This is a tale of The Gang That Couldn't Shoot Straight. They couldn't shoot straight because nobody so far has found anything they stole.
Ten have been living as disguised Americans in the U.S. for the past 10 years. The 11th gang member was arrested in Cyprus.
Two of them had connections with legitimate real estate organizations in the U.S. and the United Kingdom, according to FBI and court files that are growing daily in Washington and New York.
Click Here to Read: Russian Spies Had U.S. Real Estate Connections...
Organization Gives Three Families The Keys To Their New Homes
Have a Heart organization along with Northern Wasatch Home Builders Association builds homes for families with disabilities, special needs, medical problems or other needs. There was a ceremony held for three families who received keys to their new homes. "I didn't think I would be able to afford it but I'm a single mom and I work two jobs and I thought I deserve it," Melinda Martinez said.
Click To Read Article: Organization Gives Three Families The Keys To Their New Homes...
Click To Read Article: Organization Gives Three Families The Keys To Their New Homes...
Mortgage Servicers Blast Administration's Homeowner Aid Program
Mortgage servicers on Thursday told U.S. House lawmakers that consecutive changes to the U.S. Treasury Department's foreclosure prevention program have made it increasingly difficult to keep distressed borrowers in their homes.
Real-estate financial services consultant Edward Pinto described the Home Affordable Modification Program in two words: "numbing complexity."
"At last count, HAMP had 800 requirements and servicers are expected to certify compliance," he said. "With ever changing regulations, a constant need to re-evaluate past decisions in light of new regulations, and multiple appeals, it is no wonder that the HAMP pipeline became clogged through no substantial fault of servicers."
HAMP was created to help financially strained borrowers avoid foreclosure, but the program's lackluster performance has been mired in controversy, as some lawmakers are questioning whether the program should remain ongoing.
Click Here To Read: Mortgage Servicers Blast Administration's Homeowner Aid Program...
Real-estate financial services consultant Edward Pinto described the Home Affordable Modification Program in two words: "numbing complexity."
"At last count, HAMP had 800 requirements and servicers are expected to certify compliance," he said. "With ever changing regulations, a constant need to re-evaluate past decisions in light of new regulations, and multiple appeals, it is no wonder that the HAMP pipeline became clogged through no substantial fault of servicers."
HAMP was created to help financially strained borrowers avoid foreclosure, but the program's lackluster performance has been mired in controversy, as some lawmakers are questioning whether the program should remain ongoing.
Click Here To Read: Mortgage Servicers Blast Administration's Homeowner Aid Program...
REO Pet Peeves
For the last three years I’ve been pursuing REO properties that are listed on the MLS, and while it’s been a great run so far, there are definitely some frustrations that come with working in this niche. For those of you who have incorporated the MLS into your acquisition strategy, you probably know what I’m talking about!
Following are my top four pet peeves about working with bank owned properties. Feel free to add to my list if you have some of your own!
Click Here To Read: REO Pet Peeves...
Following are my top four pet peeves about working with bank owned properties. Feel free to add to my list if you have some of your own!
Click Here To Read: REO Pet Peeves...
New-Home Sales Fall To Lowest Level On Record
Sales of new homes in Utah and much of the rest of the country dropped in May as many potential buyers stopped shopping for homes once they could no longer receive government tax credits.
Nationally, sales sunk 33 percent to the lowest level on record, according to a report from the Commerce Department. The numbers show just how much the end of federal tax credits could weigh on the nation’s housing market, even though Realtors locally and nationally point out that low prices and favorable mortgage rates still make a purchase attractive.
The credits expired April 30, the date when a new homebuyer would have had to sign a contract to qualify. Buyers must close before June 30 to complete the process.
Click Here To Read: New-Home Sales Fall To Lowest Level On Record...
Nationally, sales sunk 33 percent to the lowest level on record, according to a report from the Commerce Department. The numbers show just how much the end of federal tax credits could weigh on the nation’s housing market, even though Realtors locally and nationally point out that low prices and favorable mortgage rates still make a purchase attractive.
The credits expired April 30, the date when a new homebuyer would have had to sign a contract to qualify. Buyers must close before June 30 to complete the process.
Click Here To Read: New-Home Sales Fall To Lowest Level On Record...
Monday, June 28, 2010
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Supply Of REO Properties Projected To Reach High Point In August 2011
The amount of REO inventory held by lenders is expected to peak in August 2011 at 545,000 properties, according to analysts at Barclays Capital.
In April, REO remained relatively flat, increasing 0.8% from March to 526,000. The influx was primarily due to an increase in REO from the government-sponsored enterprises (GSEs), according to BarCap.
Analysts also reported that properties are taking roughly 23 months to move from foreclosure to REO. Servicers are showing signs of caution, not wanting to shock the fragile housing recovery with too much inventory, according to analysts. And foreclosure moratoriums are the first line of defense. Moratoriums announced by the major banks and GSEs are the latest example.
Click Here To Read: Supply Of REO Properties Projected To Reach High Point In August 2011...
In April, REO remained relatively flat, increasing 0.8% from March to 526,000. The influx was primarily due to an increase in REO from the government-sponsored enterprises (GSEs), according to BarCap.
Analysts also reported that properties are taking roughly 23 months to move from foreclosure to REO. Servicers are showing signs of caution, not wanting to shock the fragile housing recovery with too much inventory, according to analysts. And foreclosure moratoriums are the first line of defense. Moratoriums announced by the major banks and GSEs are the latest example.
Click Here To Read: Supply Of REO Properties Projected To Reach High Point In August 2011...
Disney World's New Thrill Ride: Selling Luxury Vacation Homes
Walt Disney Co. plans to unveil Wednesday its first foray into residential real estate in more than a decade with a pricey vacation-home development in Florida's Walt Disney World.
It's a risky move. Disney will offer homes priced between $1.5 million and $8 million in a state where the foreclosure rate remains among the nation's highest. In Orlando, where brokers say home values have dropped between 50% and 60% from the peak, Disney's pricing would put its homes near the top of the market. According to Realtor.com, the average price of new listings in greater Orlando this year is just over $243,000.
Click Here To Read: Disney World's New Thrill Ride: Selling Luxury Vacation Homes...
It's a risky move. Disney will offer homes priced between $1.5 million and $8 million in a state where the foreclosure rate remains among the nation's highest. In Orlando, where brokers say home values have dropped between 50% and 60% from the peak, Disney's pricing would put its homes near the top of the market. According to Realtor.com, the average price of new listings in greater Orlando this year is just over $243,000.
Click Here To Read: Disney World's New Thrill Ride: Selling Luxury Vacation Homes...
Ex-King Ron Artest Joins Long List Of Placer Short Sales
When Ron Artest left the Sacramento Kings more than two years ago, he took with him a very expensive reminder of his time here – the mortgage on his home in Loomis.
Artest paid $1.85 million in 2006 for the five-bedroom, four-and-a-half-bath house, but the property attracted no buyers as he bounced from Sacramento to Houston to Los Angeles.
That finally changed late last month, when the property was sold to local businessman Paul J. Bianchi for $1 million. Like so many others who bought before the real estate market crashed, Artest had to resort to a short sale, in which the lender agreed to take less money than was owed on the property.
Read more: Ex-King Ron Artest Joins Long List Of Placer Short Sales...
Artest paid $1.85 million in 2006 for the five-bedroom, four-and-a-half-bath house, but the property attracted no buyers as he bounced from Sacramento to Houston to Los Angeles.
That finally changed late last month, when the property was sold to local businessman Paul J. Bianchi for $1 million. Like so many others who bought before the real estate market crashed, Artest had to resort to a short sale, in which the lender agreed to take less money than was owed on the property.
Read more: Ex-King Ron Artest Joins Long List Of Placer Short Sales...
Cumbersome Short Sales Often The Only Route For A Home Seller In Trouble
After years of strong sales and of owners using their homes as ATMs — only to see it all come falling down in the biggest housing crash in recent memory — it has come to this.
If you want to get a home in trouble sold in today’s market, there’s a strong likelihood you’ll have to go through the complex, time-consuming short sale route to get it done.
And if you’re a homebuyer, it’s almost impossible to avoid this growing portion of the homes listed for sale.
Click Here To Read: Cumbersome Short Sales Often The Only Route For A Home Seller In Trouble...
If you want to get a home in trouble sold in today’s market, there’s a strong likelihood you’ll have to go through the complex, time-consuming short sale route to get it done.
And if you’re a homebuyer, it’s almost impossible to avoid this growing portion of the homes listed for sale.
Click Here To Read: Cumbersome Short Sales Often The Only Route For A Home Seller In Trouble...
Jackson Estate Steers to Next Challenge: Loan Refinancing
Nearly a year after Michael Jackson's death, the managers overseeing his estate have stabilized its precarious financial situation, but at least one major liability still looms: a $300 million loan due at the end of this year.
Thanks to the surge of fan interest sparked by Mr. Jackson's death, the singer generated an estimated $200 million posthumously, allowing the estate to pay off tens of millions of dollars in debt and avert foreclosure on the suburban Los Angeles complex where the singer's mother lives.
Since Mr. Jackson's death last June 25, his businesses have been run by the singer's longtime lawyer, John Branca, and a music-industry veteran and personal friend of Mr. Jackson's named John McClain. Unlike traditional executors, Messrs. Branca and McClain are aggressively managing Mr. Jackson's affairs as a going concern. The estate's primary beneficiaries are Mr. Jackson's three young children and his 80-year-old mother, Katherine, who is now the children's guardian.
Click Here To Read: Jackson Estate Steers to Next Challenge: Loan Refinancing...
Thanks to the surge of fan interest sparked by Mr. Jackson's death, the singer generated an estimated $200 million posthumously, allowing the estate to pay off tens of millions of dollars in debt and avert foreclosure on the suburban Los Angeles complex where the singer's mother lives.
Since Mr. Jackson's death last June 25, his businesses have been run by the singer's longtime lawyer, John Branca, and a music-industry veteran and personal friend of Mr. Jackson's named John McClain. Unlike traditional executors, Messrs. Branca and McClain are aggressively managing Mr. Jackson's affairs as a going concern. The estate's primary beneficiaries are Mr. Jackson's three young children and his 80-year-old mother, Katherine, who is now the children's guardian.
Click Here To Read: Jackson Estate Steers to Next Challenge: Loan Refinancing...
Should I Buy a Home in Foreclosure?
The long shadow of the housing market crisis doesn’t seem to fade.
Despite government efforts to stem the foreclosure crisis with its mortgage-modification programs, new waves of foreclosures are expected to hit this year. According to RealtyTrac, a foreclosure listing service, between three and 3.5 million homes in the U.S. will go into foreclosure in 2010, up from 2.8 million in 2009. Indeed, May marked the 15th consecutive month where there were more than 300,000 households that received a foreclosure notice. “We’ve plateaued at an unprecedented level of foreclosure activity,” says Rick Sharga, senior vice president of RealtyTrac.
Prospective home buyers have long been cautioned about approaching bank-owned houses, or real-estate owned properties (REOs) as they’re known. These are homes reclaimed by a bank after a foreclosure auction.
Read more: Should I Buy a Home in Foreclosure?...
Despite government efforts to stem the foreclosure crisis with its mortgage-modification programs, new waves of foreclosures are expected to hit this year. According to RealtyTrac, a foreclosure listing service, between three and 3.5 million homes in the U.S. will go into foreclosure in 2010, up from 2.8 million in 2009. Indeed, May marked the 15th consecutive month where there were more than 300,000 households that received a foreclosure notice. “We’ve plateaued at an unprecedented level of foreclosure activity,” says Rick Sharga, senior vice president of RealtyTrac.
Prospective home buyers have long been cautioned about approaching bank-owned houses, or real-estate owned properties (REOs) as they’re known. These are homes reclaimed by a bank after a foreclosure auction.
Read more: Should I Buy a Home in Foreclosure?...
Toll Brothers to Donate Home Appliances to Local Charities
Toll Brothers, the nation’s leading builder of luxury homes and developer of fine communities around the Triangle, has announced that it will donate well over 1,500 like-new appliances to charities throughout the country, including some in the Triangle. Toll Brothers, which has several beautiful communities throughout the greater Triangle area, has already begun the distribution of the appliances to local charities. The process is being managed by Home-Aid, a non-profit organization that provides housing for the homeless. In regions where HomeAid does not operate, distribution is being managed by Goodwill, The Salvation Army, Habitat for Humanity, and the Covenant House.
Click Here to Read: Toll Brothers to Donate Home Appliances to Local Charities...
Click Here to Read: Toll Brothers to Donate Home Appliances to Local Charities...
Real Estate Flipping Mistakes to Avoid
So you want to get in the Bulk REO business, right?
You’ve seen the seminars, the infomercials, the webinars and it seems like you can’t lose. Then why is it so hard to find the deals they all talk about?
The truth is, it’s not really that hard. But with so many people in the “game” that are attempting to grab a piece of the pie, it does seem to be more complicated than it should be.
REO means “Real Estate Owned”. Years ago, we called them bank repos, or bank repossessions. A homeowner did not pay their mortgage, and after a lengthy foreclosure process, is evicted and the home is placed for auction, short sale, or a combination of these processes.
Click Here to Read: Real Estate Flipping Mistakes to Avoid...
You’ve seen the seminars, the infomercials, the webinars and it seems like you can’t lose. Then why is it so hard to find the deals they all talk about?
The truth is, it’s not really that hard. But with so many people in the “game” that are attempting to grab a piece of the pie, it does seem to be more complicated than it should be.
REO means “Real Estate Owned”. Years ago, we called them bank repos, or bank repossessions. A homeowner did not pay their mortgage, and after a lengthy foreclosure process, is evicted and the home is placed for auction, short sale, or a combination of these processes.
Click Here to Read: Real Estate Flipping Mistakes to Avoid...
NJ Woman Charged In $45M Real Estate Swindle
A New Jersey woman has been charged with cheating real estate investors out of $45 million in a Ponzi scheme.
Federal prosecutors in Manhattan said Wednesday that Antoinette Hodgson told investors in New York and New Jersey that their money was being used to flip real estate for high returns.
Instead, authorities say the 58-year-old Montclair resident spent most of the money on repaying earlier investors and on her herself. Court papers accuse her of spending tens of thousands of dollars a casinos in Las Vegas and Atlantic City.
Hodgson surrendered Wednesday to face conspiracy charges that carry a maximum prison term of 20 years. The name of her lawyer was not immediately available.
Federal prosecutors in Manhattan said Wednesday that Antoinette Hodgson told investors in New York and New Jersey that their money was being used to flip real estate for high returns.
Instead, authorities say the 58-year-old Montclair resident spent most of the money on repaying earlier investors and on her herself. Court papers accuse her of spending tens of thousands of dollars a casinos in Las Vegas and Atlantic City.
Hodgson surrendered Wednesday to face conspiracy charges that carry a maximum prison term of 20 years. The name of her lawyer was not immediately available.
FHA Insurance Premiums Could Triple
Many consumers are already paying high home insurance premiums thanks to a number of factors, but those payments might increase even more sharply thanks to a new measure from Congress.
Late last week, the House approved an increase in annual premiums paid by those who insure their homes through the Federal Housing Administration. According to a UPI report, those increases would nearly triple the current rates. The Senate has yet to vote on the bill.
Click Here to Read: FHA Insurance Premiums Could Triple...
Late last week, the House approved an increase in annual premiums paid by those who insure their homes through the Federal Housing Administration. According to a UPI report, those increases would nearly triple the current rates. The Senate has yet to vote on the bill.
Click Here to Read: FHA Insurance Premiums Could Triple...
Fannie/Freddie Bailout May Reach $1 Trillion
Just when Americans thought that the bailouts were over, Bloomberg Financial News service reported on June 13 that the final tab for Fannie Mae and Freddie Mac bailout is increasing and may total as much as $1 trillion.
“The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history,” Bloomberg explained.
The news comes as criticism over the exposure of Fannie and Freddie's holding 75 percent of the home mortgage market at the time the housing bubble popped in 2008 is crystalizing. But last month the Wall Street Journal reported that while Fannie and Freddie's exposure to the home market has decreased in that past two years, total federal government exposure to home mortgages has continued to explode. “Government-related entities backed 96.5% of all home loans during the first quarter, up from 90% in 2009, according to Inside Mortgage Finance,” the Journal summarized. Inside Mortgage Finance notes that while the market share of Fannie and Freddie has declined slightly from the 75 percent high, other Government Sponsored Enterprises (GSE) and federal agencies have more than picked up the slack.
Click Here to Read: Fannie/Freddie Bailout May Reach $1 Trillion...
“The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history,” Bloomberg explained.
The news comes as criticism over the exposure of Fannie and Freddie's holding 75 percent of the home mortgage market at the time the housing bubble popped in 2008 is crystalizing. But last month the Wall Street Journal reported that while Fannie and Freddie's exposure to the home market has decreased in that past two years, total federal government exposure to home mortgages has continued to explode. “Government-related entities backed 96.5% of all home loans during the first quarter, up from 90% in 2009, according to Inside Mortgage Finance,” the Journal summarized. Inside Mortgage Finance notes that while the market share of Fannie and Freddie has declined slightly from the 75 percent high, other Government Sponsored Enterprises (GSE) and federal agencies have more than picked up the slack.
Click Here to Read: Fannie/Freddie Bailout May Reach $1 Trillion...
New Reports Show Weakness in Housing Market
Now that the homebuyers tax credit has expired, the housing market remains weak and faces serious threats, say a pair of studies released in the last 24 hours. But demographics point to an eventual recovery and maybe even a shortage of homes down the road.
“Several factors could impede the nascent housing recovery, including serious problems in obtaining financing for the production of housing, faulty appraisal practices, and competition from short sales and foreclosed properties,” said Bob Jones, chairman of the National Association of Homebuilders, which released its Housing Market Index this morning. The index dropped 5 points from May levels, signifying that home builders were losing confidence in the market.
Click Here to Read: New Reports Show Weakness in Housing Market...
“Several factors could impede the nascent housing recovery, including serious problems in obtaining financing for the production of housing, faulty appraisal practices, and competition from short sales and foreclosed properties,” said Bob Jones, chairman of the National Association of Homebuilders, which released its Housing Market Index this morning. The index dropped 5 points from May levels, signifying that home builders were losing confidence in the market.
Click Here to Read: New Reports Show Weakness in Housing Market...
BofA Wants Judge To Allow Utah Foreclosure Sales
The power of a top U.S. bank to sell foreclosed homes in Utah hung in the balance Thursday.
A federal judge heard legal arguments on an order that has temporarily halted hundreds of trustee sales by lending behemoth Bank of America and its foreclosure arm ReconTrust. His ruling is expected today.
Bank attorneys attacked a preliminary injunction that was issued May 22 on behalf of St. George homeowner Peni Cox. Her lawyer contends that Bank of America and its affiliates lacked legal standing to conduct those sales in Utah because ReconTrust isn't registered as a business entity with the Utah Department of Commerce.
Click Here to Read: BofA Wants Judge To Allow Utah Foreclosure Sales...
A federal judge heard legal arguments on an order that has temporarily halted hundreds of trustee sales by lending behemoth Bank of America and its foreclosure arm ReconTrust. His ruling is expected today.
Bank attorneys attacked a preliminary injunction that was issued May 22 on behalf of St. George homeowner Peni Cox. Her lawyer contends that Bank of America and its affiliates lacked legal standing to conduct those sales in Utah because ReconTrust isn't registered as a business entity with the Utah Department of Commerce.
Click Here to Read: BofA Wants Judge To Allow Utah Foreclosure Sales...
U.S. Home Foreclosures Climb 44% to Record in May
U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state, as lenders stepped up property seizures, according to RealtyTrac Inc.
Bank repossessions climbed 44 percent from May 2009 to 93,777, the Irvine, California-based data company said today in a statement. Foreclosure filings, including default and auction notices, rose about 1 percent to 322,920. One out of every 400 U.S. households received a filing.
Click Here to Read: U.S. Home Foreclosures Climb 44% to Record in May...
Bank repossessions climbed 44 percent from May 2009 to 93,777, the Irvine, California-based data company said today in a statement. Foreclosure filings, including default and auction notices, rose about 1 percent to 322,920. One out of every 400 U.S. households received a filing.
Click Here to Read: U.S. Home Foreclosures Climb 44% to Record in May...
Congress Could Extend Home-Buyer Tax Credit Closing Deadline
What if the home-buyer tax credit worked too well?
That’s the latest concern from the real-estate industry, which says that a last-minute home-buying rush in April created bottlenecks at lenders and real-estate service companies that may not be able to finalize purchases in time for tens of thousands of buyers to receive a tax credit worth up to $8,000.
On Thursday, there were signs that the real-estate lobby had successfully communicated those concerns to Congress. Senate Majority Leader Harry Reid (D., Nev.) joined Sen. Christopher Dodd (D., Conn.) and Sen. Johnny Isakson (R., Ga.) in sponsoring a measure that would give buyers until Sept. 30 to close on sales that went into contract by April 30. That measure would be attached to a job-related bill before the Senate. It would need House and Senate passage before being signed by President Obama.
Click To Read Further: Congress Could Extend Home-Buyer Tax Credit Closing Deadline..
That’s the latest concern from the real-estate industry, which says that a last-minute home-buying rush in April created bottlenecks at lenders and real-estate service companies that may not be able to finalize purchases in time for tens of thousands of buyers to receive a tax credit worth up to $8,000.
On Thursday, there were signs that the real-estate lobby had successfully communicated those concerns to Congress. Senate Majority Leader Harry Reid (D., Nev.) joined Sen. Christopher Dodd (D., Conn.) and Sen. Johnny Isakson (R., Ga.) in sponsoring a measure that would give buyers until Sept. 30 to close on sales that went into contract by April 30. That measure would be attached to a job-related bill before the Senate. It would need House and Senate passage before being signed by President Obama.
Click To Read Further: Congress Could Extend Home-Buyer Tax Credit Closing Deadline..
Bel-Air Mansion Fetches Highest Price This Year For A U.S. Residence
Los Angeles' high-end residential market just got a jump-start: A mammoth French chateau on 2.2 acres in Bel-Air has been sold for the highest price of any U.S. residence so far this year.
Although he wouldn't release the sale price, seller Mohamed Hadid confirmed that it was in excess of the previous record of more than $46.5 million set this spring in Colorado, falling between $50 million and the asking price of $72 million. In Los Angeles County, sale prices can take more than a month to appear on the public record.
Click Here To Read More: Bel-Air Mansion Fetches Highest Price This Year For A U.S. Residence...
Although he wouldn't release the sale price, seller Mohamed Hadid confirmed that it was in excess of the previous record of more than $46.5 million set this spring in Colorado, falling between $50 million and the asking price of $72 million. In Los Angeles County, sale prices can take more than a month to appear on the public record.
Click Here To Read More: Bel-Air Mansion Fetches Highest Price This Year For A U.S. Residence...
Is The White House for Sale?
As we looked through the latest properties to hit the market this weekend, we came across a rather famous address that is apparently now for sale: 1600 Pennsylvania Avenue NW -- aka The White House.
Redfin has the executive lodging listed for $10 million. The 55,000 square-foot property has a price per square foot of $182.
Click Here To Read: Is The White House for Sale?...
Redfin has the executive lodging listed for $10 million. The 55,000 square-foot property has a price per square foot of $182.
Click Here To Read: Is The White House for Sale?...
Can I Get A Mortgage After A Short Sale?
My husband and I have been trying to get a loan modification for the past year and a half and have exhausted all of our resources just to stay out of foreclosure. At this time we feel our best option may be to short sale our home and move elsewhere. However, we cannot decide whether or not we want to rent or buy a new home right away after the sale occurs, or if we will even be allowed to do so.
Our question to you is, “Can we get a mortgage after a short sale?”
Click Here to Read Answer: Can I Get A Mortgage After A Short Sale?...
Our question to you is, “Can we get a mortgage after a short sale?”
Click Here to Read Answer: Can I Get A Mortgage After A Short Sale?...
8 Ways To Make Money With Real Estate
It's a buyer's market in real estate, and mortgage rates are at an all-time low. Maybe you're thinking of diving into the real estate market, or maybe you already own a home or land. Wondering how you can get the most of it? Here are some unexpected ways you can use real estate to boost your finances.
Read more: 8 Ways To Make Money With Real Estate...
Read more: 8 Ways To Make Money With Real Estate...
Short Sales On Underwater Homes Better For A Credit Score Than Defaulting On A Home Loan
Many homeowners who have experienced an underwater mortgage have been very frustrated with the situation, which is understandable. When a homeowner owes more on their home than their home is worth it easy to see why some homeowners have sought help through principal reductions, refinancing, and any other form of mortgage assistance they can find.
However, homeowners have grown so frustrated in many cases that they simply walked away from their home loan and defaulted on their mortgage. Some homeowners were unconcerned with the damage this does to their credit score and felt that since their home is an investment and its value had declined to such a state where they were unlikely to ever regain anything, there was no reason for them to keep making mortgage payments.
Click to Read More: Short Sales On Underwater Homes Better For A Credit Score Than Defaulting On A Home Loan...
However, homeowners have grown so frustrated in many cases that they simply walked away from their home loan and defaulted on their mortgage. Some homeowners were unconcerned with the damage this does to their credit score and felt that since their home is an investment and its value had declined to such a state where they were unlikely to ever regain anything, there was no reason for them to keep making mortgage payments.
Click to Read More: Short Sales On Underwater Homes Better For A Credit Score Than Defaulting On A Home Loan...
Tenant Act Forced Changes to Eviction Process: REO Expo Panel
A panel of asset managers and an attorney whose firm specializes in eviction law had stern warnings to REO brokers dealing with occupied properties — minimize your risks.
When the Protecting Tenants at Foreclosure Act (PTFA) was enacted in May 2009, it completely changed the way REO evictions are conducted, said Robert Jackson, president and managing attorney at the Irvine, Calif.-based Jackson and Associates law firm.
Read On: Tenant Act Forced Changes to Eviction Process: REO Expo Panel...
When the Protecting Tenants at Foreclosure Act (PTFA) was enacted in May 2009, it completely changed the way REO evictions are conducted, said Robert Jackson, president and managing attorney at the Irvine, Calif.-based Jackson and Associates law firm.
Read On: Tenant Act Forced Changes to Eviction Process: REO Expo Panel...
House to Consider Bill to Raise FHA Premiums
A bill to help the Federal Housing Administration shore up its finances is set for a vote this week in the U.S. House of Representatives.
Mortgage defaults have eaten through the FHA's capital cushion, fanning fears the agency will require a taxpayer bailout.
The legislation's aim, its sponsors say, is to help the FHA replenish its reserves without harming the agency's mission of backing low down payment loans for low- and moderate-income borrowers.
Read more: House to Consider Bill to Raise FHA Premiums...
Mortgage defaults have eaten through the FHA's capital cushion, fanning fears the agency will require a taxpayer bailout.
The legislation's aim, its sponsors say, is to help the FHA replenish its reserves without harming the agency's mission of backing low down payment loans for low- and moderate-income borrowers.
Read more: House to Consider Bill to Raise FHA Premiums...
How Your Credit Score Affects Getting a Mortgage
As the economy has steadily declined and jobs continue to be lost, more and more Americans find themselves in need of serious loan modification help. A large number of families are struggling to stay up-to-date on their mortgage payments, and as many as six million families are likely to face foreclosure in the next few years. Even the fortunate families who are able to shell out monthly payments on time have become victims of this economic crisis due to decreasing property values.
However, there are a number of options for homeowners who are struggling financially. The most common is employing the help of one of the highly successful loan modification companies who specialize in assisting homeowners in permanently changing the terms of their loan. This will result in lower monthly payments, reduced interest rates, and often a waiving of delinquent payments, making the mortgage more affordable for the payer. It is a highly recommended option that can often result in interest rates being unfathomably reduced and eventually caped.
Read More Here: How Your Credit Score Affects Getting a Mortgage...
However, there are a number of options for homeowners who are struggling financially. The most common is employing the help of one of the highly successful loan modification companies who specialize in assisting homeowners in permanently changing the terms of their loan. This will result in lower monthly payments, reduced interest rates, and often a waiving of delinquent payments, making the mortgage more affordable for the payer. It is a highly recommended option that can often result in interest rates being unfathomably reduced and eventually caped.
Read More Here: How Your Credit Score Affects Getting a Mortgage...
Wednesday, June 9, 2010
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Luxury Homes Losing Value
Thanks to a slightly bizarre story about a New Jersey couple putting their almost-finished home on the market for $68 million, I decided to take a look at the luxury home market today.
Click Here to Read: Luxury Homes Losing Value...
Click Here to Read: Luxury Homes Losing Value...
After Shopping For A Home, Tired Buyers Often Make Poor Mortgage Choices
New research suggests that buyers' minds are so taxed after they go through the ordeal of finding a house that they often rush into the next step — applying for a loan — and make poor choices.
Sometimes they opt for the first choice presented to them without regard to the dangers that may be inherent in that particular mortgage. Other times they pick the loan with the lowest monthly cost, even though the price might skyrocket in a few short years.
Click Here to Read: After Shopping For A Home, Tired Buyers Often Make Poor Mortgage Choices...
Sometimes they opt for the first choice presented to them without regard to the dangers that may be inherent in that particular mortgage. Other times they pick the loan with the lowest monthly cost, even though the price might skyrocket in a few short years.
Click Here to Read: After Shopping For A Home, Tired Buyers Often Make Poor Mortgage Choices...
St. George Judge Halts BofA Foreclosures In Utah
A court order issued by 5th District Court Judge James L. Shumate May 22, 2010 in St. George has stopped all foreclosure proceedings in the state by Bank of America Corporation; ReconTrust Company, N.A; Home Loans Serving, LP; Bank of America, FSB.
The court order, if allowed to become permanent, will force Bank of America and other mortgage companies with home loans in Utah to adhere to the Utah laws requiring lenders to register in the state and have offices where home owners can negotiate face-to-face with their lenders as the state lawmakers intended in Utah Code 57-1-21(1)(a)(i).).
Click Here to Read: St. George Judge Halts BofA Foreclosures In Utah...
The court order, if allowed to become permanent, will force Bank of America and other mortgage companies with home loans in Utah to adhere to the Utah laws requiring lenders to register in the state and have offices where home owners can negotiate face-to-face with their lenders as the state lawmakers intended in Utah Code 57-1-21(1)(a)(i).).
Click Here to Read: St. George Judge Halts BofA Foreclosures In Utah...
Parade of Homes Hits Utah Valley
The Utah Valley Parade of Homes starts next Friday and goes through June 19, and anyone thinking of building or buying entry level to multi-million dollar homes in Utah County should be there.
Click Here to Read: Parade of Homes Hits Utah Valley...
Click Here to Read: Parade of Homes Hits Utah Valley...
Friday, June 4, 2010
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Foreclosures Creates Boon For Homebuyers
Eric Adams remembers well the surge of foreclosures that occurred when Utah's economy bottomed out in the 1980s.
Banks were pushing foreclosed properties onto the market in hopes of recouping their losses, glutting an already depressed market.
In some ways, Adams, a Realtor with ReMax Results in Provo, said the current mortgage crisis is far worse. In 25 years of doing foreclosure sales, he's never seen more foreclosed homes for sale.
Click Here to Read: Foreclosures Creates Boon For Homebuyers...
Banks were pushing foreclosed properties onto the market in hopes of recouping their losses, glutting an already depressed market.
In some ways, Adams, a Realtor with ReMax Results in Provo, said the current mortgage crisis is far worse. In 25 years of doing foreclosure sales, he's never seen more foreclosed homes for sale.
Click Here to Read: Foreclosures Creates Boon For Homebuyers...
Sector Snap: Housing Stocks Rise On Housing Report
Shares of several homebuilders jumped Wednesday after a report showed pending home sales surged in April to the highest level since October.
The National Association of Realtors said its seasonally adjusted index of sales agreements for previously occupied homes rose 6 percent in April from a month earlier to a reading of 110.9. March's reading was revised upward to 104.6.
Click Here to Read: Sector Snap: Housing Stocks Rise On Housing Report...
The National Association of Realtors said its seasonally adjusted index of sales agreements for previously occupied homes rose 6 percent in April from a month earlier to a reading of 110.9. March's reading was revised upward to 104.6.
Click Here to Read: Sector Snap: Housing Stocks Rise On Housing Report...
US Mortgage Rates Steady At Or Near Record Lows
U.S. mortgage rates stayed at or near record lows in the past week, with the 30-year fixed rate 1/2 percentage point lower than a year ago, home funding company Freddie Mac (FRE.N)(FRE.P) said on Thursday.
In the midst of volatile bond markets, home loan rates continued to keep affordability high.
Demand for loans to buy homes tumbled to 13-year lows in May after spiking in prior weeks, when buyers raced to sign contracts before a homebuyer tax credit expired on April 30. The buyer retreat is seen as temporary, with spring sales pulled into earlier months because of the credit.
Click Here to Read: US Mortgage Rates Steady At Or Near Record Lows...
In the midst of volatile bond markets, home loan rates continued to keep affordability high.
Demand for loans to buy homes tumbled to 13-year lows in May after spiking in prior weeks, when buyers raced to sign contracts before a homebuyer tax credit expired on April 30. The buyer retreat is seen as temporary, with spring sales pulled into earlier months because of the credit.
Click Here to Read: US Mortgage Rates Steady At Or Near Record Lows...
Thursday, June 3, 2010
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Translating Mortgages Into Monthly Payments
Q: If I buy a house in Maine for $320,000 with a 7% interest rate for 30 years, what will my monthly payment be? What about at 8% interest for 15 years?
A: To start with direct answers to your questions, a $320,000 mortgage at 7% over 30 years would yield a monthly payment of $2,128.97. A $320,000 mortgage at 8% over 15 years would yield a monthly payment of $3,058.09.
Click Here to Read: Translating Mortgages Into Monthly Payments...
A: To start with direct answers to your questions, a $320,000 mortgage at 7% over 30 years would yield a monthly payment of $2,128.97. A $320,000 mortgage at 8% over 15 years would yield a monthly payment of $3,058.09.
Click Here to Read: Translating Mortgages Into Monthly Payments...
First-Time Home Buyers and Boomers Feel Effects of Housing Downturn Most
Although the situation is open to interpretation as well as change, there are growing concerns that the effects of this economic downturn could have a long-lasting effect on the housing market.
A study by the Mortgage Bankers Association, conducted by Kentucky economics professor Joe Peek, concludes that “the current financial crisis and recession exceeded the devastation created by other post-World War II recessions.”
Click to Read Entire Article: First-Time Home Buyers and Boomers Feel Effects of Housing Downturn Most...
A study by the Mortgage Bankers Association, conducted by Kentucky economics professor Joe Peek, concludes that “the current financial crisis and recession exceeded the devastation created by other post-World War II recessions.”
Click to Read Entire Article: First-Time Home Buyers and Boomers Feel Effects of Housing Downturn Most...
Wednesday, June 2, 2010
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There's Nothing Like a Small-town Utah Festival
Every summer, Utah celebrates its unique heritage with major events that draw thousands of people, such as the Days of '47 celebration in Salt Lake and Ogden or the Freedom Festival in Provo.
For a more intimate look at the Beehive State, there's nothing quite like attending a small-town summer festival.
There are Utah towns that celebrate outlaws, onions, quilts, pioneers and all sort of fruits -- from strawberries to raspberries -- with parades, music, races and greased-pole climbs. Here are 10 favorites:
Springville Art City Days, June 5-12 » This Utah County town pays tribute to its longtime commitment to the arts with a parade, hot-air balloon display, a Dutch oven cookoff and fireworks. More information at www.utahvalleyfestivals.com/spring.
Click to Read: There's Nothing Like a Small-town Utah Festival...
For a more intimate look at the Beehive State, there's nothing quite like attending a small-town summer festival.
There are Utah towns that celebrate outlaws, onions, quilts, pioneers and all sort of fruits -- from strawberries to raspberries -- with parades, music, races and greased-pole climbs. Here are 10 favorites:
Springville Art City Days, June 5-12 » This Utah County town pays tribute to its longtime commitment to the arts with a parade, hot-air balloon display, a Dutch oven cookoff and fireworks. More information at www.utahvalleyfestivals.com/spring.
Click to Read: There's Nothing Like a Small-town Utah Festival...
Foreclosures Shifting To Affluent ZIP Codes
Foreclosures are going upscale across the Bay Area.
Nearly 1,000 homes valued above $730,000 were repossessed by banks in the nine-county region in each of the past two years, according to a Chronicle review of public records compiled by MDA DataQuick, a San Diego research firm. This year is on track for similar numbers, with 223 homes in that price bracket repossessed by banks since January.
Click Here to Read: Foreclosures Shifting To Affluent ZIP Codes...
Nearly 1,000 homes valued above $730,000 were repossessed by banks in the nine-county region in each of the past two years, according to a Chronicle review of public records compiled by MDA DataQuick, a San Diego research firm. This year is on track for similar numbers, with 223 homes in that price bracket repossessed by banks since January.
Click Here to Read: Foreclosures Shifting To Affluent ZIP Codes...
Utah County Offers Golf Pass Deal
The Utah Valley Convention and Visitors Bureau has launched a new summer golf promotion called 2010 ParPass.
The pass costs $45 and allows access to 11 public courses. It includes the chance to make tee times up to 30 days in advance, 18 holes of play with a golf cart rental and a small bucket of range balls.
Click to Read More: Utah County Offers Golf Pass Deal...
The pass costs $45 and allows access to 11 public courses. It includes the chance to make tee times up to 30 days in advance, 18 holes of play with a golf cart rental and a small bucket of range balls.
Click to Read More: Utah County Offers Golf Pass Deal...
Shopping for a Mortgage? Do Your Due Diligence
Chances are, taking out a mortgage will be one of the biggest financial commitments you will ever make. So you’ll definitely want to do it the right way.
If not chosen with care, mortgages, which are complex and often expensive, can negatively impact your financial standing in a huge way due to default or home foreclosure. We saw that happen far too many times during the U.S. mortgage meltdown of the past several years.
So what is the key to choosing a mortgage? There are a few steps you should take before settling on a plan.
Click Here to Read Article: Shopping for a Mortgage? Do Your Due Diligence...
If not chosen with care, mortgages, which are complex and often expensive, can negatively impact your financial standing in a huge way due to default or home foreclosure. We saw that happen far too many times during the U.S. mortgage meltdown of the past several years.
So what is the key to choosing a mortgage? There are a few steps you should take before settling on a plan.
Click Here to Read Article: Shopping for a Mortgage? Do Your Due Diligence...
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