Foreclosure Process Archive
RISMEDIA, October 4, 2010—(MCT)—The face. The hair. The voice. Why does that real estate agent seem so familiar? Because, in that only-in-L.A. kind of way, there's a good chance the agent is also an actor, reality show personality or has had some other brush with fame. The last decade's real estate bubble and bust spawned more than 20 reality cable television shows devoted to home buying, selling and flipping, so the odds are that some of those agents will end up at an open house near you. Broaden the spotlight to music and acting, and the recognition factor climbs even higher.
RISMEDIA, October 2, 2010—(MCT)—Despite industry and government efforts to make short sales—transactions in which the lender agrees to accept less than the mortgage amount owed by the homeowner—easier and more quickly accomplished, improvements are coming up, well, short. In some cases, the difference between the two numbers is being forgiven by the mortgage lender. In others, the homeowner must arrange with the lender to settle the rest of the debt.
RISMEDIA, October 1, 2010—(MCT)—The moving truck pulled away from the curb, loaded with Wallace Farmer's possessions. He locked the front door for the last time and left town—clutched by a long-simmering anger that finally gave way to relief. Farmer didn't sell his Baltimore house, worth far less than the $180,000 he paid in 2006. And he didn't lose it to foreclosure. He walked away from the rowhouse and the mortgage. It's the bank's problem now.
RISMEDIA, October 1, 2010—Many home buyers now and into the foreseeable future will face tight lending standards and the need to improve their credit score to get prequalified or preapproved for mortgages. Be aware of the following steps your prospects can take for some speedy credit
RISMEDIA, September 30, 2010—RealtyTrac, a leading online marketplace for foreclosure properties released its Q2 2010 U.S. Foreclosure Sales Report, which shows that foreclosure homes accounted for 24% of all residential sales in the second quarter of 2010 and that the average sales price of properties that sold while in some stage of foreclosure was more than 26% below the average sales price of properties not in the foreclosure process—down slightly from a 27% average discount in the first quarter.
RISMEDIA, September 30, 2010—At a recently held event at the Pentagon, Fannie Mae and the U.S. Army announced new initiatives to help service members who are struggling with their mortgage payments avoid foreclosure. The effort includes a mortgage payment forbearance of up
RISMEDIA, September 29, 2010—Data through July 2010, released by Standard & Poor's for its S&P/Case-Shiller Home Price Indices, one of the leading measures of U.S. home prices, show that the annual growth rates in 16 of the 20 MSAs and the 10- and 20-City
RISMEDIA, September 28, 2010—Sales of existing homes in Florida rose 1% in August 2010, with a total of 13,997 homes sold statewide compared to 13,908 homes sold in August 2009, according to the latest housing data released by Florida Realtors.
RISMEDIA, September 28, 2010—The Federal Housing Administration (FHA) announced a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage insured by the federal government. It allows older
RISMEDIA, September 25, 2010—The U.S. Department of Housing and Urban Development is offering $19.6 million in grants to prevent and correct housing-related health and safety hazards in low-income housing and to support programs for the control
RISMEDIA, September 24, 2010—U.S. Housing and Urban Development (HUD) secretary Shaun Donovan allocated $50 million in disaster funding slated for Kentucky, Rhode Island, and Tennessee. The supplemental disaster funding, provided through HUD's
RISMEDIA, September 23, 2010—(MCT)—Bill Joyce starts every short sale journey with "The Speech." In a what's-ahead warning to home buyers, the Roseville real estate broker promises prospective buyers that they will be tested and tortured. They will endure privations beyond all expectations. And then they might fail.
RISMEDIA, September 22, 2010—(MCT)—With little fanfare, the National Bureau of Economic Research recently declared that the so-called Great Recession is over, determining that the U.S. economy hit bottom in June 2009 and began a long, sluggish rebound.
RISMEDIA, September 21, 2010—(CBS MoneyWatch)—Foreclosures spiked in August 2010, with banks seizing 95,364 homes, according to RealtyTrac, a housing research firm. They were up 25% from August 2009 and at their highest level since the company started tracking this data in 2005.This is frightening news for homeowners, home sellers, and home builders who may feel like they are barely hanging on, because it signifies continuing weakness in the housing market.
RISMEDIA, September 20, 2010—Homeowners who are underwater with their mortgage may find that relief is on the way from a bill strongly supported by the National Association of Realtors that would impose a deadline on lenders to respond to short sale requests.