May 22, 2012

5 Mistakes to Avoid When Buying a Foreclosure

Don't Make Mistakes Buying a Foreclosure

Buying a home through a foreclosure auction seems like a great idea at the onset, and sometimes it can be. Beginning investors may be at greater risk, however. Homes that have gone to foreclose auction can be packed with hidden risks and can easily lead unsuspecting buyers down a dangerous (and most expensive) path. Foreclosures tend to be an easier process because you don't have to deal directly with the homeowners; this can be a more relaxing way to make a property investment. There are pros … [Read more...]

5 Mistakes to Avoid When Buying a Foreclosure

Avoid Mistakes When Buying a Foreclosure

Buying a home through a foreclosure auction seems like a great idea at the onset, and sometimes it can be. Beginning investors may be at greater risk, however. Homes that have gone to foreclose auction can be packed with hidden risks and can easily lead unsuspecting buyers down a dangerous (and most expensive) path. Foreclosures tend to be an easier process because you don't have to deal directly with the homeowners; this can be a more relaxing way to make a property investment. There are pros … [Read more...]

5 Reasons Why Home Prices Could Have Hit Bottom

Home pricing stabilizing

5 Reasons Why Home Prices May Have Hit Bottom Over the past three years across the country, we have witnessed historic drops in housing market. Property values in Florida, Michigan, Arizona, and California have plummeted. Foreclosures and mortgage delinquencies have skyrocketed while interest rates are now at all time lows. Many analysts believe the home prices have bottomed out and great deals are there for the taking. Despite some critics, a growing number of market watchers see signs … [Read more...]

Foreclosures Hitting Record Levels

Buy Foreclosures

Image via Buy Foreclosures In 2005, prior to the mortgage meltdown, U.S. banks repossessed 100,000 homes throughout the entire year. In July 2010, 92,858 homes have been seized, according to RealtyTrac, a foreclosure and real estate data company. July Foreclosures Near Record High July's foreclosure numbers, up 9 percent from June and up 6 percent from 2009, is approaching the high point of 93,777 in a single month (experienced in the months shortly following the crash). However, that … [Read more...]

Fewer Homeowners Underwater, But No Celebration

Home Foreclosure

Image via Wikipedia The percentage of homeowners that owe more on their mortgages than their homes are worth declined in the second quarter of 2010, but few economists are breaking out the champagne. Zillow.com, a real estate data provider, reported a decline in the number of homeowners "underwater" with the current mortgage--21.5 percent, down from 23.2 percent, reported in the first quarter of 2010. Housing experts, like Zillow's Chief Economist Stan Humphries, point to two transient … [Read more...]

8 Companies Banned from Marketing Loan Modification Services

FTC Headquarters

Image via Wikipedia The Federal Trade Commission (FTC) issued a ban on eight companies marketing loan modification services. The FTC’s statement alleges that “the marketers charged up-front fees and falsely claimed they could get their mortgage loans modified or prevent foreclosure on their homes.” The following defendants and settlements were named in the FTC’s recent press release: Federal Loan Modification Law Center - Steven Oscherowitz and other associates settled with the … [Read more...]

US Credit Scores Decline, May Slow Economic Recovery

Credit Scores

Image by Casey Serin via Flickr According to a report just released by FICO, Inc., US consumers are sinking to new credit lows. The credit score bell curve, traditionally skewed above 700, has now drastically shifted below 599. In data released on MyFICO.com, figure show that over 25% of consumer (an estimated 43.4 million people) now have credit scores below 599. The explanation seems to be the millions of people losing jobs, underemployed, or hit with crisis that have had to rely on … [Read more...]

Hardest Hit States Could See Mortgage Payment Relief for Unemployed

Michigan Governor Granholm - Wikipedia.org

Image via Wikipedia More government home loan relief is ready to implement in Michigan and several other hard hit state economies. This latest round of housing recovery aid is targeted at homeowners struggling to make mortgage payments due to unemployment, medical crisis, or reduced income. State housing finance agencies across the nation submitted proposals to assist troubled homeowners in their regions. The government assistance fund, named the Housing Finance Agency Innovation Fund for … [Read more...]

4 Things to Consider Before Getting a Mortgage Loan

Mortgage Calculator

When you think of buying a house of your own, the first thing that you must consider is your affordability. Buying a home beyond your affordability will raise the chance of not being able to pay your monthly payments. You can initially calculate your monthly payments with the help of a mortgage calculator, to know the exact amount you need to save every month. Have a look at the things to consider before getting a mortgage loan. Your cash availability: Applying for a mortgage loan is … [Read more...]

Are Mortgage Brokers Vanishing?

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Image by TheTruthAbout... via Flickr I caught this quote over on LeadCritic.com (a blog about mortgage lead generation): we have slowed for 2 reasons - the first is that all the leads we had purchased in the past are finding us again - or we are finding them - so no need for "new" leads, but more importantly is that our funding source (warehouse banks) options have constricted. I would think this is the same for many lenders - even the banks (some - cant speak for all of course) who you … [Read more...]