In a largely symbolic move given the Obama administration's veto warnings, the House of Representatives has voted to kill the Federal Housing Administration's short refinancing program.
HR 830, The FHA Refinance Program Termination Act, was approved by the House in a 256-171 vote, with 18 Democrats joining 238 Republicans in favor of ending the program.
Critics say the program -- which allows underwater borrowers who are current on their loans to refinance into an FHA-insured mortgage if their lender agrees to write off at least 10 percent of their principal -- has gotten off to a slow start. Taxpayers may be on the hook for up to $8 billion to reimburse lenders for a share of their potential losses on the loans, critics say.
Click Here to Read: House Votes To Kill FHA Short Refis...
Foreclosed Homeowners Get Unexpected Windfalls
Dozens of former homeowners who lost their houses to foreclosure have been calling public trustee offices across Colorado to see whether they have any money coming to them.
"We had no idea until we saw it in the newspaper," said Anthony Michaels of Denver, whose mother, 92-year-old Fayetta Curry, and his younger sister, Sharon Parker, were among a list of individuals due funds from a foreclosure auction.
The Denver Post on Tuesday highlighted how county public trustees and treasurers have hundreds of thousands of dollars in unclaimed funds that belong to homeowners whose houses were sold at auction.
Michaels' family members were among those eligible to collect more than $635,000 in unclaimed money but never knew it.
"We had no idea until we saw it in the newspaper," said Anthony Michaels of Denver, whose mother, 92-year-old Fayetta Curry, and his younger sister, Sharon Parker, were among a list of individuals due funds from a foreclosure auction.
The Denver Post on Tuesday highlighted how county public trustees and treasurers have hundreds of thousands of dollars in unclaimed funds that belong to homeowners whose houses were sold at auction.
Michaels' family members were among those eligible to collect more than $635,000 in unclaimed money but never knew it.
U.S. Inquiry on Military Family Foreclosures
The Justice Department is investigating allegations that a mortgage subsidiary of Morgan Stanley foreclosed on almost two dozen military families from 2006 to 2008 in violation of a longstanding law aimed at preventing such action.
A department spokeswoman confirmed on Friday that the Morgan Stanley unit, Saxon Mortgage Services, is one of several mortgage and lending companies being investigated by its civil rights division. The inquiry is focused on possible violations of a federal law that bars lenders from foreclosing on active-duty service members without a court hearing.
Click Here to Read: U.S. Inquiry on Military Family Foreclosures...
A department spokeswoman confirmed on Friday that the Morgan Stanley unit, Saxon Mortgage Services, is one of several mortgage and lending companies being investigated by its civil rights division. The inquiry is focused on possible violations of a federal law that bars lenders from foreclosing on active-duty service members without a court hearing.
Click Here to Read: U.S. Inquiry on Military Family Foreclosures...
Realtors Seek Reforms On ‘Short Sales'
With fewer than three of every five short sales successfully closing in California, desert Realtors have joined their peers statewide to ask regulators, elected officials, business organizations, lenders and others to initiate reforms.
Homeowners with proven hardships can negotiate “short sales,” essentially agreements that enable them to sell their homes for less than the balances owed in order to avoid foreclosure.
Those who own homes and are “upside down” in their mortgages, as well as mortgage lenders, may want to take advantage of the federal Home Affordable Foreclosure Alternative program, or HAFA, California Desert Association of Realtors officials said.
Click Here to Read: Realtors Seek Reforms On ‘Short Sales'...
Homeowners with proven hardships can negotiate “short sales,” essentially agreements that enable them to sell their homes for less than the balances owed in order to avoid foreclosure.
Those who own homes and are “upside down” in their mortgages, as well as mortgage lenders, may want to take advantage of the federal Home Affordable Foreclosure Alternative program, or HAFA, California Desert Association of Realtors officials said.
Click Here to Read: Realtors Seek Reforms On ‘Short Sales'...
Doors A Missed Design Opportunity To Spruce Up Home
It’s a design opportunity that’s easily missed: Even the most stylishly decorated rooms often have bland wooden doors with cheap hardware.
High-end designers have always made doors a priority, says Brian Patrick Flynn, an interior designer and founder of decordemon.com. “If you look at any Fifth Avenue apartment” in New York City, he says, “you’ll probably fall in love with their doors because they blend architecture with decorating and make it really special.”
But many of us ignore the doors in our homes, not realizing what a difference they can make to the look of a room.
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Banks’ Loan Quagmire Snares 3 In Utah Family
If the Olsens of Utah County are any indication, the dysfunction among the nation’s banks who service mortgages runs long and deep.
Three members of the same family have experienced mounting frustrations, dislocations and months of stress in trying to renegotiate loans on their homes after they had financial setbacks. Each had bought or constructed homes near the height of the housing market only to see their finances and homeownership threatened for a variety of reasons in the economic meltdown.
Each at some point made decisions about their loans and their dealings with the banks out of frustration or naivete about negotiating with large and, based on their experiences, what appears to be poorly administered processes at the institutions.
Click Here to Read: Banks’ Loan Quagmire Snares 3 In Utah Family...
Tips On Redesigning Your Home, Your Way
Ask around and you might hear a few horror stories about custom building a home.
Yet when builders do a good job structurally, the difference between the dream experiences and the nightmares often starts with the decision-making process.
Clients face a bounty of options regarding styles, finishes, materials and colors. Unless they're accustomed to their own success as designer, or have chosen to work with a professional, the intrepid may find themselves drowning in indecision.
Success begins with "being honest with yourself" and your builder about "purpose, personal style and budget," said builder/remodeler Erin Widener Speckhart, president of Virginia Beach-based Widener Corp.
Click Here to Read: Tips On Redesigning Your Home, Your Way...
Yet when builders do a good job structurally, the difference between the dream experiences and the nightmares often starts with the decision-making process.
Clients face a bounty of options regarding styles, finishes, materials and colors. Unless they're accustomed to their own success as designer, or have chosen to work with a professional, the intrepid may find themselves drowning in indecision.
Success begins with "being honest with yourself" and your builder about "purpose, personal style and budget," said builder/remodeler Erin Widener Speckhart, president of Virginia Beach-based Widener Corp.
Click Here to Read: Tips On Redesigning Your Home, Your Way...
Professor Shares Tips On Buying A Home
Buying a house is not just about getting the most for the money, contrary to popular opinion.
Bryan Sudweeks, an associate professor at the Marriott School of Management, taught the class “Buying a Home” as part of the Show Me the Money financial planning seminar at the Gordon B. Hinckley Alumni and Visitors Center on Saturday.
“The single biggest mistake young couples make out of school is buying too big a home,” he said.
Click Here: Professor Shares Tips On Buying A Home...
Bryan Sudweeks, an associate professor at the Marriott School of Management, taught the class “Buying a Home” as part of the Show Me the Money financial planning seminar at the Gordon B. Hinckley Alumni and Visitors Center on Saturday.
“The single biggest mistake young couples make out of school is buying too big a home,” he said.
Click Here: Professor Shares Tips On Buying A Home...
Report: Gender Matters When Buying A Home
Are homebuyers looking for brand-new buys? Or, are fixer-uppers the way to go? According to the 2011 TD Canada Trust Home Buyers Report that decision may depend on your gender.
Mobile Mortgage Specialist Barry Rathburn says some people just don't want to take a chance. "I found women tend to be more conservative than men... less willing to take a risk. Most men are renovators at heart; they can see where they can change things to make a lifestyle situation out of the house."
Click Here: Report: Gender Matters When Buying A Home...
Mobile Mortgage Specialist Barry Rathburn says some people just don't want to take a chance. "I found women tend to be more conservative than men... less willing to take a risk. Most men are renovators at heart; they can see where they can change things to make a lifestyle situation out of the house."
Click Here: Report: Gender Matters When Buying A Home...
Real Estate Porn: Take A Look At Kate Moss’ Leopard Living Room
First it was burgled, then it was flooded, then it was exorcised — and now it’s for sale. Kate Moss‘ five-bedroom London abode is on the market for 7 million pounds (about $11 million US), though the paid the equivalent of $12 million for it back in 2007. So, what does 11 million big ones get you?
Click Here to Read: Real Estate Porn: Take A Look At Kate Moss’ Leopard Living Room...
Click Here to Read: Real Estate Porn: Take A Look At Kate Moss’ Leopard Living Room...
Homeowners in Danger of Foreclosure Are Most Vulnerable to Con Artists and Financial Scams
As foreclosures continue to rise across the nation, homeowners in financial distress need to be vigilant in protecting themselves against con artists and scams, according to Oyezz Real Estate, a leading local firm specializing in “short sales” as alternatives to foreclosure.
“When someone is under financial stress, they are much more vulnerable to becoming a victim of fraud,” says John Anderson, president of Oyezz. “Homeowners have to look past the smooth talk and appealing promises and thoroughly research the people and companies they choose to help them address their problems.”
The number one rule, Anderson says, is that homeowners should never pay anyone or any company an up-front fee to conduct a loan modification, arrange a short sale, or stop a foreclosure.
Click Here to Read: Homeowners in Danger of Foreclosure Are Most Vulnerable to Con Artists and Financial Scams...
“When someone is under financial stress, they are much more vulnerable to becoming a victim of fraud,” says John Anderson, president of Oyezz. “Homeowners have to look past the smooth talk and appealing promises and thoroughly research the people and companies they choose to help them address their problems.”
The number one rule, Anderson says, is that homeowners should never pay anyone or any company an up-front fee to conduct a loan modification, arrange a short sale, or stop a foreclosure.
Click Here to Read: Homeowners in Danger of Foreclosure Are Most Vulnerable to Con Artists and Financial Scams...
Some Tips On Buying A New-Construction Home
Homebuilders are eager to rack up sales this spring, and many are offering incentives and even some price reductions on homes.
So how best to find a good deal on a new home?
While homeowners looking to sell their property might balk at an offer that is too low and pull their home off the market, homebuilders have money invested in land and construction costs and can't afford to just sit on the homes they build.
With a little research, anyone considering purchasing a new construction home can improve their chances of negotiating a better deal, says Michael Corbett, real estate expert and author of "Before You Buy! The Homebuyer's Handbook for Today's Market."
Click Here: Some Tips On Buying A New-Construction Home...
Utah Man Taking On Bank Of America In Loan Modification Dispute
Many Americans have applied for the federal government's loan modification program, meant to keep them in their homes. Instead, less than a quarter of those who signed up have gotten any help.
The banks are being sued by several states and consumer class action lawsuits for their failure to follow through. But a Pleasant View man is standing up to Bank of America on his own.
Click Here to Read: Utah Man Taking On Bank Of America In Loan Modification Dispute...
The banks are being sued by several states and consumer class action lawsuits for their failure to follow through. But a Pleasant View man is standing up to Bank of America on his own.
Click Here to Read: Utah Man Taking On Bank Of America In Loan Modification Dispute...
How to Get Homes Sold in this Buyer’s Market
You know it’s a buyer’s market. But you really need to sell your home now. Here are six tips to get homes sold even in today’s real estate market:
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Click Here to Read: How to Get Homes Sold in this Buyer’s Market...
Florida Marlins’ Wes Helms Brings His Work Home
Neighbors in the small Alabama town of Sterrett always knew where to find Wes Helms on his 53-acre farm over the winter. The man called “Uncle” on the Marlins often was ensconced in his custom-made, 3,000-square foot batting cage, working on a swing that deserted him last season.
Helms had gone from coauthoring a major-league pinch-hitting record with Ross Gload in 2009 to anchoring the worst pinch-hitting club in the National League in ’10. His pinch-hitting average plummeted from .347 to .114 in one year, and his pride plunged with it.
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Helms had gone from coauthoring a major-league pinch-hitting record with Ross Gload in 2009 to anchoring the worst pinch-hitting club in the National League in ’10. His pinch-hitting average plummeted from .347 to .114 in one year, and his pride plunged with it.
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Luxury 2BR Apt., $700 a Month: A Craigslist Scam!
The ad on Craigslist last week sounded too good to be true. A two-bedroom apartment was available in Hoboken for a mere $700 a month, much lower than the usual starting price of around $1,500. This particular unit boasted marble floors, a laundry room, and a sixth-floor window overlooking Washington Street.
But across the country, ads like this one that sound too good to be true usually are. Details in the ads in Hudson County do make them seem legitimate – including the number of blocks the unit is from the local PATH station, and photos of the interior. One recent ad even provided an address on Second Street in Hoboken.
But across the country, ads like this one that sound too good to be true usually are. Details in the ads in Hudson County do make them seem legitimate – including the number of blocks the unit is from the local PATH station, and photos of the interior. One recent ad even provided an address on Second Street in Hoboken.
Foreclosures Drive Home Sales In Utah
Nearly one-fifth of all home sales in Utah last year were foreclosures, a new report shows.
The state’s share of distressed property sales, 19.7 percent, is lower than many other states, including neighboring Nevada (57.4 percent), Arizona (49.2 percent), Colorado (24.7 percent) and Idaho (28.4 percent).
Nationally, foreclosed homes accounted for nearly 26 percent of all U.S. residential sales, according to a report by RealtyTrac, which tracks foreclosures nationally.
In a normal market, foreclosures typically account for 1 percent to 5 percent of the home-sale market, said Daren Blomquist, managing editor of the RealtyTrac. Even though foreclosures are a smaller share of overall home sales in the state, “19 percent is still abnormally high,” he added.
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Southern Utah Housing Market Sees Bright Spot
Sales of new homes tumbled 11.2 percent between December and January as home builders struggle to compete in markets saturated with foreclosed homes.
Economists call it a worrisome sign, because it follows the worst year for new home sales in nearly 50 years. But there may be a bright spot on the horizon for real estate, at least in Southern Utah.
It isn't hard to find a brand new house for sale in St. George. In fact, "for sale" signs seem to be everywhere after the region suffered greatly in the nationwide housing crisis.
Economists call it a worrisome sign, because it follows the worst year for new home sales in nearly 50 years. But there may be a bright spot on the horizon for real estate, at least in Southern Utah.
It isn't hard to find a brand new house for sale in St. George. In fact, "for sale" signs seem to be everywhere after the region suffered greatly in the nationwide housing crisis.
But there is one market in Southern Utah that is suddenly booming.
Click Here to Read: Southern Utah Housing Market Sees Bright Spot...
Top 8 House-Hunting Mistakes
Buying a home is a very emotional process, and allowing those emotions to get the best of you can cause you to make any number of mistakes. Since buying a home has many far-reaching implications, from where you will live to how hard it will be to make ends meet, it’s important to keep your emotions in check and make the most rational decision possible.
There are eight common emotional mistakes that people make when buying a home. Avoiding these pitfalls will help you find the best home-sweet-home.
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There are eight common emotional mistakes that people make when buying a home. Avoiding these pitfalls will help you find the best home-sweet-home.
Click Here to Read: Top 8 House-Hunting Mistakes...
BofA May Owe Fannie, Freddie $230 Million for Foreclosure Delay
Bank of America Corp. said it will probably have to pay government-sponsored enterprises Fannie Mae and Freddie Mac an additional $230 million because of delays foreclosing on mortgages bought by the firms.
Bank of America’s agreements with Fannie Mae and Freddie Mac “provide for timelines to resolve delinquent loans through workout efforts or liquidation, if necessary,” the Charlotte, North Carolina-based lender said today in its annual report to the Securities and Exchange Commission. “In the fourth quarter of 2010, we recorded an expense of $230 million for compensatory fees that we expect to be assessed by the GSEs as a result of foreclosure delays.”
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Bank of America’s agreements with Fannie Mae and Freddie Mac “provide for timelines to resolve delinquent loans through workout efforts or liquidation, if necessary,” the Charlotte, North Carolina-based lender said today in its annual report to the Securities and Exchange Commission. “In the fourth quarter of 2010, we recorded an expense of $230 million for compensatory fees that we expect to be assessed by the GSEs as a result of foreclosure delays.”
Click Here to Read: BofA May Owe Fannie, Freddie $230 Million for Foreclosure Delay...
America's Most Expensive Homes
Candy Spelling, widow of television giant Aaron, has listed the Manor, Los Angeles' largest, and arguably most opulent, house up for sale at US$150-million, out-pricing every other listed home in the country. Just down the street the owner of a sprawling classical style marble mansion is asking for US$125-million, making it the second most-expensive home in America. Yet another home for sale is in the triple-digit millions, a massive but secluded US$100-million Lake Tahoe ranch.
Banks Could Face Billions In Fines Over Foreclosures
Two of the nation's largest banks may face billions in potential fines or enforcement actions from state and federal regulators over allegations of improper foreclosure paperwork.
Wells Fargo & Co. and Bank of America say they're being investigated by several government agencies over their foreclosure practices.
Regulators could seek upward of $20 billion in penalties for problems with the foreclosures, which would come from the Treasury Department and Department of Housing and Urban Development, is still in the works, according to several news reports.
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Wells Fargo & Co. and Bank of America say they're being investigated by several government agencies over their foreclosure practices.
Regulators could seek upward of $20 billion in penalties for problems with the foreclosures, which would come from the Treasury Department and Department of Housing and Urban Development, is still in the works, according to several news reports.
Click Here to Read: Banks Could Face Billions In Fines Over Foreclosures...
Real Estate 101: What New Home Buyers Need To Know
So you've decided to buy a house, but you're not sure if your finances are quite up to speed. Even if you hope to buy six months from now, there are numerous improvements and adjustments to be made in the interim, prior to taking on a mortgage.
First-time home buying is well documented as an arduous process, and much of that can be attributed to the sheer number of new and unexpected issues. Therefore, the more you know, the better you're likely to fare. Here, briefly, are some aspects buyers should consider when shoring up finances to buy a house.
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First-time home buying is well documented as an arduous process, and much of that can be attributed to the sheer number of new and unexpected issues. Therefore, the more you know, the better you're likely to fare. Here, briefly, are some aspects buyers should consider when shoring up finances to buy a house.
Click Here to Read: Real Estate 101: What New Home Buyers Need To Know...
Buying A Home Long-Distance
Although the Iribhogbes knew exactly what they wanted in a house, they were unable to shop around the traditional way. In fact, they closed on their house three weeks before they even saw it.
"I will tell you right now, everything was by faith," Alvin Iribhogbe said. "We believed in her."
"Her" was their Realtor -- Maria Vaill of Re/Max. Alvin and his wife, Adeola, had been living in Germany since 2007, where he was stationed for his job as a dental lab technician with the Army.
Click Here to Read: Buying A Home Long-Distance...
"I will tell you right now, everything was by faith," Alvin Iribhogbe said. "We believed in her."
"Her" was their Realtor -- Maria Vaill of Re/Max. Alvin and his wife, Adeola, had been living in Germany since 2007, where he was stationed for his job as a dental lab technician with the Army.
Click Here to Read: Buying A Home Long-Distance...
Yankees' Alex Rodriguez Takes Advantage of New York Tax Loophole
New York Yankees baseball player Alex Rodriguez paid $6 million for his new five-bedroom, 3,000-square-foot penthouse on Manhattan's coveted Upper West Side. While city assessment records say Rodriguez would normally owe approximately $60,000 each year in property taxes, thanks to a loophole in the city tax code called 421A, the Huffington Post has reported that he will pay only $1,200 this year.
That loophole will let Rodriguez and the rest of his well-to-do neighbors enjoy paying almost no property tax for the next several years since the program grants a 98 percent real estate tax abatement for as much as 25 years to condominium owners in newly built housing. New York City's Independent Budget Office has reported the 421A program will cost New York City more than $900 million this year in lost tax revenues.
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That loophole will let Rodriguez and the rest of his well-to-do neighbors enjoy paying almost no property tax for the next several years since the program grants a 98 percent real estate tax abatement for as much as 25 years to condominium owners in newly built housing. New York City's Independent Budget Office has reported the 421A program will cost New York City more than $900 million this year in lost tax revenues.
Click Here to Read: Yankees' Alex Rodriguez Takes Advantage of New York Tax Loophole...
Writing a Hardship Letter: Questions that Sellers Should Consider
I review short sale packages for a living. It’s what I do. One part of the package that is interesting to me is the hardship letter.
In order to participate in a short sale, a borrower must have some sort of hardship. The bank actually requests a copy of a hardship letter.
The reason that the hardship letter is interesting to me is because it’s a tell—like in poker. It shows exactly where the seller is at with regard to their mortgage, their home, and even their emotional state. Some hardship letters are longer than my kids’ book reports, and others do not share enough information.
Click Here to Read: Writing a Hardship Letter: Questions that Sellers Should Consider...
In order to participate in a short sale, a borrower must have some sort of hardship. The bank actually requests a copy of a hardship letter.
The reason that the hardship letter is interesting to me is because it’s a tell—like in poker. It shows exactly where the seller is at with regard to their mortgage, their home, and even their emotional state. Some hardship letters are longer than my kids’ book reports, and others do not share enough information.
Click Here to Read: Writing a Hardship Letter: Questions that Sellers Should Consider...
Real Estate Terms And Jargon Made Simple, Understandable
You may be able by now to decipher what “double, non-fat, hold the whip, caramel macchiato” means, but today’s terminology in real estate has become more technical and confusing. Just as a barista staring you down and waiting for your order can be intimidating in the coffee shop, trying to read some property listing descriptions in today’s world requires a higher level of understanding.
To help sort through the technical jargon, here are some common terms heard in real estate today.
Click Here to Read: Real Estate Terms And Jargon Made Simple, Understandable...
To help sort through the technical jargon, here are some common terms heard in real estate today.
Click Here to Read: Real Estate Terms And Jargon Made Simple, Understandable...
Buying An "As Is" Home Is Sometimes Not Clear-Cut
Buyers who are looking at listings sometimes see a home listed as “as is.” That term seems pretty obvious, but oftentimes buyers and sellers are not on the same page as to what "as is" means.
"Generally, 'as is' means you are purchasing that property in its present condition with conditions," says Phyllis J. Pezenik, the vice president and managing director of DJK Residential.
So buyers and sellers should come to an agreement on what to expect, according to Pezenik. First, both sides need to know what things are expected to be included, unless otherwise stated.
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"Generally, 'as is' means you are purchasing that property in its present condition with conditions," says Phyllis J. Pezenik, the vice president and managing director of DJK Residential.
So buyers and sellers should come to an agreement on what to expect, according to Pezenik. First, both sides need to know what things are expected to be included, unless otherwise stated.
Click Here to Read: Buying An "As Is" Home Is Sometimes Not Clear-Cut...
There's Life After Bailing On A Mortgage
The typical questions about ethics and blame were not what three Huffington Post writers had in mind last year when they asked readers, "Are you considering walking away? Have you already walked away from an underwater mortgage?"
Nearly one in four American mortgages is worth more than the home it's tied to. That's about 10.8 million mortgages. Borrowers of 58 of those mortgages responded to the reporters. In the ensuing year, 10 homeowners lost touch with The Huffington Post but 48 stayed in contact and reported on their experiences. Today, just eight are still in their homes.
Click Here to Read: There's Life After Bailing On A Mortgage...
Nearly one in four American mortgages is worth more than the home it's tied to. That's about 10.8 million mortgages. Borrowers of 58 of those mortgages responded to the reporters. In the ensuing year, 10 homeowners lost touch with The Huffington Post but 48 stayed in contact and reported on their experiences. Today, just eight are still in their homes.
Click Here to Read: There's Life After Bailing On A Mortgage...
Britney Spears Splurges on $20 Million Luxury Mansion?
Britney Spears, 29, may be moving into new digs. The currently-hot singer/entertainer has reportedly purchased a luxury tudor-style mansion in the Hidden Hills section of Los Angeles, for a mere $20 million, reports MailOnline. The home is only a few miles from the $1.8 million house where she lives now. Britney had a good year, financially, coming in third on the Forbes magazine women-in-entertainment list, and she may have decided to invest some of her millions in property.
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Click Here to Read: Britney Spears Splurges on $20 Million Luxury Mansion?...
The Foreclosure Of Patricia Kluge’s (Once) $100 Million Estate
In 1990 self-made media billionaire, John Kluge, and his third wife, Patricia, called their marriage quits. The divorce settlement broke records, which perhaps is not all that surprising since Kluge was, with a$5 billion empire, the world’s wealthiest man that year.
Patricia Kluge walked away with alimony payments of $1.6 million per week (the interest accrued on one billion dollars per year at the time). But she also snagged some prime real estate: a hunting lodge in the Scottish Highlands valued then at $20 million and an opulent 45-room Virginia estate called Albemarle.
Click Here to Read: The Foreclosure Of Patricia Kluge’s (Once) $100 Million Estate...
When Real Estate Means More Than A Place To Live
Residential housing, at its most irrational, is focused solely on the social-emotional needs of the buyer or seller. Many people think owning a home proves one or more of the following things:
1. Proves you are grown up.
2. Proves you are successful.
3. Proves you are independent.
4. Proves you are a good “catch” in the dating world.
5. Proves you are a good spouse.
6. Proves you are a good parent.
7. Proves you are not a “loser” in a divorce.
This is all nonsense, but it is socially reinforced nonsense. Owning a house proves none of this, but owning property (whether it is a house or a condo) remains a socially-sanctioned outward marker of responsibility and worthiness. Being unable to buy, or losing a house to divorce or financial setback strikes some people as irresponsibility or unworthiness.
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1. Proves you are grown up.
2. Proves you are successful.
3. Proves you are independent.
4. Proves you are a good “catch” in the dating world.
5. Proves you are a good spouse.
6. Proves you are a good parent.
7. Proves you are not a “loser” in a divorce.
This is all nonsense, but it is socially reinforced nonsense. Owning a house proves none of this, but owning property (whether it is a house or a condo) remains a socially-sanctioned outward marker of responsibility and worthiness. Being unable to buy, or losing a house to divorce or financial setback strikes some people as irresponsibility or unworthiness.
Click Here to Read: When Real Estate Means More Than A Place To Live...
Banks Push Home Buyers to Put Down More Cash
The down payments demanded by banks to buy homes have ballooned since the housing bust, forcing many people to rethink what they can afford and potentially shrinking the pool of eligible buyers.
Last week, the Obama administration called for gradually raising down payments to a minimum of 10% on conventional loans, meaning those that can be bought or guaranteed by mortgage giants Fannie Mae and Freddie Mac. And mortgage data show that private lenders are already pushing sharply higher the required down payments, mainly to mitigate their risk as home prices continue to fall.
Click Here to Read: Banks Push Home Buyers to Put Down More Cash...
Last week, the Obama administration called for gradually raising down payments to a minimum of 10% on conventional loans, meaning those that can be bought or guaranteed by mortgage giants Fannie Mae and Freddie Mac. And mortgage data show that private lenders are already pushing sharply higher the required down payments, mainly to mitigate their risk as home prices continue to fall.
Click Here to Read: Banks Push Home Buyers to Put Down More Cash...
Oh my, oh MERS!
First the robo-signing controversy. Then the U.S. Bank v. Ibanez ruling. Now the next bombshell ruling in the foreclosure mess has just come down from a New York federal bankruptcy judge.
The case is In Re Agard, and it essentially throws a huge monkey wrench into a hugely important cog of the entire U.S. mortgage market, the Mortgage Electronic Registration System, Inc. known as MERS.
Click Here to Read: Oh my, oh MERS!...
The case is In Re Agard, and it essentially throws a huge monkey wrench into a hugely important cog of the entire U.S. mortgage market, the Mortgage Electronic Registration System, Inc. known as MERS.
Click Here to Read: Oh my, oh MERS!...
Facing Foreclosure Without Missing A Payment: One Couple's Housing Nightmare
For the past 30 days, Kendra and Todd Parker have been trying to figure out what to tell their four children, fearing that they, like millions of other Americans facing foreclosure, could be tossed out of their home.
But unlike the vast majority of homeowners in their predicament, Kendra Parker says she can prove she and her husband have not missed a single mortgage payment.
Click Here to Read: Facing Foreclosure Without Missing A Payment: One Couple's Housing Nightmare...
But unlike the vast majority of homeowners in their predicament, Kendra Parker says she can prove she and her husband have not missed a single mortgage payment.
Click Here to Read: Facing Foreclosure Without Missing A Payment: One Couple's Housing Nightmare...
Which REO Should I Buy?
As we start the new year of 2011, it promises to be more of the same. The economy is still sluggish, unemployment remains high, and foreclosure rates are continuing to climb. The retirement accounts people have been counting on for years are now evaporating under the added strain of bad economic conditions, increased taxes and government intervention and a general malaise of the public towards the future.
Due to these factors many investors are finding it necessary to take a more active role in their investment strategies. They are no longer willing to let some “wall street” yuppie with no business experience handle their retirement accounts or more to the point, their family’s future. To some investors the answer is to take a more active role in controlling their investments by becoming involved with more tangible assets, ones they can see, touch, and feel – like real estate. For these awakened investors, owning rental property can be an extremely effective way to protect their capital and generate cash flow.
Click Here to Read: Which REO Should I Buy?...
Due to these factors many investors are finding it necessary to take a more active role in their investment strategies. They are no longer willing to let some “wall street” yuppie with no business experience handle their retirement accounts or more to the point, their family’s future. To some investors the answer is to take a more active role in controlling their investments by becoming involved with more tangible assets, ones they can see, touch, and feel – like real estate. For these awakened investors, owning rental property can be an extremely effective way to protect their capital and generate cash flow.
Click Here to Read: Which REO Should I Buy?...
Kelly-Moore Paints Unveils Its Top 10 Home Design Trends for 2011
Today's home, now more than ever, has become an epicenter for personal retreat. It's a place to escape and seek revitalization and renewal -- a safe haven and sanctuary to unwind and be at peace with the outer environment.
Mary Lawlor, manager of color marketing at Kelly-Moore Paints Company, Inc., a leader and innovator of waterborne-coating technology and the first major paint company to offer recycled paints, has identified 2011's Top 10 Home Design Trends to help homeowners reflect this sentiment.
Click Here to Read: Kelly-Moore Paints Unveils Its Top 10 Home Design Trends for 2011...
Mary Lawlor, manager of color marketing at Kelly-Moore Paints Company, Inc., a leader and innovator of waterborne-coating technology and the first major paint company to offer recycled paints, has identified 2011's Top 10 Home Design Trends to help homeowners reflect this sentiment.
Click Here to Read: Kelly-Moore Paints Unveils Its Top 10 Home Design Trends for 2011...
You’d Better Pay Attention to the Short Sale Settlement Statement
In the past, the average real estate agent didn’t spend too much time scrutinizing the estimated closing statements. Usually, that task would be left to escrow officers, title officers or lawyers. With short sales being the new normal, scrutiny of these statements in the early stages of a short sale transaction is vital.
Why? Well . . . the banks request the settlement statement as part of the short sale package. The short sale lien holders want to see their bottom line. How much money are they going to net? How many cents on the dollar will they be forgiving?
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Why? Well . . . the banks request the settlement statement as part of the short sale package. The short sale lien holders want to see their bottom line. How much money are they going to net? How many cents on the dollar will they be forgiving?
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Fed Official Calls For Major Foreclosure Reforms
A top federal regulator told bankers on Friday that a major investigation into Wall Street's foreclosure system has revealed a "broken" process that takes advantage of homeowners, further intensifying the debate over regulatory remedies to potential foreclosure fraud.
Mortgage companies have been accused of submitting fraudulent paperwork in the foreclosure process, prompting a brief suspension of foreclosures by several major servicers in the fall. This spectacle has undermined public faith in President Barack Obama's signature foreclosure-relief effort, the Home Affordable Modification Program, which relies on servicers to implement all of its critical components. The National Consumer Law Center estimates that half of the foreclosure cases it takes on are driven by improper actions by mortgage servicers, rather than fundamental problems with a borrower's ability to pay off a mortgage.
Click Here to Read: Fed Official Calls For Major Foreclosure Reforms...
Mortgage companies have been accused of submitting fraudulent paperwork in the foreclosure process, prompting a brief suspension of foreclosures by several major servicers in the fall. This spectacle has undermined public faith in President Barack Obama's signature foreclosure-relief effort, the Home Affordable Modification Program, which relies on servicers to implement all of its critical components. The National Consumer Law Center estimates that half of the foreclosure cases it takes on are driven by improper actions by mortgage servicers, rather than fundamental problems with a borrower's ability to pay off a mortgage.
Click Here to Read: Fed Official Calls For Major Foreclosure Reforms...
They're Rich And Famous And In Foreclosure
How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do.
"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.
"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.
Real Estate That's Changed Hands in World's Priciest Divorces
Valentine's Day might be a time to celebrate love for one another, but let's not forget what happens when things turn sour. Of the umpteen romances that began with Champagne and strawberries, chocolate and love letters, many have ended in acrimony, alimony, and the financial strain of divorce. When some of the world's richest people break it off, the resulting settlements are sizable, and often include some eye-popping real estate. Rupert Murdoch, he of many hideouts, holds the dubious honor of participating in the most expensive divorce of all time: a whopping $1.7B. But seeing as we've already given the media mogul enough attention in these parts, we will delve into the ranks to find some more real estate lost or gained as a result of conjugal discord. So while you spend the night cuddling with a special someone—hey, even if you're all alone!—just be happy you haven't spent more than $150M on a marital mistake...yet.
Click Here to Finish Reading: Real Estate That's Changed Hands in World's Priciest Divorces...
Despite Fears About Buying A Home, Now May Be The Time
Interest rates are near historic lows. Real estate is more affordable than it was three years ago. And the inventory of homes for sale gives buyers more choices than they’ve had in years.
So why aren’t more people buying?
Certainly, there are scores of potential buyers who no longer can qualify for loans under today’s tighter lending criteria. And others can’t because of layoffs, pay cuts and other recessionary hardships.
Even among those who can and want to buy, many are still holding off out of fear that it just isn’t the right time, but are they missing an opportunity?
“Consumer confidence is really low,” said Eric Allen, director of Metrostudy in Salt Lake City, which tracks the housing market.”
Click Here to Read: Despite Fears About Buying A Home, Now May Be The Time...
Garage For Sale — Oh, And With A House Attached
Molly and Stan Hyman are hitting the road and they've put their garage up for sale.
And by the way, their six-car garage comes with a house.
The Burbank couple are automobile enthusiasts and restorers who in 1995 custom-built their garage/house to give themselves room to rebuild and showcase vehicles.
Click Here to Read: Garage For Sale — Oh, And With A House Attached...
And by the way, their six-car garage comes with a house.
The Burbank couple are automobile enthusiasts and restorers who in 1995 custom-built their garage/house to give themselves room to rebuild and showcase vehicles.
Click Here to Read: Garage For Sale — Oh, And With A House Attached...
Towards A Fannieless Future Or Maybe Not
Well the Obama administration’s proposal(s) for remaking the country’s mortgage finance system has finally arrived. It, to my mind, is both a reminder of the paucity of leadership we currently enjoy as well as an important document around which to frame, hopefully, a private system which delivers unsubsidized mortgages.
As with health care, Obama has once again displayed his preference for allowing Congress to bang out the nuts and bolts of a major policy. He has perhaps taken it a step further this time by offering up a menu of possible structures, lest he be tagged with advocating something that might need a defense in the 2012 elections.
Click Here: Towards A Fannieless Future Or Maybe Not...
As with health care, Obama has once again displayed his preference for allowing Congress to bang out the nuts and bolts of a major policy. He has perhaps taken it a step further this time by offering up a menu of possible structures, lest he be tagged with advocating something that might need a defense in the 2012 elections.
Click Here: Towards A Fannieless Future Or Maybe Not...
Mystery European Buys ‘The Castle’ Home For $17.5-Million
Kris and Margaret Isberg also severed a 100 x 190-foot lot from the site as part of the sale, squeezing another $6-million out of the property and ensuring a tidy $5-million profit on their investment.
Click Here to Read: Mystery European Buys ‘The Castle’ Home For $17.5-Million...
How To Do Short Sales: The Benefits For Everyone Involved
Learning how to do short sales in the current changing marketplace is really challenging to keep up with, it’s an essential thing to do nowadays. If you’re able to disconnect and discover how to do short sales properly from individuals who can verify for you that they know what they’re speaking about then you’re going to be able to wrap your brain around the concept much easier.
You need to know the best way to be successful in this particular market to really make it and virtually all Real Estate Agents haven’t been educated the proper way. Most Realtors still don’t understand how to do them and in addition they say that they would rather not learn because of how hard they heard they are. Crazy huh? So… Precisely how to complete them the correct way without having to be scammed by fake authorities and worthless real estate “experts” who’re asking for you for precisely the same outdated re-written information.
Click Here to Read: How To Do Short Sales: The Benefits For Everyone Involved...
You need to know the best way to be successful in this particular market to really make it and virtually all Real Estate Agents haven’t been educated the proper way. Most Realtors still don’t understand how to do them and in addition they say that they would rather not learn because of how hard they heard they are. Crazy huh? So… Precisely how to complete them the correct way without having to be scammed by fake authorities and worthless real estate “experts” who’re asking for you for precisely the same outdated re-written information.
Click Here to Read: How To Do Short Sales: The Benefits For Everyone Involved...
30% Of Mortgages Are Underwater
Sometime, somehow, the foreclosure crisis will ease. But probably not anytime soon.
Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.
Now 27% of homeowners with mortgages owe more than their homes are worth. That's up from 23.2% a quarter earlier.
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Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.
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Friday, February 11, 2011
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Banks,
Foreclosure,
Homeowners,
Mortgage Crises,
Short Sales
Cost-Effective Ways To Boost Curb Appeal
Anyone who's ever bought, sold or even just looked at a house can tell you first impressions matter. A house can be filled to the rafters with luxury touches, but if it lacks curb appeal, few potential buyers will ever step in the door to see what's inside.
With real estate sales still sluggish across the country, curb appeal is taking on a new meaning for many homeowners. While an attractive home exterior can still boost potential resale value, homeowners are also looking at curb appeal as a way to enhance the enjoyment of their homes. Giving the exterior of their home a facelift not only makes the house stand out on the street, it also allows homeowners to "move up" without the expense of remodeling or moving.
Click Here to Read: Cost-Effective Ways To Boost Curb Appeal...
With real estate sales still sluggish across the country, curb appeal is taking on a new meaning for many homeowners. While an attractive home exterior can still boost potential resale value, homeowners are also looking at curb appeal as a way to enhance the enjoyment of their homes. Giving the exterior of their home a facelift not only makes the house stand out on the street, it also allows homeowners to "move up" without the expense of remodeling or moving.
Click Here to Read: Cost-Effective Ways To Boost Curb Appeal...
America's Most Decadent Kitchens
You need do no more research than watch a rerun of reality show The Osbournes to confirm that kitchens are the epicenter of American family life. We use them to cook, eat, congregate and mingle. So it's no wonder that home buyers fork over top dollar to create lavish spaces to dish out food.
Forbes has compiled a list of 15 U.S. homes for sale with dream kitchens a professional chef would salivate over. Our friends at Realtor.com, Trulia.com, Sotheby's International Realty and Coldwell Banker Previews International nominated dozens of luxury homes for the list. All contenders offered delectable cook spaces, but those selected from among homes ranging in price from $2 million to $68 million stood out for unique amenities or jaw-dropping layouts.
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Be Smart When Buying A Home Warranty
Consumers considering a home warranty need to do their homework and make sure they understand exactly what they are buying -- or possibly risk facing disappointment. Unfortunately, others have.
For the sixth consecutive year, companies that service home warranties -- service contracts designed to cover the cost of repair and replacement of common household appliances and home systems -- topped the worst-graded categories list compiled annually by Angie's List, an Indianapolis-based consumer ratings and review service with more than 1 million paid members.
Fifty-four percent of reviews submitted on home-warranty companies in 2010 rated poorly. Most of the complaints lodged concerned communication and professionalism, with many based on a misunderstanding about what the warranties covered and the quality of the repair work ultimately done.
Click Here to Read: Be Smart When Buying A Home Warranty...
For the sixth consecutive year, companies that service home warranties -- service contracts designed to cover the cost of repair and replacement of common household appliances and home systems -- topped the worst-graded categories list compiled annually by Angie's List, an Indianapolis-based consumer ratings and review service with more than 1 million paid members.
Fifty-four percent of reviews submitted on home-warranty companies in 2010 rated poorly. Most of the complaints lodged concerned communication and professionalism, with many based on a misunderstanding about what the warranties covered and the quality of the repair work ultimately done.
Click Here to Read: Be Smart When Buying A Home Warranty...
To Rent or Buy a Home?
In finding a house, it is critical to decide whether you’re going to rent it or buy it. Nonetheless, surveys say that buying a house will benefit you more in the long run compared to just renting a home; then again, all of it still basically comes down to what your needs are and what you can afford at the moment.
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Click Here to Read: To Rent or Buy a Home?...
The Art Of Buying Good Art For Your Home
The walls are freshly painted, the hardwood floors gleam and the granite countertops complete your dream house — almost. Something is missing: a painting, print or sculpture that will complete the picture. But good art, you’re told, is quite expensive, and you’re not an expert.
What should you look for, and where? And how do you know if you’re getting good art?
Click Here: The Art Of Buying Good Art For Your Home...
What should you look for, and where? And how do you know if you’re getting good art?
Click Here: The Art Of Buying Good Art For Your Home...
BofA Creates New Unit, Names Foreclosure Czar
Bank of America Corp appointed on Friday a new foreclosure and loan modifications czar, and created a new unit to oversee problem home loans in a bid to sort out its ongoing foreclosure issues, becoming the first large U.S. bank to do so.
The new unit creates a seventh major division at the bank reporting directly to Chief Executive Brian Moynihan, an indication that the largest U.S. mortgage servicer is attempting to be more aggressive in resolving its problem loan portfolio.
Analysts said the move is a signal that major U.S. mortgage lenders have not yet turned the corner on dealing with the problem home loans on their books.
Click Here to Read: BofA Creates New Unit, Names Foreclosure Czar...
The new unit creates a seventh major division at the bank reporting directly to Chief Executive Brian Moynihan, an indication that the largest U.S. mortgage servicer is attempting to be more aggressive in resolving its problem loan portfolio.
Analysts said the move is a signal that major U.S. mortgage lenders have not yet turned the corner on dealing with the problem home loans on their books.
Click Here to Read: BofA Creates New Unit, Names Foreclosure Czar...
Realtor, Home Seller Baffled When Bank Rejects Its Own Offer
Stacy Baker fought for two years to sell her father’s house and to keep it from being auctioned off, but lost the fight even after her real estate agent said an offer was made to the bank that met its own conditions.
Baker’s father was 61 when he succumbed to complications from a heart transplant, and she said her father probably realized “it was the wrong decision after he bought it.”
Click Here to Read: Realtor, Home Seller Baffled When Bank Rejects Its Own Offer...
Baker’s father was 61 when he succumbed to complications from a heart transplant, and she said her father probably realized “it was the wrong decision after he bought it.”
Click Here to Read: Realtor, Home Seller Baffled When Bank Rejects Its Own Offer...
Understanding the Mansion Tax
ccording to Wikipedia, a "mansion" is a "very large dwelling." U.S. realtors define a mansion as a dwelling of over 8,000 square feet, whereas a traditional European mansion was defined as a house which contained a ballroom and ten or more bedrooms.
While most homes in Edgemont and Scarsdale do not contain a ballroom, many property owners might feel as if they are taxed like mansions.
If you are lucky enough to afford a home valued at over a million dollars, you should be aware of New York tax law, section 1402-a, which imposes a one percent tax upon the buyer in the purchase of residential one, two or three family homes, including condominium or cooperative units.
This tax is more commonly known as the “mansion tax."
Click Here to Read: Understanding the Mansion Tax...
While most homes in Edgemont and Scarsdale do not contain a ballroom, many property owners might feel as if they are taxed like mansions.
If you are lucky enough to afford a home valued at over a million dollars, you should be aware of New York tax law, section 1402-a, which imposes a one percent tax upon the buyer in the purchase of residential one, two or three family homes, including condominium or cooperative units.
This tax is more commonly known as the “mansion tax."
Click Here to Read: Understanding the Mansion Tax...
Getting The Job Done: Home Stager Prepares For The Sale
With so many homes for sale, sellers are looking to find any advantage they can to set their home apart from their neighbors. Home-staging businesses, assisted by numerous home-staging and decorating television shows, have sprouted to fill the need.
Carmen Wilber of DeLand started Style Fusion Home Staging last summer with her husband, Michael, helping her market the company. She is an accredited staging professional by the International Association of Home Staging Professionals.
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Carmen Wilber of DeLand started Style Fusion Home Staging last summer with her husband, Michael, helping her market the company. She is an accredited staging professional by the International Association of Home Staging Professionals.
Click Here to Read: Getting The Job Done: Home Stager Prepares For The Sale...
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...
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.
Click Here to Read: U2's The Edge in Row Over Malibu Home Plans...
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...
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...
Wednesday, February 2, 2011
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Defaulted Loans,
Foreclosure,
Luxury Homes,
Wealthy
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.
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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.
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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...
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...
Tuesday, February 1, 2011
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Foreclosure,
Home Buyers,
Home For Sale,
Real Estate Investing
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...
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...
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?...
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...
Friday, January 28, 2011
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Home Prices,
Home Sales,
Real Estate Investing,
Utah Real Estate
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...
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.
Click Here to Read: Foreclosure Horror: Home Filled With Dead Pets...
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.
Click Here to Read: Foreclosure Horror: Home Filled With Dead Pets...
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...
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...
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."
Click Here to Read: Unlicensed Mortgage Brokers Get The Boot...
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."
Click Here to Read: Unlicensed Mortgage Brokers Get The Boot...
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.
Click Here to Finish Reading: HUD Extends Foreclosure Anti-Flipping Rule...
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.
Click Here to Finish Reading: HUD Extends Foreclosure Anti-Flipping Rule...
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.”
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.”
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?...
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...
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...
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.
Click Here to Read: Trashed! Golf Course Home Is Called Worst Mess...
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...
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.
Click Here to Read: Hulk Hogan Still Trying To Sell Off His Florida Real Estate...
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...
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....
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...
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.
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.
Click Here to Read: New York Judges Hold Foreclosure Lawyers Responsible For Filings...
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.
Click Here to Read: New York Judges Hold Foreclosure Lawyers Responsible For Filings...
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.
Click Here to Read: Contemporary Beverly Hills House Has Old-World Flair...
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.
Click Here to Read: Contemporary Beverly Hills House Has Old-World Flair...
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 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...
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.
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.
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?...
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...
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.
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 ...
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...
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.
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...
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...
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?...
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?...
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