Foreclosures are falling quickly as more borrowers keep up with their mortgage payments and banks complete more loan modifications or approve short sales to avoid foreclosures on their books. For the first time since 2008, the number of borrowers who are behind on their payments or in foreclosure [...]
Los Angeles Times Drop in U.S. mortgage delinquency rates led by California, Arizona The national mortgage delinquency rate – the percentage of borrowers 60 days or more late on their payments – fell to 5.41 percent in the third quarter from 5.88 percent in the [...]
When the housing market began declining, many people claimed that adjustable-rate mortgages (ARMs) were the cause. However, recently they’ve been making a comeback, especially among affluent borrowers An ARM offers an introductory period in which the borrower pays a lower interest rate than with a fixed loan; after that, the rate can fluctuate up [...]
The housing market is warming up in many areas, with multiple offers becoming more commonplace. Buyers who want an advantage in the bidding process will need more than a mortgage prequalification – they will need a preapproval. The differences between mortgage pre-qualification and pre-approval are significant. [...]
The recent announcement of the $25 million mortgage settlement between five major banks and state and federal government officials was probably welcome news to many people in the real estate business. But it has at least one downside: It will probably cause a rise in scams targeting borrowers seeking assistance. Currently, between $4 billion and [...]
Attorney General Kamala D. Harris announced the arrests of Sacramento attorneys that took thousands of dollars in up-front loan modification fees for services that were never performed for homeowners, many of whom ended up losing their homes. Attorneys Gregory Flahive of El Dorado Hills, 39, Cynthia Flahive of Folsom, 41, and Mike Johnson of [...]
On Thursday, federal and state officials announced a $26 billion foreclosure settlement with five of the largest home lenders. California is expected to receive approximately $12 billion in principal write-downs, including through short sales, over the next three years, according to the state attorney general‘s office. [...]
Daily Real Estate News | Thursday, February 09, 2012 After months of tense negotiations, the nation’s five largest banks and state and government officials have agreed to a $26 billion settlement aimed at holding banks accountable for the mishandling of some foreclosures. The settlement is expected to help 1 million home owners, [...]
Finally, someone is getting indicted for robo signing. Robo signing, if you haven’t heard or know what it was, is having employees signing thousands of false mortgage documents. Read the story below from the New York times for further explanation: “DocX, one of the largest companies in the nation to provide foreclosure services to [...]
More mortgage relief from the White House – but congressional OK doubtful In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Details of that plan were released yesterday. However, funding for the proposed program [...]
