Foreclosures
22,000 mortgage foreclosure modifications resulted in higher payments
New testimony on Capitol Hill shows that nearly 22.000 homeowners facing foreclosure wound up with larger monthly bills after getting a loan modification. All national banks and their operating subsidiaries — including their mortgage servicing operations — are regulated by the Office of the Comptroller of the Currency, a part of the Treasury Department. According [...]
3Dec2010 | Peter G. Miller | 0 comments | Continued
Foreclosure discount now 32% — have home values hit bottom?
Foreclosed properties now represent 25 percent of all home sales nationwide, properties which are selling at a 32-percent discount according to the latest report from RealtyTrac. The problem represented by distressed properties is that they hold down the values of nearby homes. If a house down the street is selling for a third off, or [...]
2Dec2010 | Peter G. Miller | 0 comments | Continued
Obama fed pay plan to swell mortgage foreclosures
The White House plan to halt federal pay increases in 2011 and 2012 is a textbook example of the wrong idea with the wrong marketing plan, one which will unfortunately increase foreclosures nationwide. To start, the White House explains that “because of the irresponsibility of the past decade, the President inherited a $1.3 trillion projected [...]
1Dec2010 | Peter G. Miller | 3 comments | Continued
The mortgage foreclosure legislation Congress won’t touch
Stashed away in a drawer somewhere on Capitol Hill is a simple piece of legislation that would have done much to stop the mortgage mess, robo-signing, unfair foreclosures, and the growing claims against lenders. But Congress has not touched the Produce the Note Act since it was first introduced in February 2009 — nearly two [...]
29Nov2010 | Peter G. Miller | 0 comments | Continued
Mortgage foreclosure rescue scams (finally) blocked by feds
New rules from the Federal Trade Commission will make it more difficult and costly for bogus loan modification and foreclosure rescue companies to operate nationwide. Unfortunately, the rules are weaker than the standards now used by several states. Under the Mortgage Assistance Relief Services rule, the FTC says that mortgage foreclosure rescue and loan modification [...]
20Nov2010 | Peter G. Miller | 0 comments | Continued
Foreclosures Continue To Batter Major Metro Areas
Once again cities in California, Florida, Nevada and Arizona lead the league when it comes to metro foreclosures, according to the latest figures for the third quarter from RealtyTrac.com. California, Florida, Nevada and Arizona cities also accounted for 19 of the top 20 metro foreclosure rates. The only exception was Boise City-Nampa, Idaho at No. [...]
28Oct2010 | Caroline H. Tucker | 0 comments | Continued
New Real Estate Dance: Do The Double-Up
With all the news regarding foreclosures and declining homeownership it might be worth mentioning that real estate is keeping a lot of people out of poverty — especially those aged 25 to 34. Figures from the Census Bureau confirm what’s widely been seen throughout America: Matt and Martha are moving back in with Mom and [...]
27Oct2010 | Peter G. Miller | 0 comments | Continued
Foreclosures: Why The New York Times Is Wrong
The latest stumble in the foreclosure mess — and probably not the last — has been the revelation that huge numbers of sworn affidavits have been improperly signed. This is not a one-time whoopsie of the type we all make. This is a large-scale practice in which tens of thousands of affidavits were improperly signed, [...]
25Oct2010 | Peter G. Miller | 0 comments | Continued
The Real Foreclosure Crisis: Who Owns The Mortgages?
For all the headlines given to foreclosure affidavits and robo-signing virtually no one has mentioned the real point, the idea that the affidavits themselves may not prove loan ownership regardless of how they were signed. For several years foreclosure defense attorneys have been telling anyone who would listen that the entire foreclosure process is flawed [...]
11Oct2010 | Peter G. Miller | 9 comments | Continued
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 [...]
30Sep2010 | Peter G. Miller | 0 comments | Continued
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