foreclosures: Debt Relief Act Extended
- 01/02/13 11:25 PM
After many months of holding their breath, distressed homeowners can now breath a sigh of relief. The Debt Relief Act of 2007 has been extended through 2013. There are rumors that it will be extended further in the final deal but for now, at least, the news is good. The Debt Relief Act offers protection against for homeowners who short sale or lose their home to foreclosure. Prior to the bill, homeowners were potentially reponsible for paying taxes on the deficiency (the difference between what they owe on their mortgage and what their home actually sells for). Although many homeowners were … (0 comments)
foreclosures: ShortSales Increase in 2011
- 04/02/12 01:02 AM
This article, brought to you by Housing Wire, mentions that there was a 12% increase in short sales versus 2010 and that the amount was nearly double that of 2009. That being said, it also mnetions that delinquent loans have dropped to their lowest level in over three years. Without a doubt, these are mixed signals. In Maricopa Arizona, where we have experienced an enormous amount of short sales, the number of short sales has declined to just over 20 as compared to ver 200 a year ago! Although it would appear that most distressed homeowners that were considering short sales … (3 comments)
foreclosures: Fannie Mae REO to Rental Program Underway for Investors
- 02/27/12 09:27 PM
According to a number of sources including DSNews, Fannie Mae has put a block of 2,490 REOs up for sale. It’s the first pilot transaction of the federal government’s Real-Estate Owned (REO) Initiative announced in August 2011, which aims to sell homes repossessed by government agencies to private investors for the purpose of turning the properties into rental units. It is interesting to note that only 429 of these homes are vacant. The rest are already occupied by tenants which will make it very attractive to investors who would like a smooth transition. Nearly 60% of these homes are concentrated in … (2 comments)
foreclosures: Maricopa Arizona Homes for Sale Market Update 22FEB12
- 02/21/12 08:33 PM
The downward spiral of homes for sale in Maricopa Arizona continues as inventory of available homes is now at 181!! At some point very soon I would expect this number to “bottom out” but the impact from seasonal buyers may keep this from happening in the near future. Single level homes are particularly scarce and, as of this morning, there are only 12 homes, not including short sales, that are priced below $90,000 in all of Maricopa!! If you are a buyer and are waiting to see if prices will return to last year’s values, you may be in for a … (1 comments)
foreclosures: Mortgage Delinquenicies on the Rise
- 02/15/12 12:45 AM
For those of you who have been believing all the media hype regarding a "housing market rebound", you may want to read the attached article, brought to you by DSNews. In spite of prices rebounding a bit and inventory being at an all time low in my community of Maricopa Arizona, there are still a LOT of vacant homes that have been foreclosed on (shadow inventory) and over 300 homeowners delinquent on their mortgagae, an increase from 6 months ago. We are just seeing a little "bump" due to the influx of seasonal buyers and the lenders' unwillingness to release their … (1 comments)
foreclosures: State Attotney General Litigation May be Nearing Settlement
- 02/07/12 01:44 AM
This ongoing saga may FINALLY be coming to an end as the deadline for a settlement was extended until next Monday. 40 states have already signed on for a settlement that reportedly will have the lenders paying around $25 billion. Most of this money will go towards principal reductions. It remians to be seen what impact this will have on distressed homeowners and the "shadow" inventory. Although the proposed $17 billion in principal reductions sounds like a lot of money, there are a LOT of distressed homeowners to spread it around to. Also, it remains to be seen just how this program will be … (1 comments)
foreclosures: Monday Cup of Coffee - Weekend News
- 01/23/12 03:03 AM
The Monday Morning Cup of Coffee is brought to you every week by Housing Wire. This week's issue details an MI company's financial probelms , the latest on stste Attorney Generals litigation with the major lenders and much more. Enjoy! http://bit.ly/AcVus4
"The Federal Housing Administration will toughen its standards for approving lenders that insure mortgages on its behalf and force more of them to buyback defaulted loans. FHA Commissioner Carol Galante said the upcoming rule changes will help the agency protect its Mutual Mortgage Insurance Fund, which, according to some, is in danger of needing a bailout. The fund slipped to a 0.24% capital ratio in the fiscal year 2011, down from 0.5% the year before." AND IT ONLY TOOK THEM HOW LONG????? … (1 comments)
foreclosures: Principle Reductions on Distressed Mortgages May be on the Way
- 01/19/12 01:20 AM
Relief may be on the way for distressed homeowners in Maricopa Arizona. But don't hold your breath! In a recent article posted by DSNews.com, the negotiation talks between the state attorneys general and the nation’s five largest servicers are entering their second year but may be getting close to reaching a deal. The settlement currently on the table would assist about 1 million homeowners in obtaining principal reductions and would provide “direct compensation” to others, according to Reuters. That being said, a number of Attorney Generals have "left the table" so it remains to be seen if there will be a … (1 comments)
foreclosures: Two Companies to Convert Foreclosures Into Rentals
- 01/19/12 01:13 AM
This article from DSNwes.com mentions that Carrington Holding Company LLC will fund the purchase of up to $450M of distressed single family homes across the country. Carrington currently manages over 3,000 single-family rental homes under Fannie Mae’s Tenant-in-Place and Deed-for-Lease programs. The Federal Housing Finance Agency (FHFA) has said it is pursuing potential ideas for REO-to-rental pilot programs “with a sense of urgency,” but two California firms don’t plan to wait on the government’s involvement to get a large-scale REO rental venture off the ground. On the surface, this seems to be a good way to lighten the backlog of foreclosed properties … (0 comments)
foreclosures: FHA Extends Waiver of Anti Flipping Rule
- 01/04/12 12:57 AM
Good news for investors! The FHA has announced that it is extending the waiver for it's property anti-flipping rule through December 31, 2012. This allows the use of FHA insured financing for HUD owned and bank owned proprties no matter how long title has been held. The same Arms Length rules apply and the profit margin (after associated costs) cannot be more than 20% above acquisition costs. This is an attempt by the government to speed up the disposal of REOs and it appears to be working, at least in Maricopa Arizona. I "flipped" over 20 properties last year for investors and, … (0 comments)
foreclosures: Bank of America Considering Principal Reductions
- 12/30/11 02:15 AM
In this article by DSnews, Bank of America id considering writing off some of the principal on mortgages where the owner can prove a financial hardship. Apparently the settlement talks with the State Attorney Generals have stalled and they are bringing this to the table to in hopes to finally reach an agreement. Of course, they want all liability waived. Although this could be a great thing for distressed homeowners that would like to stay in their homes, it irritates me that they only way that the lenders will finally consider doing what has been common sense all along is under … (7 comments)
foreclosures: Delinquent Loans on the Rise in Maricopa Arizona
- 12/20/11 01:22 AM
Here is an interesting article recently posted by DSNews.com. As I have mentioned previuosly, the homes for sale market in Maricopa Arizona hinges on distressed properties. At last count, there were over 300 homeowners that are delinquent on their mortage payments. Most, I'm sure, will decide to short sell or let their home go to foreclosure. Given the fact that the inventory of Maricopa AZ homes is at an all time low, what these homeowners decide to do (and when) will determine a lot going forward. Although there are options available, including the roll out of the Fannie and Freddie refi program, I have found that most homeowners … (0 comments)
foreclosures: New Wave of Foreclosures Expected
- 12/15/11 03:10 AM
Although foreclosures declined 14% from a year ago, RealtyTrac reports that this information could be misleading as states such as California and Arizona actually posted increases. It was also noted that scheduled foreclosure auctions hit a nine month high. The number of distressed homeowners continues to rise in Maricopa Arizona and I would agree with this article in that there will be a new wave in the future, When, exactly that occurs remains to be seen. Dozens of homes in Maricopa Az have been vacant for numerous months and are just a small example of the "shadow inventory" that still exists. … (2 comments)
foreclosures: California and Nevada Attorney Generals Join Forces in Mortgage Investigation
- 12/07/11 12:50 AM
This article from DS News outlines how the states of CA and NEV have formed an alliance to streamline their processes in their attempt to litigate with major lenders over the "robo singing" fiasco. Apparently the investigation has stalled as negotiations with servicers has brokeb down and taken over a year so far with no resolution in sight. This is just an example of the forces at work that are keeping many foreclosures from reacning the homes for sale in Maricopa Arizona market and has led to an increase in "shadow inventory" in this community and most likley nationwide. Anyone who … (0 comments)
foreclosures: Maricopa Arizona Homes For Sale Weekly Market Report 28NOV11
- 12/05/11 01:16 AM
Inventory of subdivision homes for sale in Maricopa Arizona slid approximately 5% from last weeks number. This is mostly due to dseasonal buying activity although we are also seeing a number of Maricopa AZ homeowners taking advantage of the low prices and upsizing. It's interesting to note that most of the numbers on the spreadsheet did not change much which tells me that there is a lot of activity in the investor home market (which are difficult to seperate out due to the various ways that agents list these homes). We are also seeing an increased amount of traditional sales.
… (0 comments)
foreclosures: Are REO (Foreclosure) Buyers Getting Harder to Find?
- 12/05/11 01:16 AM
Not in the Maricopa Arizona homes for sale market. This article, published in DSNews.com, claims that after a three year study the number of owner occupant buyers for REO (which is an acronym for foreclosed homes) had decreased signifigantly. At least in Maricopa AZ, this number could be deceiving as a lrge percentage of our buyers are seasonal buyers. Although they would not be classified as "owner occupants", most of them do in fact occupy the homes during the winter with plans to move here permenantlyin the future. The biggest problem in the homes for sale market in Maricopa Arizona is … (0 comments)
foreclosures: Principal Reduction Still a Possibility?
- 05/12/11 03:20 AM
This is a perfect example of media hype. Though the headline in this article reads "Principle Reduction Still a Possibilty ...." the article itself seems to conter this. Apparently the deal bewteen the lenders and the Attorney Generals of various states is beginning to be finalized. It should be noted however that any prinicipal reductiion for affected homeowners has been dropped from the term sheet. Although it is stated that some families "could still receive this type of assisitance", I wouldn't hold your breath if I was a homeowner! http://bit.ly/jh6o12
… (1 comments)
foreclosures: Bank of America's Performance Downgraded
- 05/04/11 02:24 AM
Moody's Investors Service downgraded Bank of America ratings on collections and loss mitigation services citing a "deterioration". Bank of America was among several major lenders that signed consent orders with the Department of the Treasury after an investigation into their loss mitigation practices. B of A plans to fully implemet these orders within 3 - 6 months and stated that they were not surprised at the downgraded rating. This further explains why lenders are holding onto their "shadow" inventory. They are afraid of class action suits and further action by the DOT until they "get their sh.. together". The president of … (1 comments)
foreclosures: Monday's Cup of Coffee - Weekend News Wrap Up
- 04/18/11 03:03 AM
This HousingWire article highlights the news that took place over the weekend. Leading the way is the government needing to raise the debt ceiling, an increase in the FHA mortgae insurance premium and new legislation that will force lenders to reduce principal on delinquent mortgages. http://bit.ly/hhL3mb
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After many months of holding their breath, distressed homeowners can now breath a sigh of relief. The Debt Relief Act of 2007 has been extended through 2013. There are rumors that it will be extended further in the final deal but for now, at least, the news is good.
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