SaveMeFromForeclosure.com

Foreclosures featured on “60 Minutes” last night

Did you happen to catch 60 minutes last night?
If not, don’t worry, I’ve got the episode for you to view at the end of this post.

If you did, then like me, hopefully you found it intriguing. The most interesting aspect I felt was the husband and wife Matt & Stephanie Valdez who said that they had been advised to let their home “just go into foreclosure”. Their interview starts about at the 8:40 mark of the segment.

While I certainly couldn’t argue with their strategy, the way they were going about it was all wrong.

You see, the wife asked what was the point of throwing money into a mortgage payment when the house kept declining in value. I agree with her! There is no point in trying to save a home that is worth $100,000 less than what is owed on it. That’s pure madness. Even if the home appreciated $90,000 in value over the next few years, she would still owe more than what the home is worth!

So what should Matt & Stephanie have done? They should have tried to find an investor who would help them with a short sale.

Why a short sale?

Well, it’s better than the having a foreclosure on your credit report. It allows you to still sell the property, and you can still “walk away” from it. However, if approved, you won’t have a foreclosure on your credit report. In other words, much more effective than just “walking away” from your foreclosure.

If you need help with a short sale, www.SaveMeFromForeclosure.com is a great place to start. Just make sure that you indicate that you want to SELL your home rather than KEEP it, when you fill out our online form.

And if you’ve already filled out our form, and you’re rethinking your decision to keep the home, that’s okay. Just go back to our site, and fill out the online questionnaire, but this time, indicate that you prefer to sell your home instead.

Here’s the entire 60 minutes segment:

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Kitsap County Hasn’t Escaped The Foreclosure Fallout.

Shadowed by the Olympic Mountain Range, calm and serene Kitsap County on the surface hardly appears to be affected by the foreclosure meltdown that’s dominated the rest of the country. It would be interesting to know what is really happening on a local level and what are homeowners doing for help to stop foreclosure in Kitsap County. Jenny Moore, a stop foreclosure help specialist in Kitsap County, Washington went out of her way helping us get an up-to-the-minute picture of the situation.

As with other locales in the U.S. Kitsap County is also experiencing declining home values and over-leveraged properties, but the foreclosure situation in Kitsap County is moderate compared to other counties. We average approximately 20-35 per month..

The root cause for the foreclosure problem in Kitsap County are falling property values as well as the problems being created by the ARM mortgages many people got into while the housing market was fairly hot. Homeowners took out a lot of second mortgages, then housing prices fell and they were overleveraged. Now A.R.M.’s are adjusting and they cant make the payments..

In Kitsap County the most common residences in foreclosure in this county are working class homes. A few are expensive but most range from 150,000-300,000. They are scattered throughout the county.

Foreclosure filings in Kitsap County remain stable as compared to last year, but local experts expect the numbers to rise during 2008 as more adjustable rate mortgages reach their reset periods.

The percentage of increase in foreclosures is still running in the single-digits as Kitsap County is seeing a 5.9% increase over last years numbers.

The federal and local government has made some attempt to help matters. Currently HUD put a 90 day moratorium on homes in foreclosure in the flood affected counties.

There is help available as the Kitsap County stop foreclosure expert explained. She can offer a homeowner to ability to work with companies that can help them try to save their home, and if that’s not possible, she can provide other options for them to consider including working with specialized realtors, or purchasing their home. She can meet with them and discuss their options, at no charge.

Stopping home foreclosure in Kitsap County, Washington calls for immediate action the same as it does in all other parts of the country. As we have heard it’s going to get worse before it gets better. If you have found this article while looking for help to stop foreclosure then the very best advice we can give is to act now.

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