For about the past two years now since our economic crisis began consumers and the people of main street have been complaining about big banks, and the crimes they have committed that has caused many individuals to be in the terrible position they are in now. (more…)
One of the most asked questions of main street when it comes to Obama’s stimulus programs is: how many jobs were created with all that money? (more…)
“Mortgagee Review Board underscores FHA’s stepped up lender enforcement efforts”
WASHINGTON – The Federal Housing Administration’s Mortgagee Review Board (MRB) today announced that it is immediately and permanently withdrawing the FHA approval of three mortgage lenders and is suspending a fourth. The MRB withdrew the FHA approval of Strategic Mortgage Corporation (Strategic), ProMortgage Inc., and Americare Investment Group Inc. (doing business as Premier Capital Lending. Additionally, the MRB has suspended the FHA approval of Home Mortgage, Inc. (HMI) of Burr Ridge, Illinois. (more…)
CALABASAS, Calif., Jan. 26 /PRNewswire/ — Bank of America announced that it is the first mortgage servicer to sign an agreement formally committing to participation in the pending second-lien component of the federal government’s Home Affordable Modification Program (HAMP). The formal action follows a verbal commitment to the program made by Bank of America’s Chief Executive Officer Brian Moynihan during a meeting with Treasury Secretary Timothy Geithner earlier this month. (more…)
If you live in one of these 8 states:
Alaska, Arizona, California, Oregon, Minnesota, Montana, North Dakota and Washington.
Your lender may have charged you more closing costs because of this law. Please consider this New York Times article:
In fact, borrowers in nonrecourse states pay extra for the right to default without recourse. In a report prepared for the Department of Housing and Urban Development, Susan Woodward, an economist, estimated that home buyers in such states paid an (more…)
It has been reported that there are hundreds of thousands of struggling homeowners currently making lower payments during the required trial period and many of them are at risk of being turned down for permanent assistance. (more…)
Famous actor Nicolas Cage’s financial problems have left him in a world of distress. (more…)
President Obama said he is coming to bat for Main Street with a new plan for the middle-class in his first State of the Union Address. Obama said the importance of job creation, the need to reduce the deficit and, as ever, the urgency of changing the way Washington works.
The President is hoping to help millions of Americans struggling to pay their bills and just survive in this down economy. (more…)
Ed and Brenda Bullock are homeowners in Milwaukee that have experienced the worst of our current mortgage crisis. (more…)
Homeowner Leesa Patterson called Michael Shafran of the Mediation Resource Center in Macedonia.
Leesa Patterson: He told me that his standard fee was $700. He did say he would partner with someone like ESOP to get me help. (more…)
Shadow real estate comes in two forms. Homes that are in or close to foreclosure but not yet on the market, and homes that are under improvement and scheduled to be sold at a later date. The more homes that are in this neutral, “shadow zone”, the longer it will take for the housing market to recover.
These “hidden” homes steadily show up in the market, and it forces homeowners to sell their homes for much less than they would like to. Because the homes are not actually on the market, any statistical data regarding how many homes are actually for sale, as well as any predictive forecasting efforts may as well be rubbish. Houses in need of improvement are on the market to be sold, but are in the possession of either private owners or banking establishments. No conclusive data can really be made as to how the market is going to move. (more…)
Pawnshops have always been a source of quick cash for people on a streak of bad luck. These days are no different and it has local pawn shops rolling in the cash as strapped consumers look for ways to pay their bills. (more…)
Yes, realtors do make money on short sales. Realtors really will not notice much difference between a short sale and a regular sale, except that the process is a little bit different for a short sale. If you find that you owe more on your home than it is actually worth on the market, then short selling might be the best way for you to get out of it. If you plan to short sell, here are some suggestions. (more…)
It looks like the Federal Reserve is finally going to pull the last rug out from under the US real estate and mortgage market once and for all. To be quite frank, this real estate bubble party had to come to an end sooner or later, right? Artificially propping up the mortgage markets that are hell bent on going down to the depths of economic hell is a plan that is made to fail.
It appears that most of you in real estate/mortgage la la land do not comprehend the significance of this move by the Fed. Corporate media is only glossing over this devastating news as so called mortgage experts have not even realized that this is the biggest piece of mortgage news in several months. The US Real Estate Titanic is going down right now as many obliviously party and watch the band on the deck.
Why such gloom and doom? (more…)
Title insurance is obtained by paying a one time fee at the time of closing when you go to buy a house. Different people pay the cost of the title insurance in different states, but the fact remains that title insurance is almost always required by the lender in the event of a problem with the title. Of course, title problems are searched for before closing begins, but they are not always found… especially of they are of a more unscrupulous nature, such as fraud or forgery. In these cases, title insurance will pay losses, court fees, and entitlements that would otherwise put a huge financial strain on the buyer. (more…)