September 4, 2010

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Foreclosures Hitting Record Levels

August 13, 2010 By Editor
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 may … [Read more...]

Fewer Homeowners Underwater, But No Celebration

August 9, 2010 By Editor
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 factors … [Read more...]

8 Companies Banned from Marketing Loan Modification Services

July 27, 2010 By Editor Leave a Comment
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

July 13, 2010 By Editor Leave a Comment
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 debt … [Read more...]

Hardest Hit States Could See Mortgage Payment Relief for Unemployed

July 12, 2010 By Bill Rice Leave a Comment
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

July 9, 2010 By Bill Rice Leave a Comment
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 similar … [Read more...]

Are Mortgage Brokers Vanishing?

February 27, 2009 By Bill Rice Leave a Comment
2669608078_927ba9d8e7_m

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 would … [Read more...]

Foreclosures Drop, False Promise

December 11, 2008 By Bill Rice Leave a Comment

Foreclosure Rates Down RealtyTrac reports a strong 7 percent drop in November foreclosure rates, but pause the rejoicing. There are lots of foreclosure abatement programs at work here. And there is emerging bad news on the loan modification front, OCC reports greater than a 50 percent redefault rate with six months. Delinquencies on loans not yet in the foreclosure process jumped to nearly seven percent in the third quarter, a record high, according to the Mortgage Bankers Association, Saccacio said. "And … [Read more...]

Loan Modifications Primer for Mortgage Industry

November 12, 2008 By Bill Rice 1 Comment
foreclosure sign

If you don't know loan modifications you are going to have a hard time surviving this mortgage business cycle. Despite all of the appealing government assistance and FHA mortgage refinance programs, banks and now the government is settling into massive programs to streamline loan modifications for troubled homeowners. Here is a quick primer on loan modifications to get you up to speed and help you spot opportunities for your mortgage business: FHFA endorsed Fannie Mae and Freddie Mac Loan Modification … [Read more...]

The Obama Mortgage Market Edition

November 7, 2008 By Bill Rice Leave a Comment
cerberus

TARP II-A Better Troubled Asset Relief Program Will Obama focus on building a "better" TARP? One that looks more like the original Paulson plan, zeroing in on setting a price on the seed of the mortgage meltdown--"troubled assets?" Notably a portion of the TARP acronym, but reprioritized immediately out of the gate to a bank recapitalization plan. The argument being presented by some is that we are still facing the same problem Paulson called an emergency meeting of Congressional leader to warn … [Read more...]