Condition of US Foreclosures by State Worsened by Oil Spill- By: John Cutts
US foreclosures by state made the lives of some American families difficult. Now, the oil spill in the Gulf of Mexico is making these families' lives worse, particularly in areas like Louisiana and Florida, two states greatly affected by the oil disaster and the housing market crisis.
Slidell foreclosure listings, just like in most areas of Louisiana, are continuing to grow. Homeowners facing foreclosures found themselves falling further behind in their mortgage payments as their livelihood was washed away by the spill. Even property values are affected by the disaster, with prices plummeting further following the incident.
In response to the worsening situation of households facing the possibility of losing their properties to foreclosure listings in Louisiana, some local loan servicing firms and lenders have decided to suspend loan payments or reduce the amount of monthly mortgage dues paid for by households that were heavily impacted by the oil disaster.
Meanwhile, families facing the possibility of losing their homes to listings of foreclosure houses can also get help from the Louisiana Realtors Association which announced recently that it will use the Louisiana Realtors Association Relief Fund (LRARF) to help state residents hit hard by the oil disaster.
Other areas suffering from both high rates of US foreclosures by state and the oil spill disaster can avail of the various programs launched by the federal government specifically for the victims of the disaster. There is also a Deepwater Horizon Response program provided by the company involved in the oil drill.
Mortgage giant Fannie Mae has also recently introduced its Special Relief Measures policy which suspends or reduces the amount of the borrower's monthly mortgage dues for as long as three months. Within this time, the mortgage firm will examine the extent of damage the disaster has caused on a residential property and the finances of the people living in that property.
Like Fannie Mae, Citigroup has also announced a program designed to help coastal area homeowners affected by the spill, particularly those in Florida which has some of the highest rates of US foreclosures by state. The bank has also decided to suspend payments of mortgages for those hit hardest by the disaster.
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