The general trend in Seattle Foreclosures
Seattle Foreclosures are on the rise though Washington state rates are on the decline. Seattle offers attractive opportunities for real estate investors to find cheap, foreclosed properties. But lenders often try to help home owners with grace periods and easy options in order to repay their loans amounts rather than file for foreclosure.
Seattle is the biggest city in the U.S., Pacific Northwest. It is located in King County, Washington. Real estate agents and home buyers can look forward to some very good buys in Seattle as Seattle Foreclosures have started spiraling.
The figures have a story to tell.
• There were 432 new foreclosures in Seattle in May 2009. This is 168% up from May 2008 and 27% up from April 2009.
• This is not the case with the State level figures. Foreclosure filings were reported on 3, 559 Washington properties in April 2009 which was a decrease of 21% over the previous month, though 34 % up from April, last year.
• Foreclosure activity in the state has slowed down probably because the unemployment rate has held steady.
Finding a dream home at a cheap price in Seattle has become easy because it heads the list of bank foreclosures. Seattle comes out with its list of foreclosed properties, mostly available on the internet. In Seattle the economic down turn has led to increase in foreclosures as more and more people are defaulting on their mortgages. While it is good news for investors, for the borrower, it is a harrowing time. Many have landed in the soup because sometimes the lender has resorted to fraud and partly due to the economic downturn. To prevent Seattle Foreclosures it is best to be aware of Seattle real estate laws. Organizations like Urban League and Solid Ground are also willing to help you.
Most lenders prefer that they get back their loans rather than being saddled with foreclosed properties. So usually they give time for you to cough up and re-arrange for your finances during a grace period. But anything beyond sixty days is considered that the property is in pre-foreclosure stage and the home owner is in default. You may want to consider various options to wriggle out of foreclosure. For instance, consult your lender. Many lenders offer programs to get you back on track while collecting some sort of payment for their mortgage. Even if you are not able to prevent foreclosure of your home, you may have managed to save a sum, which can be used to purchase a new home. Alternatively consult the Foreclosure Prevention Program that has been instituted by the government in Seattle to prevent increasing number of Seattle Foreclosures.
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ABOUT THE AUTHOR
Ron Akins is skilled writer of Real Estate Foreclosures having 20 years of writing experience. He provides tips and guidelines on buying all types of foreclosures. For more details please visit Seattle Foreclosures.