Tooele foreclosures jump in October

(Tooele Transcript) Following three months of declining foreclosure listings, the number of foreclosures in October in Tooele County more than doubled those in September.

From July 2009 to September 2009, the number of foreclosure filings in Tooele County decreased from 116 to 40, according to RealtyTrac, a national foreclosure listing service. But in October the number of new foreclosure fillings jumped to a total of 88.

“We have just seen the tip of the iceberg,” said Nicole Cloward, sales agent with Tooele Re/Max Platinum who has just completed training as a certified distressed property expert. “Back in 2005 and 2006 we had home loans written for interest only. Those loans are now coming due and payable and payments will be going up.”Cloward anticipates more foreclosures loom ahead for Tooele homeowners as these loans will now be re-negotiated during a recession when income is down and property values have experienced a decrease.

For this reason Cloward recently completed distressed property training so she can offer assistance to families to help them stay in their homes and avoid the pitfalls that can lead to foreclosure.

Original Article