“Foreclosure” can be a frightening word, especially if you are faced with the impending fact that you can’t pay your mortgage. Here in Taft, that has become a sad reality for many folks who have gotten over their head in debt- and it could happen to anyone in a little over three months.

Several factors influence how and when a foreclosure happens. Many people have purchased or refinanced a house, gotten a loan with little or no interest, and then become overwhelmed when the loan is inevitably reset. Missing a payment and incurring late fees is also a reality that can bury some people’s finances.

“Many people are lead to believe that their house will drop in value, and then they could refinance,” said local realtor Stephen Wright of Caldwell Banker America West.

Foreclosure is to extinguish a mortgagor's right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.

The foreclosure process begins when the homeowner fails to make payments of the money due on the mortgage at the appointed time. This may be due to several reasons. Some of these unfortunate events include: loss of job, divorce, medical challenges, terms of the loan, and even death.

Foreclosure is applied to any method of enforcing payment of the debt secured by a mortgage, by taking and selling the estate. Borrowers and lenders now face a challenging situation. Both seek a compromise that permits a win-win outcome; the borrower to keep his home or business, the lender to keep receiving mortgage payments.

Foreclosure proceedings typically start with a formal demand for payment which is usually a letter issued from the lender. This letter of notice is referred to as a Notice of Default. The lender will issue this notice when the homeowner has been three months delinquent on the mortgage payments. This notice is a threat to sell the property, terminate all rights in that property and evict the tenants from the premises.
President Bush recently signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets.

“We look forward to put in place new authorities to improve confidence and stability in markets,” White House spokesman Tony Fratto said. He said that the Federal Housing Administration would begin right away to implement new policies “intended to keep more deserving American families in their homes.”

The measure lets homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than be forced into losing their homes.

When faced with the fact that foreclosure may come, there are some steps that can help remedy the problem. First, it is always helpful to contact the lender as soon as you have a problem. Lenders are often willing to work with you and help you find a way to work things out and explore different solutions. Next, it may be necessary to talk to a housing counselor. Also, it helps to prioritize your debts. Last, if keeping your home is not an option, try to find a buyer before it goes into foreclosure.

Some signs that you may be in some financial trouble, and foreclosure could be in your future include:
Using credit to pay for day-to-day expenses, such as groceries, utilities, etc.
Being unable to pay your bills on time
Paying only the minimum amount on credit cards
Applying for new credit cards after maxing out on existing ones
Having to choose which bills to pay
Maxing out all credit cards

According to Wright, if you are in the market to purchase a house, it is much easier to purchase one that has not been in foreclosure. “Going into foreclosure involves a lot of people and a lot of paperwork. Also, homes are often run down” said Wright. “It becomes and issue of who is going to fix it up.” Additionally, banks become very particular about the condition of the home if you are a first time buyer and are interested in a loan.

One of the challenges that Taft has is that homes are generally more affordable in Bakersfield, and there is a higher turnover of foreclosed homes in Bakersfield. Homes that are foreclosed in Taft just end up staying that way for a longer period of time.

Even though it seems there is an excessive amount of home foreclosures in Taft, the local situation is one that is common in most cities in the United States. Foreclosures, unfortunately, are increasing everywhere in the U.S.

Local Foreclosed Properties:

701 Polk St
428 Naylor Ave
400 S 10th St
412 Adams St
220 Rose Ave
321 Lierly Ave
101 North St
412 Adams Street
307 Madison St
604 Fillmore
211 Warren St
200 Lierly Ave
11341 Tee Box
412 1/2 Kern St
802 N Lincoln
157 Center St
129 Oak St
315 Philippine
1000 Stevens St
610 Lucard St
511 Buena Vista St
304 Buchanan
606 1/2 North St
407 Polk St
712 Lucard St
313 Warren St
725-1/2 Buchanan St
713 San Emidio
605 Fillmore
200 Buchanan
1034 Stevens St
419 P Ave
518 Kern St
426 Naylor Ave
305 Philippine
714 Buchanan
804 Pierce St
210 1/2 Monroe
527 D St
402 Monroe St
210 Monroe St
335 Parkview Circle
303 Taylor St
211 Eastern Ave
300 San Emidio
323 A St
305 Tyler St
306 N Lincoln
217 Center St
3 Cypress Ln
28191 Sunridge Ave
1245 Kern St
7502 Isaac Rd
319 Madison St
412 Kern St
208 Woodrow St
316 Naylor Ave
524 San Emidio
420 Terrace Dr
825 Philippine
101 Buchanan
414 Buchanan
902 Crystal St
504 Washington
105 Crystal St
415 1/2 Center St.
200 Eastern Ave
112 Lexington Ave
313 Madison St
204 F St
306 Madison St
27520 Pine St
304 Parkview Circle
627 A St
604 Philippine
332 B St
334 Philippine St
220 E St