Foreclosures

Do You Need Help Handling Foreclosure?

August 18th, 2010 categories: Foreclosures

If you’re one of the many people in the metro Cincinnati facing foreclosure or the potential of foreclosure -and it seems as if doors are slamming in your face- the State of Ohio has a program “Save The Dream” focused on providing solutions to homeowners careening through a foreclosure.

In addition to this program, Ohio is launching a program to assist the “Hardest Hit” by foreclosure. Partsof Hamilton, Warren, Butler and Clermont counties are targeted by program.

Make no mistake banks are ramping up the number of foreclosures so if you think you may end up in trouble-don’t wait -contact the State or HUD. There are also other reputable agencies providing counseling and/or assistance.

Need more detailed information-email or call me.

“Ohio awarded additional $148M in Hardest-Hit foreclosure funding” and related posts (building-cincinnati.com)
Ohio is awarded $148 million to fight foreclosure (dispatch.com)

Posted by Kathy Koops | Discussion: No Comments »

HUD Housing Update for Greater Cincinnati

July 5th, 2010 categories: Cincinnati Ohio, Foreclosures, Real Estate News

According to the Multiple Listing Service of Greater Cincinnati the following HUD properties are pending or sold/closed.

If you are tracking and/or bidding on HUD properties the report provide. Or stay ahead of the real estate market by subscribing to thecincyblog now!

Posted by Kathy Koops | Discussion: No Comments »

Foreclosure Information

June 16th, 2010 categories: Foreclosures, Real Estate News

Sellers continue to be stung by scams from companies offering to get them out of foreclosure.

Desperate for help, sellers often fall prey to scams offering them relief from foreclosure- for a fee. Often (but not always) the money spent is wasted and the home owner is still facing foreclosure of short dale conditions. Before spending a dime with anybody- you need to consult with legal and/or financial professionals to determine the best way for you to handle mortgage problems.

If you can’t afford professional legal services, there are some not-for-profit organizations in the community offering assistance.

Start your search by looking at:

Many of these organizations have the information to direct distressed home owners to the right resources.

Good luck.

Posted by Kathy Koops | Discussion: 1 Comment »

What is Shadow Inventory?

April 28th, 2010 categories: Cincinnati Ohio, Fairfield, Ohio, Foreclosures

In simple terms “Shadow Inventory“ describes foreclosed properties currently owned by banks (or will be owned in the future) that are sitting empty and are not currently for sale. According to the Wall Street Journal calculations it would take 103 months -that’s 8.5 years- to sell all the foreclosed property.

The staggering number worries not only the economists -it’s causing headaches for you and me-the normal property owners. Excess inventory and fewer buyers will continue to stress the housing market throughout the country for a long time. However the bigger problem for the average homeowner may be the blight these unmaintained properties are creating in normal neighborhoods.

For example- this property has been vacant since last year and while snow piled up in the winter- it’s the lack of care and maintenance that is affecting the neighborhood now. The grass and weeds grow higher each day. Imagine you have a home/condo for sale and the potential buyers must drive past the property- it makes an impression about the neighborhood. No excuses needed- we know the REO departments are overloaded with management of all this inventory- but how about hiring enough staff to handle the details.

Foreclosures have been piling into the system for the last 2 years-which seem like more than enough time to staff up. The longer the “shadow inventory” remains in poor shape- the lower the sales price. And lower sales prices impacts appraiser’s numbers for other sales in the neighborhood.