Abandoned Pets: Another Consequence of Foreclosure, Unemployment

In addition to homeless families, abandoned pets are also considered to be one of the unfortunate consequences of the current economic recession. Most of these animals were left behind in properties that were repossessed due to mortgage default while the others were given up because their owners are no longer capable of caring for them due to tight financial circumstances resulting from job loss.

According to animal experts, dogs and cats can suffer from dehydration if left without water for 24 hours and will surely die within a few days. Families who abandon their pets because of foreclosure may not realize the consequence of their actions as they are busy coping with the stress and trauma of losing their homes. Of course, this is not a valid reason for treating these animals cruelly.

On the other hand, there are those who were left with no choice but to take their pets to the nearby shelter since the apartment or condo unit they are renting does not allow the tenants to have pets.

In any case, it is indeed sad for these abandoned pets. Those who are lucky get adopted almost instantly while there are those who face the possibility of being put to sleep or euthanized. Most people prefer to adopt animals that are not difficult to take care of, leaving the others doomed.

The sad fate of these animals has already attracted the attention of many communities. If your neighborhood has taken no initiative with regard to this problem, you might as well take the first step by doing the following:

• If one of your neighbors is about to lose their home to foreclosure, you can ask them about their plans regarding their pet. You will be surprised at how they would welcome such inquiry.
• Provide your neighbor with information regarding animal welfare and rescue societies. This way, they will be able to turn over their pets to them and not just leave them behind.
• Report any incident of animal cruelty particularly if you are leaving in a state where there is a law against such actions.
• Check foreclosure properties for abandoned pets. If you find one, give it some water and then call a veterinarian to check its health condition.

The best way to find an abandoned pet is searching for a shelter. Foreclosuredeals.com offers a list of shelters in all states, get access to it and help an abandoned foreclosure pet.

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Holding Period for Abandoned Pets in California Shelters Shortened

Stray animals that include abandoned pets are in danger of being put to sleep after three days in the shelter unless they are claimed or adopted.

Previously, they were given six days in the shelter but in order to reduce the budget deficit amounting to $26 billion, Governor Arnold Schwarzenegger as well as the rest of the legislative leaders agreed to shorten it.

With the sluggish economy, animal shelters have been rescuing and giving care to more and more animals, most of which were abandoned by their owners due to foreclosure. In some cases, these pets were just left at the properties while the others were taken to the shelters usually because they are not allowed to live in apartments or condominium units that their owners are now renting.

Although the new policy regarding holding period might mean savings for the state government, the Marin Humane Society is not in agreement. For them, the shortened holding period could mean the difference between life and death for some of these animals who can actually be adopted. Most animal shelters keep strays as long as they do not have any behavioral problems or serious health issues.

Similarly, a lot of owners are worried that their beloved dog or cat might be mistaken for abandoned pets and put to sleep even before they are able to start putting up flyers.

On the other hand, smaller animal shelters welcome the new policy considering their lack of resources. Animal welfare societies even believe that most of them already practices euthanasia.

The shortened holding period actually weakened the Hayden Bill of 1997 (Animal Adoption Mandate). The said bill allowed owners enough time to claim their pets and the shelter to send the unclaimed pets to other shelters or rescue organizations.

Last year, over 400,000 cats and dogs were euthanized in California, a rise of 15 percent from 2004 as recorded by the California Department of Public Health. Also, the American Humane Association believes that nationally, 9.6 million abandoned pets and strays are put to sleep every year.

If you intend to help an abandoned pet to get a new home, visit our page about Abandoned foreclosure pets and find resources and information that will lead you about how to help those poor animals.

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Buying Foreclosed Homes in Tennessee Under a Federal Program

Buying foreclosed homes in several communities severely affected by the collapse of the housing market has become viable in Tennessee. The initiative is made possible under the United States Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP).

The NSP was initiated to buy foreclosed houses in partnership with nonprofit housing groups in areas that will receive the federal funds. Under the program, the foreclosed properties will be rehabilitated to be sold or rented to eligible low-income and moderate-income families.

The program selects the communities that will receive the federal funds based on the area’s foreclosure rate, number of vacant properties and mortgage interest rate. In Tennessee, the distribution of funds to communities will be administered by the First Tennessee Development District. Federal funding for buying foreclosed homes will be distributed to communities in Johnson City, Bristol, East Tennessee, Greenville, Sneedville, Erwin and Kingsport.

Meanwhile, First Tennessee Development District director Sherry Trent said that among the communities chosen to receive the federal funds under the program, the town of Erwin is the least in need of the aid if foreclosure rate is the basis.

She said that about $100,000 is projected to be used in the town to buy and rehabilitate two houses. The renovated properties will then be converted into apartments to be rented or may be leased as a whole, depending on the type of property purchased. Erwin will use the federal funds more on buying properties that are in danger of ruination or facing value depreciation.

Trent explained that the program will save neighborhoods from deterioration. Industry experts said that a property in a state of deterioration can pull down the value of surrounding properties in a neighborhood. They added that the primary goal of the federal program is to help stabilize neighborhoods and prevent abandoned and foreclosed properties from getting demolished.

Meanwhile, industry experts said that many properties that have been repossessed are standing empty and deteriorating by the day as grasses kept growing up in lawns. Properties under these conditions are the target homes to purchase and rehabilitate under the buying foreclosed homes program. The First Tennessee Development District is hoping to renovate the properties and made them available for rent this year.

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Atlanta Foreclosure Homes Worsening as Federal Funds Dry Up

The number of Atlanta foreclosure homes is expected to rise in the coming months as numerous low-cost apartment projects were stalled or completely stopped due to lack of funding.

According to industry experts, the slash in federal funds will severely affect low-income renters in small cities and rural towns in Georgia. Nationwide, the funds to build affordable apartments have declined by over 50 percent to $4 billion in the span of two years.

Experts said that hundreds of construction projects failed to push through because the tax credits provided by the federal government to help in the development costs are not benefitting traditional investors.

In Georgia, the funds helped an average of 30 projects per year. These projects use federal tax credits amounting to about $20 million. So far, nine deals were completed last year and none in 2009.

Industry experts said that since the recession and the subsequent collapse of the housing market, everything has been totally upside down. And they feared that if the rising unemployment could not be contained soon, more Atlanta foreclosure homes would be put on the market.

Meanwhile, for almost 20 years, the federal government has been subsidizing low-income apartment developments by utilizing a special tax credit. Each year, the government divides these tax credits and distributes them to states.

Upon receipt of funds, local housing authorities will then review applications from various developers and distribute the credits. The credits will then be sold to investors in order to raise funds for construction.

The banking industry and government-sponsored enterprises, Federal Home Loan Mortgage Corp. and Federal National Mortgage Association were the largest investors. But the problem is, billions of money were lost by these companies.

When the federal government seized control of the two government-sponsored enterprises, they exited the market, taking away about 40 percent of funds entitled for the development of low-income housing.

Meanwhile, national banks have reduced their funding and focused their investments on areas required for compliance under the community reinvestment laws, such as Los Angeles, California and New York.

Regions located in the Midwest and South lack incentives resulting to stalled and failed projects. Georgia plans to use the federal funds to finance projects to help alleviate the foreclosure problem in the state, such as redeveloping foreclosed condominium and hotel projects and converting them to houses that are affordable.

Are you interested to invest in foreclosures in Georgia? Click here and view our listings of Atlanta foreclosure homes.

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Charlotte Foreclosure Homes Rising, TARP Not Helping

The increase in the number of Charlotte foreclosure homes last month indicated that the federal government’s Troubled Asset Relief Program (TARP) is not working as expected, according to industry experts.

Statewide, the number of foreclosure filings increased by 43 percent in August compared to the same month a year ago. Mecklenburg County foreclosure filings rose by 80 percent last month.

Industry experts said that the foreclosure problem, which triggered the nationwide recession, started with subprime loans that were issued to borrowers with questionable credit and payments that they could not afford.

They pointed out that the economic downturn has pushed the unemployment rate in the state to double digit high, placing more homeowners at risk of defaulting on their mortgage payments.
Compounding the recession and unemployment problems are the drastic decline in home values which make it difficult for homeowners to sell their properties they could no longer afford to pay.

Experts said that the increase in the number of Charlotte foreclosure homes does not only affect those who lost their homes but also more on people living near the foreclosed properties. Foreclosures forced prices of surrounding properties to dive below their market value. This leaves many homeowners with properties that are worth less than their mortgage.

Economists said that many homeowners have sold their houses at depressed prices in order to avoid foreclosure. Majority of homeowners who were forced to sell their properties at depressed prices are those who have had their houses for a long time and accumulated more equity.

When they defaulted on their mortgage payments, they tried to refinance to reduce their mortgage payments. However, with the current market condition, most of them failed to refinance and they have no choice left but to allow the banks to foreclosed on the property or lower the price to sell for an amount just enough to pay off their debts.

It can be recalled that President Barack Obama got the U.S. Congress to pass the TARP to purchase bad loans from banks to help them recover and boost their lending business. But since the inception of the program, foreclosure slowed a little but picked up again with a vengeance. Industry experts are quick to point out that TARP is not doing well in helping distressed homeowners in North Carolina avoid foreclosure.

If you are interested to learn how to find Charlotte foreclosure homes, click here.

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Bronx Foreclosure Homes to Rise Due to Late Loan Payments

Market data showed that more and more homeowners in New York City are defaulting on their mortgage payments in the second quarter of this year. As unemployment continues to rise, its effect is also spreading especially among homeowners with mortgages.

From April to June, the mortgage delinquency rate in the city jumped to 11.7 percent to 234,254. The figures represented an increase of 10.5 percent compared with the first quarter figures.

Industry experts are concerned that the growing mortgage delinquency rate in the city would further pull up the number of Bronx foreclosure homes. The borough of Bronx is the poster child of foreclosure in the city.

In the first quarter, the number of foreclosure notices filed in Bronx totaled 580, already twice the figures posted by the borough in the whole of 2008.

Statewide, first quarter foreclosure rates peaked at 803,489, representing an increase of 9 percent compared with figures in the last quarter of 2008 and 23.6 percent higher compared with first quarter the previous year.

Industry experts said that the first wave of foreclosures was attributed to the collapse of the subprime market, which they also blamed as the factor that triggered the recession. However, this time around, industry experts said that the unabated rise in unemployment made it hard for homeowners to meet their monthly mortgage payments.

And what is more alarming according to experts is that a large number of distressed homeowners are holders of prime, fixed-rate mortgages. Data released by the Department of Labor showed that the unemployment in the state was 8.6 percent last month.

Experts said that the current trend is a confirmation of a shift from a crisis driven by kinds of mortgage loans to one that is aggravated by a shift in the economy.

The loan delinquency rate in the state involving adjustable-rate mortgages dropped from 28.3 percent to 27.8 percent while the delinquency rate involving prime mortgage loans rose from 4.1 percent to 4.7 percent.

But a report released by the U.S. Government Accountability Office showed that the number of repossessed homes insured by subprime loans could increase twice in the coming months, from the current total of 55,000 as of second quarter.

If you want to buy Bronx foreclosure homes, click here.

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Buy Foreclosed Houses Program in Florida

The county of Hillsborough in Florida received a federal grant amounting to $19.1 million to help it buy foreclosed houses. With the program, county officials are planning to transform neighborhoods devastated by the foreclosure crisis.

Foreclosed homes in several targeted areas would be purchased under the county’s Neighborhood Stabilization Program to create more affordable housing.

Last month, the county was able to buy its first foreclosure house for $22,000. Hillsborough Affordable Housing Department director Valmarie Turner is hopeful that the program could make an impact on neighborhoods.

Industry experts are also hoping that the program could make a big difference in eliminating foreclosure houses that have become blights in neighborhoods. These foreclosure properties benefit buyers but bring nothing but problems to other people. For one, they pull down prices and values of surrounding properties. Secondly, abandoned and vacant foreclosure houses have become haven to criminals.

The $4 billion Neighborhood Stabilization Program, approved by the U.S. Congress in 2008, provides funds to local governments to buy foreclosed houses, renovate and resell them to families with low income. The main goal of this federal program is to revitalize and stabilize neighborhoods hardest hit by the foreclosure crisis.

Hillsborough County is given 18 months to use the funds to buy foreclosure houses and fix them. Florida received about $541 million in federal funds, the biggest compared with other states because of its high foreclosure rate.

In the Bay Area, counties and cities received nearly $75 million in federal grants. Officials in the Bay Area said that their foreclosure buying program is focused on old neighborhoods that are showing some neglect.

In Hillsborough, officials plan to focus the program on six neighborhoods, including the Orient Park, Clair-Mel, Town ‘N Country, Gibsonto, Plant City and near the University of South Florida.

Turner explained that proceeds from the sale of renovated foreclosure properties will be returned to the program to buy more foreclosures.

Hillsborough County plans to work with partners to find eligible families to purchase and live in renovated foreclosure homes.

To be eligible, buyers should meet income requirements. If approved, they will receive an interest-free loan and closing cost assistance.

Industry experts said that since its inception, the buy foreclosed houses federal program has helped many neighborhoods across the country. In addition, it has also created jobs for out-of-work construction contractors and crews.

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Banks Criticized for San Diego Foreclosure Homes

San Diego foreclosure homes in California are rising in numbers due to unemployment. Many distressed homeowners are creditworthy and responsible borrowers who encountered bad luck and were forced to default on their mortgages.

Most of these troubled borrowers are seeking ways to modify their mortgage loans but their modification requests were rejected. For so long now, industry experts have been criticizing the banking industry for receiving bailout funds from taxpayers but failing to reciprocate the support provided on them.

Experts said that the bulk of investors in banking institutions are taxpayers but they are not given attention and care by banks.

The banking industry has been blamed for the current housing bust and now they are being criticized for their lack of cooperation to address the subsequent foreclosure crisis. Industry analysts said that it is not surprising that banks bear the brunt of the blame on the current foreclosure problem.

They said that three years ago, the banking industry has made a promise to address the increasing stresses on their residential loan borrowers. But the number of San Diego foreclosure homes and defaults still has not slowed down.

The same scenario is being played out in the housing markets in other areas in California. The growing inability of banks to prevent the foreclosure crisis has alarmed elected officials who received numerous complaints from their distressed constituents.

The League of California Cities is scheduled to meet this month to discuss a resolution that will call on about 480 cities to withdraw their deposits from banking institutions that failed to cooperate with various foreclosure prevention efforts.

Some local officials said that if you consider all the funds that cities have deposited in banks, the move would make a significant impact. They said that banks that will be affected by the initiative are those that are not doing anything to help alleviate the foreclosure crisis.

But some industry analysts are having doubts about the proposed initiative for cities to withdraw their money from banks that failed to do their share in foreclosure prevention. They pointed out that cities have limited investment options should they decide to divest themselves.

Some members of the California House have done their share of pressuring by writing to U.S. Housing and Urban Development Secretary Shaun Donovan, urging him to pressure mortgage lenders to perform more loan modifications.

Are you interested in buying houses in California? Click here and find lots of San Diego Foreclosure Homes.

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Bank Foreclosure Houses, Unemployment Cast Gloom in Indiana

Increasing numbers of bank foreclosure houses and jobless people are the most common problems that most cities across the country are experiencing right now. The city of Lafayette has not yet recovered from the impact of the foreclosure crisis in the residential market and already, the problem has widened its scope to include the commercial market.

According to industry experts, the recession, foreclosures and unemployment have greatly impacted the spending patterns of consumers. They said that most businesses in the area are counting on discretionary spending as many consumers are pessimistic by nature.

Some industry analysts said that the current economic state is planned, adding that the system is a set up. They pointed out that the federal government should not give companies free capital because they are self-regulated. They added that the federal government has failed to properly manage the U. S. Securities and Exchange Commission.

Last July, Tippecanoe County posted an unemployment rate of 5 percent. The unemployment rose by one point and remained the same until January of this year when the jobless rate increased to 8.1 percent.

Market data released by the Indiana Department of Workforce Development indicated that Tippecanoe County’s jobless rate last July was 10.3 percent. What is happening in Tippecanoe County and Lafayette is mirrored in other counties and cities across the country.

The number of bank foreclosure houses across the country continues to increase as the unemployment rate rose to double digits. And now, commercial properties are joining the foreclosure fray.

In Lafayette, employees of major manufacturing companies are feeling the brunt of the recession and so do their employers who are facing challenges including decline in orders and increasing prices for materials.

Wabash National Corp. President and Chief Executive Officer Dick Giromini said that the economic environment remains depressed. He said that Wabash, a truck-trailer manufacturer, lost about $18 million in the last quarter. And since 2006, the company has eliminated about 250 salaried positions and 800 production associates.

Similarly, Caterpillar Inc. has laid off about 985 employees at the company’s Large Engine Center in Lafayette.

Industry experts noted that the number of foreclosed homes in Tippecanoe County outnumbered single-family home construction activities last year. They said that the county is not yet done with bank foreclosure houses and more are expected in the offing.

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Law to Protect Tenants of New York Foreclosure Homes

Many tenants in New York City are renting homes without meeting their landlords, and worse, without knowing who owns the houses they have been renting. Most tenants in the city just leave their checks for their monthly rental payments in mailboxes.

But all these could change with the bill introduced by Manhattan Councilmember Melissa Mark Viverito. Together with city housing lawyers and members of the Make the Road New York, Viverito announced her Multiple Dwelling Registration Bill which will give protection to tenants of New York foreclosure homes.

The proposed bill requires landlords to register the principal owners of rental properties with the city. Viverito pointed out that currently, the only way of communication between landlords and tenants are mailboxes.

She said that registration of primary owners of rental properties would pave the way to knowing who the primary owners are and hold them accountable. Under the proposed bill, landlords will be required to form limited liability corporations (LLC) and register all owners in multiple dwellings.

The registration requires the names and contact information of all owners, not limited only to those who have 25 percent share which is the threshold currently mandated by the city.

Also, the proposed bill wants multiple dwellings to be covered by the administrative code of the city, expanding the current coverage from buildings with single room occupancy.

According to industry experts, corporation officers and managing agents of rental properties are difficult to reach. They pointed out that ownerships of rental properties that are in foreclosures changed so fast that tenants are left with names that often do not have the authority or right to make decisions concerning the property.

Experts said that the confusion over property ownership makes it difficult for housing advocates and tenants to resolve or settle problems out of court.

Additionally, experts said that numerous unknown ownerships for multiple dwellings are really a problem for tenants because they do not know whom to approach especially when there are problems with maintenance and repairs.

Make the Road New York’s Executive Director Javier Valdes said that the bill would help promote transparency and most importantly, protect low-income tenants especially those renting in foreclosed properties.

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