Banks do not like to take homes in the winter months if they are occupied. They would rather let you shovel the snow, heat the house, and secured the house so that it is not vandalized. It does seem, however, that banks are in a rush to take back homes faster than before. Or maybe they realize that just filing a foreclosure does not guarantee a quick result as the Mediation process does slow things down a bit. Since Mediation can add a few months onto the foreclosure process, timing the filing of the foreclosure so that mediation completes in the spring might be the reason for these filings.
Me. I'm speechless. Even FannieMar and FreddieMac have a heart in not putting anyone out of their home during the holiday season. They have suspended evictions from December 18, 2015 to January 3, 2016. On one hand, I hope that this increased foreclosures is not the banks being heartless during the holidays. On the other hand, I also hope that this is not an indication that homeowners in Connecticut are not falling further into financial distress.
Check out my interview in the newspaper here.
Compared to foreclosures filed in Connecticut in February 2013, the numbers of cases being filed were UP more than 40%. So measured from year to year, 40% more people in Connecticut are being exposed to losing their homes. Connecticut currently ranks 6th in the nation for new foreclosures. Since we are a small state, that is a very big thing. One in every 898 homes in the state had a foreclosure started against it in February.
Some more numbers: The number of foreclosures completed in January 2014 was UP a stunning 162% over the same period in 2013. Eighteen percent (that’s 18%) of homes in foreclosure resulted in a family losing their home to the lender; 410 families put out onto the street. That is an increase over 2013 also. There are currently 723,967 foreclosure cases pending in Connecticut.
Does this make you feel warm and fuzzy? But what about the news reports that real estate is making a comeback? Take a look around and ask yourself, “do I see families moving out of their homes because they sold them to move to a better place, or are they moving out because they’ve lost their homes to foreclosure?” You know the truth.