Posted on 07 March 2010
Georgia is third in the nation, with 13.5 percent of mortgages one or more payment past due as of December 31st, according to the Mortgage Bankers Association’s National Delinquency Survey. Florida and Nevada came in at #1 and #2.
The MBA said the drop in the 30-day delinquency rate is “a concrete sign” that the end [...] Continue Reading
Posted on 05 March 2010
That’s right, 28%. Not a good number.
More than 441,500, or 28 percent, of all residential properties with mortgages in Georgia, were in negative equity at the end of the fourth quarter, according to a new report. The report was prepared by Santa Ana, Calif.-based First American CoreLogic Inc., a real estate information company.
Negative equity, also [...] Continue Reading
Posted on 01 March 2010
Apparently someone is starting to realize that the government’s Home Affordable Modification Program (HAMP) is not very effective. The Obama administration is considering expanding their attempt to to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected under the program.
Currently, lenders can begin foreclosure proceedings on [...] Continue Reading
Posted on 25 February 2010
Freddie Mac, one of the two big mortgage finance companies taken over by the government, announced earnings today. It reported a net loss of $6.5 billion, which is great compared to a net loss of $23.9 billion in the same quarter a year ago, but a loss is a loss. So we’re talking semantics when a [...] Continue Reading
Posted on 15 February 2010
Federal and mortgage industry officials are increasingly looking for ways to get distressed borrowers to leave their homes voluntarily, without going through the expensive foreclosure process or a messy eviction.
Citigroup, for instance, plans to announce a pilot program on Thursday that would allow delinquent borrowers who don’t qualify for or decline mortgage relief the opportunity [...] Continue Reading
Posted on 12 February 2010
Forecasts are coming in, that despite mortgage foreclosure filings in the country dropping in January, projecting a surge in foreclosures due to the ongoing impact from unemployment rates and uncertainty over the economy.
One in every 409 U.S. housing units received a foreclosure filing in January, Irvine, California-based RealtyTrac said in its January 2010 U.S. Foreclosure Market [...] Continue Reading
Posted on 27 January 2010
With continued high unemployment and depressed home prices, expect to see foreclosures continue to rise in 2010. A record 3 million U.S. homes are projected to be repossessed by lenders this year.
In 2009, there were 2.8 million foreclosures according to RealtyTrac and 4.5 million foreclosure filings ares projected for this year. There were 3.96 million [...] Continue Reading
Posted on 02 January 2010
Foreclosure prevention efforts need to become vastly more effective or housing prices will resume their tumble, according to a new report by Credit Suisse analysts.
The industry can expect to see either housing stabilization or “a renewed leg down” in the second half of 2010, depending on the success rate of foreclosure prevention efforts, global financial [...] Continue Reading
Posted on 26 December 2009
Last week, the Obama administration issued their first monthly reports on mortgage loan modifications, which is really intended not to show America that the government is watching, but more of trying to publicly disgrace banks into making a concerted effort to fix the issues that they so aptly created. As we mentioned in the article, [...] Continue Reading
Posted on 23 December 2009
The U.S. Department of Housing and Urban Development (HUD) recently released a letter to lenders covering short sales and short payoffs. Mortgagee Letter 09-52 is effective immediately and provides guidance to lenders regarding borrower eligibility when pursuing a new Federal Housing Administration (FHA) mortgage.
In a nutshell, FHA guidance included:
Borrowers are not eligible for a new FHA [...] Continue Reading
Posted on 22 December 2009
Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.
The suspension, announced last week by the government-controlled companies, runs from Saturday through January 3rd.
Earlier Thursday, Citigroup Inc. announced a 30-day suspension of foreclosures and evictions, affecting about 4,000 [...] Continue Reading
Posted on 20 December 2009
The U.S.Treasury Department issued new guidelines for short sales that should make the process easier, faster and more consumer-friendly. Imagine a world where short sales were short? Somehow whenever I think of the word “imagine” I think of the the song written by John Lennon and his depiction of a world that would never be. [...] Continue Reading
Posted on 17 December 2009
It’s pretty clear that the goverment’s foreclosure solution is not working based upon data released last Thursday. The government program is known as Making Home Affordable. So far, only about 4 percent, or 31,382, of the 728,000 homeowners currently in the program have moved from the initial, or “trial” phase, to a permanent loan modification.
Compare that [...] Continue Reading
Posted on 13 December 2009
With the Obama administration recently putting forth new guidelines to help address the foreclosure epidemic, there seems to be a lot of finger-pointing going on.
A recent report stated only about 10,000 homeowners have received permanent loan modifications this fall under the mortgage relief plan, with the biggest issue being borrowers getting through their trial modification periods.
The [...] Continue Reading
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