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Growing Number of Foreclosures Spoil Holiday Season

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By : Cassiano Travareli    99 or more times read
State and local officials released their list of 10 lenders, all carrying national names, who have recorded starts and auctions associated with foreclosure homes for the month of October and November in the New York metropolitan area.

Sen. Jeff Klein reported that Long Island filed 1,211 foreclosures and seven lenders with a majority of foreclosures properties in the metropolitan area have taken no less than $122 billion up to the present moment from the $700 billion federal rescue from financial difficulties.

Kleins report, all of the names in the list, which he labeled "Subprime Scrooges", are accounted for nearly 5,000 foreclosures a couple of months ago. He emphasized that they are not determined to make the proper attempt to reshape mortgages and impede foreclosure homes.

US Bancorp tops the list on Long Island with a reported 204 foreclosures-related filings.

According to Lisa Clark, assistant vice president for media relation of the bank, their role is just a trustee working for investors who bought these mortgages. She clearly outlined their position that they have nothing to do with foreclosures and as a trustee they only take care of the paperwork.

Klein is making a move to put forward the proposals intended for borrowers having trouble with their loans and permitting municipalities to resolve foreclosure properties and send a statement to lenders or their owner. One of his proposals is comparable to a government program and demands the State of New York Mortgage Agency to provide new financing for borrowers with troubled loans and share in part of the properties subsequent appreciation.

To be considered in refinancing, the value of the property must be higher than the mortgage owed and homeowners should not have bad credit, said the owner of RJB Financing Consultant, a mortgage broker based in Farmingdale.

In front of foreclosures, numerous homeowners are inquiring lenders and mortgage brokers regarding new financing as a result of dropping mortgage rate after the announcement of the federal government that it would buy up to $600 billion in troubled loans and mortgage subsidized securities.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.

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