21 Day Foreclosure States
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Report Source: Mortgage News DailyFreddie Mac today told mortgage servicers it was doubling the amount of money it pays for each workout that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of foreclosure. Freddie Mac also announced it will start reimbursing servicers for the cost of door-to-door outreach programs, give servicers more time to negotiate workouts in states with fast foreclosure processes, and make administrative changes intended to streamline the workout process.
"We are taking these steps because we want to reinforce the tremendous importance of workouts and reward their use," said Freddie Mac Vice President of... continue reading >>
2008 Success Gut Check: Are You Set Up For Success? part 1 of 2
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This is a repostin of an article I read:
The Years Just Begun…and would you believe that a lot of people have already forgotten about their resolutions for the new year?? Hopefully you’ve already deliberately planned out how your going to achieve your success in 2008. If not, you better get on it. 1/12th of the year is almost gone already!
If you’re looking back on 2007 and unsure of where the year went, and your bank account isn’t where you want it to be, I can almost guarantee there were two major deficiencies: ONE, Lack of Purposeful Planning... continue reading >>
Top 7 Foreclosure Stories of Past Year
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Joel Cone, RealtyTrac Staff WriterThe euphoria that surrounded six years of escalating home prices, record levels of home sales and rock-bottom interest rates crashed and burned in 2007, forcing many foreclosure investors to ratchet down their purchases and patiently wait for an expected flood of bargains to emerge from the ashes of the housing downturn.
Foreclosure-related stories saturated the headlines throughout the year, and the Foreclosure News Report has compiled the following top 7 stories of the year based on their impact on foreclosure investors.
#1 The ‘Mortgage Meltdown’
The national media used the phrase ‘mortgage... continue reading >>
New States Rules Begin To Impact Foreclosure Numbers
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Peter G. MillerThe real estate marketplace must be exploding in Maryland. What else could possibly explain the huge fall in foreclosures throughout the state?
In April, according to RealtyTrac.com, Maryland ranked sixth in foreclosures among all the states but just 30 days later it fell to 22nd for the month of May.
If you believe that foreclosures are not good for borrowers, lenders or neighborhood home values then you will surely want to know what it is that Maryland did to reduce foreclosure levels so quickly. No less important, other states will certainly want to borrow some... continue reading >>
High-End Foreclosures Rising Among Top Tier Homes
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Octavio Nuiry, RealtyTrac Staff WriterUntil now, the foreclosure crisis was confined to a narrow niche of middle-class urban communities and outer-rim new housing developments where first-time homeowners and real estate speculators benefited briefly from favorable financing.
But increasingly there are signs that the foreclosure problem is spilling over into wealthier areas, where prime borrowers — and even high-end real estate developers — are rapidly falling behind on their construction loans, mortgage payments, property taxes, auto loans and credit cards at an alarmingly fast pace, according to industry analysts, economists and real estate brokers.
Jack McCabe, a real estate... continue reading >>
How to Save Up to 90% on Title Insurance
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by Attorney William BronchickIf you have ever bought or sold real estate, you have probably paid for title insurance. What exactly is title insurance? Why do we need it? How can I save money on title insurance? These are common questions asked by real estate investors.
Whenever title passes, the seller usually gives a deed containing certain guarantees or “warranties” (hence the name “Warranty Deed”). The seller warrants that title is good, that is, no one will come challenge the integrity of the title. For example, if a deed that was passed before him was forged, all subsequent transfers... continue reading >>
Top 100 Markets
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(Money Magazine) -- The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions.
The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That's the biggest fall since the index began tracking prices in 2000.
Meanwhile, foreclosure filings more than doubled in the first three months of 2008, spiking 112%. So far this year 156,463 families have lost their homes to repossessions. Many... continue reading >>
Could FDIC also be a "Predatory lender?"
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The Wall Street Journal reported Monday morning that the Federal Deposit Insurance Corporation (FDIC,) rather than being part of the solution to the subprime mortgage crisis, was actually among those institutions that caused it.The FDIC which shuttered IndyMac Bank a week ago and is operating it as a "bridge bank" until a viable buyer can be found, followed the same procedure in 2001 when it closed Superior Bank, FSB in Hinsdale, Illinois. The agency typically follows one of three scenarios when it determines that a financial institution can no longer survive. It (rarely) closes the bank completely, pays off... continue reading >>
The Art of Buying Foreclosures
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Investing in foreclosures could pay off big if you do your homework.The dream of every homeowner and real estate investor is to find a great home at an even better price. Easier said than done, you might say, especially if you don’t have Donald Trump-like financial resources. But foreclosures can offer a certain degree of opportunity for the non-Trumps among us.
When homeowners can’t keep up their payments or sell a house on their own, the bank forecloses on the property and resells it to cover its costs. If the home loan was insured by the Federal... continue reading >>
2008 Success Gut Check - Part 2 of 2: 4 Steps for Maximum Success
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This is a repost of an article send to me:
In part 1 of this series we talked about the importance of having specific and deliberate steps in place to ensure that you’ll make the kind of money you’d like this year. We also talked about reviewing last years plan to see if you had planned properly in relation to the end result you hoped to achieve.
You see, most people only plan a couple of weeks in advance, with the majority looking forward only to the next day! If you haven’t planned out exactly what... continue reading >>