Mortgage Modifications Aren’t Stopping Foreclosures
Kathleen M. Howley, Dakin Campbell and Danielle Kucera from Business Week bring us an article that highlights the inefficiencies of the lenders and servicing companies that are knee deep in this foreclosure mess. Another bone that I have to pick, especially with Bank of America, involves short sale “re-approvals”. Does this sound familiar? A short […]
Bank of America lifts foreclosure freeze
Alejandro Lazo from the Los Angeles Times reports on what most people knew was coming. Bank of America lifted their foreclosure freeze. They have started taking back houses that were sitting on the sidelines. The unfortunate result of their freeze was that many sellers established a false sense of security. Several folks that I spoke […]
Sterns Follies!
Kim Miller from the Palm Beach Post reports on the continued implosion of the Law Offices of David Stern. Apparently Sterns office is transferring thousands of files without doing the necessary reporting and notifications…shocker! As a result, houses that are supposed to go to foreclosure aren’t. Fannie and Freddie are no longer utilizing his services. […]
Happy Holidays From Matt & Randy
I’m a very big proponent of giving back to the less fortunate. This week, we had the pleasure of giving back to two families in need and to a daycare center that was in need of supplies. Our assistant, Ashley, came to us with an idea of giving gifts and food to two families that […]
The Worst Is Yet To Come!
Dave Clarke and Corbett Daly from Reuters bring us an article that discusses the potential fallout of the infamous “robo signing” fiasco. There is indication that some of the major banks may be required to buy back bad mortgages that they sold off to investors. This could result in $52 Billion worth of losses. Whether […]
It’s Prime Time!
Michael Kraus pointed out that during the 3rd quarter of 2010 the percentage of PRIME mortgages rose as compared to the previous quarter. What’s significant about this is that prime mortgages are/were considered to be safe investments for their owners. What they didn’t count on is the continued deceleration of our economy and the continued […]
The Magic Number!
While it’s not really a magic number, the Wall Street Journal recently reported on the number 492. What is the significance of this number? It is the number of days since the average borrower in foreclosure last made a mortgage payment! The significance of this statement is, “……. people who default on their mortgages can […]
Why Follow the Rules?
Carolyn Said from the San Francisco Chronicle reports on a not so uncommon bait and switch performed by Citi Bank. A California family applied for and received a trial mortgage modification. After making 11 on time payments, they tried to make a 12th payment. Citi denied the payment and sent a foreclosure notice instead! In […]
Records are Meant to be Broken!
The Associated Press reports on the state of foreclosures in Arizona. Through November, AZ has experienced a year over year increase in foreclosures of 12%. This set yet another record for the state. An interesting take from the article is that this number SHOULD have been much higher. The number of foreclosures were held down […]
Remember the Children!
Dina Elboghdady from the Washington Post brings us an article about the casualties of foreclosures….our children. “This foreclosure crisis is the largest forced relocation event we’ve had in this country since the Great Depression. In the modern educational environment, we’ve never seen anything come close to this,” said Dan Immergluck, a housing policy professor at […]
Bankruptcies Fuel the Fire!
Nadia Vanderhoof from TCPalm brings us an article that exposes the aftermath of our governments failed band aids. In English, there is a high volume of people that either attempt to enter or enter a mortgage modification program only to be flushed out of the other end in bankruptcy court. When families go through a […]
A Noble Cause!
Why can’t lenders and their investors think the same way that Habitat for Humanity does?! Michelle Vu from the Christian Post Reporter brings us an article that shows how Habitat for Humanity (HFH) makes housing affordable for those in need. When I think of HFH, I picture a crew of 50 people building homes, from […]