Surge in foreclosures attracts lawyers who promise to renegotiate mortgages but don’t
What is one of the biggest businesses out there in the real estate spectrum? Loan modifications. What real estate business is fraught with fraud? Loan modifications! Paul Elias from the Associated Press reports about a growing trend of “people” that are victimizing homeowners. He focuses on rogue attorneys who are comfortable in taking peoples money […]
Short sales grow as a cheaper alternative to foreclosure
Banks’ resistance to the tricky transactions is softening as the number of distressed properties increases. Alejandro Lazo from the LA Times reports on a trend that should help everyone. Lenders are finally getting clued into the fact that short sales can be a better alternative to foreclosures. Mr. Lazo reports that, “Short sales approved by […]
Foreclosure stresses take human toll
In this day and age the news is filled with stats and stories about foreclosures, short sales, loan modifications etc. etc. What many fail to see is the toll foreclosures take on the human race. They take an emotional toll on those that are involved often causing the break up of family and friends. The […]
Obama unveils mortgage plan to help California, 4 other states
Peter Nicholas and Ashley Powers report on the governments latest flavor of the month. President Obama announced a $1.5B (yes that’s right BILLION) program designed to help just 5 states. While I live and do business in one of these states (Florida) and do business in two others (California and Arizona), it is my opinion […]
Lenders starting to run after ‘walkaway’ homeowners
Charles Feldman brings us a very good article regarding “walkaways.” There is a growing group of people that simply walk away from their homes because they are worth less than what is owed. Recently, this trend has caught the eye of bankers and they are not rolling over. Lenders are securing the deficiency judgments by […]
Arizona Leads the Way in Combating Foreclosure
Dean Baker from Truthout reports on an innovative bill that is being considered by Arizona. They want to pass a law that allows home owners to stay in their homes for one year after they have been foreclosed upon! The bill limits this benefit to low and moderate income home owners. The bill also has […]
Digging Deep to Save Your Digs!!
Margaret Collins from the San Francisco Chronicle writes about an unfortunate trend involving retirement accounts. Early distributions from 401(k) accounts hit a 10 year high in the second quarter of 2010. The primary reason for the early withdrawals involved the prevention of foreclosure and eviction. What this means to me is that people are busting […]
Giant bank, giant struggle in providing mortgage help
Mary Shanklin from the Orlando Sentinel reports on what many of you already know. Bank of America has a terrible reputation for approving short sales and permanent loan modifications. This is partially due to the systems that they have in place. B of A’s acquisition of Countrywide has also contributed to the poor performance. Passages […]
Wine Is Not an Immunity to Foreclosure
Sajid Farooq from NBC writes an article that interests us. There are 10 wineries in Napa Valley that are in danger of being foreclosed upon. While Randy and I enjoy an occasional glass of good wine, we were both amazed at this data. In fact the article goes on to say that over 250 vintners […]
Why a Foreclosure Defense Attorney is So Important
Gary Carlson from the Viral Socialite brings us an article that is an important one to read. The headline says it all! Rather than me paraphrasing a very well written article, click the link to read the entire article. You will be glad that you did!
Less Than One Percent Of Modified Mortgages In Obama Foreclosure Plan Involve Principal Cuts
Shahien Nasiripour from the Huffington Post reports on an alarming fact that involves principal reductions. I speak with homeowners ,weekly, who hold out hope that the lenders are going to forgive a portion of the principal that they owe on their home. While this is certainly possible, it is very unlikely. Mr. Nasiripour reports that […]
Nine years to dig out of home foreclosure inventory
Rocky Vega reports on a staggering figure. Based on today’s current glut of foreclosed homes that reside in the coffers of lenders around the world, it will take a staggering 9 years to clear the CURRENT inventory! This doesn’t take into account the additional homes that are pouring into the trough on a daily basis. […]