Bakersfield 8th in the Nation in Foreclosures

According to an article from bakersfield.com, RealtyTrac reported last month that Bakersfield ranks 8th in the Nation in number of foreclosures compared to number of total homes (1 out of every 118 houses is a foreclosure).

The foreclosure problem is NOT going away. This is why it is so important to consider a short sale! Give us a call today!

Full article:

Bakersfield ranks No. 8 for the top foreclosure rates nationally last month, according to RealtyTrac, an Irvine-based real estate data firm, figures released today show.
Six California cities registered foreclosure rates among the top 10: Modesto at No. 3 (one in every 107 housing units); Stockton at No. 4 (one in 107); Riverside-San Bernardino-Ontario at No. 5 (one in 109); Merced at No. 6 (one in 109); Vallejo-Fairfield at No. 7 (one in 112); and Bakersfield at No. 8 (one in 118).
RealtyTrac's U.S. Foreclosure Market Report examines foreclosure filings including default notices, scheduled auctions and bank repossessions.
There were problems with 315,716 U.S. properties last month, a decrease of nearly 10 percent from December but still 15 percent above the level reported in January 2009. The report also showed one in every 409 U.S. housing units received a foreclosure filing in January.

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IndyMac, Loan Modifications and the FDIC

If you, or someone you know, is attempting to get a loan modification through Indymac Bank, PREPARE TO BE VERY TICKED OFF!

New Classified Ad

If You Are Not Yet Late On Home Mortgage Payments, Starting Loan Modification Will HURT Your Credit

The beginning phase of a loan modification is a "trial loan modification" which will hurt your credit. Most people who apply for a loan modification are already late on their payments, so the effects are barely seen. However, if you apply for a loan modification and have not yet missed a payment, the process will hurt your credit score!

http://money.cnn.com/2009/12/28/news/economy/loan_modifications_credit_history/index.htm

Short Sale Testimony

"Mike Towers took care of selling our home as a short sale and we are grateful for it. We worked with our bank for many months trying to negotiate a loan modification, but the bank would not offer us a plan that was workable in our situation. Even though the bank originally refused the short sale and asked for more money than the home was worth, Mike negotiated on our behalf, got the bank to accept the short sale at fair market value, and made sure we did not have to contribute funds to close the deal. Now, we can focus on life without the burden of our upside-down mortgage. Thank you very much, Mike!"

-Mr. & Mrs. S.