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

Homeowners Still Access Referral Services in Post-Crisis Period

With the lingering effects of the housing crisis, many homeowners still find themselves in need of assistance for home-related services or other basic requirements. The Illinois-based MortgageKeeper Referral Services recently issued its 2013 Homeowner Needs Status report and found that homeowners received 1,223,000 referrals from the company’s MKDirect and MKDesktop technologies in 2013. That’s the … Continue reading Homeowners Still Access Referral Services in Post-Crisis Period

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

Liens Affecting Real Estate: A Checklist By Richard F. Bales

At some point during the career of the real estate attorney, he or she, when reviewing a title insurance commitment, will have the daunting task of wading through a myriad of liens that affect the land in question. These liens, with their numerous limitation periods, are scattered throughout both the federal statutes and the Illinois … Continue reading Liens Affecting Real Estate: A Checklist By Richard F. Bales

New servicing rules pressure smaller servicing shops

The qualified mortgage rule is not the only change pressuring the mortgage market this week. Come Friday, smaller mortgage servicers will be grappling with increased costs from new servicing guidelines that will change how servicers handle borrower notifications, interact with customers and organize their infrastructures, Fitch Ratings analysts say. The outcome is unknown, but Fitch … Continue reading New servicing rules pressure smaller servicing shops

Market Analysts Expect Slowdown in Housing Recovery in 2014

The housing market recovery is entering a new phase, according to the analysts at Capital Economics. They say the rapid bounce in home prices seen this year, which was driven by investors and tight supply conditions, will soon start to moderate, and the next stage of the recovery will be characterized by strengthening activity among … Continue reading Market Analysts Expect Slowdown in Housing Recovery in 2014

Trulia Economist Sees 2014 as ‘Year of the Repeat Homebuyer’

As prices continue rising in the new year—albeit at a slower pace—investors will begin to ease back from the purchase market, but repeat homebuyers will be there to pick up the slack, according to Trulia’s predictions for the housing market in 2014. “2013 was the year of the investor, but 2014 will be the year … Continue reading Trulia Economist Sees 2014 as ‘Year of the Repeat Homebuyer’

Industry Data Shows 1,256,000 Loans in Foreclosure

The industry’s foreclosure inventory contracted again in November upon continued improvements on the housing and economic fronts. Although on a monthly basis, the inventory of homes in foreclosure fell slightly by 1.72 percent, year-over-year, it was down 28.81 percent, Lender Processing Services (LPS) reports. The data and analytics firm released a preview of its November … Continue reading Industry Data Shows 1,256,000 Loans in Foreclosure