Should we be doing more to help our troops fighting for freedom? Sure seems illegal to have this occur for those serving. Some people take a “strategic default” while others lose their homes defending the rights of the “defaulters.”… Have questions or concerns about this growing problem of military mortgages underwater and being foreclosed upon […]
New News about Foreclosures and Short Sales
The news continues to pour in from around the country on banks foreclosing on more and more homes, and short sales becoming more of a common thing… Questions or comments? Use the comment link below to sound off. Your email address, although needed to post, is NEVER published on this website.
Nearly 30% of Mortgages Are Underwater
Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com. Now 27% of homeowners with mortgages owe more than their homes are worth. That’s up from 23.2% a quarter earlier. That will surely lead to higher foreclosure rates soon. […]
Foreclosures Increase in Cities Nationwide in 2010
Driven by continued high levels of unemployment across many parts of the country, data from RealtyTrac shows foreclosure activity increased in many cities during last year, despite the fact that many lenders halted their foreclosure process for part of the year. According to the report, foreclosures increased in 149 of the 206 largest cities in […]
From Default To Foreclosure – 16 Months is Average
If you are in default on your mortgage do not feel like you need to leave your home immediately according to a study by LPS Applied Analytics. The average home that has missed their 3rd monthly mortgage payment takes 492 days to go from the initial foreclose filing to the bank taking possession of the […]
Banks Rarely Walk Away from a Foreclosure
The Government Accountability Office (GAO) has just completed a study of what is called “bank walkaways” – that’s when a lender initiates foreclosure proceedings but then decides not to complete the process because the cost outweighs the expected proceeds from the property’s sale. Officials argue that the practice intensifies deteriorating market conditions and complicates stabilization […]
Foreclosure Rate is Falling
As the nation’s largest banks put a freeze on foreclosures this fall, fewer homeowners are losing their homes. The monthly foreclosure market report showed foreclosure filings declined 4 percent in October, compared to September. The volume of filings stayed about the same when compared to the same time last year. More than 332,000 homes nationwide […]
Foreclosure Mess Highlights Value of Title Insurance
When homebuyers and people refinancing their mortgages first see the itemized estimate for all the closing costs and fees, the largest number is often for title insurance. This moment is often profoundly irritating, mysterious and rushed – just like so much of the homebuying process. Lenders require buyers to have title insurance, but buyers are […]
How Countrywide Profited on Foreclosures
One mortgage servicing company made millions on foreclosures by tacking on extra fees. Here’s the story… Have questions or comments? Post them by using the “comment” link below. We’d love to hear from you.
85% of Recent Home Buyers See Their Home As a Good Investment
The National Association of REALTORS® just released their 2010 Survey of Home Buyers and Sellers which shows that people still look at home ownership as a good long-term investment and the typical seller is experiencing positive returns from home ownership. As expected, job security concerns were among the highest in eight years of sampling. A […]