Rather than negotiate with homeowners to help stabilize America’s families, mortgage lenders are displacing families, leaving homes vacant, and attempting to sell them at auction at a considerable loss. What’s going on?
The San Jose Mercury News reported that foreclosures in California rose 17% in January from December, and up 14% of January 2009.
Millions of homes are vacant, millions of families are displaced. Millions of people cannot have made the same mistakes . . . mistakes so serious that they lost their homes! More than 2 million homes are listed for sale; that does not count those that sit vacant with no action.
We daily ask: “What happened to all those federal funds (translate: Your Tax Dollars)?” What are the lenders doing with them?
From a Texas site:
Sales of bank-owned homes are increasing in foreclosure-laden states like California . . . lenders are eager to quickly move these homes off their books and sell them at reduced prices. Hudson & Marshall will auction nearly 70 foreclosed homes at various cities throughout Northern California July 29th – August 2nd.
Valued from about $15,000 to $560,000, each home comes with title insurance paid for by the sellers. Prospective buyers will be required to make a cash or certified check deposit of $5,000 for each property which they are the winning bidder. No pre-registration is required. Interested bidders may register on-site the day of the auction with a valid ID.
“Swelling volumes of foreclosures nationwide are driving down home prices to historically low levels, making the dream of homeownership more affordable than ever. Purchasing a bank-owned property through auction is a hassle free way to buy the most home for the least amount of money, ” said Dave Webb, principal, Hudson & Marshall.
Foreclosure filings in California continue to soar. According to Realtytrac, for the first half of 2009, California’s foreclosure filings topped 391,611, making it the state with the highest number of foreclosures.
