All Posts Tagged With: "foreclosure"
Controversy Brews Over Latest Obama Mortgage Write-Off Plan
The newest effort by the federal government to shore up the flagging housing market is going to set off a fierce debate. The just-announced FHA Refinance Option is likely to keep a lot of homeowners out of foreclosure. This is important because until the “shadow” inventory of distressed and foreclosed homes is reduced in a [...]
29Mar2010 | Peter G. Miller | 0 comments | Continued
Has The Obama Mortgage Modification Program Failed?
The Washington Independent — which tells us that it offers “national news in context” says that:
“President Obama’s mortgage modification program, known as the Home Affordable Modification Program or HAMP, was supposed to be the fulfillment of Obama’s promise to take care of Main Street more than Wall Street. Yet, just over a year into his [...]
How Foreclosures, Bankruptcies & Healthcare Are Tied Together
Last week we wrote about bankruptcies and the reality that 2009 was a banner year for financial failure — 1.5 million bankruptcies, up 32 percent from 2008.
Interestingly enough, as provisions of the newly-minted Patient Protection and Affordable Care Act go into effect we are likely to see both fewer bankruptcies and fewer foreclosures. Why? Because [...]
Bankruptcies Rise 32% in 2009, 1.5 Million Went To Court
Almost 1.5 million bankruptcies were recorded in 2009, a number up 32 percent from 2008 — and a number that was not supposed to happen.
Huh? How come there were not supposed to be so many bankruptcies.
Well, to put this as nicely as possible, the so-called Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was [...]
Mortgage Paid? How Do I Know?
It would be nice to report that every mortgage payment is promptly received and correctly processed. However, it follows that in a country with some 45 million first mortgages that there are millions of opportunities to screw up and that sometimes loan payments made in good faith are not properly handled.
What can you do?
If [...]
9Mar2010 | Peter G. Miller | 0 comments | Continued
What Are Private Mortgages?
We usually think of real estate financing in terms of loans from banks, mortgage brokers, mortgage banks, credit unions and insurance companies. In fact there’s another source of real estate financing, private mortgages.
Private mortgages can be alluring and in some cases financially dangerous. In the best case a private mortgage will provide a low rate [...]
What Kind of Foreclosure Title Can I Expect?
With huge numbers of foreclosed properties now available for sale you have to wonder what type of title you might expect if you purchase one of these distressed homes.
The lender selling REOs (real estate owned by a bank or other lender) does actually care how you own title, What it does care about is that [...]
Is Walking Away Right With A Commercial Mortgage?
What happens if you borrow billions of dollars to buy real estate and then get foreclosed?
It’s just a guess, but I bet you don’t get harassing phone calls or threats that your stuff will be on the street by Tuesday. Instead, you get a foreclosure notice such as the one below.
How did this happen?
In [...]
What’s A Typical Foreclosure Fee?
When a lender seeks to foreclose a number of fees can arise. There will be, for example, a foreclosure fee paid to an attorney. If the property is auctioned off then the local sheriff or court will want a fee. There are typically an assortment of fees to be paid just to get the matter [...]
17Feb2010 | Peter G. Miller | 0 comments | Continued
What Makes A Foreclosure Settlement Different?
When you purchase a foreclosed property from a lender the transfer process is largely the same as if the purchase involved property from a typical seller. Largely the same — but not the same.
A closing, settlement or escrow is merely an accounting of who owes what to whom. Among the interests represented at the closing [...]
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