Foreclosures in the Kansas City Region
For the last year the country has been undergoing a crisis in defaulting “subprime” loans. These are loans that were made to higher credit risk borrowers with escalating interest and payment obligations. They come in many forms, but with the monthly payments escalating and the value of homes declining many of the loans are now being foreclosed on. It is difficult to restructure or refinance these loans because the amount owed is now more than the value of the home.
This has had an impact on credit markets and the overall economy. Unfortunately it looks like this situation will get worse before it gets better. The metro area has formed an informal task force to address this issue. The task force is focusing on three areas:
This website will keep local governments up to date on foreclosure information and resources.
Assistance to Homeowners
LINC, with assistance from NeighborWorks and MARC, has created a local website with information and resources for homeowners facing foreclosure. Its main feature is a listing of locally authorized housing counseling organizations. It is recommended that you post this link on your website where homeowners can use it.
Foreclosures in Your Community
Realty Trac, a company that tracks foreclosures, has two websites that tracks several categories of properties that are in foreclosure including bank owned, government owned, in auction, and preforclosure. There is a monthly subscription fee for for exact addresses, but you can find out about foreclosures down to the street level with maps and lists. Use the zip code not city.
The best source of data is local county records if available.
Federal Reserve Bank Resources:The Federal Reserve Bank of Kansas City along with FDIC, MARC, LINC and NeighborWorks sponsored a forum for local governments. Much of the information from this event is available on the Fderal Reserve Bank's Foreclosure website. Additional resources for local governments include the National Vacant Property Campaign and the U.S. Conference of Mayors report on foreclosure.