buyers: House Bill Would Force Lenders to Decide on Short Sales in 45 Days
- 09/20/10 01:32 PM
Distressed homeowners looking for a way out of their mortgage that doesn't involve foreclosure may find relief is on the way from a new bill introduced in the U.S. House. The legislation would impose a deadline on lenders to respond to short sale requests, requiring them to return an answer to the borrower within 45 days. The bipartisan bill, Prompt Decision for Qualification of Short Sale Act of 2010 (H.R. 6133), is sponsored by Reps. Robert Andrews (D-New Jersey) and Tom Rooney (R-Florida). Lenders have taken a lot of heat for the elongated timelines it takes to get an approval on … (0 comments)
buyers: HAMP remains incapable of filling the imminent default gap
- 09/02/10 12:35 PM
Wednesday, September 1st, 2010, 4:04 pm It comes as no surprise today to find that there were 120,351 permanent mortgage modifications done through private-sector (Hope Now) proprietary programs in July, compared to the 36,695 through the Home Affordable Modification Program (HAMP). What is more interesting is the rate at which these modifications are being converted. In June, Hope Now was modifying twice as many mortgages as HAMP. Today's numbers show that this ratio has now increased from two-to-one to three-to-one. So what does the world of HAMP's commitment to distressed mortgages and foreclosures look like? Brace yourself (see chart below):
Want to know the scoop in the short sale space? Here it is. As per an article released by REO Insider magazine last week, Matt Vernon announced a new Bank of America co-op short sale test program. The program will include roughly 2,000 homes with BofA serviced loans with one specific loan investor. B of A has already pre-screened the borrowers / loans and has pre-negotiated the terms with the specific investor (note holder). BofA pre-screened these borrowers who have been considered for a modification under the Home Affordable Modification … (0 comments)
Assessor's page number Assessor's book number Tie Line may indicate that two or more record lots, or partitions of record lots, are assessed as one assessor's parcel. Lot line (solitd line) Tax parcel line (dotted line) Approximate lot dimensions in feet Ditto Mark indicates lot dimensions are equal to adjoining lot. Parcel number assigned to the specific lot(s) Abbreviated Tract Map filing reference. Read:"Filed in Book 110, Page 79 of maps, in the Office of the County Recorder od said County." Recorded Tract Number Recorded Lot Number Compass … (1 comments)
buyers: Home Buyer Tax Credit: Fraud, Errors Persist
- 06/26/10 08:16 AM
Even though the Internal Revenue Service beefed up its controls, Uncle Sam has forked over millions of dollars for erroneous claims through the federal home buyer tax credit program. Roughly 14,100 Americans have received erroneous credits-totalling more than $26.7 million-through the program, the Treasury Inspector General for Tax Administration estimated in a report Wednesday. Notably, more than $9 million in credits went to prisoners who were locked up when they reported buying a house. J. Russell George, the Treasury's inspector general, called the findings "very troubling."
[Slide Show: 10 Cities for Retirement Property Steals.] "Congress created and modified the home … (2 comments)
Distressed homeowners looking for a way out of their mortgage that doesn't involve foreclosure may find relief is on the way from a new bill introduced in the U.S. House. The legislation would impose a deadline on lenders to respond to short sale requests, requiring them to return an answer to the borrower within 45 days.
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