We all know that foreclosure cases are proceeding at a slow pace due to the freeze, particularly when foreclosure defense lawyers are defending them. Arguments have turned to procedural tactics while ignoring that mortgages have not been paid in months and sometimes years. Are the costs explained to debtors - do they think they will … Continue reading Dismissal for Lack of Prosecution
KEY RATE INDICES Prime Rate 3.25% 1 Month LIBOR 0.19% 5 Yr US Treasury 1.70% 5 Yr Swaps 1.95% 12-MAT 0.26% 3 Month LIBOR 0.25% 10 Yr US Treasury 3.12% 10 Yr Swaps 3.16% 11th Dist COFI 1.36% 6 Month LIBOR 0.40% 30 Yr US Treasury 4.38%
Five states account for more than half of U.S. foreclosure activity. Five states accounted for 51 percent of U.S. foreclosure activity in May, led by California, where 51,906 properties received a foreclosure filing during the month. A total of 19,192 Florida properties received a foreclosing filing in May, the second highest state total despite a … Continue reading Foreclosure Statistics and Activity
People in the real estate business must be aware how streamlined the short sale process is becoming. Several months ago legislation was introduced to attempt to regulate the short sale process. It seems this is occurring just by virtue of the times....short sales are closing faster and faster. Previous legislation, the “Prompt Decision for Qualification … Continue reading Short Sale Process Gets Faster Every Month
National Foreclosure Statistics Top 5 Foreclosure Cities Merced, California Modesto, California Stockton, California Riverside, California Detroit, Michigan May 2011 Total Foreclosures Available 1,736,724 Number of Sales 186,454 Median Sales Price $161,500.00 Illinois Foreclosure Statistics Top 5 Illinois Foreclosure Cities: Chicago Aurora Rockford Elgin Joliet May 2011 Total Foreclosures Available 101,822 Number of Sales 5,781 Median … Continue reading Latest Foreclosure Statistics
These tips below will help any first time home seller: Price your home realistically Be prepared to lose money - in the current real estate market, in most cases, Sellers sell their property for under appraised value. Promote your house - use the internet, social media, curb appeal. Use tools to reach your home's target … Continue reading Tips for 1st Time Home Seller
I take a mortgage out at Beth's Lending, a mortgage originator. A mortgage consists of two parts. The first is the note, or the IOU, which is the borrower’s promise to pay. The second is the mortgage, which is the security, or the lien, or the actual interest. Beth's lending takes the mortgage note to … Continue reading Notes turning into bonds – Contributing to the Foreclosure Stall
What is QRM? - Qualified Residential Mortgages are mortgages with underwriting and product features that historical loan performance data indicate result in a lower risk of default. Federal Regulators are proposing a 20% down payment requirement to be part of the standards needed required for home mortgage loans to be designated as a Qualified Residential Mortgage … Continue reading A Proposed Federal QRM Regulation: How will this affect the recovery of the housing market?
Modern-day home mortgages have been so sliced and diced by rapacious financiers that some homeowners are successfully delaying -- or even blocking -- foreclosures through the simple tactic of demanding that banks produce the original mortgage note, which amazingly enough is often not so easy for them to do. For homeowners trying desperately to keep … Continue reading PRODUCE THE NOTE – but what ultimately happens?
KEY RATE INDICES Prime Rate 3.25% 1 Month LIBOR 0.19% 5 Yr US Treasury 1.54% 5 Yr Swaps 1.86% 12-MAT 0.26% 3 Month LIBOR 0.25% 10 Yr US Treasury 2.98% 10 Yr Swaps 3.13% 11th Dist COFI 1.36% 6 Month LIBOR 0.40% 30 Yr US Treasury 4.21%