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As some banks are venturing into rental activities as part of their disposition strategies, the Federal Reserve issues its policy statement regarding this matter. The Fed’s policy statement says that the “Federal Reserve’s regulations and policies permit the rental of residential other real estate owned (OREO) properties to third-party tenants as part of an orderly …
From the start of the U.S. financial crisis in September 2008, CoreLogic reports that approximately 3.4 million foreclosures have been completed. In the past 12 months ending in February 2012, the total number of completed foreclosures nationally reached 862,000, CoreLogic reports. CoreLogic, a provider of property information and analytics, continues that almost 3.4% of all …
3.4 Million Completed Foreclosures since Sept. 2008, CoreLogic Reports Read More »
Bank of America, one of the nation’s largest mortgage servicers, has announced that it will allow a limited number of mortgage customers who are facing foreclosure to remain in their homes as tenants through the bank’s pilot program called “Mortgage to Lease.” Ron Sturzenegger, Legacy Asset Servicing executive of Bank of America, in a statement …
Bank of America to Allow Families Facing Foreclosure Rent their Homes Read More »
One in every 637 U.S. housing units were in the process of foreclosure in February 2012, this according to the latest report from the information provider RealtyTrac. This latest foreclosure data was a 2% decline from the data in January 2012 and a decline by 8% from February 2011 — the lowest annual decrease since …
Foreclosure Tide to Rise After $25 billion Mortgage Settlement Read More »
Today’s mortgage rates are the utmost come-on for would-be homebuyers. In its Primary Mortgage Market Survey released last Thursday, Freddie Mac reported that the 15-year fixed mortgage rate averaged a new all-time record low at 3.13%. Meanwhile, the 30-year fixed-rate mortgage averaged at 3.88%, the lowest rate in history. “With these historically low rates and …
Tips on Increasing Your Chance of Landing a Mortgage Read More »