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 ‘short sale’
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, [...]
Deeds-in-lieu gain favor with lenders as alternative to foreclosure
Short sales have been the hot solution for financially stressed homeowners and their lenders for the last year, but here’s another potent foreclosure alternative that’s about to take center stage: deeds-in-lieu. Some of the largest mortgage servicers and lenders in the country are gearing up campaigns to reach out to borrowers who owe more on [...]
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 [...]
California, 4 other states to get more housing aid
The Obama administration has approved five state-designed plans to help homeowners as part of a $1.5 billion effort to assist areas slammed by the U.S. housing bust. Treasury Department officials, who spoke on condition of anonymity because the decisions had not yet been made public, said plans for Arizona, California, Florida, Michigan and Nevada had [...]
