Rents Continue to Climb Which Makes Buying Even BetterRenting used to be cheaper than buying. But in many U.S. cities that's no longer the case, rents continue to climb and home prices stagnate. Buying a home is more affordable than renting in 98 of the nation's 100 largest metro areas. Falling home prices and record … Continue reading Rents Climbing / Buying Down Payments
Month: April 2012
MA, NY attorneys general launch foreclosure prevention programs
Two high-profile attorneys general revealed how they will use part of their respective state’s portion of the $25 billion national mortgage servicing settlement. On Wednesday, Massachusetts Attorney General Martha Coakley launched an initiative intended to prevent unnecessary foreclosures. Titled HomeCorps, the program increases the amount of loan modification specialists available to distressed borrowers and provides … Continue reading MA, NY attorneys general launch foreclosure prevention programs
AG settlement mortgage servicing standards enforceable in six months
Joseph Smith, the monitor for the $25 billion foreclosure settlement with the largest mortgage servicers, made a lot of progress building up his infrastructure in recent months, but overseeing compliance to the new standards is still half a year away. Smith stepped down from his post as the North Carolina banking commissioner in February to … Continue reading AG settlement mortgage servicing standards enforceable in six months
Short sales expected to surge this year
NEW YORK (CNNMoney) -- Short sales are rising sharply, offering many struggling homeowners a better alternative to foreclosure in many of the nation's hardest hit states.In short sale deals, the sale price of the home is less than what the seller owes. Often, the bank that holds the mortgage takes so long to approve the … Continue reading Short sales expected to surge this year
Short Sales Surpass Foreclosures as Banks Agree to Deals
The number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc. (LPS) Short sales accounted for 23.9 percent of home purchases in January, the most recent month available, compared … Continue reading Short Sales Surpass Foreclosures as Banks Agree to Deals
FHFA REO-to-rental bid deadline extended, sources say
Investors will have an extra month to bid on Fannie Mae REO properties as part of a pilot program to rent out these homes, according to sources familiar with the process. The pilot announced in February would sell 2,490 previously foreclosed homes held by Fannie Mae in Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and … Continue reading FHFA REO-to-rental bid deadline extended, sources say
RealtyTrac Reports Foreclosure Filings Down, Foreclosure Timelines Up
Foreclosure filings – default notices, scheduled auctions, and bank repossessions – were reported on 572,928 properties during the 2012 first quarter, down 2 percent from the previous quarter and down 16 percent from the first quarter of 2011, according to RealtyTrac’s U.S. Foreclosure Market report released Thursday. For just March alone, foreclosure filings were reported … Continue reading RealtyTrac Reports Foreclosure Filings Down, Foreclosure Timelines Up
BofA Makes Changes to Trim Short Sale Timeline
Bank of America is making changes to its short sale procedures and introducing an improved task flow within the short sale technology module from Equator, BofA’s short sale management platform of choice. The goal: to reduce the timeframe for a short sale decision to less than three weeks. Starting Saturday, April 14, real estate professionals … Continue reading BofA Makes Changes to Trim Short Sale Timeline
Georgia approves bill to expand land banks
The Georgia General Assembly approved a bill last week authorizing local communities to form land banks and fund the acquisition and rehab of vacant homes. The Center for Community Progress, a national policy think tank, authored the Georgia Land Bank Act, or S.B. 284. It revises original law adopted more than 20 years ago and … Continue reading Georgia approves bill to expand land banks
Morgan Stanley Next Federal Target for Servicing Practices
Morgan Stanley may have sold its servicing sector off, but it’s still going to be under a watchful eye for previous practices. The Federal Reserve issued a consent order against Morgan Stanley Tuesday to address servicing and foreclosure issues from the company’s former subsidiary Saxon Mortgage Services. The consent order requires Morgan Stanley to hire … Continue reading Morgan Stanley Next Federal Target for Servicing Practices
The Law Office of Beth Mann, P.C. 