As huge numbers of foreclosed homes continue to work their way through the real estate pipeline, another problem is blossoming — mold. In most homes, as residents go in and out and the seasons change, natural ventilation sucks moisture up to the attic and out through the roof. It's called the "stack effect." And in … Continue reading Mold grows in empty foreclosed homes
Month: July 2011
Foreclosure statistics
Highest Foreclosure States Foreclosure filings, defined as a default notice, auction sale notice, or bank repossessions, rose 4 percent in June from the previous month, but were down 29 percent from the same period a year ago, according to RealtyTrac's June 2011 Foreclosure Market Report. Less than 1 percent of all U.S. housing units, or … Continue reading Foreclosure statistics
Latest Commercial Loan Rates
KEY RATE INDICES Prime Rate 3.25% 1 Month LIBOR 0.19% 5 Yr US Treasury 1.56% 5 Yr Swaps 1.83% 12-MAT 0.25% 3 Month LIBOR 0.25% 10 Yr US Treasury 2.98% 10 Yr Swaps 3.07% 11th Dist COFI 1.36% 6 Month LIBOR 0.42% 30 Yr US Treasury 4.29%
New Case Law Decisions in Foreclosures which further push our housing market into crisis
State Supreme Court finding flaws in some foreclosure filings By Steve Green 10 July 2011 12:56 p.m. The Nevada Supreme Court has sent a message to banks trying to foreclose on homeowners: Follow the rules, or forget about foreclosing and face sanctions. In three decisions last week, the court sided with homeowners who complained they tried … Continue reading New Case Law Decisions in Foreclosures which further push our housing market into crisis
Foreclosures were meant to be solutions…
Foreclosures Are the Solution, Not the Problem By Philip van Doorn -- 07/11/11 NEW YORK (TheStreet) -- Former Federal Deposit Insurance Corp. Chairman Sheila Bair made some excellent points in her Washington Post Op-ed piece Monday but overlooked one important point: The U.S. needs to double down on foreclosures. To the former regulator, forgiveness is … Continue reading Foreclosures were meant to be solutions…
Foreclosure Freeze Proposed by a member of congress…
By Mike Colpitts -- July 12, 2011 An Ohio member of Congress has proposed a resolution that would enact a temporary freeze on foreclosures across the U.S. similar to the Great Depression. The proposal would enact a moratorium on all residential foreclosures. Rep. Marcy Kaptur (D-OH) offered the resolution before the House Financial Services Committee. … Continue reading Foreclosure Freeze Proposed by a member of congress…
Buying a property in an association: Here are some helpful tips
If you are considering purchasing a property with an association, here are some things to consider... Learn about the association rules. Some association have certain restrictions. Learn about the association fees and what they include. Find out if there are any possible increases in their fees, the association reserves, etc. Get informed on the association...obtain … Continue reading Buying a property in an association: Here are some helpful tips
Weird Fact..
We have noticed that some of our REO companies / Banks have been pushing LLC contracts to the top of the pile and accepting those contracts more quickly. Not sure if it's because they think the Buyer is more financially stable. Just note it's a noticeable trend.
Title Issue – Know Who is Selling
Often Sellers state they are the Sellers of the property... However, somewhere in the transaction, it is determined (most likely by review of the title commitment) that a corporation, land trust, living trust, deceased person, guardian, or another person owns the property. Of course, careful questioning initially could immediately alert you to the situation, but … Continue reading Title Issue – Know Who is Selling
Prospect Mortgage Offers Renovation Loans for Fannie Mae REOs
By: Heather Hill Cernoch Prospect Mortgage, a California-based lender authorized to provide HomePath financing for Fannie Mae, now offers the HomePath Renovation Mortgage. HomePath is Fannie Mae’s vehicle for the marketing and disposition of REO properties the GSE has acquired through foreclosure. The HomePath Renovation financing tool allows homebuyers to purchase a Fannie Mae HomePath property and include up to … Continue reading Prospect Mortgage Offers Renovation Loans for Fannie Mae REOs
The Law Office of Beth Mann, P.C. 