Akron Beacon Journal: Future bleak for foreclosures, experts say

[marmar]

Future bleak for foreclosures, experts say
Agency predicts more than 282,190 will be filed in Ohio between 2009-12

By Rick Armon
Beacon Journal staff writer

Published on Friday, Dec 11, 2009


The home foreclosure crisis is worsening despite the Obama administration throwing billions of dollars at the problem, two local foreclosure experts said Thursday.

Mark Seifert, executive director of the Cleveland-based Empowering and Strengthening Ohio's People, and Paul Bellamy, director of the Cuyahoga County Foreclosure Prevention Program, said the federal Home Affordable Modification Program has been a failure in helping troubled homeowners.

They also said banks are now sitting on delinquent homes instead of filing for foreclosure immediately — also known as ''zombie loans'' — meaning there is a huge wave of foreclosures looming.

''The crisis is not only not getting better, it's getting much worse much quicker because the HAMP response is just not working,'' Seifert said.

In Summit County, the number of foreclosure lawsuits will likely rise this year — after two years of declines. Through November, there were 3,932 suits filed, compared to 4,092 total last year. The county averages more than 300 foreclosure lawsuits a month. .........(more)

The complete piece is at: http://www.ohio.com/news/79034397.html

[AllentownJake]

1. Why can't you ever post anything positive

Is getting pissy you know.

[marmar]

2. I was all ready to rip you a new one.....until I realized it was you.

:silly:

[AllentownJake]

3. LOL

Keep up the good work for the reality based community.

[Jackpine Radical]

4. Give. The. Money. To. The. People. Not. To. The. Banks.

"HAMP was set up earlier this year to provide federal money to lenders for each loan they modified. But lenders have made temporary modifications, collected the federal cash and then failed to make the changes permanent"

Looks like foreclosures were just another excuse to shovel taxpayer dollars into the insatiable maws of the banksters.

[exboyfil]

5. Zombie loans are the problem with sending the keys in

You are still on the hook for the property taxes, etc. I would recommend staying in the house until the sheriff comes to evict you.