Kitsap County Hasn’t Escaped The Foreclosure Fallout.
Posted by justin_lee at 8:52 pm. Filed under: Foreclosure Prevention
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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