Foreclosures
Servicers “Fail” Mortgage Modification Expectations
With more than a million borrowers signed up for mortgage modification programs the overall result is that most are wildly unhappy with their loan servicers.
According to J.D. Power and Associates, mortgage servicers often fail to deliver on certain best practices during the loan modification process, “including providing and meeting a time frame for approval; not [...]
100 to 1 — Obama Mortgage Modification Plan Tops Bush
Just about every posting regarding the Obama mortgage modification program says it’s a dud. Those on the left say not enough has been done, those on the right say too many homeowners are washing out of the program. What’s too often left out is any sense of context.
The reality is that the Obama loan modification [...]
July Foreclosure Numbers Show Continued Weakness
The latest foreclosure numbers show some improvement in the marketplace, but not enough to suggest the housing crisis is over.
RealtyTrac reports for July that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 325,229 properties in July, a nearly 4 percent increase from the previous month but a nearly 10 [...]
FHA “Short Refinance” — Is This The Way To Reduce Foreclosures?
Imagine that you have a mortgage and want to refinance to get a lower rate but the debt is greater than the value of the home. Imagine also that if you can refinance you can avoid foreclosure.
The government is now trying to address this scenario, something which is common across the country, especially for those [...]
9Aug2010 | Peter G. Miller | 2 comments | Continued
Foreclosures Rise In Most Metro Areas
Foreclosures continue to plague American cities. The latest data from RealtyTrac shows that shows 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity even while foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates.
Four states — Florida, California, Nevada and [...]
Foreclosure Rescue Victim Awarded $700,000
Like a small number of states, Maryland has a tough law to protect homeowners against what are called foreclosure consultants or foreclosure rescue consultants. The idea is that “foreclosure rescue” is allowed in Maryland — but only if certain conditions are met.
Now a court has awarded more than $700,000 to a homeowner facing foreclosure under [...]
Foreclosure Trends Show Little Love In 2010
Foreclosure filings dropped 7 percent in June when compared with a year ago, but that’s good news only in a relative sense. Once again, foreclosure filings topped 300,000 in a single month. According to RealtyTrac June was the 16th month in a row we’ve seen such a high level of foreclosure activity.
Other results from RealtyTrac [...]
Quarterly Foreclosures Down 33% From 2009
Foreclosure activity in the first quarter was down 33% when compared with a year ago but huge discounts remain with pre-foreclosure (14.77%), foreclosure (26.7%) and lender-owned properties (34.04%), according to RealtyTrac.
The RealtyTrac numbers — which are used by HUD as part of its monthly housing scorecard — show that savvy buyers are purchasing large [...]
FTC Seeks Halt To Mortgage & Foreclosure Relief Programs
The federal government is seeking to shut down more than a dozen firms which supply mortgage modification or foreclosure relief services.
According to the Federal Trade Commission, the government has sought to ban more than a dozen marketers from selling mortgage relief and foreclosure relief services, in one instance seeking $11.4 million for contempt.
The release from [...]
Foreclosures Level Out, Still Top 300,000 Per Month
It’s one of those good news/bad news deals. RealtyTrac reports that for the month of May foreclosure filings rose less than 1 percent when compared with the same period last year. The bad news: Foreclosure filings were sent to 322,920 properties.
“The numbers in May continued and confirmed the trends we noticed in April: overall foreclosure [...]
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