2010 | The REO & Foreclosure Specialist

Nearly Two-Thirds of Delinquent Mortgages Untouched: Study

25. August 2010

According to a new report from state attorneys general and bank supervisors from across the country, more than 60 percent of homeowners with seriously delinquent loans are still not involved in any form of loss mitigation with their servicer. The ratio is disconcerting considering the group also found that one of servicers’ primary loss mitigation […]

Housing Market Continues to See First-Time Buyer Exodus

24. August 2010

0 Comments

By: Carrie Bay First-time homebuyers continued to desert the housing market in July, according to a new industry study released Monday. Data compiled by Campbell Surveys and Inside Mortgage Finance, shows that first-time homebuyers accounted for only 39.1 percent of the home purchase market last month. That’s down from a peak of 48.2 percent as […]

NY Banking Department Issues New Regulations for Mortgage Servicers

23. August 2010

0 Comments

By: Heather Hill Cernoch In its efforts to protect homeowners and avoid another mortgage and foreclosure crisis, the New York State Banking Department has issued new rules regarding the business practices of mortgage loan servicers. The regulations, which go into effect October 1, implement provisions from 2008’s Mortgage Lending Reform Law to create consumer protections […]

As Servicers Shift Focus from HAMP, Completed Mods Near 1M Mark

19. August 2010

0 Comments

By: Carrie Bay The industry has completed about 975,000 permanent loan modifications so far in 2010, according to estimates released this week by the HOPE NOW Alliance. Of those, just over 331,000 have been processed under the umbrella of the federal government’s Home Affordable Modification Program (HAMP), while nearly 644,000 have been restructured using servicers’ […]

Industry Stakeholders Descend on Washington to Debate GSE Reform

18. August 2010

0 Comments

Will Fannie Mae and Freddie Mac still be here in three years? Or will they be replaced by a new federal mortgage agency? Will the government begin a grand exodus from the housing market and leave the American Dream to the private sector? These were the questions addressed Tuesday at the administration’s housing finance conference […]

Fed Issues New Mortgage Disclosure and Compensation Rules

17. August 2010

0 Comments

The U.S. Federal Reserve on Monday published a long list of new rules intended to protect consumers from what the central bank describes as “unfair, abusive, or deceptive lending practices.” The documents outline new requirements that will govern compensation to mortgage professionals and disclosures to borrowers regarding their home loans. The Fed announced final rules […]

Study Shows Foreclosure Lowers a Property’s Value by 27%

16. August 2010

0 Comments

By: Carrie Bay Foreclosed homes permeate the American landscape. According to data from the Massachusetts Institute of Technology (MIT), they make up about one in 12 houses with under $1 million left on the mortgage. These foreclosures drive down home prices, and MIT gives two reasons for their depreciating effect – because foreclosed homes add […]

REO Foreclosure: East Hampton, NY

12. August 2010

2 Comments

REO Foreclosure: East Hampton, NY 3 bedrooms, 1 bath Great price at 250,000 Great Property Located In East Hampton On Nice Size Lot This Ranch Home Offers 3 Bedrooms,Full Bath,Full Basement,This Home Is Sold As Is And Is Need Of Tlc.. Get a great new property NOW! Talk to one of our talented […]

REO Foreclosure: Staten Island, NY

12. August 2010

0 Comments

REO Foreclosure: Staten Island, NY 4 bedrooms, 2 bath Opportunity Knocks To Own This 2 Family Semi Attached Commercial Property Offering Two Bedrooms Full Bath Up And Two Bedrooms Full Down With Part Basement.. In Need Of Tlc… Get a great new property NOW! Talk to one of our talented and wonderful agents today! For more […]

REO Foreclosure: Hempstead, NY

12. August 2010

0 Comments

REO Foreclosure: Hempstead, NY 4 Bedrooms, 1 bath Priced at 129,900 Great Buy On This 2 Story Home Offers 4Bedrooms Full Bath, Gleaming Hardwood Floors, Full Basement, 2 Car Det Garage. Buy And Restore This House And Make It Home.. Get a great new property NOW Talk to one of our […]

REO Foreclosure: Jamaica, NY

12. August 2010

0 Comments

REO Foreclosure: Jamaica, NY 3 Bedrooms, 1 bedrooms Priced right at 124,900 Great Opportunity To Own This Colonial Home Located In Queens Offering 3Bedrooms Full Unfinished Basement. Property Sits 24X100 Lot Come Give This Home Tlc And Make This A Gracious Colonial. Get a great new property NOW! Talk to one of our talented […]

Foreclosures Deviate from Downward Trend, Jump 4% in July

12. August 2010

0 Comments

RealtyTrac reported Thursday that foreclosure filings increased four percent in July – an abrupt departure from the previous three months, which saw consecutive declines in foreclosure activity. However, even with filings on a total of 325,229 properties during the month, July’s numbers represented a 10 percent decrease compared to July 2009. One in every 397 […]

Lenders Out $310M from ‘Preventable’ Short Sale Losses: CoreLogic

11. August 2010

0 Comments

By: Carrie Bay The number of short sales has more than tripled since 2008, with the estimated annual volume now at 400,000, according to the real estate data and analytics firm CoreLogic. The hard-hit housing markets of California, Florida, and Arizona, along with Texas, are seeing the most activity, CoreLogic said in its 2010 Short […]

Double-Dip Recession Threatens to Shave 20% off Home Prices: Moody’s

10. August 2010

0 Comments

By: Carrie Bay Could the U.S. economy slip back into the throes of the recession that nearly crippled the nation’s financial system and protracted any semblance of a housing recovery? The analysts at Moody’s Investors Service think so. “The risk of a double-dip recession is rising. We believe the odds of a near-term double dip […]

Zillow: Smaller Percentage of Homeowners Underwater in Q2

9. August 2010

0 Comments

By: Carrie Bay The percentage of borrowers underwater on their mortgage declined during the second quarter, but that welcome change of pace could come to an abrupt end as home values are again beginning to fall in markets across the country. The real estate data provider Zillow reported Monday that negative equity — which refers […]

Archive | 2010