foreclosuresshort sale: 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)
|
foreclosuresshort sale: 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)
|
foreclosuresshort sale: Loan Modifications Fail to Stem Tide of Foreclosure - 04/02/10 05:43 AM
The government’s Mortgage Metrics Report by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) reveals that half of the loans modified under HAMP at the beginning of 2009 were once again delinquent by the fourth quarter of 2009.
Fully 14% of all mortgage loans were delinquent by the end of 2009 according to this report. There were twice the modifications in the fourth quarter as occurred the same quarter a year before. Most payments were reduced by at least 20%.
New foreclosure filings fell 15% in the fourth quarter as mortgages remained delinquent … (21 comments)
|
foreclosuresshort sale: NODs Up 20% in California - 03/26/10 02:32 PM
Despite the news from some quarters that delinquency rates may be starting to slow down, California is initiating more notices of default starting in February than in previous months. NODs jumped by 19.7% in February after a four month decline. While properties scheduled for foreclosure continued at a record pace, actual sales back to the bank or to third parties declined in February in California by 11.9%, according to a tracking site, ForeclosureRadar.
The editors of ForeclosureRadar blame government efforts to increase fairness and oversight of the process without really curing the problem of under water mortgages. ForeclosureRadar said that despite … (0 comments)
|
foreclosuresshort sale: Fannie Mae to Buy Back Delinquent Loans - 03/10/10 05:40 AM
Between 150,000 and 200,000 seriously delinquent mortgage backed security (MBS) loans will be purchased by Fannie Mae in March. As of December 31, 2009 it was thought that there were $127 billion in loans that were at least 120 days late that were eligible for this program. Fannie Mae will continue to buy 120 day late loans in subsequent months until they have made a significant dent in the problem of bank insolvency caused by these late loans.
Fannie Mae will need at least $100 billion over the next few months for this program in order to make the difference it … (0 comments)
|
|
|
|
;)
;)
;)
