Short Sales…Thoughts on Foreclosure Roulette…Failing Loan Modifications…Our Housing Market In Crisis
I think we are getting a glimpse of things to come…new buzz word for sure! Foreclosure Roulette. This article was front page of Huffington Post earlier today. Bea Garwood has been bracing for foreclosure since May, but she says she’s been told three times to expect a sheriff’s sale in the next month and it still hasn’t happened. “We really at this point do not know where we are in the process,” said Garwood, who lives in Pinckney, Mich. with her husband. “We have no clue. We haven’t even heard from Chase bank in three weeks.” The...
Read MoreEviction Process of the Mind…Don't Give Away Prime Real Estate!
Of all things that I should be doing right now…here I sit on Memorial Day weekend typing! This past week was an emotional one, an unexpected passing of a family member took us to a place where no one wants to be… I have to say, at the end of the services most everyone had shared “stories” of the memories of their dearly loved friend, husband and father. There was no doubt that the man that left this earth touched everyone he met with his laughter, it was infectious! One of the messages that the Pastor left us with will be my new “mantra”! “Do you...
Read MoreGood for Banks, Not So For Borrowers…Foreclosure Relief
I know this is a long read…but it’s full of good information. Enjoy! Home sales are hitting new lows, the number of homeowners behind on their mortgages is again climbing, as is the number of foreclosures. Housing market misery is widespread—but particularly intense for the troubled homeowners relying on the Home Affordable Modification Program (HAMP), the federal foreclosure relief program. Criticized both by those who argue for more aid and those who think the lackluster program only delays a needed bank reckoning, HAMP stumbles along, more often simply prolonging the pain of...
Read MoreGood for Banks, Not So For Borrowers…Foreclosure Relief, Loan Modifications Fail
I know this is a long read…but it’s full of good information. Enjoy! Home sales are hitting new lows, the number of homeowners behind on their mortgages is again climbing, as is the number of foreclosures. Housing market misery is widespread—but particularly intense for the troubled homeowners relying on the Home Affordable Modification Program (HAMP), the federal foreclosure relief program. Criticized both by those who argue for more aid and those who think the lackluster program only delays a needed bank reckoning, HAMP stumbles along, more often simply prolonging the pain of...
Read MoreStrategic Short Sales…Moral Obligation? Individual Mortgages are NO Different than a Corporate Mortgage
More and more commercial real-estate companies are doing what many indebted homeowners would like to do: Walk away from mortgages on properties that are now worth a lot less than they paid for them. Today’s Wall Street Journal highlights three major developers - Macerich,Vornado Realty Trust and Simon Property Group - that have recently decided to default on mortgages. When companies do this, no one bats an eye–it’s just “smart business.” When ordinary homeowners think about doing it, meanwhile, the mortgage industry and government begin moaning that a...
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