Why Pay Your Mortgage – Live Payment Free
home foreclosures
Yesterday, members of Congress from California wrote to the heads of the Justice Department, the Federal Reserve, and the Comptroller of the Currency, requesting that they investigate the foreclosure processes of banks under their purview for “possible violations of law or regulations.”
Seems California liberals are pushing to let defaulted homeowners stay in their houses right now, rent free!
I don’t think it’s too outrageous of a prediction to imagine picking up a paper years from now and read about a few people in California, Florida or Vegas who haven’t paid their mortgage for seven years.
El Cajon real estate
U.S. Foreclosures Up 75%
Home foreclosures have continued to dramatically increase in 2010.
According to a new report from RealtyTrac, foreclosure filings climbed in 75% of the nation’s metro areas during the first half of 2010. At a time when the Obama administration believes that we are “turning the corner”, things just seem to get even worse.
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Home Affordable Foreclosure Alternatives
San Diego condominium
Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac last week released guidelines for implementing the Treasury Dept.’s Home Affordable Foreclosure Alternatives Program (HAFA). The new guidelines apply to loans owned or guaranteed by the GSEs; servicers are required to implement the new policies no later than Aug. 1. Read more 
Improvement in Real Estate Short Sales
Real estate short sales
The Home Affordable Foreclosure Alternatives (HAFA) program, announced in November 2009 and fully implemented April 5, is the government’s answer to the problem. It’s a supplement to the February 2009 Home Affordable Modification Program (HAMP) that outlines a separate set of criteria for short sales or deeds-in-lieu to address the group of homeowners who are facing foreclosure because loan modification hasn’t worked out. Read more
Home Foreclosure Help – Home Affordable Foreclosures Alternatives
home foreclosures
Home Affordable Foreclosures Alternatives, or HAFA, went into effect April 5. HAFA encourages short sales to avoid home foreclosures.
Under HAFA, banks must decide within 10 business days whether to approve or deny a requested short sale under the program. Banks already have an inventory of 1.1 million foreclosed houses, recent estimates by LPS Applied Analytics of Jacksonville, Fla., show. Many more will be heading for a short sale or foreclosure. The Mortgage Bankers Association said more than 9 percent of homeowners were behind at least one payment on their mortgages in the fourth quarter. LPS figures 4.8 million are delinquent or already in the start of the foreclosure process. The HAFA program can t reach many of those houses. Lenders participating in the federal government’s effort to encourage mortgage relief for distressed homeowners.
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Home Foreclosure Inventory @ Record Highs
home foreclosures
A new report by the Lenders Processing Service (LPS) indicates that foreclosures are on the rise. The foreclosure inventory has reached record highs in February. The rate was 3.31 percent. That is a 51.1 percent increase over the year earlier. Delinquencies are also on the rise. They found that number of delinquent loans was 21.3 percent higher than the same period last year. Furthermore, the percentage of new problem loans is also at its highest level in five years , the report stated Monday. More than 1.1 million loans that were current at the beginning of January 2010 were already at least 30 days delinquent or in foreclosure by February 2010 month-end.