Foreclosure Process Archive
RISMEDIA, November 9, 2010—(MCT)—Josh and Tayla Thomforde thought they had a deal to buy a three-bedroom house with a fenced-in backyard and room for their family to grow. But the nation's latest foreclosure quagmire
RISMEDIA, November 8, 2010—Especially in today’s housing market, the prospect of buying a home can seem overwhelming for many Americans who may not be aware of how to begin the process of shopping for a home or even a mortgage. To help consumers navigate this process, the U.S. Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) unveiled three how-to videos to help prospective homeowners find a home they can afford, shop for a mortgage they can sustain, and what to expect when they go to closing.
RISMEDIA, November 5, 2010—(MCT)—In the wake of congressional elections that weakened President Barack Obama and slammed the door on any new economic stimulus, the Federal Reserve unveiled a controversial new plan to spur the faltering U.S. economy by pumping $600 billion
RISMEDIA, November 4, 2010—(MCT)—Ralph and Gloria Dickerson began a $150,000 expansion of their Englewood, N.J., house in 2004. But the work dwindled to a halt several years ago, and foreclosure proceedings were started on the house last year. The property now sits empty, with exposed insulation wrap outside, peeling paint inside and signs on the lawn announcing: "For sale by owner." When home renovations stall, properties like this turn into white elephants. If they go on the market, their unkempt state scares off many potential buyers. And in the meantime, neighbors fume at the eyesore in their midst.
RISMEDIA, November 3, 2010—(MCT)—The Federal Reserve began a two-day meeting that's expected to conclude with the announcement of an unorthodox plan to spark life into the U.S. economy. The Fed has signaled since August that it'll begin purchasing government bonds in an attempt to drive down the bonds' yield, or their return to investors. It hopes that by flattening the return that investors can get from the safest investments, they'll take more risks and lift the economy out of its doldrums.
RISMEDIA, November 2, 2010—(MCT)—The economy grew at a tepid 2% annual rate from July through September 2010, the government reported recently, slightly better than before, but not strong enough to reduce unemployment. The 2% annual rate in the third quarter was
RISMEDIA, November 1, 2010—(MCT)—Every night before he goes to sleep, Ted Bachrach sets out four rat traps along a construction site next to his well-tended yard. In the morning, Bachrach gets up, makes coffee and removes the traps before he goes on with his day. "That's my daily routine," said the investment manager. Bachrach's charming wood-frame home sits next to two unfinished single-family homes on a quiet residential street in Chicago's Lincoln Park. For a while, he said, three homeless people were living in the garage of one house.
RISMEDIA, October 30, 2010—More and more people are investing in vacation homes today. And no wonder: between unbelievable real estate prices, low interest rates, and a rapidly growing base of potential customers, vacationers who'd rather stay in a charming beach cottage or woodsy cabin rather than a hotel room—there's never been a better time to buy. But here are the real questions to consider before you purchase a vacation home: Is the lifestyle that comes with owning and managing a vacation rental home right for you? Do you have the right personality for the job?
RISMEDIA, October 29, 2010—Painfully aware of the fact that many homeowners are upside-down (or underwater) with their current mortgages, brokers now need to be careful in listing the upside-down home. In Holmes v. Summers (Oct. 2010), a California appellate court ruled
RISMEDIA, October 29, 2010—(MCT)—Rogelio Huerta and Maria Soto did everything they were supposed to do to reduce the monthly mortgage payments on their Bellwood, Ill., home. Facing a cash crunch because his work hours were cut, they sought help from PNC Mortgage while they
RISMEDIA, October 28, 2010—RealtyTrac, a leading online marketplace for foreclosure properties released its Q3 2010 Metropolitan Foreclosure Market Report, which shows that cities in California, Florida, Nevada and Arizona once again accounted for all top 10 foreclosure
RISMEDIA, October 27, 2010—California home sales posted their second consecutive monthly gain in September 2010, but were down from the same period a year ago, according to data from the California association of Realtors® (C.A.R.). "We've seen a gradual improvement in the
RISMEDIA, October 26, 2010—(MCT)—The taxpayer bailouts of housing finance giants Fannie Mae and Freddie Mac could cost as much as $363 billion through 2013, according to government projections. The Federal Housing Finance Agency, which has regulated the former
RISMEDIA, October 25, 2010—Some homes across the country at various price points are selling above asking price, according to the Q3 2010 Home Hunter Report released by ZipRealty. The report reveals that in Q3 2010, California was home to five out of the country’s ten “hottest” zip codes, defined as those zip codes where the average home sale price is most above the average list price by percentage. This is down from California having seven of the top ten hottest zip codes last quarter.
RISMEDIA, October 23, 2010—(MCT)—If you’ve been toying with the idea of taking out a reverse mortgage, it is important to take into consideration that today’s market is significantly different from what it was just a couple of months ago. Monthly insurance premiums on new loans went up this month, making an expensive product even more so. But the Department of Housing and Urban Development has offset that rise by introducing another reverse mortgage—the Home Equity Conversion Mortgage Saver—which slashes the upfront cost. "It's a mixed bag," said David Certner, legislative policy director for AARP, of the reverse mortgage market.