Monday, April 19th, 2010
2647 foreclosure cases scheduled in Los Angeles county courthouses today!
Up?! from friday's 2377 cases. Not what many people would like to do coming off a weekend.
The outcome of friday's cases are:
2002- Auctioned off
220- Canceled
103- Bank owned
42- 3rd party
Of course the number I like to watch is the 3rd party cases which are on the rise again.
Two things my team found that we think is interesting also and kinda a look into the future is that there are 3,819 homes in Los Angeles that are in pre-foreclosure.
Pre-foreclosure is when the lender or bank is saying this is your "grace period' and something needs to be done whether you sell the home, give it back, or call your rich uncle for help.
Interesting enough is that there are 36 homes in the prestigous 90210 zip code. Tough times are everywhere!
Good news for home owners doing short sales. Gov. Schwarzeneggar signed last weeks measure (SB 401) into law waiving state taxes on mortgage debt in a foreclosure or short sale. Another help for homeowners in foreclosure is President Obama's federal "Home Affordable Modification Program". HAFA, also provides up to $3,000 in relocation assistance. For more on getting help and information go to the HAFA website.
As far as economic indicators this today nothing to really speak about until later in the week.
Today's credit tip has us bring up an interesting article from CNN Money entitled "Skip the mortgage, pay the credit card".
A study published by TransUnion stated that 10% of credit card carrying consumers were paying cards instead of the mortgage payment. I have spoken to many clients making this same choice. Most of them have said that because the banks won't talk to them unless they are late on the mortgage they can't do anything to help them. Catch 22 senario from homeowners trying to do the right thing by talking to the banks and letting them know that they are in trouble.
One thing about the choice to consider is that when factoring your credit score, 35% of your score is from history. Meaning that if you were paying your credit card longer than your mortgage it could have a bigger impact on your score than the mortgage. Although the mortgage balance is larger so it could go either way if not balance each other out.
Tomorrow will we have another day of increased cases or will this number finally start going down? For any questions or things you would like to know about please email us at....
Make it a great day and seek more knowledge.
Rex Chapman
The Concierge Group
www.rexchapman.com
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