Aug 23
In an effort to stop sellers facing foreclosure from gaming their system, Wachovia has completely stopped allowing any postponement of a foreclosure or Trustee’s Sale. I have long felt that Wachovia was not simply a good lender to deal with for a short sale – truth be told – they were the very best.
I’m being told that this new policy isn’t going to be a “bad” thing. I don’t see it that way. To penalize everyone because of the bad actions of a few is seldom good (even if common).
via agentgenius.com.
Aug 16
Three South Florida law firms that represent mortgage lenders are being investigated by the state attorney general over allegations they forged documents filed with the courts in foreclosure cases.
via - MiamiHerald.com.
Aug 15
RealtyTrac, a leading online marketplace for foreclosure properties released its U.S. Foreclosure Market Report for July 2010, which shows that foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 325,229 properties in July, a nearly 4% increase from the previous month but a nearly 10% decrease from July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month.
via RISMedia.
Aug 09
The Federal Reserve Bank of New York is facing the prospect of foreclosing on a number of properties in the coming months, from homes to commercial buildings, a result of a souring mortgage portfolio it took over when it helped bail out Bear Stearns in 2008.
via WSJ.com.
Aug 08
Experts estimate that more than 1.3 million Latino families will lose their homes to foreclosure between 2009 and 2012. The financial setback and emotional blow from foreclosure is particularly devastating for Hispanic families who have little to fall back on.
via RISMedia.
Aug 06
Is PREO just another website that combines foreclosure activity with MLS listings?
No, none of the properties checked were listed for sale, but all were on foreclosureradar.com’s NOD or NOT lists. Most of them have IndyMac loans on them, and their bid prices are different than the amount owed – and usually well under! It sounded like they have partnered with the lenders to offer these properties to the public, but not sure if it’s a glorified short-sale, or an actual open bidding process before, during, or after the trustee sale.
via bubbleinfo.com.
Aug 06
Recently, Fannie Mae began to actively seek out brokers listing more than 30 REO listings from any single Fannie Mae source which understandably is seeing opposition by many large brokerages as well as the National Association of Realtors, according to Keller Williams’ CEO, Mark Willis.
via, KW responds.
Jul 31
When one falls victim to a down housing market, putting the house up for a short sale is always better than being foreclosed on.
In a down housing market, or when a person falls into a situation where their personal housing market is down, circumstances may lead to having to sell the home.
When a home cannot be sold for what is owed on it, then homeowners must engage in a short sale.
via suite101.com.
