Cuyahoga County sheriff to bar appraisers from buying foreclosures
The Columbus Dispatch brings us a short but very interesting piece. The sheriff in Cleveland wants to ban any appraiser from buying houses that are sold at public foreclosure auctions. Sheriff Reid sees a potential conflict of interest. I would agree with his position but would suggest that he (and those throughout our country) take […]
Foreclosure Rule Changes In Florida
Whitney Ray from News Channel 7 in Panama City Beach has reported on 2 very sensitive subjects: Loan Modifications and Mediations with lenders. Ms. Ray reports that after December 31st, one must be a licensed mortgage broker and hold a license from the state of Florida in order to do loan modifications. There are many […]
Mansion Foreclosures Surge
Robert Frank from the Associated Press reports on a trend that just keep on increasing. He reports that, “The percentage of $1 million-plus loans more than 90 days delinquent rose to 13.3% in February.” Mortgages that are delinquent and are greater than $5M also continue to rise. Mr. Frank reports that, “Lenders to the wealthy […]
High-End Homeowners Falling Into Foreclosure Trap
Joseph Pisani from CNBC reports on a growing trend in the distressed real estate market. More and more Luxury Homes (defined as homes with mortgages that are equal to or greater than $1,000,000) are falling into foreclosure. According to Mr. Pisani, in February of 2010, 4169 homes were in some stage of foreclosure, which represented […]
Phony Audits: A New Twist on Foreclosure Rescue Scams
The Federal Trade Commission reports on the latest flavor of the month…Forensic Loan Audits. Forensic Loan Audits are being sold as a way for consumers to “beat the bank.” The idea is for the auditor to comb through the mortgage documents of a seller in pre foreclosure in an attempt to provide discrepancies. Lore has […]
Fed owns nearly half of all foreclosed homes
Ryan McMaken from the Christian Science Monitor reports on a growing problem within our government. The government owns close to 50% of all homes that have been foreclosed upon. Mr. McMaken astutely points out that bullish calls on the state of the housing market (i.e. prices) have caused lenders, servicers, investors etc. to stand pat […]
As PBC foreclosure paperwork piles up, so does desperation
Kimberly Miller from the Palm Beach Post brings us an article regarding the mountains of paperwork that are deluging courthouse offices across the United States. Now, you may say that I am pointing out the obvious….which is partly true! But I found a little nugget that may help the real estate professionals out there help […]
U.S. Housing Market Recovery Dependent on Jobs Growth, Harvard Report Says
Kathleen Howley of Bloomberg writes an interesting article that reflects on our common sense. No matter what kind of programs our government unveils, the key is going to be sustained job growth. Why? Because, while the foreclosure mess is being fueled by the big bad banks and their crazy loan programs, unemployment is what will […]
Legal mess over foreclosures deepening
Todd Ruger of the Sarasota Herald Tribune brings us a very interesting article that discusses more legal maneuverings in the State of Florida. The Florida Supreme Court is attempting to crack down on the often shoddy paperwork produced by the foreclosure mills that are strewn across the state. They are focusing on incomplete filings that […]
Pet owners facing tough times with foreclosures
I sent out a newsletter last year regarding the subject of pets and foreclosures. Cheryl Hanna from the Rescue Examiner reminds us that 1,000,000+ pets this year will be affected by foreclosures. I have a Labrador Retriever and 2 cats. The loss of them would be difficult to swallow. If you have pets or know […]
Stagecoach log home goes to foreclosure
Tom Ross from Steamboat Today reports on a ski house that recently went to foreclosure. While this in itself is not an interesting story, the background behind it sounds familiar. Ultimately the house was taken back by the bank for $350,000. The listing realtor had an offer for $330,000 placed with Chase 2 months before […]
New Poll Reveals Americans’ Feelings On Foreclosure
Daniel Indiviglio from the Atlantic reports on a recent poll that discusses how Americans feel with the subject of foreclosure. While foreclosure used to be a social stigma, it is now a topic of conversation at cocktail parties. A couple of interesting tidbits from the poll: While statistics are just that…statistics, they do provide a […]