HAPPY VALENTINE’S DAY ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 02/14/2012

HAPPY VALENTINE’S DAY ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 02/14/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Even as the $26 billion mortgage settlement helps hundreds of thousands of troubled homeowners, it will bring a wave of new foreclosures. Many lenders held off on reposessing homes during the complex negotiations between 49 state attorneys general, and federal officials.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

That’s left a backlog of troubled loans, many of which won’t be helped by measures in the deal that will let homeowners refinance or reduce the amount of their mortgage. “The bottom line is that 2012 will see a lot of foreclosures that should have taken place in 2011 and didn’t,” said Rick Sharga, executive vice president for Carrington Holdings, a real estate finance firm.  “We think what we saw in 2011 was artificially low foreclosure numbers,” he said. He added that banks took longer to file foreclosure notices last year, and longer to finish the foreclosure process.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

HUD press secretary Derrick Plummer said Thursday’s mortgage settlement is designed to make foreclosure the last resort for banks negotiating with homeowners who are seriously delinquent on loans.  The mortgage deal will help many homeowners stay in their homes who would have otherwise been forced out. Up to one million mortgage holders could see the amount of money they owe reduced.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

But the solutions offered by the settlement can only work for homeowners who can afford to make new, lower mortgage payments. Banks will have little choice to foreclose on those who have stopped paying due to prolonged unemployment or other severe economic distress.

Banks have been letting delinquent loans sit in limbo, but now that a settlement has been reached, banks will likely start contacting delinquent homeowners to see which loans can be salvaged. Sharga says that the banks will likely turn up a raft of new foreclosures.

HAPPY VALENTINE’S DAY ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL 02/14/2012
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