foreclosure: Foreclosure Rates Fall in 2011 - 01/12/12 11:41 AM
According to a report released by RealtyTrac today, foreclosure filings fell 34 percent in 2011. That seems like good news, but it's deceiving. The reason behind the decline is not more people paying their mortgage, but the robosigning controversey that spurred lenders to perform a massive review of foreclosure proceedings.
The review meant lenders stopped processing new foreclosures while they cleaned up their existing inventory. This created a huge backlog in the foreclosure pipeline. So, while it ultimately decreased the number of filings in 2011, it also means lenders will be playing catch-up this year.
According to Brandon Moore, CEO of … (3 comments)
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foreclosure: Fannie Mae: Advocating Foreclosures Over Loan Modifications? - 08/17/11 03:44 PM
The citizens of Main Street are more than a little tired of being left holding the bag while Wall Street and the Federal Government utilize taxpayer funds in ways that little benefit John and Jane Q. Public. And should the latest allegations against government-controlled mortgage giant Fannie Mae turn out to be true, public anger may finally reach a tipping point.
Yesterday on my CBS MoneyWatch blog, I shared the breaking news, first reported by the Detroit Free Press, that appears to suggest that Fannie has been pushing banks to foreclose on homeowners rather than continue negotiating loan modifications.The Detroit Free … (0 comments)
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foreclosure: Real Estate for Less Than $3,000 - 06/06/11 02:12 PM
My “What Can You Buy For” series for the CBS MoneyWatch Home Equity blog discusses the variety of homes you can get for various price points in different locations around the United States. Today's edition takes a look at what you can buy for under $3,000.
Most of these homes were sold at auction. With more and more homes being added to the flooded housing market due to foreclosure, these auctions are becoming much more common. According to the National Auctioneers Association, home auctions have grown roughly 5 percent over the past year and almost 47 percent since 2003.
Some of … (1 comments)
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foreclosure: Buying an REO or Foreclosure? Read This First. - 06/06/11 12:50 PM
These days, many homebuyers are turning to foreclosures and taking advantage of the drop in home prices. A foreclosure—or a “real estate owned” (REO) property—is a property that is now owned by a bank.
But be careful, a foreclosure is not always an REO. Property enters into foreclosure when the owner can’t pay the mortgage. The foreclosure becomes an REO (bank-owned property) when the bank or lender repossesses the property.
Confused yet? There are a lot of pros and cons to buying a foreclosure or REO, so it's important to understand the process of buying these homes before you begin. Otherwise, … (0 comments)
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foreclosure: Can I Save My Home From Foreclosure? - 05/13/11 02:42 PM
I have spent the past month traveling across the country, speaking to hundreds of employees about financial wellness. During this time I have learned a lot by listening to the questions I am asked at the end of each speech. Many of these employees are curious to know how they or someone close to them can avoid losing their home to foreclosure.
Today on my blog I answer the question many people are asking: where can I get help to save my home?
Contact HUD. The Department of Housing and Urban Development (HUD) offers access to certified housing counselors who … (0 comments)
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foreclosure: Home Values Drop Further in 4Q 2010 - 02/09/11 11:02 AM
No, it isn’t “all in your head.”
U.S. home values declined further in the fourth quarter of 2010, posting their largest quarter-over-quarter decline since Q1 2009 according to Zillow’s fourth quarter Real Estate Market Reports.
Home values dropped 2.6 percent, and the effects of the home buyer tax credits are being blamed.
Worse, negative equity (also known as underwater mortgages - where home are worth less than the mortgages attached to them) rose to 27 percent of all single-family homes with mortgages. That’s up from 23.2 percent in Q3 2010.
When they were in effect, the home buyer tax credits … (1 comments)
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foreclosure: U.S. Home Foreclosures: The Numbers By Total U.S. Homeowners - 11/08/10 01:27 PM
U.S. Home Foreclosures: The Numbers By Total U.S. Homeowners Here are some numbers to help you put things into perspective:
There are about 110 million households (give or take a few million). About 65 percent of American households own their own home, according to the Census bureau. So, we're talking about roughly 65 million to 70 million homeowners.
Of those, we've had 4 to 5 million foreclosures and economists from the National Association of Realtors and the National Association of Home Builders estimate that we’ll have another 4 to 12 million additional foreclosures before we get the U.S. housing market … (3 comments)
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foreclosure: Strategic Default: The Consequences Of Not Paying Your Mortgage - 11/05/10 09:42 AM
When companies take on more debt than they can afford, they typically walk away from some of it to better balance income and expenses. Walking away from certain debts in order to shore up your balance sheet is called “strategic default.”
Here’s an example: The Mortgage Bankers Association built a beautiful new headquarters in Washington, D.C., several years ago, and then found it couldn’t afford its mortgage. So the nonprofit association turned the keys over to the lender and walked away from the property. Strategic defaults happen in corporate America all the time. And it’s considered a perfectly legitimate way of … (2 comments)
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foreclosure: Loan Modification Hell: A Roundup of all the Posts - 11/02/10 05:04 PM
I’ve written so many posts about the process of modifying your loan, and it all started with Loan Modification Hell: Join The Club.
But I thought it would be useful to see all of the Loan Modification posts in one place. Here is a sample of links, but see the whole list on this MoneyWatch blog. I’ll update that page as I continue to post on this topic.
Loan Modification Hell: Join The Club Loan Modification Hell: Horror Stories Loan Modification Hell: The Horror Stories Continue Loan Modification Hell Lawsuits Loan Modification Hell: New Solutions to Avoid Losing Your Home Are You in Loan Modification Hell? … (0 comments)
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foreclosure: Buying a New Home? Here are Five Things Your Builder Won't Tell You - 10/22/10 01:22 PM
Buying a home is enough of a stress without worrying about whether your builder is being upfront, but-especially in this market-builders may have incentive to keep things from you.
During the recession, a lot of builders have gone bankrupt. Remember, if the developer goes belly-up before the development is sold out, you run the risk that the bank will sell a portion of the development to a developer who will put up less expensive homes, cutting your future appreciation and perhaps depreciating your property from the price you paid.
Here are five things your builder may be hesitant … (3 comments)
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foreclosure: Foreclosure Freeze: Is MERS Causing a Foreclosure Nightmare? - 10/07/10 05:10 PM
In the short span of a week or so, the phrase “foreclosure freeze” has become part of the vernacular - millions of homeowners who are in default are wondering if the foreclosure freeze will stop the clock and give them a few more months, perhaps a few more years, in their home.
Perhaps, but I think this is more of a temporary stop on a trip to foreclosure hell.
In today’s Washington Post, writers Brady Dennis and Ariana Eunjung Cha argue that there is more to the foreclosure freeze than simply flawed paperwork.
Their story centers around Mortgage Electronic Registration Systems, based in Reston, Virginia. The company, which … (2 comments)
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foreclosure: 3 Banks Participate in Foreclosure Freeze - 10/04/10 11:28 AM
Three major U.S. banks have suspend foreclosures in 23 states to "amend" filed paperwork.
Ally bank, Bank of America and JP Morgan Chase have halted foreclosure proceedings after admitting that there have been some processing problems. Among the problems is the use of “robo-signatures”--employees whose only task is to sign foreclosure documents without reviewing the paperwork. Real estate expert Ilyce Glink was interviewed on Good Morning America to discuss whether or not the foreclosure freeze will help homeowners. Watch the full story from GMA below, look for Ilyce around the 1:15 mark.
Ilyce is also updating her CBS Moneywatch blog … (5 comments)
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foreclosure: 10 Deadly Mistakes Buyers Make When Purchasing a Home - 09/21/10 01:35 PM
10 Deadly Mistakes Buyers Make When Purchasing a Home From John Damiano John Damiano from The Providence Group of Atlanta will be speaking at the October 2, 2010, “How to Profit from Foreclosure and Other Real Estate Investments” with Ilyce Glink, Andy Heller, Ricky Novak, Shannon Judd, Wes Moss and others. Make sure you buy your tickets now!
10 Deadly Mistakes Buyers Make When Purchasing a Home Mistake NO. 1 Choosing a Real Estate Agent who is not committed to forming a strong business relationship with you. HERE’S HOW TO AVOID IT Making a connection with the right real … (1 comments)
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foreclosure: Phantom Income, Sounds Spooky and It Is For Short Sales or Foreclosures - 08/25/10 12:09 PM
Lately the words foreclosure and short sale (and even economy) are a lot spookier than the word phantom.
Those things are scary enough, but having to pay more after you go through a foreclosure or short sale? Downright frightening.
It happens more than you might think, and phantom income--or income from cancellation of indebtedness--can cost you big time.
Keep an eye out for a 1099-C, Cancellation of Debt, or a 1099-A, Acquisition or Abandonment of Secured Property if you haven't already received one and have gone through foreclsoure or short sale.
Tax Mama adnd Equifax personal finance blogger, Eva … (0 comments)
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foreclosure: Win Free Tickets to My Foreclosure Event--Only 45 Minutes LEFT! - 08/18/10 06:15 PM
All you Twitter users log on and RT this message to enter to win tickets to How to Profit from Foreclosure (http://bit.ly/cFTVHa) Last year, more than 400 people attended our hugely successful How To Profit From Foreclosures event. If anything, the real estate market is in even worst shape than last year – which means more opportunity for today’s real estate investors.
At this year’s event, we’ll bring together the industry’s most forward thinking leaders to discuss the state of the real estate investment market. We’ll ask them to share their expertise and anecdotes with you.
As always, this Real World Seminars/ThinkGlink event … (0 comments)
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foreclosure: You Get the House in the Divorce, But It's in Trouble...Now What? - 07/30/10 01:05 PM
Short Sale or Foreclosure After Divorce Will Severely Hurt Your Credit Dividing up debts, keepsakes and housing can be the hardest part of a divorce, but a short sale or foreclosure is not an easy solution. While a short sale or foreclosure after divorce can severely hurt your credit, you might be better off with a short sale or foreclosure rather than a bankruptcy. A good real estate attorney can help you make that financial decision and lessen the impact of a short sale or foreclosure on your credit after a divorce.
Q: My daughter is getting a divorce. She is … (1 comments)
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foreclosure: REO (Bank-Owned) Vs. Foreclosure Properties - 06/07/10 01:10 PM
You might think that buying a foreclosure will always yield a better deal for the buyer, but think again. REO or real estate owned properties in some cases can be a better deal. You need to understand the foreclosure process and the risks before buying a foreclosure. Once you have found a bank owned property, there may be less risks but you still need to understand what you are getting.
Read more about what makes a REO different from a foreclosed property at ThinkGlink.com
… (0 comments)
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foreclosure: Will.i.am Saves Two Families From Foreclosure With New i.am Home Fund - 05/17/10 01:10 PM
Will.i.am of the Black Eyed Peas recently went on Oprah to announce the creation of his i.am Home Fund. The fund will help those in danger of home foreclosure.
Will.i.am will collect check donations from the public to help save families from foreclosure, and will also donate his own funds.
Will.i.am told Oprah, “I don’t dream of being mega, crazy rich. I just wanna be able to create, make music and help people. Doing this isn’t gonna leave a dent in my house, but it could help somebody that really needs it. It’s something that means a lot to me.”
Read … (3 comments)
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foreclosure: Zillow Says Real Estate Market Isn’t Improving All That Much - 05/10/10 12:54 PM
This morning, Zillow released the results of its first quarter 2010 survey. And the survey says:
Home values continued to decline in the first quarter of 2010. The Zillow Home Value Index fell 3.8 percent year-over-year, and 1 percent quarter-over-quarter, to $183,700. Home values fell in 106 of 135 markets tracked. More homeowners are underwater. 23.3 percent of single-family homes with mortgages underwater, up from 21.4 percent in the fourth quarter of 2009 Foreclosures reached a new peak in March. More than one out of every 1,000 (0.11 percent) U.S. homes going into foreclosure during the month. And the somewhat good … (0 comments)
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foreclosure: How Will Your Spouse Affect Your VA Loan? - 03/17/10 12:02 PM
Q: I am a disabled veteran and would like to get a VA Loan with my wife on the mortgage.
Two banks said I can't put my wife on the loan because she had a foreclosure three years ago due to a divorce. Her ex-spouse claimed bankruptcy, but she didn’t.
The VA said they don't have a problem securing a loan with her on it as long as my credit is good and I am the veteran. She has had some bad credit in the past but is current on all her bills for the last year.
Are there banks out … (2 comments)
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