How The Mortgage System Works - 11/18/10 02:47 PM
Foreclosures are setting off
fresh tremors across the
country but not because of any
surge in unpaid loans. An
elaborate system designed to
assure good title to your home
and solid assets on lender
books has been shaken by
revelations of botched
foreclosure affidavits. This is a
problem because courts rely on
sworn affidavits as evidence,
and it appears that large
numbers affidavits were signed
but not read. If an affidavit has
not been read then it's possible
lender claims are wrong. Since
we don't know which affidavits
are accurate and which are not,
massive numbers of audits will
now be … (1 comments)

STATS - 11/18/10 02:44 PM
Foreclosure filings - default notices, scheduled auctions
and bank repossessions - were reported on 930,437
properties in the third quarter, a nearly 4 percent increase
from the previous quarter but a 1 percent decrease from
the third quarter of 2009, according to the RealtyTrac U.S.
Foreclosure Market Report. One in every 139 U.S. housing
units received a foreclosure filing during the quarter.
Foreclosure filings were reported on 347,420 U.S.
properties in September, an increase of nearly 3 percent
from the previous month and an increase of 1 percent
from September 2009.
… (1 comments)

Real Estate U.S. homes lost to foreclosure drops 9 pct in - 11/12/10 11:18 AM
The number of U.S. homes repossessed by lenders last month fell by the sharpest margin this year, as several major lenders temporarily halted most or all of their foreclosures amid allegations thousands of foreclosures were handled improperly.
Home repossessions dropped 9 percent from September to October, foreclosure listing firm RealtyTrac Inc. said Thursday.
The decline represents the first significant hitch in a foreclosure steamroller that's had lenders on pace to seize more than 1 million homes this year.
In recent weeks, some lenders that had suspended taking action against borrowers severely behind in payments have announced plans to resume doing so, … (0 comments)

Facing foreclosure? Don't worry. You can still vote WHAT IS THAT????? - 11/11/10 12:09 AM
Voters are required to register to vote in the county in which they live, but for individuals in the middle of a messy foreclosure, residency is sometimes difficult to pin down as they bounce from rental to rental or crash with family or friends.
Each state sets its own rules, but the bottom line is this: Owning a home in foreclosure doesn't affect your right to vote, but it might affect where you vote. So be prepared when you head to the polls.
… (0 comments)

The American dream fades for more as homeownership falls - 11/11/10 12:07 AM
A perfect storm of job losses, unaffordable mortgages and plunging home prices have resulted in a steady decline in homeownership over the past five years, according to the results of a U.S. Census Bureau report.
Nearly 3 million fewer Americans now own homes compared to the first quarter of 2005, when homeownership peaked at 69.1%, the Census Bureau found. During the third quarter of 2010, the homeownership rate was down to 66.9%, unchanged from a quarter earlier. That's the lowest rate since the second quarter of 1999.
Meanwhile, a great number of homes sit empty. For owner-occupied homes, the vacancy rate … (1 comments)

What the election means for foreclosures and robo-signing - 11/11/10 12:02 AM
All 50 state attorneys general agreed to jointly pursue the issue, but half of their 12-member executive committee now find themselves in their last months of service. Arizona, California, Connecticut, Florida, New York and Ohio will all have new attorneys general come January.
Most prominent in that group is Ohio Attorney General Richard Cordray, who had filed suit against Ally Financial, alleging that the bank and its employees had signed and filed false affidavits in foreclosure cases, a practice commonly known as robo-signing.
Cordray lost his reelection bid to Republican Mike DeWine, who has not yet declared whether he intends to … (0 comments)

TURNING FORWARDS - 11/10/10 11:55 PM
Things are beginning to look up in the big D, the Motor City; but surely, there is still a long ways to go. With most of the non-productive or destructive distractions resolved, Detroit's new government and public school system leaders are showing signs that their eyes are locked on the right prize for the City.
Finally, Detroit may be seeing it's worst times this year and into 2011, as high unemployment and crime are still major issues within the City. However, if Ford Motor Company's stock price movement is any indicator, Detroit's once failing automotive industry is turning toward profitability. Additionally, … (2 comments)

WHEN WILL IT TURNAROUND??? NOW OR LATER? - 11/10/10 11:45 PM
We ask ourselves daily when will it all turnaround? will it be this year or next or beyond that? We just need alll these houses that are distressed to hit the market so the economy will turnaround quicker. What are they waiting for? the house to be stripped and water damage or the brick or siding to be stolen? We are in a very high crime economy now that the holidays are here... When will it all change ????
… (3 comments)

 
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Albert Hakim

TEAM DETROIT

Detroit, MI

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Address: 18499 Mack, Detroit, Mi, 48236

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