End of Texas Pre-Foreclosure Purchase by Investors? - 02/28/09 11:17 AM
Here is yet another Bill being introduced by our Texas Legislature that will have a negative impact not only on the Homeowner but also the Honest investor trying to help them.
SB354 in Texas Legislature threatens Preforeclosure Investing
In an effort to curtail so-called "foreclosure consulting", a bill introduced by Texas State Senator Craig Estes in the current legislative session contains provisions that will make it almost impossible for legitimate real estate investors to purchase pre-foreclosure property before the auction.
The bill would clasify anyone who "acquires title to a residence in foreclosure" as an "Equity Purchaser" who would then be … (3 comments)

What Is Your Opinion of the Impact of the Federal's Call for Foreclosure Moratorium on Future Short Sales? - 02/14/09 09:27 AM
So far, several banks including Citi and Bank United have posted statements of postponing foreclosures as a result of the Federal Government's request:
A key member of Congress and a federal regulator encouraged financial institutions to suspend home foreclosures, as Washington's debate continued Wednesday about how to save an economy weakened by a moribund housing market.
"I would ask all of you now to please make sure that we have a moratorium in effect," said House Financial Services Committee Chairman Barney Frank, D-Mass., at a hearing where the CEOs of eight major banks testified about how they were using money from … (2 comments)

Banks Reacting to Federal Call for Foreclosure Moratorium - 02/14/09 08:22 AM
 NEW YORK, Feb 13, 2009 (BUSINESS WIRE) --
Citi Group today issued the following statement in support of its commitment to a temporary owner-occupied mortgage foreclosure moratorium:
"To reiterate the commitment made by Chief Executive Officer Vikram Pandit to the House Financial Services Committee on February 11, 2009, Citi is taking the necessary steps to help American homeowners keep their homes.
As part of this commitment, Citi has initiated a foreclosure moratorium on all Citi owned first mortgage loans that are the principal residence of the customer as well as all loans Citi services where we have reached an understanding with … (5 comments)

 
Jim McNinch Short Sale Specialist Houston TX, Spring TX, Woodlands TX (Trademark Loss Mitigation ) Rainmaker_large

Jim McNinch Short Sale Specialist Houston TX, Spring TX, Woodlands TX

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