admin on December 29th, 2008
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The nation’s foreclosure crisis has reached the halls of education as more students become homeless. Reports state that 1 out of 10 homes in the US have or are experiencing mortgage issues during the nation’s economic meltdown. The increasing foreclosure rate has had devastating effects on housing communities and banks across the nation and consequently school kids are feeling the affects. Reportedly, 2 million school age kids are returning from schools for the holidays to find their home is now a “house for sale” and themselves without shelter.
As a result of the increased homelessness among school aged children, some school districts are facing an influx of students from devastated communities. Displaced former homeowners must turn to relatives or already crowded low income areas to live. Educational and social services are suddenly finding themselves far shorter on resources than expected. In addition, homeless students are reportedly experiencing increased levels of truancy and behavioral issues. State and local municipalities are responsible for financial support of their school systems.
Traditionally, the state schools systems relied upon real estate property taxes as the main financial resource for education funds. However, with record unemployment and foreclosure rates, school districts are losing their tax base as homes sit empty for a year or more. Many school districts are struggling to meet the federal educational standards needed to qualify for federal financial assistance. As economist predict near future waves of more economic despair, school aged children have become a major concern across the nation.
admin on December 23rd, 2008
America’s most well known spokesman, Ed McMahon, will avoid foreclosure and remain in his California home. The former “Tonight Show” sidekick to Johnny Carson for over 20 years, encountered his brush with home loss after breaking his neck over a year ago. The 85 year old spokesman was unable to work during his recovery period and fell behind on his financial obligations. Many celebrities stepped forward to aid the television legend when news surfaced that his Countrywide mortgage loan had defaulted. Real estate mogul, Donald Trump was one of the rescuers standing in line to aid McMahon and his wife.
Public records show recent transfers of the home’s title through a variety of corporations as several brokers scrambled to find a suitable fix for the McMahon foreclosure. All involved parties felt comfortable with the new mortgage structure which would allow the McMahon’s to remain in their Hollywood Hills home.
admin on December 20th, 2008
Maryland has joined the ranks of dozens of states stepping to the plate to combat foreclosures within their jurisdictions. Maryland has experienced a 15 percent decrease in foreclosed homes over the last quarter. This applauded statistic is due to the combined efforts of a state legislature mandated moratorium on foreclosures.
In addition, the state’s allotment of over $2 million to aid housing non-profit organizations offering free assistance to homeowners facing a defaulting mortgages and ultimately foreclosure has been a large success. Home Free USA, a non-profit counseling group organized to help financially strained homeowners modify mortgages, has led the charge in Maryland to help homeowners renegotiate their mortgages. The non-profits largest obstacle has been competing with “for-profit” organizations and “scam” artists offering help to homeowners.
HomeFree USA representatives have entered churches and counseling centers to find homeowners unaware of their existence and free services. Maryland expects its numbers of foreclosures to increase as the moratorium is expiring and homeowners will be exposed to the whims of foreclosing lenders again.
admin on December 13th, 2008
In the month of November, foreclosure auction filings were in a decline across the US. Many experts say this is the calm before another tidal wave of filings to hit after the holiday season. Mortgage default activity has increased by an average of 5 per cent each month over the last two years; however, the number of homes going to foreclosure auction decreased in November.
Weeks prior to the Thanksgiving holiday, Fannie Mae and Freddie Mac agreed to suspend foreclosures until after the holiday season. Fannie Mae and Freddie Mac hold just over 50 percent of the active mortgages in the US. In addition, bankruptcy filings, which temporarily stop the foreclosure process and the efforts of more banks to perform a loan modification has aided in the delay of foreclosure auction filings. Economist believe that as much as 30 percent of the $2.3 trillion of adjustable rate mortgages are expected to begin adjusting in 2010, and that the worst of the foreclosure crisis is far from over, proposing the current foreclosure decline is a result of lenders reactions to the holiday season.
admin on December 11th, 2008
American Idol winner, Fantasia Barrino, is facing having her home foreclosed upon next month. The singer and actress purchased her North Carolina home last year near Charlotte for $1.3 million. The home is being foreclosed because of a defaulting loan for $58,000. The lender sought payment of the loan in court, but the American Idol winner was a “no-show” at court and the judge ruled in favor of the plaintiff.
The lender that facilitated the loan appears to be operating out of a private residence, but their claim to the overdue loan still stands as the home is scheduled to be auctioned in January. A business representative for the singer said this is a big misunderstanding and the result of bad legal representation. The singer/actress just finished a Broadway production and is being considered for theatrical productions as well.
