NEW YORK, N.Y. /Send2Press Newswire/ — According to ForeclosureRepos.com, REO activity is expected to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an abrupt end. The herd mentality is causing people to rush to find alternatives. Attendance at Tele-Seminars, workshops, interactive community meetings, and increasingly large seminars held by reputable mortgage bankers and attorneys are continuing to draw concerned and sometimes desperate homeowners seeking solutions to stay in their homes. Of the many issues discussed are how to protect yourself if the economy doesn’t recover, secret tactics of lowering your interest rate and monthly payments, how to avoid many of the biggest mistakes most people make.
Residents are scrambling for alternatives. Some homeowners have been helped with their mortgage and financial needs such as loan modifications and protection from foreclosure, and learning how to stop the harassing phone calls from lenders. Many have fallen prey to deed fraud and mortgage rescue scams as they try to modify their loans.
Some counselors teach residents foreclosure prevention and how to identify the company holding their mortgage, and how to navigate the legal process to achieve loan modification and renegotiate affordable loan terms. In any event, people are hungry for answers and the clock is ticking on their due notices.
ForeclosureRepos.com reported that of the 5 states that showed the biggest rise of foreclosures the least amount was over 12 percent from just 30 days earlier.
Top 5 states with the biggest growth of foreclosures in June/2009 compared to May/2009:
1) 10.16 percent growth – Washington
2) 9.62 percent growth – Vermont
3) 8.79 percent growth – Mississippi
4) 8.23 percent growth – Delaware
5) 7.97 percent growth – Kansas
5 states reported the biggest reduction of foreclosures in June/2009 compared to May/2009:
1) 16.29 percent reduction – Colorado
2) 10.13 percent reduction – Connecticut
3) 8.48 percent reduction – Massachusetts
4) 7.89 percent reduction – New Jersey
5) 6.92 percent reduction – Nevada
Arizona, Texas, and Illinois had some of the top 5 cities reporting the biggest growth of foreclosures in June/2009 compared to May/2009:
1) 32.15 percent growth – Mesa, AZ
2) 20.48 percent growth – Jackson, MS
3) 15.38 percent growth – Austin, TX
4) 12.30 percent growth – Tacoma, WA
5) 11.67 percent growth – Chicago, IL
The top 5 cities where the biggest reduction of foreclosures occurred in June/2009 compared to May/2009 were primarily in Colorado:
1) 21.60 percent reduction – Aurora, CO
2) 20.91 percent reduction – Colorado Springs, CO
3) 16.62 percent reduction – Denver, CO
4) 15.33 percent reduction – Minneapolis, MN
5) 13.73 percent reduction – Dallas, GA
More information: http://www.foreclosurerepos.com .