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Archive for September, 2010

Foreclosure Discount — 26% Nationwide
By September 30, 2010 0 Comments Read More →

Foreclosure Discount — 26% Nationwide

A new report from RealtyTrac shows that foreclosure buyers who purchased in the second quarter typically received a 26 percent discount. Other discounts could be had with distressed properties and REOs — real estate owned by lenders. For distressed properties the typical pre-foreclosure discount was 12.97 percent while REO buyers were able to save 34.54 […]

Posted in: Foreclosures
VA Mortgage Streamlines: Hotter Than Ever But Harder to Get
By September 29, 2010 0 Comments Read More →

VA Mortgage Streamlines: Hotter Than Ever But Harder to Get

Purchase loans continue to sag with the housing market in freefall. But record-low interest rates have helped home refinancing loans surge in recent months. Scores of military homeowners have seized the opportunity and secured lower monthly payments on their VA mortgage with an Interest Rate Reduction Refinance Loan, better known as a VA Streamline. This […]

Posted in: Mortgages
Foreclosures Up, Mortgage Delinquencies Steady Say Feds

Foreclosures Up, Mortgage Delinquencies Steady Say Feds

A new report from the federal government tells us that foreclosures rose in the second quarter while delinquencies fell. A review of 34 million mortgages representing 65 percent of all first-lien mortgages found that “after several quarters of declining performance, the overall credit quality of the portfolio of loans serviced by the largest national banks […]

Posted in: Library
US Home Values Increase By $1 Trillion
By September 27, 2010 0 Comments Read More →

US Home Values Increase By $1 Trillion

Given the weak state of the housing sector it was surprising to hear that home values have grown by $1 trillion since June 2009. According to FHA Commission David H. Stevens, “homeowner equity started growing again in the second quarter of 2009 — to date, increasing over a trillion dollars, or close to $14,000 on […]

Posted in: Mortgages
Can We Undo Botched Mortgage Foreclosures?
By September 23, 2010 0 Comments Read More →

Can We Undo Botched Mortgage Foreclosures?

Lenders may be on the hook for billions in claims from borrowers who were improperly foreclosed. Several stories in the past few days raise the idea that huge numbers of foreclosures may have been incorrectly processed. This is not a minor glitch or “technicality,” it potentially involves vast armies of people who lost their homes […]

Posted in: Foreclosures
What’s A Qualified Mortgage (QM)?
By September 21, 2010 0 Comments Read More →

What’s A Qualified Mortgage (QM)?

One of the better ideas to come out of the Wall Street Reform Act was to create something called a “qualified residential mortgage.” You want to know about such financing because most lenders will offer nothing else — and that’s good news for borrowers. Under Wall Street reform several federal agencies are supposed to work […]

Posted in: Library, Mortgages
Confidence Rising: 78% Say Home Prices Have Bottomed Out

Confidence Rising: 78% Say Home Prices Have Bottomed Out

Better than three-quarters of the American public believe that home prices have bottomed out according to a new study by Fannie Mae. The Fannie Mae findings are good news in the sense that real estate cannot be sold short, no one benefits from lower home prices. A belief that home values are rising is one […]

Posted in: News
August Foreclosure Levels Top 300,000 for 18th Month In A Row
By September 16, 2010 0 Comments Read More →

August Foreclosure Levels Top 300,000 for 18th Month In A Row

Foreclosures held relatively steady in August, according to the latest monthly report by RealtyTrac (www.realtytrac.com). The company’s report for August 2010 shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 338,836 properties in August, a 4 percent increase from the previous month but a 5 percent decrease from August […]

Posted in: Foreclosures
1 Million First-Time Home Buyers To Owe IRS
By September 15, 2010 0 Comments Read More →

1 Million First-Time Home Buyers To Owe IRS

More than a million first-time home buyers are likely to get unfriendly letters from the IRS, brief little notices from Uncle Sam which say we want our money back. A report by the Treasury Department’s Inspector General for Tax Administration shows that nearly 1.8 million taxpayers filed claims under the government’s First-time Homebuyer Tax Credit […]

Posted in: News
Special Mortgage Relief Likely For Gulf Coast Veterans
By September 13, 2010 0 Comments Read More →

Special Mortgage Relief Likely For Gulf Coast Veterans

Veterans along the Gulf Coast whose livelihood has been affected by the Gulf oil spill might be able to secure mortgage relief. Several national mortgage companies have already assured veterans that late charges and negative credit reporting will be suspended in the wake of the disaster. The Department of Veterans Affairs is now pushing all […]

Posted in: Mortgages