A deed in lieu of foreclosure: In this situation the lender accepts the return of your title. Note that you should negotiate a release of the lender suing you for loss or negatively impacting your credit or reporting the uncollected difference to the IRS Claim advance: If you bought with less than 20 percent down … Continue reading Mortgage Workout Plans
Month: May 2011
Robo-signing & Verification Affidavit Not a Get Out of Jail Free Card
Lenders have been accused of robotically signing off on thousands of verification affidavits - accused of cutting an administrative corner - but one that is a legal requirement. Summilarly, a borrower must miss six payments before a complaint is filed. To support the complaint that the mortgage hasn't been paid, the servicer must have an … Continue reading Robo-signing & Verification Affidavit Not a Get Out of Jail Free Card
Avoiding a Foreclosure
Foreclosure vs Bankruptcy - AVOIDING A FORECLOSURE You have received a Notice of Default or a Lis Pendens - either way the lender has initiated a foreclosure against you. Many people think that they will file bankruptcy and that will wipe out any debts including the foreclosure. But the STAY of the foreclosure is only … Continue reading Avoiding a Foreclosure
Avoid Foreclosure Rescue Scams
Potential victims are easily ascertainable - Mortgage lenders publish notices before foreclosing on homes. Lists are compiled of notices of foreclosure and distressed properties. Soon mortgage saviors pop out of the woodwork disguised as consultants, prevention specialists, etc. Click on the link below for more information on types of scams and how to protect yourself. … Continue reading Avoid Foreclosure Rescue Scams
Foreclosure Time Lines Lengthening
Nationwide, foreclosures completed (REOs) in the first quarter of 2011 took an average of 400 days from the initial default notice to the REO, up from 340 days in the first quarter of 2010 and more than double the average 151 days it took to foreclose in the first quarter of 2007. The foreclosure process … Continue reading Foreclosure Time Lines Lengthening
10 States Account for 70 Percent of Total Foreclosure Activity
Ten states accounted for 70 percent of U.S. foreclosure activity in April, led by California with 55,869 properties receiving a foreclosure filing during the month. A total of 19,649 Florida properties received a foreclosure filing in April, the second highest state total despite a 59 percent decrease from April 2010. Florida overall foreclosure activity in … Continue reading 10 States Account for 70 Percent of Total Foreclosure Activity
Illinois Foreclosure Real Estate Trends
Foreclosures Real Estate TRENDS ILLINOIS TRENDS Illinois Trends APR. YTD. New Foreclosure Filings 10,055 44,864 Foreclosure Sales 148 3,643 Avg Sales Price $ 212,158 $ 222,977 Total Savings 33 % 40 % Data from: Realtytrac.com
Your State’s Foreclosure Process
Know your State's Foreclosure Process - Judicial vs. Non-judicial Judicial foreclosure - the foreclosure process is a legal one. It begins in a court of law by filing a Lis Pendens (which literally means "lawsuit pending"). Non- judicial foreclosure - the foreclosure process begins by filing & recording a Notice of Default in the county … Continue reading Your State’s Foreclosure Process
Freddie Mac Business Available – BECOME A LISTING BROKER !
Just announced: Freddie Mac/HomeSteps listing broker interviews We’re pleased to announce that Freddie Mac’s HomeSteps unit will again be interviewing potential listing brokers during REO Expo 2011.Freddie Mac has openings for listing brokers, and you might be the broker they are seeking! These face-to-face interviews are great opportunity to build your business while you’re participating … Continue reading Freddie Mac Business Available – BECOME A LISTING BROKER !
Key Rate Indices
KEY RATE INDICES Prime Rate 3.25% 1 Month LIBOR 0.20% 5 Yr US Treasury 1.85% 5 Yr Swaps 1.99% 12-MAT 0.28% 3 Month LIBOR 0.26% 10 Yr US Treasury 3.18% 10 Yr Swaps 3.19% 11th Dist COFI 1.45% 6 Month LIBOR 0.42% 30 Yr US Treasury 4.26%
The Law Office of Beth Mann, P.C. 