According to a piece last week in the Los Angeles Times, more and more underwater mortgage holders are staying in their foreclosed homes – and lenders are letting them. Throughout the country, people continue to default on their home loans — but lenders have backed off on forced evictions, allowing many to remain in their… CONTINUE
David Sues Goliath
California homeowners suing lenders about to foreclose on their homes has skyrocketed from 388 in 2008 to nearly 1.400 in 2009 – another sign of desperate measures homeowners are willing to take to hold on to their homes. According to an article in last week’s Mercury News, this strategy is allowing those homeowners to, at… CONTINUE
Sad Sac
Approximately 12.3% of Sacramento mortgages in January were more than 90 days late, in foreclosure or tied to a bank-owned property, according to a report out this week from mortgage industry tracking firm First American CoreLogic. The January number is up slightly (.3%) from December 2009, but up significantly from a year ago, where troubled… CONTINUE
WSJ: OK to Walk Away
An article last week by Wall Street Journal personal finance columnist Brett Arends advised homeowners that are deeply underwater on their mortgages to “do the math” and walk away, pooh-poohing any “morality” argument thusly: Your instincts, while honorable, are leading you astray. The economy is fundamentally amoral. Sometimes I think middle-class Americans are the only… CONTINUE
CA Homeowner Aid: Dam or Damn?
Two weeks ago, the Obama administration announced that California is one of five states that will receive a portion of the new $1.5 Billion federal aid package to be distributed in hopes of slowing the tidal wave of home foreclosures. However, some real estate experts are saying the funds will do damn little to dam… CONTINUE
HAMP to Hamper Foreclosures?
A report on Bloomberg.com recently said that the Obama administration was considering a ban on all foreclosures unless they have been reviewed and rejected by the Home Affordable Modification Program (HAMP): The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible… CONTINUE
More on Fewer Foreclosures
The real estate community continues to be abuzz about the recent Mortgage Banker’s Association quarterly report on foreclosures for the end of the fourth quarter of 2009, which showed that fewer homeowners are falling behind on their loans. However, it also reported that the number of homeowners who have missed at least three payments kept… CONTINUE
Driven to foreclosure?
A report last month from the Natural Resources Defense Council (NRDC) says those homeowners who spend a lot of time driving everywhere are at a greater risk of foreclosure. Using data from three large urban areas – San Francisco, Chicago and Jacksonville – the study found that “factors such as neighborhood compactness, access to public… CONTINUE
Foreclosure Crisis Over? Really?
The Mortgage Banking Association, based in Washington DC (the same people that bought their HQ building for $79 million and sold it three years later for $41 million) announced last week that the foreclosure crisis is “over.” From a press release posted on their website: “We are likely seeing the beginning of the end of… CONTINUE
CA Court Says No to Nonrefundable Deposits
Most people (buyers, sellers, real estate agents) think that when a real estate contract stipulates a nonrefundable deposit, it means the person paying that deposit will not get their money back under any circumstance. Earlier this month, a California court said: not so fast. The Feb. 3, 2010 decision by the California 4th District Court… CONTINUE
Out Like a Lamb?
In Shakespeare’s Julius Caesar, Caesar is warned to “beware the Ides of March.” The same can be said this year for the mortgage market, as the Fed prepares to wean it off government life support (the purchase of mortgage-backed securities) by March 31. According to a piece this past week in the San Francisco Chronicle:… CONTINUE
Lawsuit a Turkey?
This one is for the birds… (we can’t make this stuff up!). According to an article in the Beaufort (SC) Gazette, two Hilton Head siblings were recently awarded $4.25M in a pet turkey lawsuit: What began as a dispute between neighbors about pet turkeys ended Friday when a Beaufort County jury awarded two Hilton Head… CONTINUE
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