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Lenders See Foreclosure Situation Worsening

Bad economic situation can lead to emotional problems as well



September 5, 2008

Foreclosure
Buying a Home in Foreclosure: What You Need to Know
Mortgage Crisis? Act Now to Avoid Foreclosure
Foreclosure Not Inevitable, Fast Action Needed
Avoiding Foreclosure Takes More Than Hope
---
News
At Last: Bailout Trickling Down to Struggling Homeowners
Mortgagees Who Live In Home Less Likely To Default
Foreclosure Activity Increases At Double-Digit Pace
Lenders See Foreclosure Situation Worsening
One-Third Of Recent Home Buyers "Underwater"
Worst Foreclosure Activity Limited To Four States
Fighting Foreclosure: One Family's Story
Mortgage Group To Step Up Homeowner Aid
Florida Governor Signs Foreclosure Rescue Law
California Busts 'Land Grant' Foreclosure Scam Artists
Foreclosure Filings Up a Record 65% in April
White House Threatens To Veto Anti-Foreclosure Bill
Fed Chief Seeks Greater Effort To Stem Foreclosures
Realtors Frustrated by Banks' Lack of Interest In Short Sales
Bank Of America Tries To Stem Rising Foreclosures
Foreclosure Efforts Lacking, States Find
California Foreclosures Surge 327%
March Foreclosures Up 57%
Homeowners Raiding Retirement Accounts to Avoid Foreclosure
'House Stealing' Scam Combines Identity Theft, Mortgage Fraud
Foreclosure Filings Up 57 Percent In February
Senate Will Try To Override Veto Of Foreclosure Bill
Foreclosures Up In Most Urban Metros Last Year
ACORN, Countrywide Tweak Subprime Relief Plan
Foreclosure Prevention Efforts Falling Flat
States Fight Foreclosure Rescue Scams
Mayors Warn Homes Could Lose $1.2 Trillion In Value
Foreclosures Spike in More Metro Areas
Searching For Foreclosure Bargains Can Be Costly
September Foreclosures Double Year-Ago Levels
August Foreclosures Up 115% Over Last Year
Foreclosures Continue at Record Levels
Feds Urge Lenders To Help Stave Off Foreclosures
Foreclosures Surge 93 Percent In One Year
New Jersey Man Cited For Exploiting Foreclosure Victims
North Carolina Shutters “We Buy Homes” Scheme
Predatory Lending Bill Back in Congress
Groups Seek To Roll Back Foreclosures
Seniors Bear Brunt Of Predatory Lending
U.S. Foreclosure Rate Surges 47 Percent
Regulators Urge Mortgage Lenders to be Flexible with Homeowners
California Foreclosure Notices at 10-Year High
Bankruptcy Laws Contributing to Foreclosure Epidemic
Realtors: Home Prices May Dip This Year
Civil Rights Groups Want Foreclosure Moratorium

The Mortgage Bankers Association says with home prices falling and loans harder to get, more Americans are simply giving up trying to sell their homes and are just walking away.

The trend for the future doesn't appear all that promising, either. The MBA report says the percentage of mortgages that have at least one payment overdue rose to 6.41 percent.

Real estate experts say the numbers all add up to more problems for the housing market, which shows no signs of being able to overcome the problems unleashed by subprime mortgages going bad. Falling home prices, they say, have cut off the escape route for many homeowners in over their heads, who now find they are unable to sell their homes.

Foreclosure activity increased 55 percent between July 2007 and July 2008. A recent report by RealtyTrac, an online marketplace for foreclosure properties, shows one in every 464 U.S. households received a foreclosure filing during the month. It also shows lenders were much more active last month in seizing property in default.

"Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase -- compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices," said James J. Saccacio, chief executive officer of RealtyTrac. "The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale."

The emotional side of foreclosure

Homeowners have faced a growing wave of foreclosures in 2008, yet most reporting has dealt with the economic and financial implications of the collapsing housing market. But psychologists say foreclosures exact a steep emotional toll as well.

For most people, their homes are not just a place to live. Homes tie people to the community and social activities, to the familiar faces of neighbors, to friends and to a sense of belonging. Foreclosure brings with it, not only the loss of one's home, but also a myriad of emotions.

"Foreclosure means there has been a breach in financial security and that's very scary. Losing a home also brings up issues of abandonment, rejection and isolation for the entire family," said Edythe Harvey, MD, medical director of The Menninger Clinic's Hope Program. "Even a planned move is considered a huge stressor for most people; so when you are being forced into a move because of foreclosure, it can trigger all sorts of feelings."

Just as there are ways to deal with the financial ramifications of foreclosure, there are also ways to work through the emotional side of it. Harvey offers the following tips:

1. Acknowledge your feelings.

When we withhold our emotions, negative pileup occurs. Find someone to talk to or use a creative outlet such as writing or drawing to express your feelings.

2. Avoid connecting negative thoughts to your feelings.

Instead of the notion "I am a bad person for letting this happen," try focusing on more productive thinking, "this is a bad experience, but I am going to work hard to remedy the situation."

3. Live in the moment.

While we need to learn from the past and plan for the future, regret and anxiety over things we have no control of is wasted energy. Take each day as it comes. Apply the lessons you have learned to today's situations.

4. Reassure your family.

If you have children, help them identify their feelings about moving. Assure them that although you are sad to be leaving your home, you are going to work hard to make sure your new home will be as nice as you can make it.

5. Ask for help.

Whether it is from a financial counselor or a mental health advisor, if you think you are in over your head, seek out assistance."For some reason, it is seen as a sign of weakness. That's just not so. There are times when we all need a little help," Harvey said.



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