -- 10% fewer than in April, but up 66 percent from a year ago.

Foreclosure rates dropped across most of Hampton Roads, but went up a bit in Virginia Beach. Of the seven major cities in the area, May foreclosures were most prevalent in Portsmouth and Chesapeake, and least common in Newport News and Hampton.

Read more in The Virginian-Pilot....
See information about Virginia foreclosures by locality here....

Posted on Friday, June 18, 2010 - 2:45pm

Richmond foreclosures comparatively low

Compared to the rest of the country, Richmond homeowners are more likely to be able to make their mortgage payments, according to RealtyTrac, a company that bills itself as an online foreclosure marketplace. Nationwide, one in every 400 households received a foreclosure filing (such as a default notice, scheduled auction sale, or bank repossession) last month.

Even so, more Richmond homeowners are more in danger of foreclosure than they were a year ago. Area foreclosure activity rose 84% in May from the same month in 2009, with one foreclosure filing for every 445 households.

Read more in The Richmond Times-Dispatch....
See information about Virginia foreclosures by locality here....

Posted on Friday, June 18, 2010 - 2:13pm

Virginia Beach's Ashville Park headed for foreclosure

Foreclosure is looming for Ashville Park, a luxury 452-acre housing development in Virginia Beach.

Wells Fargo & Co. will auction off approximately 94 home lots at the community, plus 331 acres of raw land. The auction is scheduled for 3 p.m. on May 12 in Virginia Beach.

Richmond foreclosure activity up, but still lower than national average

Foreclosure activity in the Richmond area rose nearly 28% over this time last year, according to a report to be released by RealtyTrac. One in every 202 households in the Richmond area -- 2,557 properties -- received a foreclosure filing such as notice of default or auction sale in the first three months of 2010.

Nationwide, one in every 138 households -- or 932,234 properties -- received a foreclosure filing during the first quarter of 2010. Foreclosure activity nationwide rose 16% from the first quarter of 2009.

Read more in the Richmond Times-Dispatch....

Posted on Thursday, April 29, 2010 - 3:21pm

Hampton Roads foreclosure rates up

RealtyTrac, a national foreclosure-monitoring service, reports that foreclosures are up in the Hampton Roads area -- a trend that is being noted across the U.S. The latest statistics put the number of bank-owned properties at the highest quarterly total on record. Bank-owned properties are foreclosed properties that fail to sell at auction.

There is also some good news: nationally, March sales of existing homes were up 16.1% over March 2009, according to the National Association of Realtors. Seasonally adjusted new-home sales were up 26.9% from March 2009, according to the U.S. Department of Commerce.

Prince William County's "Home Help" program helps employees buy foreclosed homes

Prince William County's "Home Help" program has been in place for about a year -- and county employees say the program has been a success.Thirty-one employees participants have closed on a house or have one under contract, with a dozen or so more "in the pipeline," according to county treasury manager Alan Scarbrough.

The program helps county employees purchase foreclosed and vacant homes, strengthening the local housing market by preventing the homes from sliding into disrepair and dragging down the values of neighboring properties.

Federal grant money helps cities refurbish and resell foreclosed properties

U.S. Department of Housing and Urban Development The Neighborhood Stabilization Program provided Hampton $2 million and Newport News $700,000 in federal stimulus funds to rehabilitate foreclosed homes. The homes are then resold to people who earn up to 120% of the area median income

David Jones, development administrator for the Newport News Redevelopment and Housing Authority, describes the program: "We get to go into areas where we've invested tons of money over the years and take foreclosures off the street."

Statewide, 58 properties have been purchased with the federal funds, according to the Virginia Department of Housing and Community Development.

Foreclosure filings in Virginia dropped 15.9% in February

According to RealtyTrac's February market report, Virginia's foreclosure filings dropped 15.9% in February from January, and 8.7% from the same month a year ago. Filings include notices of default, auctions, and foreclosu res.

Nationally, filings fell 2% in February from January and gained 6% over filings in February 2009.

Read more at The Richmond Times-Dispatch...

Posted on Thursday, March 11, 2010 - 2:01pm

Government to encourage short sales

The federal government has unveiled a new program encouraging buyers to sell their houses for less than they currently owe. Banks will be forced to accept the agreements, forgiving the difference between the market price of the property and what they are owed. Buyers will walk away with $1,500 in relocation assistance and the bank's promise that they will not be sued for the unpaid portion of their mortgage.

“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.

More than five million homeowners are behind on their mortgages and risk losing their houses to foreclosure. The government’s $75 billion mortgage modification plan has helped a relatively small number of them.