FrontDoor offers tips and advice amid increased foreclosure activity
Posted by Annalisa Burgos | March 12, 2009
With foreclosures instantly at the top of the news again, we’ve pulled together tips and tools for homeowners struggling with their mortgages. For one, contact your lender immediately and ask about your options, whether it’s a refinance or loan modification.
Also, investors looking for opportunities should check out our 10 steps to buying a foreclosure. Did you know properties can be in one of three stages of foreclosure? Find out which one is right for you. Plus, search for available foreclosures on FrontDoor.com.
According to RealtyTrac, the foreclosure picture remains bleak, with February foreclosure filings in the U.S. up 30 percent year-over-year. Among the top 10 hardest hit metro areas, in order: Las Vegas, Cape Coral-Fort Myers, Stockton, Modesto, Merced, Riverside-San Bernardino, Bakersfield, Reno-Sparks, Phoenix and Vallejo-Fairfield. The news comes amid President Obama’s $75 billion dollar efforts to keep struggling homeowners from losing their homes.
FrontDoor Insider Rick Sharga of RealtyTrac predicts even more challenging times this year. Several analysts and economists have said that Obama’s refinancing and loan modification programs aren’t enough to buoy an economy plagued with an 8.1 percent unemployment rate and lagging consumer confidence.
And with foreclosures sure to make headlines again, FrontDoor is working on a new foreclosure resource center, with more helpful guides and tools. Stay tuned!
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Miami Beach Homes
March 17th, 2009 at 12:16 pm
It’s always good to see resources designed to help keep more people in their homes during these difficult times, thanks for this post.
Webkatalog
March 18th, 2009 at 6:38 pm
Really great post, well written, concise and comprehensive. Thank you.