Independent reviews coming soon for foreclosure victims By Lew Sichelman, United Feature Syndicate October 28, 2011 Delinquent borrowers who think they've been treated unfairly by their lenders and the companies that service their loans will soon have their day in court. Well, not court, per se. But within the next few weeks, federal regulators will … Continue reading Some borrowers who faced foreclosure may have their cases reviewed
Month: October 2011
Major banks support revisions to Home Affordable Refinance Program
Big Four Set to Participate in HARP 2.0 The industry’s four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP). Bank of America, Chase, Citigroup, and Wells Fargo have each expressed their support of the program and the changes that will allow more underwater homeowners to … Continue reading Major banks support revisions to Home Affordable Refinance Program
Real estate auction sales rise
Auction.com Announces Results of Commercial REO and Note Sale Auction.com announced this week that it achieved $453 million in sales – with over $600 million in unpaid principal balances sold – in its recent online auction of nonperforming notes and commercial REO properties located throughout the Southeastern United States. On behalf of its 10 institutional … Continue reading Real estate auction sales rise
Florida workgroup recommends mediation not be mandatory
A workgroup in Florida is recommending changes to the state’s mandated mediation program. Most notably, they recommend it not be mandatory in all cases. The Assessment Workgroup for the Managed Mediation Program for Residential Mortgage Foreclosure Cases submitted its response last week to Florida Supreme Court Judge Charles T. Canaday, who ordered an assessment of … Continue reading Florida workgroup recommends mediation not be mandatory
HUD offering REO properties for almost nothing down
HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers. In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home. The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration … Continue reading HUD offering REO properties for almost nothing down
Areas show increase in property prices but not everyone is convinced
Consumer Confidence Falls as Some Home Prices Rise Home prices rose in August in half of the large cities measured by a private survey, a sign that prices are stabilizing in some hard-hit parts of the country. Separately, consumer confidence fell in October to the lowest level since March 2009. The Standard & Poor’s/Case-Shiller index … Continue reading Areas show increase in property prices but not everyone is convinced
Mortgage rates stay low, buyers not biting
Mortgage rates are hovering not far above record lows set during the first week in October, but demand for purchase loans hit a low last week not seen since 1996, surveys of lenders show. Freddie Mac's latest Primary Mortgage Market Survey showed rates for 30-year fixed-rate mortgage (FRM) averaging 4.11 percent with an average 0.8 … Continue reading Mortgage rates stay low, buyers not biting
Obama plan – too little too late
One can argue -- and with ample evidence - that the Obama administration's latest "plan" to save homeowners facing foreclosure is the epitome of futility. It's ridiculously late, which means it will have insignificant impact on alleviating the housing crisis. The most troubling aspect is that previous plans to solve the housing problem never got … Continue reading Obama plan – too little too late
Changes to Home Affordable Refinance Program
Troubled homeowners get a lifeline NEW YORK (CNNMoney) -- President Obama will announce changes in the government's Home Affordable Refinance Program (HARP) on Monday, making it easier for homeowners to capitalize on current low-interest rates by refinancing their old, high-interest mortgages. More than 890,000 Americans have already utilized the HARP program to reduce monthly mortgage … Continue reading Changes to Home Affordable Refinance Program
Principle Reduction being pushed in bank settlement
Principal reduction still alive in robo-signing settlement Homeowners hurt by faulty foreclosure practices by the largest mortgage servicers may still get a principal reduction under one potential settlement with the state attorneys general, according to a source familiar with the talks. The 50 state AGs launched an investigation one year ago when servicers were found … Continue reading Principle Reduction being pushed in bank settlement
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