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SeattlePI.com: Home foreclosures up

SeattlePI.com: Home foreclosures up

(Consumer Protection, Mortgage) Permanent link

The PI’s Aubrey Cohen covers an important story today:

The Seattle area's home foreclosure rate continued to rise through the first half of this year, and was 76th highest among 203 large U.S. metropolitan areas, according to a new report.
One in every 107 homes got a foreclosure filing in January through June in King, Pierce and Snohomish counties, with total filings up nearly 72 percent from the first six months of 2008 and 25.7 percent from the second half of last year, according to RealtyTrac, an Irvine, Calif., company that tracks foreclosures.

Slowing foreclosures by encouraging loan modifications remains one of our top priorities. That’s why we worked for 18 months on a settlement with Countrywide that requires thousands of loan modifications in our state. And that’s why we’re working with federal officials and the 25 largest loan servicers to speed the pace of loan modifications.

If you’re struggling with paying your mortgage or any other bills, be sure to check out our recession survival guide.

-Dan Sytman-

Posted by Public Affairs Unit at 07/30/2009 11:17:49 AM | 


That's good to hear that slowing foreclosures is still a top priority. I hope the housing market sees a change soon.
Posted by: Kyle ( Email ) at 8/10/2009 10:39 PM


Comment: I just refinanced my home loan with a 5 year arm 30 year fixed mortgage and found out 10 days after signing, the company holding the mortgage was seized by the govt. The new lender, I found out on Thursday 8/13, and today went to their website and found out as of 8/14 they too were seized by the govt. Now rumor has it, that Bank of America will be assuming the mortgage loans. I have heard nothing but bad things about them. In fact, they are foreclosing on my neighbor who was refinancing with country wide when BoA took it over. He was on an ARM. No notification was received except the first bill and they raised the % rate up. They told him they did not have to honor the new refinancing terms and would continue increasing his ARM every month. It's now at over 10% interest rate per month. Another neighbor has auto deduct for his payment and for 4 months no payments have come out. He contacted BoA, and they told him they don't have any record of his account.
With these problems and more going on in the industry, how can I prevent becoming a missed account or losing my home because BoA won't honor the contract I am in?
Posted by: tammie e ( Email ) at 8/18/2009 1:30 PM


Tammie, I’m sorry to hear about your neighbors’ ongoing problems. It’s not clear from your comment that you have a concern regarding an inability to make your payments, but I’m assuming that might be the case. Either you financed with an ARM or 30 years at a fixed rate. So I’m guessing you mean a 5-year ARM over 30 years. If your loan originated with Countrywide (now owned by Bank of America), then you may be eligible for relief under our settlement. See atg.wa.gov/countrywide.aspx for details. If not, I suggest you first try to contact the lender who owns your mortgage. You may also wish to meet with a qualified, HUD-approved housing counselor to discuss options for refinancing. You can find contacts and additional resources on our Web site at www.atg.wa.gov/foreclosure.aspx.

Lastly, if you have a concern that you have been treated unfairly by your lender, you may file a complaint with our office. Complaints are received by our Consumer Resource Center and can be made online at www.atg.wa.gov/fileacomplaint.aspx.
Posted by: Kristin Alexander, AGO Blog Moderator ( Email | Visit ) at 8/19/2009 10:23 AM


I think one of the worst problem are the scams targeting the unemployed as mentioned in the recession survival guide. It had been awhile since I did any job hunting, but after the first few days of sending out resumes for jobs online, the fastest responses were from those scam companies.

I would suggest that anyone looking for a job, loan modification, etc. spend some time researching a company before giving them your personal information. Simple Google searches will tell you in a short time which companies are trustworthy and which are not based on results like the Ripoff Reports and other consumer review sites. Plus, you can always check with the local Better Business Bureau. The last thing you want to do is put your money and your trust into the wrong hands.
Posted by: Gomer ( Email ) at 3/5/2010 11:18 AM


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