The number of foreclosed homes in America could rise drastically if something isn’t done soon about the scarcity of jobs, according to the Mortgage Bankers Association. As of June 30th this year, almost 10% of American homeowners had missed at least one mortgage payment and put themselves on the road to the kind of bank [...]
The indications that the federal government understands how dire the foreclosed homes for sale situation is keep stacking up. The Federal Housing Administration is getting involved in trying to stem the tide of foreclosure listings by allowing lenders to hand out refinance loans to certain borrowers under specific conditions. As of June of this year [...]
The Home Affordable Foreclosure Alternatives (HAFA) Program in action from April 2010 to December 2012, seeks to help homeowners struggling with defaults on their current mortgages. This program sponsored by the government helps lenders as well as borrowers avoid the incidence of foreclosures by implementing an agreement for short sale (or giving deed in lieu [...]
Short sales an alternative to the foreclosure process Benefits the seller and the buyer Helps the real estate market Short sales have become an alternative for future foreclosed homes. In a short sale, the home owner approaches the bank and asks permission to sell the property at the best price available. If the bank agrees, [...]
In a move that signals the federal government’s nervousness over the number of Tax foreclosure homes for sale, Federal Reserve Governor, Elizabeth Duke, has said that officials should promote a rental option for these properties in every part of the nation. She made the comments after the number of American homes with overdue mortgage payments [...]
According to a recent report, the foreclosures crisis can not only wreck you financially but also cause long term health problems that can ripple across the community. A survey was conducted in two neighborhoods of Oakland especially hit heavily by the foreclosures crisis by the Alameda County Public Health Department and Causa Justa / Just [...]
Record figures of foreclosure and unemployment have struck the housing market. Hence the Obama administration has announced the launching of two new programs that will help ease the crisis. HUD secretary Shaun Donovan has announced that the government will introduce a refinancing program of the FHA (Federal Housing Authority) whose mortgages are much higher than [...]
The number of underwater mortgages has declined slightly thanks to increased foreclosures for sale. The real estate data source said that 11 million homes had under water mortgages in June end. That represents a slight decline since 11.2 million from March and ranks as the second quarterly decline. Number of under water mortgages usually rises [...]
In July 2010, there has been bad news on the economic front – in terms of employment as well as the housing market. Unemployment rose to half a million people last week. On the housing front-number of foreclosures were also on the rise. In July, for the 17th month in a row, there were more [...]
A unique report was released by the Centre for Responsible Lending, which is a non profit research and public policy group. It concentrates on the racial make up of foreclosures in California. The most important finding is that loans taken by Hispanics are more likely to end in foreclosure than those taken by other racial [...]
