The Experts You Can Trust
During his recent State of the Union address, President Obama said these are the facts: “In 2008, the house of cards collapsed. We learned that mortgages had been sold to people who couldn’t afford or understand them.” President Obama proposed a plan that would give responsible homeowners an opportunity to refinance their mortgages. As mortgage …
When the going gets tough, walking away may be the option for some. Strategic defaults are rising, not only among deadbeat homeowners, but also among the credit savvy borrowers, Jon Maddux, CEO of YouWalkAway, wrote in the December 2011 issue of the Foreclosure News Report, a monthly newsletter published by RealtyTrac. “I don’t feel strategic …
The Mortgage Bankers Association (MBA) reported that mortgage applications surge amid record-low rates. In a press statement released last Wednesday, MBA said that mortgage applications increased 23.1 percent from one week earlier. Freddie Mac Senior Vice President Paul Mullings, in his blog, wrote, “Mortgage rates are at 50-year lows – the 30-year fixed-rate mortgage averaged …
The average days to foreclose is up to 348 nationwide; over 800 days in New York, New Jersey and Florida, this according to the 2011 year-end foreclosure report released last Thursday by RealtyTrac. A total of 2.69 million foreclosure filings – including default notices, scheduled auctions and bank repossessions – were reported this year. The …
Foreclosure Processing Timelines Continue to Increase, RealtyTrac Reports Read More »
In a white paper entitled “The U.S. Housing Market: Current Conditions and Policy Considerations” that was released last week, Federal Reserve Board calls for alternatives to foreclosures. “While the total stock of REO properties is difficult to measure precisely, perhaps one-fourth of the 2 million vacant homes for sale in the second quarter of 2011 …
Federal Reserve Board Pushes for Foreclosure Alternatives Read More »