foreclosure: Will The Rental Boom Cause Spike In Foreclosures? - 03/16/12 05:49 AM
Will the rental boom cause a spike in foreclosures by the banks who hold the paper?
There's a storm clould on the horizon for homeowners who are hoping to work out a loan modification with the banks who hold their paper. 
It's the rental market.
Three things are driving rental prices higher, and the banks who hold non-performing mortgages are taking notice.
1.  Available Credit Contraction for low-FICO buyers.  As the recession has continued, I've seen a decline in FICO scores among loan applicants for a variety of reasons, including late payment on mortgages and Home Equity loans.
2.  Tightening Guidelines … (12 comments)

foreclosure: Deficiency Judgements: Can The Bank Do That? - 01/28/10 09:36 AM
"We're so upside down on our mortgage that it will take us ten years to break even." 
The Foreclosure Scenario
The homeowner on the phone was calling me to see how soon after a foreclosure they could hope to qualify to buy a home. 
"We're thinking about letting the bank keep the house, and renting until we're able to buy.  We think it makes good financial sense, because our mortgage payment is $1,830. and we can rent a nicer house for $500. a month less than that!"
"That's like a $6,000 raise," the homeowner continued.  "Even if it takes us … (22 comments)

 
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Mike Jones

Mike Jones NMLS 223495

Tucson, AZ

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SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171)

Address: 2840 E Skyline Dr, Suite #230, Tucson, AZ, 85718

Office Phone: (520) 344-6943

Cell Phone: (520) 349-9090

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