News About Properties

Foreclosed options

More people in Alabama are losing their homes to foreclosure, thanks partly to bad homeowner choices, market fluctuations and bankruptcy laws.

The good news, if you can call it that, is that Alabama’s foreclosure rate is still well below the national average. The bad news is that the number of foreclosures here is growing at alarming levels.

In November, 690 Alabama homes were involved in foreclosure proceedings at some level, according to RealtyTrac Inc., a California company that tracks such things.

That equals one per 2,800 households. While the national rate is one per 961 households, Alabama’s foreclosure numbers are unsettling all the same.

Rent to sell

House for rent. Brand-new kitchen. Quiet suburban location. Could rent-to-buy.

Please, somebody, take this house!

Homeowners Aaron and Jen May are trying not to sound desperate, but beneath their determined demeanor is an edge of fear.

They lived in their 20-year-old suburban Wales house for a couple of years and put more than $60,000 into a shiny new kitchen. Then came a new baby, a new job and a move to Colorado, all this fall.

Briny Breezes’ mobile home owners could soon be millionaires [South Florida]

Nestled conspicuously amid multimillion-dollar homes and splashy high-rise condos, the coastal trailer-park town of Briny Breezes seems out of place, a relic of Old Florida that may soon vanish.

If residents approve the Palm Beach County community’s sale to a developer for more than a half-billion dollars, almost every owner of the 488 trailers would become an instant millionaire. Not a bad return on investment if you consider that some bought their homes as recent as a decade ago for $35,000.

But just how much is a lifestyle worth?

It’s quiet here in one of the last remaining coastal trailer-park communities between Miami and Palm Beach, an island of unpretentiousness surrounded by glitz and glamour.

Centro Ybor Gets New Owner [Central Florida]

A Chicago-based real estate investment group bought Centro Ybor Friday, promising to inject new life - and, possibly, homes and offices - into the landmark Ybor City entertainment complex.

M&J Wilkow announced Friday that the company bought the 6-year-old retail, restaurant and entertainment center. The company says it’s looking at the possibility of adding residential condominiums and office space.

The deal closed Friday afternoon. The purchase price and other terms weren’t disclosed, nor did the company provide a timeline for renovation.

Let the borrower beware when getting mortgage

Big purchase demands extra dose of caution

Whether you already have a mortgage or you plan to buy a house in the next year, here are seven mortgage tips for 2007.

Review your mortgage — does it still fit your circumstances? Interest rates change, children are born and grow up, sometimes you need to fix up the house and sometimes you need to move on. Life events can trigger changes in the way you pay for your house.

“Every year,” says Dan Hanson, who oversees the retail branches for Countrywide Home Loans, “say, ‘What’s going to happen this year? Do I have a child who, in a year, is going to college? Are we going to have a child, maybe add a bedroom or have to move?’ ” The answer might make you go mortgage shopping.

Pursue options before defaulting on mortgage

If you are falling behind in your mortgage payments, the first thing you should do is pick up the phone.

“A lot of times it’s just a matter of telling your story to the bank,” said Jonathan Pinard, president of the Empire State Mortgage Bankers Association of New York. “But a lot of people avoid making that phone call.”

Some people worry the bank will immediately foreclose, while others think their lender won’t notice, experts said. Many don’t want to admit to themselves–or others–that they can’t handle their bills.

In fact, this is the worst thing a distressed homeowner can do. Not only are you increasing the risk of foreclosure, but you could wind up owing thousands of dollars in interest, penalties and legal fees, experts said.