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Luxury Home Foreclosures on the Horizon
Date: 07/23/2009 / Category: none
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Current Grade A
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Based on the mortgages produced over the past few years, many were Option-ARM's and ALT-A loans. These loans were provided to borrowers who had good credit and not able to document income. Generally these borrowers were business owners or other self employed individuals.
Many of these borrowers also put down at least 10% down, but are currently in a negative equity position.
Why are these loans important to look at going forward? These loans are going to adjust over the next 18 months, and many of these borrowers are no longer employed, underemployed, or just barely making... continue reading >>
Banks not selling REO's
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I have been somewhat perplexed about some very unsettling trends. Since about May of 2009 I have noticed that banks who foreclose on property are not selling them.
Huh? Why would they want to keep REO properties you ask?
Well in 2007 and 2008 the lenders were unloading inventory faster than a raging river. It appears the Administration realized that doing that would cause continued instability in the Housing Markets and further reduction in values.
Here is my feeling of what's going on as well as some insight from a Loan Modification Processor who happens to live... continue reading >>