Unsold Mansions: The Elite Go Begging

About 45 homes are for sale in the Tucson area with price tags over $2 million.

Some are tucked into secluded, cactus-laden canyons. Others are perched on rocky outcroppings overlooking the city. Many sit alongside lush golf courses in gated communities.

For the most part, they have something in common: They're not selling.

Five homes priced above $2 million sold in 2010. If that pace continues, it'll take about nine years to work through the existing inventory - and that's assuming no more come onto the market.

Click Here:  Unsold Mansions: The Elite Go Begging...

U2's The Edge in Row Over Malibu Home Plans

U2 guitarist The Edge is locked in a dispute with California authorities over plans to build five new luxury homes near Malibu, with officials claiming they would harm the local environment.
 
The star -- real name David Evans -- wants to build the houses on a ridge in the hills overlooking Malibu up the Pacific coast from Los Angeles, and has set up a website boasting they are environmentally-friendly.

But the California Coastal Commission has filed a report recommending that the planning applications be rejected when they go before local lawmakers next week.

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Even More Millionaires Defaulting on Mortgages

The RealtyTrac organization predicted earlier this month that home foreclosures in 2011 will likely exceed the record 3.8 million reported in 2010.

CBS News correspondent John Blackstone reports one group of mortgage defaulters seems to be bucking the trend. In wealthy communities like La Jolla, Calif., living near the ocean is a privilege that many homeowners are willing to pay millions for.

For Darren Thomas that ocean view was quickly losing its value. He says, "I bought it for [$1.385 million]. It is worth less than [$800,000], maybe less."

Click Here to Read:   Even More Millionaires Defaulting on Mortgages...

The Home's Changing Financial Role

Homeownership used to be the bedrock of the American dream, but the economic storm and its lasting effects have radically changed how everyone — no matter what stage of life they're in — looks at their home.

Many potential home buyers are now hesitating, taking a closer look at their options. "People are starting to realize that the American dream of homeownership is not right for everyone," Kim McGrigg, community manager at Money Management International, a non-profit consumer credit counseling service.

Click Here to Read:  The Home's Changing Financial Role...

Traps Foreclosure Buyers Need To Know

Interest in buying foreclosures is on the rise and the statistics show that nearly half of all home sales are distressed properties.

Even though it is hard to argue that these deals are the best pricewise, home buyers need to be aware of possible traps that exist when dealing with foreclosures and bank owned properties.

If you are thinking of buying a foreclosure at auction keep in mind that most likely you will not have an opportunity to see the property inside. Auction buyers usually don’t have the time to ensure they are getting a clear title and possible deficiencies may exist.

Click Here to Read:   Traps Foreclosure Buyers Need To Know...

Banks still holding 70% of REO from market

RealtyTrac Senior Vice President Rick Sharga said major banks currently hold roughly 1 million REO, or homes repossessed through foreclosure, but only 30% have actually made it onto the market.

RealtyTrac is an online real estate channel where potential homebuyers look for properties discounted after the foreclosure process, along with more traditional sales. It also puts out monthly foreclosure numbers across the country by tracking filings from notices of default through repossession at the county level.

Click Here:  Banks still holding 70% of REO from market...

The Worst Cities For Foreclosures In 2010

The good news is foreclosure activity is down in the U.S. cities hardest hit by the housing market crisis.   The bad news? Foreclosures in general have increased in 72% of all the other major cities across the country.

At least, that was the case in 2010, according to RealtyTrac’s “2010 MSA U.S. Foreclosure Market Report.”  As a year-end re-cap, the online foreclosure marketplace leader crunched default data for America’s 206 largest Metropolitan Statistical Areas (MSAs), as defined by  the U.S. Census Bureau.   They counted the total number of properties with at least one foreclosure filing entered into RealtyTrac’s database during the 2010 calendar year.  If a property received more than one filing during the year, only the most recent was counted.

Click Here to Read:   The Worst Cities For Foreclosures In 2010...

How Banks Manage the REO Properties?

REO properties have now become the first choice of any smart home buyer. These properties are equally liked by the seasoned investors and the real estate beginners. These are those properties that have been acquired by the lender or the bank if there is no sale in the foreclosure auction. A property moves in the foreclosure process if the owner has taken loan from the lender or the bank to purchase it but is not able to make payments to the lender or the bank.

Click Here:  How Banks Manage the REO Properties?...

4Q Wasatch Front Home Sales, Prices Decline

The residential real estate market remains mired in one of the worst downturns ever along the Wasatch Front, but it is showing some signs of improvement, a new report shows.

In Salt Lake County, 1,934 existing single-family homes were sold in the fourth quarter of 2010, down 21 percent compared with the fourth quarter of 2009, the Salt Lake Board of Realtors reported Thursday. The median selling price was $215,000, down 4.4 percent from the same three-month period in 2009. Median prices peaked at $256,000 in the summer of 2007.

The Realtor group attributes the declines in both sales and prices to federal home-buying incentives that boosted demand for homes in late 2009 and early 2010. Sales fell off in the second half of last year after the incentives expired.

Click Here to Read:  4Q Wasatch Front Home Sales, Prices Decline...

Why Your Best Investment Right Now is a Home

I’ve heard it over and over again for the past couple of years from friends, family, business colleagues, and even my local bartenders and baristas. The refrain is eerily similar each time, and it sounds something like this: “What are you waiting for?  Now is the time to buy that house.” I let these comments roll off my back for a long time, as I knew the metrics of large supply overhang, increasing foreclosures, slow GDP growth and anemic employment figures were liable to keep home prices down for some time.

Click Here to Read:   Why Your Best Investment Right Now is a Home...

Foreclosure Horror: Home Filled With Dead Pets

Police on Monday arrested an elderly woman and her son on charges of animal cruelty for the starvation deaths of over 30 pets, mostly cats, whose decayed carcasses were found in their foreclosed home north of Seattle.

The remains of 29 cats and two dogs, some of which had been dead for six months and were skeletonized, were discovered on Friday strewn about the vacant home littered with animal feces, empty beer cans and trash. Three surviving but emaciated cats also were found amid the squalor.

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Buying Tips for Short Sales

With new records being set in foreclosure rates, sellers are turning to short sales more and more. How does a short sale work? The seller has to make arrangements with their mortgage lender to accept a sale for the property for an amount that is less than what is owed. This agreement typically ends up with the lender waiving the rest of the loan. This is a better option than going through a foreclosure. The result of this is that the buyer gets a good discount on the property, and the lender avoids the difficulty of having to sell the property again. Due to the exorbitant amount of losses suffered by mortgage lenders during the financial crises of 2007-2010, they are now much more willing to accept short sales than they have been in the past.

Click Here to Read:   Buying Tips for Short Sales...

8 Reasons To Invest In Your Home

Not long ago, you could have your big remodeling project and get your money back too. Owners recouped an average of 87% of home improvement costs at resale in 2005, according to Remodeling magazine.

But by 2010 the magazine had pegged the typical payback at just 60%. Hardly the right time to tackle the new kitchen or master bathroom you've been dreaming of, right?

Click Here:  8 Reasons To Invest In Your Home...

Unlicensed Mortgage Brokers Get The Boot

With interest rates and house prices at historic lows, it is the perfect time to buy a home.

But before a purchase is made, a bank loan officer or a mortgage broker has to approve a home loan for the buyer.

Bank of Utah Chief Financial Officer Branden Hansen cautions prospective buyers to make sure the person they are dealing with is reputable.

"As a bank and being involved with the mortgage industry," Hansen said, "we had to compete with a lot of people we feel are less than scrupulous."

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HUD Extends Foreclosure Anti-Flipping Rule

The Department of Housing and Urban Development (HUD) announced that it is in the process of approving another one-year suspension of its anti-flipping rule on foreclosed properties bought with FHA loans. The suspension was first initiated on February 1st of last year to allow investors to quickly renovate foreclosed homes and selling them to first time buyers as a means to further sales of foreclosed properties.



In 2003, HUD issued a rule that prohibits the FHA from insuring a mortgage on a home that was owned by the seller for less than 90 days. HUD initiated the anti-flipping rule early last decade because the Federal Housing Authority (FHA) discovered that too many of these quick sales were made at grossly inflated prices and involved fraudulent activities.

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Bringing the Office Home

Working from home is a growing trend in Calgary, but for some entrepreneurs it involves more than just using the home PC in the kitchen.

Converting a room such as a bedroom into a home office requires a bit of planning and sometimes even a bit of bylaw navigation.

“It’s something I’ve done myself,” says Kurt Underwood, owner of Talon Contracting Inc. “A lot more people are bringing their work home nowadays.”

Read more: Bringing the Office Home...

Is It Possible That Short Sales Just Got Easier?

I just got a hold of these news from the closing attorney I use for my properties. If you are interested in doing a short sale or investing in real estate through short sales, you will want to verify the following information and see if it can help you:

Changes to HAFA make more homeowners eligible for streamlined short sales.

Click Here to Finish Reading:  Is It Possible That Short Sales Just Got Easier?...

Seizing an Opportunity: Housing Slump Whets Investors’ Appetite in Resale of Foreclosures

Most CEOs entered 2011 hoping the economy will soon fire on all cylinders. For one business chief, however, mortgage delinquencies and tight credit standards are a dream come true.

Sean Whalen is the CEO of Property23, an Orem-based startup that has successfully capitalized on the recent real estate meltdown, seeking out foreclosure properties across the country and prepping them for resale. Most of its clients are fellow investors who are hoping to rent or resell at double-digit profit when the recovery gathers steam. Since it was founded in 2008, the company has bought and sold no less than 4,000 properties and currently employs more than 100 people.

Click Here to Read:  Seizing an Opportunity: Housing Slump Whets Investors’ Appetite in Resale of Foreclosures...

4 Questions Before Buying Your First House

The decision to buy a house is about more than just mortgage interest rates, the Case-Shiller Home Price Index, and property taxes. Your home is more than just an investment, it's also shelter, security and safety. That's why you should think about more than just finances when making the decision.

Click Here:  4 Questions Before Buying Your First House...

Trashed! Golf Course Home Is Called Worst Mess

A 2-story house on the Seacliff Golf Course in Huntington Beach is the worst example of "malicious vandalism'' of a foreclosed home that a top Realtor for bank-owned properties says he's ever seen in Orange County.

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Utah Lawmakers Look To Reduce Foreclosures

For the third straight year, Utah was among the worst states in the U.S. for the rate of foreclosure filings per household, according to a recently released nationwide report. Two state lawmakers now want to do something about it.


Irvine, Calif.-based research firm RealtyTrac reported this month that Utah had the nation’s 5th highest foreclosure rate in 2010, representing nearly 20 percent hike from 2009 and a 119 percent jump from 2008. The report showed that one in every 29 Utah housing units received a foreclosure filing last year.

Click Here to Read:  Utah Lawmakers Look To Reduce Foreclosures...

Hulk Hogan Still Trying To Sell Off His Florida Real Estate

 

Hulk Hogan may have gotten married at his Clearwater, Florida home in December but that doesn't mean he isn't still trying to unload it. Not only that, he is still trying to sell the Belleair, Florida home that he shared with his ex-wife Linda and his family and was featured in the reality television show "Hogan Knows Best." Back in 2006 the five-bedroom home was listed at $25 million.  

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How Accurate Are Property Records?

A Utah court case in which the owner of a Draper townhouse got clear title to the property, even though he still owed $132,000 on it, raises new legal and financial questions about a property-records database created by mortgage bankers. 

The award of a title free of liens means that whoever owns the promissory note on the Draper property — likely a group of faraway investors — no longer has the right to foreclose to collect on a delinquent loan. Indeed, the townhouse owner has sold the property and kept the money. Those who own the promissory note probably don’t even know what occurred.

Click Here: How Accurate Are Property Records?...

Before Shopping For A Place, Check Financial Readiness

You might be ready to buy a home, but are you armed with the knowledge you need? Do you know about credit score requirements? Are you familiar with flexible standards on Federal Housing Administration loans?

Whether you are a first-time homebuyer or an experienced owner, buying a house requires a "preflight check," in the words of Barry Zigas, director of housing policy for the Consumer Federation of America. "It's a brave, new world with respect to credit requirements for mortgages," says John Ulzheimer, founder of 2StepCredit.com and formerly of FICO, which pioneered credit scoring.

Click Here:  Before Shopping For A Place, Check Financial Readiness...

Nicolas Cage Las Vegas Home For Sale Again

Around this time last year we heard that the Las Vegas home that once belonged to Nicolas Cage has finally been sold. Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas announced that he sold Cage's foreclosed, now bank-owned Las Vegas home the first day it was on the market at a new low price of $4.95 million. Cage, who once had a variety of properties scattered all around the world, picked up this home in 2006 for $8.5 million. In July 2008 he listed it for $9.95 million. The 14,000-square-foot home with a 16-car garage was later discounted to $9.49 million. The seven-bedroom home is blandly extravagant with a sweeping staircase, home theater, elevator and panoramic views of Las Vegas. The home has a pool and spa and is located in a gated community for privacy.

Click Here to Read:  Nicolas Cage Las Vegas Home For Sale Again....

Why First Time Home Buyers Shouldn’t Target Their Dream Homes

People have a lot of expectations when buying their first home. Most first time home buyers probably envision opening the doors to their dream house and triumphantly walking into their mansion. The culmination of their hard work and even harder saved dollars are embodied in this perfect piece of property.

While that is a great image to strive for, a more practical approach may be to buy a starter home like a fixer-upper or condo to tide you over as your first purchase. It isn’t as pretty a setting as you’d like, but it could be a much smarter financial decision in the long run. In fact, it could help get you to that perfect home a little sooner.

Click Here to Read:  Why First Time Home Buyers Shouldn’t Target Their Dream Homes...

House Appraisal & Divorce

Most states require a home appraisal to settle the division of property in a divorce. The home easily represents one of the largest marital assets, and the outcome of the property division often adds to the emotional trauma. In addition, marital property may include commercial or vacation property. To achieve an equitable distribution of property between the spouses, courts depend on objective appraisal valuations of all real estate assets that are considered marital property.

Read more:  House Appraisal & Divorce...

New York Judges Hold Foreclosure Lawyers Responsible For Filings

As foreclosure cases continue to pour into courts, judges in New York are holding their fellow legal professionals accountable for their role in perpetuating foreclosure fraud.

Judges in the state say foreclosure lawyers have filed often ludicrous paperwork on behalf of their clients, which Nassau County District Court judge, Scott Fairgrieve, told the New York Times, "reflects poorly on the profession as a whole." Another judge referred to a lawyer's filings as "ludicrous," among other jabs.

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Contemporary Beverly Hills House Has Old-World Flair

A verdant acre in the residential heart of Beverly Hills is the setting for a contemporary home with Old World flair designed by architect-to-the stars Harold "Hal" Levitt.

Levitt's design combines modern elements such as geometric skylights, generous sheets of glass, touches of concrete and an open floor plan in reimagining a European villa.

Levitt, who died in 2003, designed the Riviera Hotel in Las Vegas and the Academy of Motion Picture Arts and Sciences building in Los Angeles. He's better known, however, for the striking home plans he created for Lew Wasserman, Steven Spielberg, Quincy Jones and Dean Martin, to name a few of his high-profile clients.

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Utah County Woman Sues Group Of Developers

A 77-year-old Utah County woman is suing a group of developers, saying she was swindled out of $600,000 after being promised a 15 percent return on a real estate project in Hurricane.

The Salt Lake Tribune reports that Patricia Tanner has sued H&S Investments, Summit Development, Management, American Commercial Real Estate Specialists Group, and Utah Commercial Real Estate.

Click Here to Read:   Utah County Woman Sues Group Of Developers...

The $60 Million Dream House

A group of wealthy art collectors and philanthropists dined on risotto and listened to chamber music at a 10-bedroom estate on a private island off Florida's Biscayne Bay last month. The mansion isn't owned by a Russian oligarch or a certain NBA player who recently moved to town. It was built purely on speculation by developers in search of a buyer.

Its asking price: $60 million.

Click Here to Read:   The $60 Million Dream House...

Fewer Foreclosures Will Help Economy

Reducing the number of foreclosures will help stabilize the U.S. housing market and help patch one of the economy's most troubled sectors, officials said.


One state that is seeing fewer foreclosures is Arizona, The New York Times reported Sunday.
One reason for the reduction in foreclosures, which helps the market because it removes excess inventory, is the array of federal and state investigations into the way banks foreclose on delinquent homeowners, the report said.

Read more: Fewer Foreclosures Will Help Economy...

What Do I Put In A Short Sale Hardship Letter?

What in short sale and letter and why do I need to write one?
Please mail your real estate agent has explained the process of short sale to you and has told you that you need to write a short sale hardship letter. If you are reading this is most likely because they did not thoroughly explained that to you. The hardship letter is the statement from you to your lender as to why you no longer can make your mortgage payment and why they should accept a short sale on your home.

What should you never do when writing a hardship letter?
Your short sale hardship letter is not the place to complain about your lender! As you sit down to write your letter resist the urge to complain to your lender about how unfair they are and how bad your loan is. They simply do not care! You need to focus on staying factual and nonemotional as you write your hardship letter. Keep in mind that the person reading your hardship letter does not really care about your situation but has the power to approve or disapprove the sale of your home. Starting off by telling them how stupid they are, and how unfair the bank is been to them is not likely to help you.

Click Here to Read:  What Do I Put In A Short Sale Hardship Letter?...

A Look at HGTV Dream Home in Stowe, Vermont

There’s only a few more weeks left to enter HGTV’s Dream Home sweepstakes. The fully-furnished custom-designed home, which is located at Spruce Peak in Stowe, Vermont, is the 15th home to be that the cable network has given away.

The Dream Home offers breathtaking views of Mt. Mansfield and the rural landscape, which is perfect for outdoor activities in all seasons. "This HGTV Dream Home is the first in Vermont, and we intend to show the features that make this location so amazing," said HGTV Dream Home Planner Jack Thomasson in a statement in June. "It's a spectacular place and the perfect location for our 15th anniversary home."

The Dream Home is 3,400 square-feet and features 3 bedrooms, three and a half bathrooms and lots of open spaces in which to entertain. A ski dorm is furnished with four sets of bunk beds to provide accommodation for your closest friends. Drink in the views of Vermont’s fall foliage with the floor-to-ceiling windows. The house also features a deck with a hot tub and outdoor fireplace—perfect for those chilly to downright freezing Vermont winter evenings. The home combines cutting-edge technology and modern architecture with a rustic mountain feel.

Click Here to Read More:   A Look at HGTV Dream Home in Stowe, Vermont...

Homeowners Left In Lurch After Loan Modification Company Suddenly Closes

The sudden closure of a Utah County loan modification company has left several clients in danger of losing their homes.

The doors of Modify Utah's American Fork office located on east Utah Valley Drive were shuttered this week, leaving clients wondering what will happen to their homes. The company had been in the business of "assisting customers to obtain loan modifications of their home mortgage loans."

According to a letter from the firm's attorney, Paxton Guymon, Modify Utah ceased doing business for several reasons, including "a significant portion of (its) customers have failed or refused to pay ... for services provided, recently imposed restrictions impeding the company's ability to process or receive payments and lien holders unwillingness to work with loan modification companies."

Click Here to Read:  Homeowners Left In Lurch After Loan Modification Company Suddenly Closes...

For Sale: 10 of America's Strangest Homes

Millions of homes across the U.S. are on the market. Some are cookie-cutter McMansions. Many more are your undistinguished Colonials. Search hard enough, though, and you'll find unique — and in some cases downright weird — properties up for grabs. 

Forbes surveyed real estate experts at Realtor.com, Sotheby's International, Coldwell Banker and elsewhere to compile a list of strange homes on the market that defy the status quo.

Click Here to Read:  For Sale: 10 of America's Strangest Homes...

Write A Letter To Get Your Short Sale Approved

You can no longer afford your mortgage payment and you’ve decided to try to get out from under your house. The easiest thing would be to just let the bank go through its process and foreclose on your house. But you don’t want a foreclosure on your credit report. A short sale is a good alternative. You’ll market your home and agree on a price with a buyer, subject to your lender agreeing to take less than the loan balance as payment in full. But it’s not that simple. There’s one more thing. The bank will only approve a short sale if they believe that it’s their best option. They’d really rather that you keep making payments as originally agreed. In order to convince them that their only other choice is foreclosure, you need to write a convincing hardship letter.

Lenders know which kinds of things make loans default. If you claim to have a financial hardship, they will want to know specifically what the problem is. And they’ll want to verify it. Here are some of the more common financial hardships that tell lenders that a loan is not going to succeed.

Click Here to Read:  Write A Letter To Get Your Short Sale Approved ...   

Pros and Cons of Refinancing Appraisal

Many homeowners want to refinance their home loans in order to take advantage of lower mortgage rates. Before a loan is approved, however, the borrower likely will be asked to order a professional appraisal to assess the value of the property.

Even though appraisals are common, not everyone needs one to refinance a home, says Carolyn Warren, author of the book "Homebuyers Beware." That's because lenders sometimes participate in plans that allow eligible homeowners to skip the independent valuation, she says.

Click Here to Read:  Pros and Cons of Refinancing Appraisal...

The Biggest Celebrity Real Estate Losers of 2010

Pummeled by the steep devaluation of their real estate investments, Shelter Pop finds the biggest celebrity real estate losers of 2010:

• Actor Nicolas Cage tops the charts at No. 1: The notorious property collector has built his own real estate coffin with an estimated loss of more than $10 million, and more than a dozen homes around the world selling for much less than he paid. One of the homes includes his legendary and primary residence in Bel-Air formerly owned by Dean Martin and Tom Jones that was seized. He currently has a home still on the market on REALTOR.com®.
• Actress Scarlett Johansson is also in the running with her recent failed marriage to Ryan Reynolds, and a $3 million loss on a very A-list property (pictured here), which was valued at $7 million this past June.

Click Here to Continue Reading:  The Biggest Celebrity Real Estate Losers of 2010...

DAVE RAMSEY: Buying Home Before You're Ready A Bad Idea

Dear Dave: We’ve got $1,000 in our starter emergency fund, and we’ve paid off the last of our debt. We’re renting, but now my wife really wants to buy a house. On top of this, she wants to go the route of 100 percent financing and argues that a mortgage payment wouldn’t cost any more than we’re paying in rent. She’s extremely upset because I’m against the idea. How can I explain to her that this is a bad plan? — Alan

Click Here to Finish Reading:   DAVE RAMSEY: Buying Home Before You're Ready A Bad Idea...

Submitting A Short Sale Package

So…..You’ve evaluated a potential short sale and decided that it meets your investment criteria. You have the information you need from a listing Realtor to submit the short sale package to the lender. Now you need to gather information from the homeowner.

Click Here to Finish Reading:  Submitting A Short Sale Package...

Home of the Week: In Carlsbad, Keeping A Modernist Vision Intact

An International-style house designed in 1978 by Donald Cromley overlooks the second hole of La Costa's North Course. It received a seven-figure remodeling that made it more functional yet still true to the original design.

Click Here to Read:  Home of the Week: In Carlsbad, Keeping A Modernist Vision Intact...

What If You Did Not Succeed With A HAMP Loan Modification?

The goals of the FHA are to improve housing standards and conditions, to make available a satisfactory home financing system through insurance of mortgage loans and to steady the mortgage market. FHA home owners have benefited from the Streamline Loan Modification particularly in saving money and reducing monthly mortgage payments.

The goals of the FHA are to improve housing standards and conditions, to make available a satisfactory home financing system through insurance of mortgage loans and to steady the mortgage market. FHA homeowners have benefited from the Streamline Loan Modification particularly in saving money and reducing monthly mortgage payments. Loans Store offers professional help with mortgage refinance and the services of mortgage attorneys nationwide to help people with their specific needs.

Click Here to Read:  What If You Did Not Succeed With A HAMP Loan Modification?...

Happy New Years!

Read About it Here:  New Years Day...

When Buying Home, Be Cautious Of Divorced Couples Selling

CNN reports buying a home from a couple getting divorced usually means a good price on their home, but recommends being careful when attempting to buy from them.

According to the article, several divorced couples always hit a snag when selling their home typically due to unwillingness of one of the spouses to sell.

Click Here:  When Buying Home, Be Cautious Of Divorced Couples Selling...

REO Properties – Tips and Suggestions

Lots of people are talking about REO properties; but do you know what they are referring to? When a bank forecloses on a property, they don’t want it. They put these foreclosed properties in a public auction; the ones that don’t sell are referred to as REO properties. REO properties can consist of anything from apartment buildings to vacant land.

Banks don’t deal in the real estate business; they only want to get cash. Because they only want to sell the property as quickly as possible, you can usually find REO properties listed on their website, along with the name of the loss mitigator who’s managing the sale of that property. The loss mitigator is similar to a real estate agent; you will need to contact him or her to set up a viewing, and make an offer if you’re interested.

Click Here to Read: REO Properties – Tips and Suggestions...

Looking For A Good Deal On A House: Bank REO’s Can Be Quite The Steal

One reason is that bank-owned sales transactions can be more complicated, in part because the sale terms must be approved by the lender or the lender’s attorneys. Another reason it is difficult dealing with bank-owned properties is that some lenders are in offices far away from where the loss-mitigation department is struggling to process the listings.

Click Here to Read:  Looking For A Good Deal On A House: Bank REO’s Can Be Quite The Steal...

Housing Recovery Stalls

A new bout of declining home prices is threatening to hamper the U.S. recovery, just as consumers and the overall economy have been showing signs of healing.

Home prices across 20 major metropolitan areas fell 1.3% in October from September, the third straight month-over-month drop, according to the S&P/Case-Shiller home-price index released Tuesday. Many economists expect the declines to continue into at least next spring, erasing most of the gains made since prices bottomed out in early 2009. 

Click Here to Read:  Housing Recovery Stalls...

Merry Christmas!

Read About Christmas Here:  Christmas...

In a Sign of Foreclosure Flaws, Suits Claim Break-Ins by Banks

When Mimi Ash arrived at her mountain chalet here for a weekend ski trip, she discovered that someone had broken into the home and changed the locks.

When she finally got into the house, it was empty. All of her possessions were gone: furniture, her son’s ski medals, winter clothes and family photos. Also missing was a wooden box, its top inscribed with the words “Together Forever,” that contained the ashes of her late husband, Robert. 

Click Here to Read:  In a Sign of Foreclosure Flaws, Suits Claim Break-Ins by Banks...

Foreclosures.com Founder Faces Auction of Fair Oaks House

Alexis McGee, founder of Foreclosures.com, made a national reputation by helping investors find and buy distressed properties whose owners were struggling to stave off foreclosure.

Now those investors might have an unlikely prize in a large new Craftsman-style home in Fair Oaks that's scheduled for sale on the courthouse steps early next month.

Read more: Foreclosures.com Founder Faces Auction of Fair Oaks House...

Short Sales Becoming More Attractive To Servicers As Foreclosure Expenses Rise

Offering a 10 percent recovery advantage compared to foreclosures, short-sales are becoming a popular solution for servicers faced with projected steeper loss severities on mortgage-backed securities  in 2011. Short-sales are especially attractive as the unprecedented lag between the last payment and a foreclosure is expected to grow. See the following article from HousingWire for more on this.

Click Here to Read:  Short Sales Becoming More Attractive To Servicers As Foreclosure Expenses Rise...

2011 FHA Home Loan Requirements for Borrowers

If you are a home buyer thinking of using an FHA loan to buy a home, you should be aware of certain changes to the FHA program. This page offers a summary of FHA home loan requirements for 2011.

Click Here to Read:  2011 FHA Home Loan Requirements for Borrowers...

12 Days Of Short Sales

Imagine the 12 days of Christmas as it would apply to short sales in a perfect world . . . while no meant to be sung, we’re sure you get the picture.

On the first day of Christmas, my true love gave to me………a negotiator that can get approval letters in 12 weeks, with no deficiencies and no seasoning requirements.

On the second day of Christmas, my true love gave to me………..a wonderful document management system that not only stores all the documents, but also does automatic email updates, and is accessible 24/7.

Click Here to Finish Reading:  12 Days Of Short Sales...

Custom iPad App Controls Curtains, Heating, Lighting

In the last decade Silicon Valley wealth has gushed into the interior design business, and much of it lately has gone into San Francisco penthouses and apartments. "The venture capitalists live in Woodside, Calif., deep in the suburbs. The kids they've been backing want to be in San Francisco," says David T. Oldroyd, a partner at Orlando Diaz-Azcuy Design Associates.

Click Here to Read:  Custom iPad App Controls Curtains, Heating, Lighting...

Banker Wants To Save Foreclosed Homes

A former Wall Street investment banker has come to the Phoenix area seeking opportunity among the thousands of foreclosed homes.

Laurie Hawkes, co-founder and president of American Residential Properties, spent three decades working in real-estate banking and finance for big firms such as CB First Boston Corp. and Salomon Brothers before starting her own company.

Hawkes was one of three expert panelists at a seminar earlier this month in Phoenix to discuss the Valley's real-estate market.


Read more:  Banker Wants To Save Foreclosed Homes...

Foreclosure Mess Didn’t Significantly Impact Home Sales

When revelations that banks filed flawed foreclosure paperwork in thousands of cases emerged over the fall, it was widely assumed that the problems would be a disaster for the U.S. housing market.

Now, evidence is emerging that the threat–at least for home sales–may be less significant than it appeared.

Tom Lawler, an independent housing economist in Northern Virginia, scours reports on home sales from metro areas around the country before making a forecast of how home sales will look each month.  He is predicting that next report from the National Association of Realtors (due Dec. 22) will show that November’s sales of previously occupied homes will actually be up 3.2% from October–a seasonally adjusted annual rate of 4.57 million.

Click Here to Read:   Foreclosure Mess Didn’t Significantly Impact Home Sales...

What Delays a Mortgage Foreclosure

Six hundred days. That's how long, on average, mortgage loans in the foreclosure process in New York have been delinquent.

That's the longest average in the nation, but not by much, according to LPS Applied Analytics, in Jacksonville, Fla. Loans in foreclosure in Florida, New Jersey, Hawaii and Maine have been delinquent more than 500 days, on average, while home loans in California and Nevada have been delinquent 461 and 427 days, respectively. In the two speediest states, Nebraska and Wyoming, loans in the foreclosure process are delinquent by an average of 358 days.

Those statistics raise a question: Why do foreclosures take so long?

Read more: What Delays a Mortgage Foreclosure...

Woman's Foreclosure Nightmare: 'Like A Black Hole'

State prosecutors from all 50 states are investigating the country's largest banks, to learn whether they have been foreclosing on thousands of Americans improperly.

The banks say they do not seize people's houses without justification. But NPR has uncovered a case that might suggest otherwise. In fact, the homeowner in this case was actually the victim of a scam run by one of the bank's very own employees. But despite that, the bank moved to foreclose anyway.

Six Years Of Stress
The banks say they've been doing all they can to work with homeowners to avoid foreclosures. But don't tell that to Rachel Keyser from Deerfield, N.H.

"I can't tell you the emptiness," she says about dealing with the threat of foreclosure. "I mean, my knees started to shake, my stomach got into a knot."

Click Here to Read: Woman's Foreclosure Nightmare: 'Like A Black Hole'...

How Rising Mortgage Rates Could Boost Home Sales

If you're in the market for a home, you're probably feeling pretty calm: Prices are falling, interest rates are low, and there are few other buyers to compete with. You can probably just hang out for awhile and wait for prices to fall some more.

But how long will the buyer's market last? Conventional wisdom holds that prices will fall another 5 to 10 percent, most likely bottoming out sometime in 2011. As the housing market stabilizes, sales will slowly pick up, while the huge backlog of foreclosed and bank-owned homes gets worked off. In healthier markets—like many in the Midwest, where there was never much of a bubble to start with—the housing market might even start to feel normal again in 2011 or 2012.

Click Here to Read:   How Rising Mortgage Rates Could Boost Home Sales...

Foreigners Flock To Florida Real Estate Bargains

Foreign tourists who for years have crowded Florida's shopping malls to buy clothes and electronics, are now flocking to real estate offices to snatch up apartments and homes at bargain-basement prices. 

The investors, mainly from Europe and Latin America, are jostling over apartments in Miami's trendy South Beach neighborhood selling for 70,000-100,000 dollars, and in less exclusive areas to the north where they start at around 50,000.

"The buying opportunities are maybe the best ever. Who knows if we'll see prices again like today's in Miami Beach," Keys Real Estate agent Michelle Iglesias told AFP.

Click Here to Read:  Foreigners Flock To Florida Real Estate Bargains...

LeBron James' New Home In Coconut Grove

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14 Years After Condo Sale, Retiree Gets Foreclosure Notice

Elizabeth Bolinger was stunned when she received a foreclosure notice recently — on an Oakland Park condo she says she hasn't owned in 14 years.

Bolinger, who now lives in a retirement community in Port St. Lucie, said in 1996 she deeded the home at 639 W. Oakland Park Blvd. to a man who had been renting it from her. Eventually, he took out his own mortgage, paid her off and she forgot about it.

Then, in September, she was served with foreclosure paperwork on the unit. "It's interesting that you can be foreclosed on a property that you don't own," she said.

Click Here to Read: 14 Years After Condo Sale, Retiree Gets Foreclosure Notice...

Should I Keep My Home or Let It Go?

The Real Estate market right now is terrible. This is the truth, no matter what part of the country you may reside in- the future does not look pretty for homeowners. All around us there are short sales, foreclosures, vacant homes and distressed properties. I know that when I stumble across a “normal” listing (meaning not a short sale, foreclosure or auctioned home) I always do a double take! Typically, these normal sales occur when a homeowner has lived in the home for many years, never took out a HELOC or re-financed during the boom of 2004-2008. Simply because I am in the Real Estate Industry I oftentimes find friends begging the question: How do I know if it is wise to stay in my home?

Click Here to Read:   Should I Keep My Home or Let It Go?...

What is a Good Credit Score in 2011?

What is considered a good credit score these days? This is one of the most common questions we receive from our readers. And as we replace our 2010 calendars with new ones for 2011, this question will surely see a spike in frequency again.


So, in anticipation of all those emails, I thought I’d share my own definition of a good credit score in 2011:

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Real Estate Buyers Flock to Online Auction of Bank-Owned Assets

Savvy commercial real estate buyers looking to take advantage of the down market have come to LFC.com to conduct research and submit bids on various bank-owned assets in a portfolio of ten REO properties. With just over a month remaining before the bid deadline, the auction has already attracted over 4,600 hits to the website and interested buyers from nearly a dozen states.

The minimum bids are set far below current market prices, giving buyers the power to name their own price in a fair and transparent auction process and sending the message that the seller is in fact willing to trade these properties.


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5 FHA Streamline Facts You Need to Know

The benefits of an FHA Streamline loan are going to be discussed in the following article. Anyone with an FHA loan that wants to reduce their monthly payment is going to want to see these facts.

1. Who qualifies for an FHA streamline loan?

• Home owners that currently have an FHA loan.
• Must have the loan for 6 months or longer.
• No delinquencies on the mortgage in the last 12 months.

Click Here to Read:   5 FHA Streamline Facts You Need to Know...

The Advantage of Buying Short Sale Home

Short sale is usually a common solution left for most home owners because of the extended recession on the real estate market. The term “short sale” means that the owner at this point owes more on mortgage compared to actual worth of his or her property. The bank will not wish to own the property through a pricey procedure like foreclosures and so they will  be looking for those who are usually buying short sale home.

Which means that there is a excellent chance for those who are qualified to acquire the property for less than its value. It also means a chance for the owner to avoid getting a bad credit history because of property foreclosure. At the same time, the financial institution can still retrieve as much of their investment as possible in this way.

Click Here:  The Advantage of Buying Short Sale Home...

Philadelphia Law Firm Used Nonlawyers to File Foreclosures, Suit Alleges

A Philadelphia law firm has been accused of the “unauthorized practice of law” by using nonlawyers to file hundreds of foreclosure cases and collect attorneys’ fees, according to a lawsuit.

In a further indictment of the mortgage industry, it also contends that banks, loan servicers and other creditors knew of the practice.

Patrick Loughren, a Pittsburgh, Pa., trial lawyer with Loughren, Loughren & Loughren, sued the law firm of Goldbeck, McCafferty & McKeever, along with 35 employees of the firm, according to the case, filed in Allegheny County, Pa. Messages seeking comment were left with the Goldbeck firm and Loughren. They could not be immediately reached for comment.

Click Here to Read: Philadelphia Law Firm Used Nonlawyers to File Foreclosures, Suit Alleges...

Bing Crosby Home Selling for $3.5M

Bing Crosby, known for his laid-back style as much as his soothing bass-baritone voice, liked to entertain other celebrities around the pool at his 6,700-square-foot former home in Rancho Mirage, Calif.

Click Here to Read:   Bing Crosby Home Selling for $3.5M...

Getting a Deed in My Name After a Divorce

When you are awarded full ownership to real property in a divorce decree, you must take further steps to change the property deed. A quit claim deed must be filed with the county court in order to remove your former spouse's name from the original deed to the property. A quit claim deed states that one party is transferring all ownership rights to the property to the other party involved.

Read more: Getting a Deed in My Name After a Divorce...

Fed Wants To Strip A Key Protection For Homeowners

As Americans continue to lose their homes in record numbers, the Federal Reserve is considering making it much harder for homeowners to stop foreclosures and escape predatory home loans with onerous terms.

The Fed's proposal to amend a 42-year-old provision of the federal Truth in Lending Act has angered labor, civil rights and consumer advocacy groups along with a slew of foreclosure defense attorneys.

They're not only asking the Fed to withdraw the proposal, they also want any future changes to the law to be handled by the new Consumer Financial Protection Bureau, which begins its work next year.


Read more: Fed Wants To Strip A Key Protection For Homeowners...

The Latest Confusing Foreclosure News

Trying to keep up with what’s happening with foreclosures around the nation is confusing, indeed.


At the end of November, Fannie Mae and Freddie Mac – the government-sponsored enterprises which underwrite the bulk of mortgages in the United States – told real estate agents to resume with sales of foreclosed properties. That was a significant announcement as Fannie and Freddie had about 240,000 properties set for foreclosure at the end of September.

Click Here to Read:  The Latest Confusing Foreclosure News...

Today's Real Estate Market Calls For Dire Divorce Decisions

Sarah Bandy always knows something is up when she helps a couple try to sell their home, but hears back from only one spouse.

"They don’t tell us in the beginning," said Bandy, a real estate agent who brokers deals for luxury homes in Colts Neck. But lately, when she presents clients with a home valuation report, the answer is almost always, "Oh, we can’t do that. It’s too low."

"Then they end up confessing, especially the wife," Bandy said.

Click Here to Continue Reading:   Today's Real Estate Market Calls For Dire Divorce Decisions...

Southwest Florida Real Estate Market Attracts Canadian Investors, Other International Clients

They come from Toronto, London and Dusseldorf, and they're all here for the deals.

Foreign buyers are on the hunt for real estate bargains in Southwest Florida. They scour listings from across the Atlantic and leave Canadian tundra in search of properties dotted with palms.



"They seem to be out shopping," Mary Bondurant, an agent with John R. Wood Realtors on Sanibel, said of international buyers. "They're feeling a little optimistic about the market in general but they know it's a good time to buy in Florida."



And local real estate agents say foreign interest could help revitalize the area. International clients tend to be cash buyers who are financially stable, since many of their countries haven't weathered financial storms to the level the United States has recently.

Click Here to Read:  Southwest Florida Real Estate Market Attracts Canadian Investors, Other International Clients...

The Top 5 Barriers to Buying a Home

Buying a home is worlds away from just a few years ago. In 2000, approval rates were around 90 percent. Today, the home loan approval rating has fallen to a mere 30-40 percent. While decreased access to credit is a byproduct of the recession (largely caused by lax lending and the ensuing defaults) and the subsequent financial reform, it doesn’t change the fact that one of the following situations may prevent you from buying a home:

Click Here to Read:  The Top 5 Barriers to Buying a Home...

Fannie, Freddie Say Mortgage Servicers Triggered Foreclosure Crisis

Fannie Mae and Freddie Mac defended their role in the foreclosure crisis in prepared testimony to Congress on Wednesday, while at least one federal regulator said the mortgage giants had contributed to the problem.

Speaking to the Senate Banking Committee at a hearing on the national foreclosure debacle, Fannie and Freddie executives emphasized that they are not responsible for managing payments by borrowers on home loans or foreclosing on homeowners when they default.

Click Here to Read:  Fannie, Freddie Say Mortgage Servicers Triggered Foreclosure Crisis...

How to Buy a “Short Sale” House

A short sale in real estate terms is when a borrower sells their mortgage for an under appreciated value because the home is worth less than what is owed on the mortgage. In this event, the lender agrees to allow the home to be sold for less than the amount owed on the debt. But like a loan modification, a homeowner must prove that they have gone through a hardship that has gotten them to the point that they are at with the short sale.


Like almost every real estate transaction, a short sale will require the seller to submit all of their financial information to the lender so they may determine if they are eligible for a short sale. Eligibility is a key importance with this topic, as the bank is more than likely enduring a huge loss. If the bank determines the seller not to be eligible, or they cannot demonstrate a financial hardship, this can prevent you from obtaining the property.

Click Here to Read:   How to Buy a “Short Sale” House...

VA Loans Thrive in the Face of Widespread Foreclosure

The VA Loan program has weathered the foreclosure crisis, despite the fact that nine in 10 borrowers purchase a home without a down payment.


In fact, these flexible, low-cost loans remain the safest on the market. The foreclosure inventory rate for VA loans was 2.5 percent in the second quarter of 2010, better than both prime and FHA loans. After nearly seven sometimes turbulent decades, this home loan benefit for American service members is better positioned and more powerful than ever.

Click Here to Read: VA Loans Thrive in the Face of Widespread Foreclosure...

Some Homeowners Still Owe After Short Sale

Some former homeowners who went through short sales to avoid foreclosure are finding they are still in debt to their lenders.

Because the short-sale concept, which allows people to sell their homes for less than they owe, is designed specifically to help homeowners avoid having to pay their lenders more money, some sellers have been careful to negotiate their deals so the lender, by contract, can't later seek payment. Those who haven't done so are at risk.

Click Here to Read: Some Homeowners Still Owe After Short Sale...

Fannie And Freddie Give Green Light To Resume Sales Of Foreclosures

Fannie Mae and Freddie Mac gave real estate agents the green light to resume selling foreclosed homes, after suspending the process as the robo-signing debacle unfolded the past two months.

Freddie told agents in a memo last week to "resume all normal sales activity," as the government-sponsored enterprise will "resume marketing, sales and disposing of assets previously placed 'on hold.'"

Fannie Mae told its real estate agents "to proceed with scheduling and holding the closings" of sales of homes with mortgages owned or backed by the GSE.

Click Here to Read:  Fannie And Freddie Give Green Light To Resume Sales Of Foreclosures...

What Happened to the Government’s Short Sales Program?

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?...

HUD Offers Regional Housing, Economic Data on New Website

U.S. Department of Housing and Urban Development launched a new website Monday that offers economic and housing data by region, including Colorado and the Rocky Mountain region.
The site — www.huduser.org/portal/regional.html — provides information such as rental-home activity and employment statistics at the regional, state, metropolitan and county levels, HUD says.
“Current and reliable data shouldn’t be hard to come by,” Raphael Bostic, HUD’s assistant secretary for policy development and research, said in a statement. “This is precisely why this site will be so helpful to state and local lenders, developers, the real estate industry and the general public, who need the latest available data on their markets.”


Read more: HUD offers regional housing, economic data on new website | Denver Business Journal...

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.

"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."

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.

Click Here to Read: Fear of Foreclosure Fraud Driving Down REO Sales, Home Prices...

Happy Thanksgiving!

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HOUSE OF THE DAY: Who Gets To Keep Eva Longoria And Tony Parker's Under-Construction Mansion?

 

 

Power couple Eva Longoria and Tony Parker are getting a divorce, and their dream home isn't even finished yet (via Zillow). No one knows who gets to keep it, though the indoor basketball court and location suggest Tony will.
The newlyweds began construction on the $7 million mansion in 2008 in the exclusive Anaqua Springs Ranch neighborhood just outside of San Antonio, Texas. The neighborhood is gated and filled with custom homes that sit on one to four acres of land.


Read more: HOUSE OF THE DAY: Who Gets To Keep Eva Longoria And Tony Parker's Under-Construction Mansion?...

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...

5 Ways To Buy A Foreclosed Home

The the continued stream of homes foreclosures in the United States is providing homebuyers and investors with plenty of real estate deals. Most foreclosures are sold at 5% below the market value, with even greater discounts in certain regions. Buyers can also take advantage of additional savings with perks like reduced down payments, lower interest rates or the elimination of appraisal fees and certain closing costs. Foreclosed homes are available in virtually every real estate market across the country, and can be an option for individuals, families and investors looking for a property. Foreclosure sales can take place in a variety of ways; here are five of the ways to buy a foreclosed property. (If you want to save your home, avoid bogus offers and take matters into your own hands. Check out Avoiding Foreclosure Scams.)

Read more:  5 Ways To Buy A Foreclosed Home...

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...

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...

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?

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...

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!...

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?...

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...

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...

Real Estate: Where Is It Safe To Buy?

Click Here to go to Interactive Map:  Real Estate: Where Is It Safe To Buy?...

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... 

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...