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.
Click Here to Read: Doors A Missed Design Opportunity To Spruce Up Home...
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.
Click Here to Read: Florida Marlins’ Wes Helms Brings His Work Home...
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.
Click Here to Read: Florida Marlins’ Wes Helms Brings His Work Home...
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.
Click Here to Read: Top 8 House-Hunting Mistakes...
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.”
Click Here to Read: BofA May Owe Fannie, Freddie $230 Million for Foreclosure Delay...
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...
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