foreclosure: U.S. Gov’t Owned 360,000 Foreclosed Properties at the End of 2010 - 02/24/11 07:32 AM
Quick update here: FHA REO inventory continues to skyrocket.
According to a report from Jon Prior of HousingWire this morning, the FHA had nearly 61,00 repossessed homes on its books at the end of 2010, a 47% increase from 2009.  This is not really shocking, as REO inventory has been increasing across the board for the last few years.  An additional 600,000 FHA mortgages are seriously delinquent, so look to see this number increase in the next couple of years.
Combined with the REO portfolios of Fannie Mae and Freddie Mac, the U.S. government (and by proxy, you and I, the taxpayers) … (0 comments)

foreclosure: Arizona Bill Would Make it More Difficult To Foreclose - 02/24/11 07:29 AM
We are through the looking glass people: according to a Bloomberg article, the Arizona legislature is about to pass a law that would require lenders to prove they have the right to foreclose on a home before they do it.  Incredibly, they would be the first state in the nation to pass such a law.
The bill, S.B. 1259, would void foreclosures and foreclosure sales if lenders cannot produce the full chain of title for the property.  Similar legislation has been proposed in New York, Oregon, and Virginia. Under the new law, lenders would be required to provide a list of … (0 comments)

foreclosure: Are Adjustable Rate Mortgages Making a Comeback? - 02/17/11 09:00 AM
They are according to an article on today.
According to the article, adjustable rate mortgages (ARMs) comprised nearly 70 percent of all mortgages during the bubble years.  After the housing collapse their market share plummeted, dropping to only 3% of all mortgages in 2009.  Now that number appears to be rising, ARMs make up 5% of all loans originated currently, and Freddie Mac predicts that number will rise to 10% by the end of the year.
The reason ARMs are making a comeback is simple: mortgage rates are on the rise.  Rates on fixed rate loans have increased substantially, rising … (2 comments)

foreclosure: 2011: Year Of Foreclosure? - 01/06/11 07:17 AM
2011 is not likely to end well for the housing market.  This is due to multiple factors.  In a post yesterday I wrote about my prediction of an guaranteed decrease in home values in the coming year.  This post, I would like to talk about what appears to be another 2011 inevitability:  an increase in the number of foreclosures.
Data provider, Reality Trac, reported that foreclosure activity went down in the month of November.  There were 262,000 foreclosure notices issued, which is down 21 percent from October and also down 14 percent from November 2009.  As a matter of fact, this … (1 comments)

foreclosure: NJ Chief Justice Threatens to Suspend Foreclosures as Lenders Summoned to Court - 12/21/10 05:39 AM
Well this is kind of interesting:
According to a Washington Post article by Zachary Goldfarb, Stuart Rabner, the chief justice of the New Jersey State Supreme Court announced that he would stop all foreclosures by major banks unless they can definitively show that they are complying with state law when foreclosing. On the one hand that statement is ridiculous, compliance with the law is not and should not be considered exceptional behavior from anyone. However, there is ample evidence that many laws are/have been skirted or ignored during the foreclosure process, so I see this development as a positive step.
Judge … (0 comments)

foreclosure: im Geithner Weighs In On HAMP, Foreclosures - 12/17/10 07:37 AM
Earlier this week the Congressional Oversight Committee lambasted the Treasury Department and its foreclosure prevention programs, specifically the Home Affordable Modification Program.
Among other things, the report said:
“Treasury’s reluctance to acknowledge HAMP’s shortcomings has had real consequences.  Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclousre mitigation may well be left unused.  As a result, and untold number of borrowers may go without help – all because Treasury failed to acknowledge HAMP’s shortcomings in time”.
“Treasury has refused to specify meaningful goals to measure HAMP’s progress.  Treasury has also failed to … (0 comments)

foreclosure: Housing Forecast for 2011 - 11/23/10 06:26 AM
Although housing prices have essentially stabilized nationwide, it should not be assumed that housing prices will soon begin to rise again. In fact, the complete opposite is far more likely for at least another 12 to 18 months. And, there are a few compelling factors to bolster this claim.
First, foreclosures continue to litter the American landscape. These foreclosures, in effect, continue to force home prices down. As homeowners look to take advantage of the low current mortgage rates, widespread foreclosures are being used as comparables in the appraisal process, forcing a decline in home values even for homeowners looking to … (0 comments)

foreclosure: Foreclosures on Prime Mortgages Hit Record High - 11/19/10 05:31 AM
The housing market set an ignominious record in the third quarter.  According to a study from the Mortgage Bankers Association, foreclosures on prime mortgages hit a new record high in the third quarter of 2010 as the U.S. economy continues to decelerate and housing prices continue to drop.  The percentage of prime mortgages in foreclosure rose to 2.45 percent, up from 2.36 percent the prior quarter according to a report from the Mortgage Bankers Association.
Michael Fratantoni, VP of Research and Economics for the Mortgage Bankers Association commented:
“Most often, homeowners fall behind on their mortgages because their income has dropped … (0 comments)

foreclosure: Home Repossessions Hit All-Time HighHome Repossessions Hit All-Time High - 10/14/10 08:53 AM
This is a ignominious record to be sure: according to a Bloomberg article by Dan Levy, home seizures due to foreclosure hit an all-time high in September as lenders seized more than 102,000 houses according to a RealtyTrac report.  This is an increase over August, when more than 95,000 homes were seized, which was also the record at the time.  Foreclosure filings were also up from the month prior, increasing to 347,000 in September.
Nearly 2.5 million homes have been seized by lenders since the onset of the financial crisis, and some estimates suggest there could be as many as 6.5 million … (0 comments)

foreclosure: Existing Home Sales Fall Despite Historically Low Mortgage Rates - 06/22/10 09:17 AM
Another week, another gloomy housing report.  Today the National Association of Realtors reported that purchases of existing homes dropped unexpectedly 2.2 percent in May.
The deceleration of the housing market can be largely attributed to the expiration of the first time home buyer tax credit on April 30th.  Many believe that the tax credit dragged home sales from the summer months into the spring, and the market is suffering as a result.  Mortgage application data would back this assertion up, as purchase applications are currently at their lowest point since 1997, despite mortgage rates at near historic lows.
The decline … (1 comments)

foreclosure: How Do I Avoid Foreclosure? - 06/07/10 06:12 AM
Tips for Avoiding Foreclosure
If you're living in fear of foreclosure on your home, there are options available to help you avoid such a disastrous situation. If your problem is only temporary, there are three opportunities for relief:
* Reinstatement
* Forbearance
* Repayment
If your problem is more long term or permanent, all is still not lost. Mortgage modifications and partial claims may be the solution you've been hoping for to halt the foreclosure process. Speaking with a mortgage expert at Total Mortgage about foreclosure is a great place to start.
If you're only slightly behind on payments, foreclosure may … (0 comments)

foreclosure: How To Qualify For An FHA Loan - 05/28/10 04:22 AM
Find out if you can get an FHA loan What FHA mortgage underwriters look at when they review your credit
How Much Does FHA Mortgage Insurance Cost?
Getting approved for an FHA refinance mortgage means that an FHA approved underwriter will review your credit history to predict your likelihood of repaying your loan. Underwriters are seeking to limit the probability that a borrower will become delinquent and default on a loan.
The following is a guide to FHA credit guidelines.
1. Rental or Mortgage Payment History. The payment history of the borrower's housing obligations holds significant importance in evaluating credit. The … (1 comments)

foreclosure: Mortgage Relief Bills Signed by Governor Jodi Rell of Connecticut - 07/23/09 02:54 AM
Governor Jodi Rell (R-Connecticut) recently signed three mortgage relief bills to help support struggling homeowners. One of the bills specifically targets foreclosures, making foreclosure mediation a mandatory requirement for all foreclosure proceedings that began after July 1, 2009. According to State Representative Ryan Barry (D-Manchester), who serves as co-chairman of the General Assembly’s Banks Committee, foreclosure mediation is an opportunity to ascertain if a loan modification can potentially stave off foreclosure proceedings. Another of the bills takes aim at setting new standards for mortgage professionals doing business within the State of Connecticut. These new measures include educational requirements and testing, among … (0 comments)

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