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foreclosures: Federal Foreclosure Funding Goes Unspent - 04/10/10 06:00 AM
The Recovery Act allocated $4 billion in rehabilitation money for foreclosed homes, but with only months left on the funding less than half of the money has been spent to date. As of mid-March 38% of the Neighborhood Stabilization Program funds had been obligated. All funds must be committed by September or the funds will be lost to the communities that have received grants.
Some communities have used the funds to buy up and renovate foreclosed homes to resell to low income families. Some municipalities have used the funds to tear down abandoned eye-sores. Others are purchasing and renovating apartment buildings … (4 comments)

foreclosures: As of April 5 - HAFA is Here - 04/08/10 05:48 AM
The Home Affordable Foreclosure Alternatives program debuted April 5. Lenders have been ramping up for a deluge of Short Sales for the past several months and the government’s latest program will probably boost the numbers even though there are flaws in the program. HAFA may help individuals who qualified for a trial loan modification, but didn’t make the final cut for a permanent loan change. The same paperwork prepared for HAMP will apply to HAFA as well.
Bank of America and other servicers have more than doubled the number of Short Sales they are handling in recent months. There is real … (4 comments)

foreclosures: Pets Suffer in Foreclosures Too - 04/05/10 05:49 AM
It’s not just two-legged homeowners who are suffering when a home is foreclosed upon. Foreclosure is leading to a surge of abandoned pets in many communities.
In many cases, homeowners forced out of their homes have no way to bring beloved pets with them when they move to rented quarters, or drive hundreds of miles to new and unfamiliar locations to look for work. Family pets are being left behind to starve, or are taken to overburdened animal shelters in hopes that the pets will find new homes. Many animal shelters have been bursting at the seams because of the foreclosure … (5 comments)

foreclosures: Government’s New Foreclosure Prevention Plan - 04/01/10 05:55 AM
The Obama Administration revealed on Friday a new plan to stem foreclosure. Assistant Secretary of the Treasury Herbert M. Allison contends that the nature of the foreclosure crisis has shifted from one of sub-prime mortgages to one of helping the unemployed and under-water to survive bad times.
For loans above 115% of market value mortgage write-downs will be considered in order to bring the homeowner’s payment to 31% of income. In response to concerns that the mortgage write-down program would encourage people to default who might have otherwise continued to pay, the government has held firm that this program will impact … (1 comments)

foreclosures: Thinking about foreclosures, but don't know where to find them? - 03/12/10 05:12 AM
Here’s a list of the free websites that can be used to locate bank-owned property:
American Home Mortgage Servicing, Inc https://re.ahmsi3.com/staticBroker/rePropertiesNew.jsp
Bank of America (including Countrywide) http://bankofamerica.reo.com/search/propertysearch.aspx
BB&T http://www.bbt.com/applications/specialassets/search.asp
Chase http://mortgage.chase.com/pages/other/co_properties_landing.jsp
Citi http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do
Compass Bank https://www.compassbank.com/appforms/properties/index.jsp
GMAC and CapMark- Now Berkadia http://www.berkadia.com/Berkadia/REOProperties.aspx
HomePath by Fannie Mae http://www.homepath.com/
HomeSteps by Freddie Mac http://www.homesteps.com/hm01_1featuresearch.htm
HSBC http://www.banking.us.hsbc.com/HICServlet?cmd_PropertySearchDefault=cmd_PropertySearchDefault
HUD - Housing and Urban Development Listings http://www.hud.gov/homes/index.cfm
IndyMac (now OneWestBank) http://apps.indymacbank.com/individuals/realestate/Search.asp
M&T http://services.mandtbank.com/personal/bank_owned_prop.cfm
Ocwen www.ocwen.com/ Regions Bank http://realestate.regions.com/servlet/Ore/ForeclosedPropertySearch.jsp
SunTrust http://suntrust.res.net/
Wachovia http://reo.wachovia.com/
 
Top Negative Equity States and Cities
Last week we mentioned First American CoreLogic's 4th Quarter 2009 negative equity report. Here’s a list from … (2 comments)

foreclosures: Administration Considers Halt to Foreclosures - 03/08/10 05:29 AM
The Obama Administration is considering further sanctions against Lenders who foreclosure before all Home Affordable Modification Program options have been explored. The HAMP guidelines strongly urge Lenders to look at all options before foreclosing, but falls short of requiring Lenders to examine every severely delinquent account one by one before sending out a Notice of Default. If the more stringent requirement is enacted Lenders would need to contact all borrowers who are 60 days or more late in order to determine eligibility for a HAMP modification or HAFA short sale.
The change would also require Lenders to stop all foreclosure activity … (2 comments)

foreclosures: Foreclosure Activity Calms Down Over the Holidays - 02/23/10 05:34 AM

Foreclosure Activity Calms Down Over the Holidays Realtytrac’s January 2010 U.S. Foreclosure Market Report shows a 10% decline in foreclosure filings during January, after a 14% month-over-month increase reported in December. January’s foreclosure filings were still 15% ahead of the same month in 2009. One in every 409 homes in the U.S., according to Realtytrac, received a foreclosure filing in January representing 315,716 properties.
REO activity was down 5% in January, also, but still represented a 31% increase over January 2009.
Nevada’s foreclosure rate remained the highest for the 37th straight month, according to the Realtytrac report. One in 95 … (1 comments)

foreclosures: Home Delinquency Rates Exceed 10% - 02/11/10 10:56 AM
The Lender Processing Services (LPS) reports that home loan delinquency rates in the U.S. have now exceeded 10%. This means that for every 10 households nationwide, one has a loan at least 30 days late. Picture it this way: there's a late payment in at least two households on every block in the country!
Taken together with existing pre-foreclosures 13.3% of all mortgages are either delinquent or in default. This rate translates into over 7.2 million mortgages that are behind on payments, and another 1 million properties have already been taken back by Lenders.
The new serious delinquencies (90 days or … (1 comments)

 
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Dave Rosenmarkle

Arlington, VA

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Highland Realty

Address: 5317 Lee Highway, Arlington, VA, 22207

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