Posted on 02 January 2010
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!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 [...] 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
Posted on 07 December 2009
So with the foreclosure crisis not slowing down, U.S. Treasury officials are hoping new incentives will accelerate short sales and other alternatives to rescue homeowners.
While new incentives have been introduced, keep in mind that they don’t take effect until April 30, 2010. Effective that date, the government’s Home Affordable Modification Program (HAMP) will incentivize lenders to accelerate [...] Continue Reading
Posted on 30 November 2009
As the foreclosure crisis appears to show no sign of slowing, the president wants to increase pressure on mortgage companies to help people remain in their homes.
A new program is to be announced and the goal will be to increase the rate at which distressed home loans are convereted into new loans with lower monthly payments.
The Treasury is [...] Continue Reading
Posted on 26 November 2009
I always look forward to Thanksgiving every year. It’s time for some turkey, time to give thanks and time for some extra football. Thanksgiving time. It’s certainly a time of year when we get to spend time with friends and family and realize that we are fortunate.
But for some savvy shoppers, this is also the time [...] Continue Reading
Posted on 08 November 2009
What is this great news you might ask? The first-time homebuyer tax credit has been extended and expanded.
What this means is that homebuyers have a chance to not only get a great deal on a short sale or a foreclosure, but they will also receive an extra bonus; for first-time hombuyers a tax credit of [...] Continue Reading
Posted on 05 November 2009
The House of Representatives overwhelmingly passed a bill today that would extend the $8,000 first-time homebuyer tax credit to home purchases under contract by April 30, 2010 and closed by June 30, 2010. This is an extension of the credit that was set to expire on November 30th.
This is the same bill passed by the [...] Continue Reading
Posted on 01 November 2009
Come join the Greater Atlanta Home Builders Assoication for a free short sales and foreclosure seminar on Tuesday, November 4th. The session is free to HBA members and will begin at 9:00 a.m. at the housing center in Tucker.
Participants of the session will learn how to:
Get to the closing table.
Prepare for a foreclosure.
Prepare for [...] Continue Reading
Posted on 22 October 2009
With homebuyers rushing to complete their home purchase before the first time home buyer tax credit expires, a report Friday is expected to show strong September sales.
Home resales are expected to show an almost 5 percent increase to a seasonally adjusted annual rate of 5.35 million, up from 5.1 million in August, according to economists [...] Continue Reading
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