While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic's April 2015 National Foreclosure Report released Tuesday. Completed foreclosures, which are a measure of homes actually lost to foreclosure, declined by … Continue reading Completed Foreclosures Decline But Remain At Double Pre-Recession Levels
Tag: deficiency judgment
Increased Inventory Slows Home Value Growth Author: Colin Robins February 19, 2014
In a report released by Zillow, national home values rose just .2 percent in January from December. Inventory rose in 22 of the nation’s 35 largest metros, and helped slow down the rising value of homes.Year-over-year, home values rose 6.3 percent in January, down from previous gains of 7.1 percent in August, 2013. Home values are … Continue reading Increased Inventory Slows Home Value Growth Author: Colin Robins February 19, 2014
Debt Rises, but Who’s Borrowing? Author: Colin Robins February 18, 2014
In a report released Tuesday, the Federal Reserve Bank of New York noted that aggregate consumer debt rose from last quarter, citing an increase of $241 billion dollars in the fourth quarter of 2013. The figure represents the largest quarter-to-quarter increase since 2007.Data came from the recently released "Household Debt and Credit Report."Total household debt … Continue reading Debt Rises, but Who’s Borrowing? Author: Colin Robins February 18, 2014
Increased Home Listings Signal Positive 2014 Author: Colin Robins February 20, 2014
Realtor.com released Thursday its National Housing Trend Report for January. Despite severe weather conditions, the report notes positive trends in the number of listings and median list prices of homes. The number of listings rose to 3.1 percent from January, 2013, and the median list price of homes is up 8.3 percent year-over-year to $195,000. "In January 2013, … Continue reading Increased Home Listings Signal Positive 2014 Author: Colin Robins February 20, 2014
House Payments Rise; Should Homebuyers Consider Renting? Author: Colin Robins February 20, 2014
RealtyTrac released a housing affordability analysis, noting an average 21 percent increase in monthly house payments from a year ago.325 U.S. counties were included in the analysis that measured "house payments for a median-priced three-bedroom home purchased in the fourth quarter of 2013—including mortgage, insurance, taxes, maintenance, and subtracting the estimated income tax benefit."The report … Continue reading House Payments Rise; Should Homebuyers Consider Renting? Author: Colin Robins February 20, 2014
Expansion of California’s Anti-Deficiency Laws Means More Litigation For Creditors
Turning a narrow consumer shield into a potentially broad sword, this summer California expanded its anti-deficiency judgment laws to prohibit not only the judicial pursuit of mortgage deficiency balances, but also to declare that post-foreclosure deficiencies can be neither "owed" nor "collected." In doing so, the California Legislature may have created a potentially significant compliance … Continue reading Expansion of California’s Anti-Deficiency Laws Means More Litigation For Creditors
Home> U.S. Homes Lost to Foreclosure Hit 6-Year Low in 2013 LOS ANGELES January 16, 2014 (AP)By ALEX VEIGA AP Real Estate Writer The number of U.S. homes that got started on the path to foreclosure fell last year to a low not seen since before the high-flying days of the housing boom, the latest evidence that the … Continue reading
Bill Seeks to Extend Federal Tax Exemption for Forgiven Mortgage Debt
Congressman Bill Foster (D-Illinois) introduced the Homeowners Debt Relief Extension Act (H.R. 3856) on Tuesday. The bill would extend the mortgage debt tax exemption that’s been in place since 2007 for another two years. The Mortgage Debt Relief Act of 2007 makes debt that is reduced or cancelled through a loan modification or debt forgiven … Continue reading Bill Seeks to Extend Federal Tax Exemption for Forgiven Mortgage Debt
Walk Away Homeowners Shouldn’t be Suprised by Court Judgment
Forty-one states allow lenders to sue for mortgage debt if a home fetches less than the mortgage in a foreclosure sale. It always will. Such lawsuits are one of the reasons I have consistently advised people to consult an attorney before walking away. For a nice write-up on deficiency judgments please consider the Wall Street … Continue reading Walk Away Homeowners Shouldn’t be Suprised by Court Judgment
Deficiency Judgment Can Be Wiped Out Via Short Sale
Many homeowners have had difficulty making their mortgage payments due to different financial hardships. Some homeowners have no idea there is other relief and many homeowners have no idea there is a Short Sale option. A Short Sale is the sale of real estate where the proceeds are less than the balance of the homeowner's … Continue reading Deficiency Judgment Can Be Wiped Out Via Short Sale
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