foreclosures: FORECLOSURE DENIED! THE DEFENDANT DIDN'T RECEIVE THE MIRANDA WARNING!
- 10/16/10 05:43 AM
The American consumer has been led down a path that is going to take years to correct, if it's not too late. Greed got us into a big portion of this mess. A misguided attempt to resolve and shore up the financial system, exacerbated the situation. Now millions of people that wanted nothing more than to live the American Dream are caught up in a vicious circle, that needs to be halted quickly before more damage is done. Banks allowing the foreclosure process to proceed with clerical help signing off on foreclosures without even reading the paperwork is criminal. Ignoring the … (3 comments)
foreclosures: Short Sale Guidelines Established by Federal Government
- 12/03/09 03:57 AM
The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures. The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed. Guidelines address barriers that have often sidelined short sales by setting limits on the time it takes a bank to approve … (6 comments)
foreclosures: Foreclosure vs. Short Sale . . . Homeowner Consequences
- 11/30/09 01:39 AM
A home owner in a distressed loan on their mortgage faces many concerns, not only to their immediate situation, but also to the down the road consequences of their decision. For some owners that are so deeply under water foreclosure may be the only option. However, this is a decision that they must thoroughly analyze and consider with the assistance and guidance from either a qualified lawyer or a Realtor familiar with the short sale process, or both. There are numerous issues that impact their decision, and if they choose the wrong mechanism for relief it will take years to recover, … (3 comments)
foreclosures: Foreclosures have slowed, But the Lull is just Temporary
- 11/17/09 11:42 PM
The inventory of distressed properties in the system is going to get higher within the next few months, according to an article I read an article in the paper this past week. Home foreclosure filings slowed in October for a third straight month, but because of the rising unemployment, the next year will see another record year for failing mortgages. According to RealtyTrac, foreclosure filings, including notices of default and bank repossessions dropped 3% in October from the previous month, but were up 19% from the previous year. Although foreclosure filings are off of the record high hit in July of … (4 comments)
foreclosures: In Connecticut, Foreclosures are up 10%
- 10/19/09 02:03 AM
An article I saw last week in our local newspaper indicates that we are going to see a big jump in foreclosures soon, and this wave could last a while. Here In Connecticut, foreclosure filings increased in the 3rd quarter, but are rate of increase is still below the national trend. That, however, could change in the next few months as a new wave of Variable-rate mortgages reset.
Third-quarter fillings increased by 10% in Connecticut, over the same period a year ago. Foreclosure filings in this state increased 69% in the third quarter compared with the second quarter. In our state, … (3 comments)
foreclosures: Monitoring Credit Scores after a Financial Catastrophe
- 09/30/09 10:46 AM
A few weeks back I came across an article that detailed a new system in place with the credit companies to track the impact on credit scores crated by short sales, foreclosures and loan modifications. This new scoring company created by the three national credit bureaus. Experian, Equifax and TransUnion has some numbers that should cause us to take notice. This new company is called VantageScore Solutions LLC, whoserisk prediction scores are now being used by some of the largest mortgage companies and banks has found that the way consumers handle their mortgage problems can have profound effects on their credit scores. … (1 comments)
foreclosures: Could we be in the Wrong Business?
- 06/02/09 09:16 AM
I read an article this past weekend that left me amazed. The focus of the article was on a county marshall that had a gross income in 2008 of $ 3,167,627 primarily for delivering court documents. The bulk of his income came from the two largest law firms in our state whose primary focus is foreclosures. One firm alone paid out $2,200,000 to this marshall with the offering that he got the work because of the quality of his service. In our state, marshalls are paid a base fee of $30.00 plus $1.00 a page for each set of legal documents they … (3 comments)
foreclosures: Where's the Justice in this Market?
- 05/28/09 02:18 AM
My wife has a steady job (thank God) working in a trust division for a large Mid West bank. We are, of course in Connecticut. She came home last night upset because of a call she had to make earlierin the day. One of the administrative aides came over with a file of faxes from a woman in Phoenix that needed a response. This homeowner was trying to reach the lending department of the Bank in order to attempt to re-work the mortgage on her home as she believed she could according to the information she had obtained on line. She … (6 comments)
foreclosures: 'Waiting is a Useless Place'
- 05/15/09 07:11 AM
There's a Dr. Seuss children's book titled ‘Oh the Places You'll Go!" It has humorous and motivational stories encouraging kids to do something positive with their life. One of the places that Dr. Seuss describes as ‘useless' is ‘the waiting place..." Waiting for a train to goor a bus to come, or a plane to go or the mail to come, or the rain to go or the phone to ring, or the snow to snowor waiting around for a Yes or Noor waiting for their hair to grow.Everyone is just waiting." Dr. Seuss exhorts his young readers to escape to … (0 comments)
TD Bank Says "No Means No - we choose Foreclosure and do not call here again !" "No Means No. We have chosen foreclosure. We Will Not Negotiate. We will not put it in writing. Do not call here again. " This is a true story... this happened today May 11, 2009 from a deal that was sent to TD Bank on March 12, 2009.After endless weeks … (2 comments)
foreclosures: Are Real Estate Prices Really Stabilizing?
- 05/04/09 04:42 AM
In doing some reading over the weekend I ran across an article that although carried some optimistic news, also was a little confusing. The report offered the period from January home prices have seen a steady decline in value within the 20 hardest hit cities in this country. The decline over the first 4 months of 2009 show the slowest rate of decline during that period, which leads the ‘experts' to project that the worst may be over. I further goes on to offer that the stimulus packages within the government system, coupled with record low interest rates should continue to … (0 comments)
foreclosures: Naugatuck Library offers Resource Center for Homeowners
- 05/01/09 07:34 AM
I gathered this from the local paper this morning. At least one local community is stepping up to assist it's residents. Only time will tell how successful it is. The town of Naugatuck is offering a ‘no pressure' mortgage resource center for local homeowners who have problems with their mortgages, and are looking for assistance. With people not feeling that they can get the information they want without hassles, before they actually meet with their lawyers of lenders this may be an interim option. The Town of Naugatuck, in conjunction with the Howard Whittemore Memorial Library will offer resource materials to … (0 comments)
foreclosures: I Owe More than my House is Worth!
- 04/19/09 02:20 PM
It can be a pretty sobering and depressing experience to speak with some folks who now face the simple fact that their homes are worth less than they owe on then. This term is called being "underwater". For the people that have not experienced the joys of home ownership yet, it equates to the same thing as your car being "upside down" where you actually owe more that its worth. Homeowners are facing more and more of this situation across the country, especially in cities and towns that underwent re-evaluations during the boom years of 2004 thru 2006. The worst situation would be for … (0 comments)
foreclosures: $3,500,000 of stimulus money available in Waterbury
- 04/15/09 08:22 AM
Do you want to buy a Home or Investment property in the City of Waterbury? Waterbury Development Corporation (WDC) is administering the City of Waterbury's Neighborhood Stabilization Program (NSP). The program is designed to stabilize neighborhoods by facilitating the purchase and rehabilitation of foreclosed & vacant (still owned by the foreclosing entity) properties in targeted areas of Waterbury. This program is available to investors and prospective homebuyers who meet certain income requirements. NSP funds are granted as deferred second mortgage loans that do not have to be repaid if the terms of the program are met. WDC has partnered with Webster Bank … (1 comments)
Ed Silva is a licensed Broker serving the Central Connecticut area from the Waterbury CT Real Estate Office.
He serves both sellers and buyers and also is an experienced agent for short sales.
If you're thinking of listing your home, I would love to meet with you and share my marketing success package with you. My marketing reaches all the major listing sites with prime positions on the largest. I'd would appreciate the opportunity love to help you buy or sell in the Central Connecticut area.
The American consumer has been led down a path that is going to take years to correct, if it's not too late. Greed got us into a big portion of this mess.
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