CNN money Reports- 1 million homes reposessed in 2010

1 million homes repossessed in 2010

By Les Christie, staff writer--January 13, 2011: 10:05 AM ET

NEW YORK (CNNMoney) -- Foreclosures were at a record high in 2010, and more than 1 million people lost their homes, even as notices started leveling off during the end year.
In total, there were nearly 2.9 million foreclosure notices filed during the year, according to report released Thursday by RealtyTrac. That was a record high, but just 1.7% above 2009.

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Washington Post Reports: Public Officials Scrutinize Foreclosure Processing

Foreclosure mess prompts growing number of public officials to slow down process
By Ariana Eunjung Cha

Washington Post Staff Writer

Thursday, November 11, 2010; 10:23 PM

One month ago, the city of Chicago and the surrounding suburbs of Cook County became a foreclosure-free zone. It wasn't the banks or judges that instituted the moratorium, because they were still moving cases forward at a rapid clip. The holdup was elsewhere: at the sheriff's office.
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States launch foreclosure probe

Scenario: Real Estate Double Dip  Scenario: What if US house prices experience a double-dip, falling for several quarters before finally stabilizing? Potential Outcome: Some economists continue to predict a coming double-dip for both residential and commercial real estate, citing the huge number of underwater loans, vacancies, and foreclosures yet to come to market. A double dip in housing could drag down the rest of the economy and threaten the economic recovery. Potential Timeframe: Within 1 Year

The following macro indicators would be most impacted by this scenario.

	Current	Projected	Scenario Impact
US House Prices	148.91	117.14		-21%
Commercial RE Prices	1.13	0.88		-22%
US GDP Growth	1.70%	-0.96%		-2.66 pts
Consumer Confidence	48.50	32.56		-33%
Copper	$3.81	$3.17		-17%
Economic Analysis By HiddenLevers

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Digital Signatures Make Paper-trail Legitimacy Very Questionable

Robo-signers' add to foreclosure fraud mess

In testimony 'experts' admit they rushed paperwork, didn't know law 

msnbc.com news services updated 10/13/2010 11:49:19 AM ET

NEW YORK — In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training, a Florida lawyer says.

In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn't define the word "affidavit." Others didn't know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers' accusations about document fraud. CLICK HERE FOR FULL ARTICLE

CNN Money Reports: Push to halt foreclosures gains steam

By Ben Rooney, staff reporterOctober 5, 2010: 6:32 PM ET

NEW YORK (CNNMoney.com) -- Pressure is mounting on U.S. banks to halt more foreclosures amid widespread allegations that loan servicers failed to verify legal documents in what could be hundreds of thousands of cases.
Members of Congress from California wrote to the heads of the Justice Department, the Federal Reserve, and the Comptroller of the Currency on Tuesday, requesting that they investigate the foreclosure processes of banks under their purview for "possible violations of law or regulations."
In Texas, the Attorney General's office sent "suspension notices" to 30 loan servicers in the state, asking them to halt foreclosures until they have completed a review of their procedures. The Attorney General in Massachusetts also urged financial institutions in the state to put a hold on all foreclosures.

The moves come after Ally Financial, JPMorgan (JPM, Fortune 500) and Bank of America (BAC, Fortune 500) all announced plans last week to freeze foreclosures in the 23 U.S. states where they must be approved by the courts.
 CLICK HERE FOR FULL ARTICLE

MSNBC reports Plan Launched to assist Underwater Borrowers

Federal assistance for homeowners in trouble on their mortgage

By ALAN ZIBEL

WASHINGTON — The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth.

Starting Tuesday, the Federal Housing Administration will permit lenders to give these borrowers refinanced loans backed by the government. The lenders will be required to forgive at least 10 percent of the original mortgage amount. Investors who have control over the mortgages as part of their large portfolios will select which borrowers are invited to participate.
The plan was first announced in March. Its rollout represents the latest of numerous efforts by the administration to address the housing bust. So far, the government has only nibbled around the edges of the crisis, as its programs have run into numerous problems.
The lending industry was ill-prepared for a crush of distressed homeowners, the economy worsened and millions of homeowners had taken on so much debt that their financial woes have been nearly impossible to resolve.
Nearly half of the 1.3 million homeowners who have enrolled in the Obama administration's main mortgage-relief program — overseen by the Treasury Department — have already fallen out over the past year.CLICK HERE FOR FULL ARTICLE

Washington Post Reports: Be Prepared to Walk From a Short Sale

 Great article from the washington post, encouraging buyers of short sales to be prepared for a long haul... and also be prepared to eventually walk away because quite frequently they do not work out.  We had a recent situation where  A short sale actually worked out but it took 5 months and we had to pull alot of strings to get it to close.   They can work out but  we advise our clients to not become too emotionally attached, because the process is so unpredictable.

Here is the Article, a Question and answer session between a post reader and a columnist:
Be prepared to move on from a short-sale home
By Ilyce R. Glink and Samuel J. Tamkin
Saturday, August 7, 2010
Q: In January, we bid on a short sale that was three lenders deep. Every time we get an update from the banks (via the listing agent), the property is "in review" with the lender. We knew it was going to be a long process with three lenders; however, it seems that it is going nowhere. We'd really like to move forward with this property but are at a loss as to what we can do to get to the status of this sale and help move it along
A: There's nothing you can do other than to tell the lenders that they have three, five, seven or 10 business days (you decide the timeline) to take your offer or not. You have to make it clear you are moving on after that time.
Then be prepared to back off and start searching for another property. Short sales are notoriously difficult, and lenders are taking up to six months to decide what to do.

Click Here for the Full Article

Obama Administration Proposes 3 Billion in Aide for Jobless Homeowners

$3 billion more for jobless homeowners
By Hibah Yousuf, staff reporterAugust 11, 2010: 2:02 PM ET

NEW YORK (CNNMoney.com) -- The Obama administration is making $3 billion in additional funds available to help troubled homeowners avoid foreclosure.

One part of the plan, announced Wednesday, includes a new $1 billion program that will offer loans to unemployed borrowers at risk of losing their homes. The loans, which will be dispersed through nonprofit and housing agencies, will carry 0% interest and be good for a maximum of $50,000 for up to two years.
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NBC washington Blog: Foreclosure Rates Rise in D.C., NoVA

Metro Area Foreclosures Rise:

Foreclosure rates in the District and northern Virginia rose slightly over the last year. Though foreclosure rates in D.C., Arlington and Alexandria fall below the national average, rates in each municipality rose a fraction of a percentage point.

The foreclosure rates in the District of Columbia rose from 1.56 to 1.85 percent between June 2009 and June 2010. Over the same period, foreclosure rates in the broader region -- including D.C., Arlington and Alexandria -- rose just slightly, from 2.15 to 2.16 percent. Click HERE for full Article

MSNBC Real estate Video Report: Beware Of Co-Signing a Loan

Co-Signing a Loan can be very bad news...

Visit msnbc.com for breaking news, world news, and news about the economy

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CNN Money Reports: Bankruptcy Instead of Foreclosure

Bankruptcy can save your house from foreclosure

NEW YORK (CNNMoney.com) -- Slick TV commercials and online ads tell delinquent borrowers that they can save their homes by filing for personal bankruptcy. But is it true -- or just too good to be true?
True!
Bankruptcy can bring foreclosure proceedings to a halt, end harassment from debt collectors, and give borrowers time to make up missed payments and reorganize their finances. In some cases, bankruptcy can also help mortgage borrowers save their homes permanently.

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Washington Business Journal Reports: DC Property Up for Auction This Summer

 D.C. to sell off vacant properties

Washington Business Journal - by Tierney Plumb
Read more: D.C. to sell off vacant properties - Washington Business Journal

In the second auction of its kind, D.C. will sell 18 vacant single-family homes, multi-family buildings and vacant lots located in six of the eight wards in the city.
The properties currently sit in the Department of Housing and Community Development’s portfolio, which is coordinating an auction to dish out the buildings. It will be held June 30 at the Walter E. Washington Convention Center at 2 p.m. and conducted by Alex Cooper Auctioneers Inc.
Read more: D.C. to sell off vacant properties -  Click For full article Washington Business Journal

Forbes Online Discusses Loan Modification

Forbes magazine online loan modifcation advice

Foreclosures and problem loans have thrown millions of American households into crisis. Over 7.5 million mortgages are delinquent, and an estimated 1 million have been taken back by the banks, according to Lender Processing Services, a Jacksonville-Fla.- based mortgage-industry service provider.
In response, the government founded the Making Home Affordable program, with $75 billion in federal funds, to offer services--including loan modification--to certain homeowners. But navigating the thicket of paperwork and separating good from bad advice can prove downright daunting. And for some struggling homeowners loan modification may not even be the right option.(Click HERE for full article)

U.S. Plans Big Expansion in Effort to Aid Homeowners

New York Times Reports:

The Obama administration on Friday will announce broad new initiatives to help troubled homeowners, potentially refinancing several million of them into fresh government-backed mortgages with lower payments.

Click HERE for Full article on Nytimes.com

Distressed homeowners get temporary reprieve

Citigroup Inc. plans to let homeowners on the verge of foreclosure stay in their homes for six months — if they turn over the deed to their property. This is a part of their New  Foreclosure alternatives program, and will result in a lesser hit to their credit score. Read more below:
Citigroup to give 6 month Grace period on foreclosures

The Truth about Foreclosures

Im sure you hear the same commercials on the radio that we do,  That terrible commercial where an excited young woman is describing to her friend how she got a 3 bedroom house for only $26,000!!! and how her monthly payment is only $250?!  What a great deal!  Then the commercial tells you to call some special number and sign up for an exclusive list(that you will have to pay for)  that will let you know where to find a home just like the one mentioned, "For a fraction of the cost."  In theory those commercials are true. There is a home that exists that is a foreclosure,that you can buy for $26k. That is where the truth ends in that commercial.  in the DC Metropolitan area specifically,  any home that you could find for $26k  would most likely need another $50k  of work to renovate it to even liveable condition. Another truth about most foreclosures,  They are Not finance-able, you cannot obtain a mortgage to pay for them,  because the condition they would be at that price of under $30k...would be decrepit at best, and  banks do not finance homes in very bad conditions.  There is an FHA  203k loan program (further explained here) intended specifically for fixing up foreclosed homes.  This is a loan specifically for the fixing up work that needs to be done on the house, not the actual purchase price of the home. 
The truth is, if you want to get the extreme deals available on the foreclosure homes you need to be able to purchase the home Cash, and you have to budget 10, 15 or 20 thousand dollars above your purchase price to fix up the foreclosed/REO home. 

DO not pay for any service that supposedly gives you access to a list of  foreclosed properties.  Email us.  we can and will give you the same list of properties, for free, and  we can give you honest advice, representation, and tell you what you need to do to prepare for the purchase of a foreclosure/REO home.

Fannie Mae To allow Rent-to-own in forecosures

Video from Wall Street Journal Online

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