In April, the Obama administration formally rolled out a new program, called Home Affordable Foreclosure Alternatives, that was designed to spur more short sales, where banks allow homeowners to sell their homes for less than the mortgage debt outstanding.
Like other foreclosure-prevention initiatives, this one appears to be off to a slow start — just 342 sales have been completed through September.
Click Here to Read: What Happened to the Government’s Short Sales Program?...
Has The Federal Government Gone Subprime?
Uncle Sam sure has a lot of explaining to do.
He's spent years pumping untold billions into the housing market, only to see home prices and sales sink again.
Now he's getting hit by critics on the right and now the left, who contend our wayward uncle, in his desperation to keep the real estate market from collapsing completely, has made the ultimate down market move.
He's gone subprime, according to a growing number of critics on both sides of the political spectrum, replacing the high-cost mortgage dealers of old on the neighborhood stoop.
My guess is that readers of this blog are more familiar with the right's critique of the federal government's takeover of the mortgage market. In order to keep the mortgage market alive, Fannie Mae, Freddie Mac and the FHA let through a lot of questionable borrowers over the past two years, only to reap a whirlwind of bad loans.
Click Here to Read: Has The Federal Government Gone Subprime?...
He's spent years pumping untold billions into the housing market, only to see home prices and sales sink again.
Now he's getting hit by critics on the right and now the left, who contend our wayward uncle, in his desperation to keep the real estate market from collapsing completely, has made the ultimate down market move.
He's gone subprime, according to a growing number of critics on both sides of the political spectrum, replacing the high-cost mortgage dealers of old on the neighborhood stoop.
My guess is that readers of this blog are more familiar with the right's critique of the federal government's takeover of the mortgage market. In order to keep the mortgage market alive, Fannie Mae, Freddie Mac and the FHA let through a lot of questionable borrowers over the past two years, only to reap a whirlwind of bad loans.
Click Here to Read: Has The Federal Government Gone Subprime?...
Fear of Foreclosure Fraud Driving Down REO Sales, Home Prices
After the extreme amount of outright fraud in mortgage origination, you would have thought that nothing could dissuade homebuyers from purchases. But the geniuses in the mortgage industry have managed to finally keep buyers sitting on their wallets, because of the scandalous level of foreclosure fraud.
Click Here to Read: Fear of Foreclosure Fraud Driving Down REO Sales, Home Prices...
14 percent of owner-occupant homebuyers and 6% of real estate investors refused to look at foreclosed properties last month. In short-sale properties the numbers jumped to 30% of buyers and 20% of investors. Given the worsening of the problem, and the very real possibility that originators never conveyed the mortgages into the trusts who now claim to own them, I can’t see this getting better in the near-term."The ongoing controversy surrounding foreclosures is taking its toll as homebuyers refused to look at distressed properties in October, and foreclosure sales suffered from delays, according to the latest Campbell/Inside Mortgage Finance Monthly Survey.
Both the share of home purchases involving distressed properties and average prices for foreclosed properties fell last month, the survey found."
Click Here to Read: Fear of Foreclosure Fraud Driving Down REO Sales, Home Prices...
U.S. Homeowners Drop Out of Foreclosure Program Amid Record Defaults
U.S. homeowners are dropping out of the Obama administration’s foreclosure prevention program at a faster rate than they are joining it, according to figures released today by the U.S. Treasury Department.
Borrowers aided by the Home Affordable Modification Program grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report. The increase was less than five percent. A total of 36,300 borrowers have dropped out of the plan for failing to make their payments, an increase of 24 percent from a month earlier.
Click Here to Read: U.S. Homeowners Drop Out of Foreclosure Program Amid Record Defaults...
Borrowers aided by the Home Affordable Modification Program grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report. The increase was less than five percent. A total of 36,300 borrowers have dropped out of the plan for failing to make their payments, an increase of 24 percent from a month earlier.
Click Here to Read: U.S. Homeowners Drop Out of Foreclosure Program Amid Record Defaults...
Short Sales Often Turn Into Long Stories
It's a good thing first-time homebuyer Harley Summers wasn't in a hurry to get a house.
He bought his Allen home using a short sale that turned out to be anything but short. It dragged out for almost four months.
"It was a very long and frustrating process," said Summers, who wrapped up the deal last week. "The biggest advice I can give to anybody is don't pursue it unless you are an incredibly patient person."
Click Here to Read: Short Sales Often Turn Into Long Stories...
He bought his Allen home using a short sale that turned out to be anything but short. It dragged out for almost four months.
"It was a very long and frustrating process," said Summers, who wrapped up the deal last week. "The biggest advice I can give to anybody is don't pursue it unless you are an incredibly patient person."
Click Here to Read: Short Sales Often Turn Into Long Stories...
Bank of America Outlines Radical Foreclosure Reform Measures To Congress
Bank of America on Thursday said it was committed to making significant changes in its foreclosure process and that it had completed 25,000 mortgage modifications for financially distressed homeowners in October. That's more than a 50 percent increase from the previous month.
Only 2,600 modifications were made through the federal government's Home Affordable Modification Program. The rest were made through the bank's own programs.
The figures show the speed and extent to which the bank -- the only one to halt foreclosure sales in all 50 states while it reevaluated its procedures -- is taking voluntary measures to fix its foreclosure problems.
The quick action comes as federal regulators and the 50 state attorneys general investigate the industry's practices and as Capitol Hill has increased scrutiny of foreclosures. The House Financial Services Committee is scheduled to hold the week's second hearing on the subject at 10 a.m. Thursday.
Click Here to Read: Bank of America Outlines Radical Foreclosure Reform Measures To Congress...
Only 2,600 modifications were made through the federal government's Home Affordable Modification Program. The rest were made through the bank's own programs.
The figures show the speed and extent to which the bank -- the only one to halt foreclosure sales in all 50 states while it reevaluated its procedures -- is taking voluntary measures to fix its foreclosure problems.
The quick action comes as federal regulators and the 50 state attorneys general investigate the industry's practices and as Capitol Hill has increased scrutiny of foreclosures. The House Financial Services Committee is scheduled to hold the week's second hearing on the subject at 10 a.m. Thursday.
Click Here to Read: Bank of America Outlines Radical Foreclosure Reform Measures To Congress...
Are You Still Wary of Buying from a Foreclosure Properties Sale?
A lot of people have successfully purchased stellar homes at low prices from a foreclosure properties sale. The supply of foreclosure homes continue to grow and buyers are getting good options left and right. With proper preparation and serious research, that dream home is never far off if you consider foreclosures.
All types of homes can be found in a foreclosure properties sale plus their affordable prices are a definite draw. First time buyers and seasoned property investors alike are sure to find the ideal homes in these foreclosure offerings. But these properties are not without their unique set of risks and buyers can easily end up with a sour deal if they do not practice a little caution.
Click Here to Read: Are You Still Wary of Buying from a Foreclosure Properties Sale?
All types of homes can be found in a foreclosure properties sale plus their affordable prices are a definite draw. First time buyers and seasoned property investors alike are sure to find the ideal homes in these foreclosure offerings. But these properties are not without their unique set of risks and buyers can easily end up with a sour deal if they do not practice a little caution.
Click Here to Read: Are You Still Wary of Buying from a Foreclosure Properties Sale?
Mortgage Transfers Are Valid, Group Argues as Foreclosure Hearings Begin
A trade group for companies that help package loans and leases into securities rejected claims that mortgage-bond trusts can’t prove ownership of debt they hold as Congress began hearings on the foreclosure crisis.
The standard practices of the industry result “if followed, in a valid and enforceable transfer of mortgage notes and the underlying mortgages,” Tom Deutsch, executive director of the New York-based American Securitization Forum, said in a study released today. Lawmakers in Washington ordered hearings on mortgage practices after loan servicers including Ally Financial Inc. and JPMorgan Chase & Co. halted foreclosure proceedings following revelations of so-called robo-signing.
Click Here to Read: Mortgage Transfers Are Valid, Group Argues as Foreclosure Hearings Begin...
The standard practices of the industry result “if followed, in a valid and enforceable transfer of mortgage notes and the underlying mortgages,” Tom Deutsch, executive director of the New York-based American Securitization Forum, said in a study released today. Lawmakers in Washington ordered hearings on mortgage practices after loan servicers including Ally Financial Inc. and JPMorgan Chase & Co. halted foreclosure proceedings following revelations of so-called robo-signing.
Click Here to Read: Mortgage Transfers Are Valid, Group Argues as Foreclosure Hearings Begin...
Foreclosure and Loan Modification Myths and Legends – Why You Can Keep Your Home and Afford It!
I have been in the real estate and mortgage industries in some way or another for most of my adult life. There is always some phases that the economy is going through that affects how business is done when it concerns buying, selling and mortgaging real estate. Up until 3 years ago the housing industry was just going up and up and up. There were Bankers lending; Builders building; Realtors real estating; and Buyers and Seller buying and selling. When business was good there were always people telling some story about how things were done, and what they were describing that was plain wrong. I’ve always called it Myth and Legend.In bad times it is much worse.
Click Here to Read: Foreclosure and Loan Modification Myths and Legends – Why You Can Keep Your Home and Afford It!...
Click Here to Read: Foreclosure and Loan Modification Myths and Legends – Why You Can Keep Your Home and Afford It!...
Will Son Be Responsible For Girlfriend's Short Sale Debt If They Marry?
Q: My son just moved into a brand-new home. He has a girlfriend who lives with him, and she has a home of her own that is now involved in a short sale. If they get married, will my son be responsible if the bank or bill collectors go after his wife to pay the remainder of her mortgage?
Click Here to Read: Will Son Be Responsible For Girlfriend's Short Sale Debt If They Marry?...
Click Here to Read: Will Son Be Responsible For Girlfriend's Short Sale Debt If They Marry?...
Tiger Wood's New $50M Home
Tiger Woods can spend his two-week break between last weekend’s fourth-place finish in the Australian Masters and the 18-player Chevron World Challenge brushing up on his game, driving, chipping and putting to his heart’s content outside his new $50 million singles pad.
In between, he can do laps in one of his pools or relax in the oxygen therapy room that is part of a personal gym.
Click Hereto Read: Tiger Wood's New $50M Home...
In between, he can do laps in one of his pools or relax in the oxygen therapy room that is part of a personal gym.
Click Hereto Read: Tiger Wood's New $50M Home...
Bankers Brace for a Tongue-Lashing
Bank executives are expecting to get an earful from lawmakers Tuesday when they defend themselves in front of the Senate Banking Committee against allegations they mishandled thousands of home foreclosures.
The banks’ likely defense – that the volume of foreclosures was so great that they were simply overwhelmed – isn’t likely to placate politicians looking to score points with struggling homeowners.
While the sputtering economic recovery has left far more people out of work than was expected, greatly hampering any recovery in the real estate market, bankers are nonetheless expected to concede that the foreclosure system is broken, and that they are working on ways to repair it. Part of the problem, the bankers will say, stems from the demands of investors – including Fannie Mae and Freddie Mac.
Click Here to Read: Bankers Brace for a Tongue-Lashing...
Economics Of Buying A Second Home
People with larger disposable incomes are contemplating buying a second house. A second house can be your vacation home or simply a property let-out on rent. The homeowner reaps dual benefits of tax advantage and capital gains due to appreciation in property prices.
Click Here to Read: Economics Of Buying A Second Home...
Click Here to Read: Economics Of Buying A Second Home...
Freddie Mac Says Foreclosure Problems May Drain Recovery
Freddie Mac economists said recent problems in the banks' foreclosure processes could slow what little momentum the recovery holds, and perhaps send the housing market down to a new low.
In the broader economy, October payrolls, manufacturing production and consumer spending picked up in the third quarter. Housing, the October job report and struggles in other major economies are keeping the recovery too gradual.
Click Here to Read: Freddie Mac Says Foreclosure Problems May Drain Recovery...
In the broader economy, October payrolls, manufacturing production and consumer spending picked up in the third quarter. Housing, the October job report and struggles in other major economies are keeping the recovery too gradual.
Click Here to Read: Freddie Mac Says Foreclosure Problems May Drain Recovery...
Home Prices Decline in Nearly Half of Metropolitan Areas
Home prices fell in nearly half of U.S. metropolitan areas in the third quarter, indicating that the market is losing steam without government tax credits, according to an industry report.
The median price for home resales fell compared with last year in 76 out of 155 areas tracked by the National Association of Realtors, the trade group said Thursday. Prices rose in 77 areas and were unchanged in two.
In the second quarter of the year, prices rose in nearly two-thirds of U.S. cities.
Click Here to Read: Home Prices Decline in Nearly Half of Metropolitan Areas...
The median price for home resales fell compared with last year in 76 out of 155 areas tracked by the National Association of Realtors, the trade group said Thursday. Prices rose in 77 areas and were unchanged in two.
In the second quarter of the year, prices rose in nearly two-thirds of U.S. cities.
Click Here to Read: Home Prices Decline in Nearly Half of Metropolitan Areas...
Homeowner, Facing Foreclosure, Goes On Hunger Strike
A Baltimore homeowner who fell behind on her mortgage payments after her property taxes unexpectedly spiked protested in an attention-grabbing way this week: She went on a hunger strike.
Lauren Rymer started just after 7 a.m. Monday and spent an empty-stomach day camped out in Annapolis, trying to get an audience with Gov. Martin O'Malley and talking to passersby who wanted to share their stories of economic woe.
By the time she ate something at 5 p.m. Tuesday, she'd had a foreclosure alternative offered to her by the state housing department, talked to someone from O'Malley's office about the tax problem and given interviews to a bevvy of media from WBAL to the Huffington Post to MSNBC about her hope that elected officials will do more to help Americans avoid foreclosure.
Click Here: Homeowner, Facing Foreclosure, Goes On Hunger Strike...
Lauren Rymer started just after 7 a.m. Monday and spent an empty-stomach day camped out in Annapolis, trying to get an audience with Gov. Martin O'Malley and talking to passersby who wanted to share their stories of economic woe.
By the time she ate something at 5 p.m. Tuesday, she'd had a foreclosure alternative offered to her by the state housing department, talked to someone from O'Malley's office about the tax problem and given interviews to a bevvy of media from WBAL to the Huffington Post to MSNBC about her hope that elected officials will do more to help Americans avoid foreclosure.
Click Here: Homeowner, Facing Foreclosure, Goes On Hunger Strike...
Bank REO’s Can Be A Risky But Great Investment
After a repossession from which the property becomes classified as REO, the bank will go through the process of trying to sell the property on its own or obtain the service of an REO Asset Manager. The bank will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a real estate broker. The asset Manager will also try to contact REO realtors that specialize in certain zip codes to help sell this bank owned property. Bank REO properties are generally in poor repair and maintenance.
Click Here to Read: Bank REO’s Can Be A Risky But Great Investment...
Click Here to Read: Bank REO’s Can Be A Risky But Great Investment...
Request For Foreclosure Probe 3 Years Ago Thwarted
As foreclosures began to mount across the country three years ago, a group of state bank regulators suspected that some borrowers might be losing their homes unnecessarily. So the state officials asked the biggest national banks for details about their foreclosure operations.
When two banks -- J.P. Morgan Chase and Wells Fargo -- declined to cooperate, the state officials asked the banks' federal regulator for help, according to a letter they sent. But the Office of the Comptroller of the Currency, which oversees national banks, denied the states' request, saying the firms should answer only to inquiries from federal officials.
Click Here to Read: Request For Foreclosure Probe 3 Years Ago Thwarted...
When two banks -- J.P. Morgan Chase and Wells Fargo -- declined to cooperate, the state officials asked the banks' federal regulator for help, according to a letter they sent. But the Office of the Comptroller of the Currency, which oversees national banks, denied the states' request, saying the firms should answer only to inquiries from federal officials.
Click Here to Read: Request For Foreclosure Probe 3 Years Ago Thwarted...
Thursday, November 11, 2010
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Nicolas Cage's Bel-Air Home Goes To New Owner For Just $10.5 Million
The sale of Nicolas Cage's onetime Bel-Air estate, which the actor lost to foreclosure this year, has all the makings of a Hollywood blockbuster. There was hubris, bad taste and a dizzying fall from financial grace.
The closing scene played out this week when a new owner picked up the sprawling mansion for $10.5 million, a relative bargain for a trophy home that had been listed several years ago at more than three times that amount. The buyer was identified only as a limited liability company, a common cloaking device in high-profile real estate transactions.
Click Here to Read: Nicolas Cage's Bel-Air Home Goes To New Owner For Just $10.5 Million...
Factoring Repairs Into REO Purchase
Q: I recently put in an offer of $125,000 on a foreclosed property that was listed for $140,000. My offer was countered at 140,000; I went back at $130,000 and asked for 6 percent toward closing. My agent stated that the bank's final offer was $135,000 and 3 percent toward closing costs.
I declined the offer because, although the property was livable, it needed repairs. The master bath only had a commode -- no sink or tub was installed. Two bedrooms needed ceilings put in, one other bath needed repairs and the basement had been framed, but no drywall.
There was no refrigerator and the other appliances are questionable. Although I submitted an as-is offer on this property, my loan officer said that I would be eligible for a 203(k) loan. My preapproval letter did not state a price because he said it would depend on the repairs that had to be made. My loan officer said that the property had to be inspected to determine what repairs had to be made.
I also got preapproved by the bank that owned the property. When I went to my agent's office to collect my earnest deposit check, he informed me that the property had been reduced from $140,000 to $134,900. There were no other offers on the table. I did not offer another bid.
Can help me understand this reasoning? Can I trust that my Realtor informed the agent representing the bank of the repairs that had to be done to this property, and possible hidden repairs? Would you advise me to reissue my bid of $120,000 with 3 percent in closing costs?Click Here to Read Answer: Factoring Repairs Into REO Purchase...
Shattered Dreams: Foreclosure Squatters
When Chris and Thelma DiMattio bought their new house in swanky Wilton, Connecticut a few months ago, they were thrilled. The longtime Wilton residents didn't have to uproot their family, and they got a really great deal on the home at a foreclosure auction.
They picked up their last house at a similar auction, and were excited to move into their new place. That is, until they actually got there- and realized the previous tenants were still living inside.
Click Here to Read: Shattered Dreams: Foreclosure Squatters...
Homeowners Say Loan Mods Led Them To Foreclosure
Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up.
The Cascos say they never missed a subsequent payment, so they were horrified when the bank decided the smaller payments weren't enough and foreclosed on their modest Long Beach home.
Their story is echoed across the country by people who claim — some in lawsuits — that banks didn't live up to their end of the deal when they agreed to trial mortgage modifications.
Click Here to Read: Homeowners Say Loan Mods Led Them To Foreclosure...
The Cascos say they never missed a subsequent payment, so they were horrified when the bank decided the smaller payments weren't enough and foreclosed on their modest Long Beach home.
Their story is echoed across the country by people who claim — some in lawsuits — that banks didn't live up to their end of the deal when they agreed to trial mortgage modifications.
Click Here to Read: Homeowners Say Loan Mods Led Them To Foreclosure...
Short Sale Of Home Similar To Foreclosure In Its Effect On FICO Score
Dear Liz: In 2005, I purchased a town home for my children, and they have since vacated the property. The town house is now worth 60% of what I owe, and I am considering a short sale. All my other obligations are current with no late payments in years. My credit scores are over 800 and my only other debt is a car payment. After a short sale, what kind of hit can I expect on my credit score, and about what would be the recovery time for my credit score?
Click Here to Read Answer: Short Sale Of Home Similar To Foreclosure In Its Effect On FICO Score...
Click Here to Read Answer: Short Sale Of Home Similar To Foreclosure In Its Effect On FICO Score...
Tuesday, November 9, 2010
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84% of Consumers Favor Another Tax Credit for Home Buyers
Another tax credit for home buyers in 2011 seems unlikely at this point. But despite this, most consumers feel another tax credit would help to stabilize the housing market. Here are the results of a survey we concluded last week:
Chart: Many consumers feel another home-buyer tax credit would help. Image permission
Survey details: This survey was presented to more than 5,500 readers. We ran this survey on the Home Buying Institute website, and several other sites within our financial network. The audience was mixed — some were home buyers and homeowners, while others were researching personal finance and investment topics.
Click For Full Story: 84% of Consumers Favor Another Tax Credit for Home Buyers...
Chart: Many consumers feel another home-buyer tax credit would help. Image permission
Survey details: This survey was presented to more than 5,500 readers. We ran this survey on the Home Buying Institute website, and several other sites within our financial network. The audience was mixed — some were home buyers and homeowners, while others were researching personal finance and investment topics.
Click For Full Story: 84% of Consumers Favor Another Tax Credit for Home Buyers...
Most Americans Believe Owning A Home Is A Good Investment
Despite economic uncertainty and recent challenges in the real estate market, nearly eight out of 10 Americans believe buying a home makes good financial sense. This is according to a recent survey, the 2010 National Housing Pulse, released by the National Association of Realtors to measure how affordable housing issues affect consumers.
Click Here to Read: Most Americans Believe Owning A Home Is A Good Investment...
Click Here to Read: Most Americans Believe Owning A Home Is A Good Investment...
5 Ways to Take Advantage of Low Interest Rates
Interest rates have never been lower. It seems that just about every week mortgage rates set a new low. And this week the Fed is expected to undertake a second round of quantitative easing, QE2 for short, by buying up more government debt. As a result, incredibly low interest rates may go even lower.
But low rates don’t do us any good if we fail to take advantage of them. So we’ve put together a list of five ways that you may be able to enjoy the benefits of low interest rates.
Click Here to Read: 5 Ways to Take Advantage of Low Interest Rates...
But low rates don’t do us any good if we fail to take advantage of them. So we’ve put together a list of five ways that you may be able to enjoy the benefits of low interest rates.
Click Here to Read: 5 Ways to Take Advantage of Low Interest Rates...
Home Sales Up, Remodeling Flat
Recent data shows new-home sales actually increased in the month of September while remodeling remained relatively unchanged in the third quarter. These statistics show a different view of the homebuilding marketplace than in months past—one that might offer a good sign for homebuilders.
Last week, the U.S. Census Bureau, www.census.gov, Washington, D.C., and the U.S. Dept. of Housing and Urban Development, www.hud.gov, Washington, D.C., announced the latest numbers for new single-family home sales in the month of September.
Click Here: Home Sales Up, Remodeling Flat...
Last week, the U.S. Census Bureau, www.census.gov, Washington, D.C., and the U.S. Dept. of Housing and Urban Development, www.hud.gov, Washington, D.C., announced the latest numbers for new single-family home sales in the month of September.
Click Here: Home Sales Up, Remodeling Flat...
The New Rules Of Pricing Your House For Sale
When the housing figures are released each month, many consumers are faced with a profusion of confusion. Existing home sales are up slightly - no, they're down again. Median prices improved slightly over a year ago - wait, that was last month. New home sales dropped sharply after the federal tax credit expired, but they're up again - for now.
Well, one thing's for sure: It's a whole new game of "The Price is Right." Long gone are the halcyon days of setting your asking price by looking at comparable home sales over the last year - and adding 10 to 20 percent to those prices.
Click Here to Read: The New Rules Of Pricing Your House For Sale...
Well, one thing's for sure: It's a whole new game of "The Price is Right." Long gone are the halcyon days of setting your asking price by looking at comparable home sales over the last year - and adding 10 to 20 percent to those prices.
Click Here to Read: The New Rules Of Pricing Your House For Sale...
Jim Palmer's Palm Beach Home Available for $2.9 Million
Retired Major League Baseball pitcher Jim Palmer has listed and cut the price of his Palm Beach, Fla., home. The home quietly came on the market a year ago for $3.4 million; it's now listed for $2.9 million, a 16% discount.
The Hall of Famer who spent 19 years playing for the Baltimore Orioles and his wife, Susan, an interior designer, purchased the 1940-built home in 2001 and renovated it. The 4,100-square-foot, three bedroom, 3½ bath home is about a block from the beach. The home has a gourmet kitchen, bay windows and a family room surrounded by glass walls that overlooks a swimming pool. Public records show Mr. Palmer paid $1.6 million for the home.
Click Here to Read: Jim Palmer's Palm Beach Home Available for $2.9 Million...
The Hall of Famer who spent 19 years playing for the Baltimore Orioles and his wife, Susan, an interior designer, purchased the 1940-built home in 2001 and renovated it. The 4,100-square-foot, three bedroom, 3½ bath home is about a block from the beach. The home has a gourmet kitchen, bay windows and a family room surrounded by glass walls that overlooks a swimming pool. Public records show Mr. Palmer paid $1.6 million for the home.
Click Here to Read: Jim Palmer's Palm Beach Home Available for $2.9 Million...
Why Short Sales Take So Long: If Banks Ran Restaurants
This is the second of my two part series on why short sales take so long. That first post was very factual and may have lost the less patient readers as it dragged them through the muck that is a short sale. So here is a rewrite of that post from the perspective of eating at a restaurant - something with which everyone can identify - in a Looking Glass world where the banks run all the restaurants.
Background
In this world (let's set the stage in Chicago for fun) there are only 5 restaurants in the entire city. Consequently the restaurants are huge, sprawling over several city blocks with thousands of people coming in to eat every hour. Consequently, the banks have decided to apply their considerable skills to streamline the dining process. You and your family were driving through Chicago when your car broke down and you have decided to eat dinner here. Where you live you have normal restaurants but you have heard that in Chicago things are different.
Click Here to Read: Why Short Sales Take So Long: If Banks Ran Restaurants...
Background
In this world (let's set the stage in Chicago for fun) there are only 5 restaurants in the entire city. Consequently the restaurants are huge, sprawling over several city blocks with thousands of people coming in to eat every hour. Consequently, the banks have decided to apply their considerable skills to streamline the dining process. You and your family were driving through Chicago when your car broke down and you have decided to eat dinner here. Where you live you have normal restaurants but you have heard that in Chicago things are different.
Click Here to Read: Why Short Sales Take So Long: If Banks Ran Restaurants...
Foreclosure Mess Will Take Years To Clean Up
How long will it take before the American nightmare of home foreclosures is over? Ask Mike Dillon, who’s been fighting to keep his New Hampshire home for most of the past decade.
After the company servicing his mortgage failed to properly credit monthly payments to his account, it placed the loan in default. As he worked to straighten out the bookkeeping, with canceled checks in hand, the servicer began adding additional fees for property inspections, insurance and other charges.
Click Here to Read: Foreclosure Mess Will Take Years To Clean Up...
U.S. Lawyer Forms Foreclosure Resistance Movement
In a stately 19th century mansion in the middle of this former textile mill town, a local political scion has formed a mortgage foreclosure resistance movement.
O. Max Gardner III, 65, pioneered techniques in preventing big banks from foreclosing on loans and has taught his methods to 559 other lawyers in the last four years.
He teaches a sort of legal jiu jitsu: how to exploit opponents' large size and disorganization for the benefit of consumers who do not want to give up their homes.
Once lawyers exit his training program, they stay on his expanding e-mail list, and are allowed access to an online document repository to share information. They work together to come up with new ways to slow down foreclosures and share strategies on other bankruptcy issues, communicating at a rate of 350 messages a day.
Click to Read: U.S. Lawyer Forms Foreclosure Resistance Movement...
O. Max Gardner III, 65, pioneered techniques in preventing big banks from foreclosing on loans and has taught his methods to 559 other lawyers in the last four years.
He teaches a sort of legal jiu jitsu: how to exploit opponents' large size and disorganization for the benefit of consumers who do not want to give up their homes.
Once lawyers exit his training program, they stay on his expanding e-mail list, and are allowed access to an online document repository to share information. They work together to come up with new ways to slow down foreclosures and share strategies on other bankruptcy issues, communicating at a rate of 350 messages a day.
Click to Read: U.S. Lawyer Forms Foreclosure Resistance Movement...
FHA Commissioner: Mortgage Industry Must Regain the Public’s Trust
During the Mortgage Bankers Association conference in Atlanta, GA, Federal Housing Administration Commissioner said the mortgage business should shine a light on bad participants in the industry and regain the public’s trust.
“There’s a reflection in the media that we aren’t holding ourselves accountable enough,” said David H. Stevens, commissioner of the FHA, noting that the recent news of flaws in some banks’ foreclosure processing methods is adding to the problem.
Click Here to Read: FHA Commissioner: Mortgage Industry Must Regain the Public’s Trust...
“There’s a reflection in the media that we aren’t holding ourselves accountable enough,” said David H. Stevens, commissioner of the FHA, noting that the recent news of flaws in some banks’ foreclosure processing methods is adding to the problem.
Click Here to Read: FHA Commissioner: Mortgage Industry Must Regain the Public’s Trust...
Lenders Skirt Foreclosure Rules
At least 55 Franklin County homeowners will lose their houses at an auction Friday despite the fact that their foreclosure cases appear to contain mistakes, omissions of critical evidence or questionable affidavits, The Dispatch found in a review of court documents.
The newspaper examined the files of more than 130 homeowners whose houses are slated for auction Friday. Half of the cases had issues that consumer advocates call troubling and should have raised red flags before a judge ordered the homes sold.
Click Here: Lenders Skirt Foreclosure Rules...
The newspaper examined the files of more than 130 homeowners whose houses are slated for auction Friday. Half of the cases had issues that consumer advocates call troubling and should have raised red flags before a judge ordered the homes sold.
Click Here: Lenders Skirt Foreclosure Rules...
Real Estate: Sellers Attached To Their Homes Often Don't Get Their Asking Price
On top of an overall plunge in prices, homes in Tucson usually sell for less than what their owners are hoping to get for them.
If a family has an emotional attachment to a home, it's even less likely to sell for what the owner thinks it's worth, says Stephanie Friend, a local agent with ZipRealty Inc.
That's often the case for those selling homes in central and northeast Tucson. Homes there tend to sell for about 92 percent of the asking price, data from ZipRealty shows. ZipRealty uses statistics from local Multiple Listing Services to compare the asking price and selling price of homes in certain zip codes.
Homes on Tucson's south side are selling closest to their asking price, ZipRealty says.
In parts of town with higher foreclosure rates, homes are more likely to be owned by the bank and priced to move, Friend says. In older, more established communities in midtown and in the Catalina Foothills, sellers expect to get more cash from their homes.
"The sellers there anticipate a higher return on their home," Friend says. "They're more owner-occupied and they have more of an attachment to the house."
Click to read here: Real Estate: Sellers Attached To Their Homes Often Don't Get Their Asking Price...
If a family has an emotional attachment to a home, it's even less likely to sell for what the owner thinks it's worth, says Stephanie Friend, a local agent with ZipRealty Inc.
That's often the case for those selling homes in central and northeast Tucson. Homes there tend to sell for about 92 percent of the asking price, data from ZipRealty shows. ZipRealty uses statistics from local Multiple Listing Services to compare the asking price and selling price of homes in certain zip codes.
Homes on Tucson's south side are selling closest to their asking price, ZipRealty says.
In parts of town with higher foreclosure rates, homes are more likely to be owned by the bank and priced to move, Friend says. In older, more established communities in midtown and in the Catalina Foothills, sellers expect to get more cash from their homes.
"The sellers there anticipate a higher return on their home," Friend says. "They're more owner-occupied and they have more of an attachment to the house."
Click to read here: Real Estate: Sellers Attached To Their Homes Often Don't Get Their Asking Price...
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