Bloomberg News: Harvey Collier, a mortgage broker in Fort Lauderdale, Florida, says he gets as many as 10 calls a month from people planning to default on their loans. The twist: They first want financing to buy another home. Real estate professionals call it “buy and bail,” acquiring a new house before the buyer’s credit [...]
Posts under ‘REO’
Foreclosure activity increases nationwide – States with the most foreclosures
A new report shows 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity. The report by RealtyTrac® also showed nine of the 10 metro areas with the highest foreclosure rates experienced declines. Four states—Florida, California, Nevada, and Arizona—accounted for the top 20 metro foreclosure [...]
Palm’s Place Condotel, In Escrow
I blogged about this opportunity last month. Since the developer has stopped selling and resale started a couple of months ago, only a handful has been sold, at 35% of what they sold for in 2007, that’s 65% off! I’m happy that one of my investors took advange of this incredible opportunity. Closing in 10 [...]
Foreclosure sales account for 31 percent of Q1 sales
Sales of foreclosure properties accounted for 31 percent of all residential sales nationwide in the first quarter, according to a foreclosure sales report published by RealtyTrac®. The report also showed that the average sales price of properties that sold while in the foreclosure process was nearly 27 percent less than the average sales price of [...]
California to offer program to trim underwater mortgages
Lots of people will want to get in on this one: California is going to use federal money to pay down the mortgages of struggling homeowners. The California Housing Finance Agency announced Wednesday that it will spend $420 million to trim individual mortgages by up to $50,000. Lenders will be asked to match the amount, [...]
Fannie Mae increases penalties for strategic defaulters
Fannie Mae recently announced policy changes designed to encourage borrowers to work with their loan servicers and pursue alternatives to foreclosure. Under the new policies, borrowers who strategically default on their home loan despite having the capacity to pay and those who do not complete a workout alternative in good faith will be ineligible for [...]
Anti-deficiency bill passes Assembly Judiciary Committee
The Assembly Judiciary Committee passed SB 1178 (Corbett) yesterday with a bipartisan vote of 7-1. The bill, which will extend anti-deficiency protections to homeowners who have refinanced “purchase money” loans and now are facing foreclosure, now must pass the Assembly before going to the governor for his signature. SB 1178 passed the Senate earlier this [...]
CNN Money: Foreclosure crisis hits minorities harder
NEW YORK (CNNMoney.com) — The mortgage meltdown is hitting the African-American and Latino communities harder than whites, a new study has found. Of borrowers who took out mortgages between 2005 and 2008, some 8% of both African-American and Latino borrowers have lost their homes to foreclosure, compared to 4.5% of non-Hispanic whites, according to a [...]
