Chase’s Foreclosure Disgrace
Greg Kaufman reports on what Chase has done to 3 homeowners that have played by the rules. The article highlights 3 people that applied for and met all of the requirements for a permanent loan modification but were denied by Chase. Mr. Kaufman surmises that the reason behind these (and may others I’m sure) rejections […]
Queens DA: Fraud Scheme Preyed on Homeowners Facing Foreclosure
Chris Herring from the Wall Street Journal reports on a foreclosure fraud scheme that was cracked in NY City. While the scheme took advantage of people in common ways (read the article), one part of it really stuck out. The thieves were targeting properties that had legitimate equity in them but were also in preforeclosure. […]
Superman Comic Saves Family Home From Foreclosure
Ray Sanchez from ABC Action News brings us a real life story about Superman! I thought Superman was a fictional character! In this case he (well…maybe the comic book that portrays him) seems to be helping a family save their house from foreclosure. While packing up to leave their soon to be foreclosed on home, […]
Foreclosures of Expensive Homes Take Longer
Julie Schmit from USA Today brings us an article that validates what I have been saying for years. Ms. Schmit writes, “Foreclosures are taking longer for more-expensive homes than for less-expensive ones…… From January through May, almost 400,000 homes were repossessed by lenders or sold to others at foreclosure auctions. By the time they were […]
Letting your home go into foreclosure does have consequences
Alejandro Lazo of the LA Times has written an article that will be sure to raise some eyebrows. In this foreclosure heavy environment many people don’t understand the consequences of simply walking away from a mortgage and allowing the lenders to foreclose. It’s not like you used to hear it where people simply “turned in […]
Treasury sets guidance to simplify “short sales”
Al Yoon has delivered yet another very interesting article regarding short sales. While the government has offered incentives to lenders and servicing companies in the past, this is the first attempt to limit the amount of time a lender has to respond to a short sale offer. HAMP (Home Affordable Foreclosure Alternatives Program) allows mortgage […]
Only about 4% get long-term mortgage help
Tami Luhby of CNN Money reports on what many of us thought but didn’t actually know. Only 4% (which represents just over 31,000 homeowners) of troubled home owners have received LONG TERM relief from mortgage modifications. A proportionate number of people have been denied long term help due to reasons outside the control of lenders/servicers […]
1 in 4 mortgages ‘underwater’
Julianne Pepitone of CNNMoney.com reports on a very disturbing fact: 1 in 4 mortgages are underwater. This doesn’t mean that 1 in 4 mortgages are in foreclosure it just means that the mortgages don’t support the underlying debt. Some people will continue to hang in there and pay on a mortgage that doesn’t equate to […]
Dubai’s First Foreclosure May Open Floodgates in Worst Market
Zainab Fattah from Business week wrote an interesting article that describes the ailing real estate market in Dubai. Dubai used to be the safe bet for real estate investors. Property prices quadrupled since 2002, the year when foreigners were allowed to start buying properties. The first foreclosure filing was recently recorded which challenged some long […]
Dramatic decline in foreclosures in California
The central Valley Business Times reported that foreclosures dropped dramatically in California in December of 2009. But…………….that’s not the rest of the story. The reason behind this drop is because of the holiday foreclosure moratoriums that were in place. Lenders weren’t foreclosing. Expect a dramatic increase in foreclosures in January with delinquencies and unemployment going […]
First Bank donates foreclosure in H.P.
The business journal of Winston Salem reports on a bank with a heart. Why can’t each and every lender in each and every state do what First Bank did? First Bank donated a house to a non profit organization. The house will go to a low or moderate income family that otherwise couldn’t afford a […]
Waiver OK’d on flipping houses
Leslie Berkman from the Press Enterprise reports on a recent development with the FHA. Effective February 1, 2010 (with a tentative end date of February 1, 2011), the FHA has eliminated the 90 day seasoning requirement for people that purchase homes that are financed with FHA mortgages. Prior to the change, individuals who purchased homes, […]