Attempting to own a house by squatting in a property to gain legal ownership is increasingly becoming more popular in these tough economic times with more than 7 million homeowners who have been kicked out of their homes as a result of the foreclosure crisis. Gaining legal title to a home by adverse possession is… Continue reading Squatters Grow in Housing Mess
Category: 2011 Housing Market
Company Will Pay You to Book Vacation
A U.S. based online vacation website is paying vacationers cash money to stay at locations booked through their site. Resorts Nationwide, Inc. specializes in representing independent timeshare owners throughout the nation. The program offers customers cash to use the firm’s website to rent or buy timeshares from existing owners. Timeshares are the fastest growing sector… Continue reading Company Will Pay You to Book Vacation
Housing Recovery Delayed as Foreclosures Stall
By Kevin Chiu As many as 1-million homes that should have been foreclosed in 2011 will be delayed until 2012 stalling a housing recovery in the U.S. as lenders work through problems with foreclosure procedures, lawsuits and other legal problems, according to RealtyTrac. The foreclosure tracking firm reported that a total of 1,170,402 residential properties… Continue reading Housing Recovery Delayed as Foreclosures Stall
Majority Would Squat in Vacant Homes
If everything went to pot the majority of Americans would squat in vacant homes before going homeless. That was the result of the latest Housing Predictor opinion poll. The online survey found that 55% of all respondents would become a tenant in a vacant home legally or illegally if they had to do so. The… Continue reading Majority Would Squat in Vacant Homes
Mortgage Rates to Skyrocket on Economic Budget Failure
By Mike Colpitts Failures by Congress and President Barack Obama to reach a deal on the U.S. economic budget is likely to trigger a massive hike to skyrocket mortgage interest rates, sending rates up at least 1 to 2½% within just a few short days following an impasse. The sudden rise in rates would essentially… Continue reading Mortgage Rates to Skyrocket on Economic Budget Failure
MERS Orders Foreclosure Halt
By Mike Colpitts The electronic mortgage registration company at the center of the robo signing scandal has ordered a halt to foreclosures in an effort to protect itself from legal problems in the growing foreclosure crisis. Mortgage Electronic Registration Systems (MERS) has issued a new policy on its website advising members not to foreclose or… Continue reading MERS Orders Foreclosure Halt
Underwater Homeowners Refinancing Bill Gains Momentum
By Mike Colpitts Millions of underwater homeowners could be helped under a bill that is gaining momentum in the U.S. Senate. The bill, authored by California Senator Barbara Boxer, would remove barriers that have halted millions of upside down homeowners from refinancing their homes. “The Helping Responsible Homeowners Act” would order government backed mortgage giants… Continue reading Underwater Homeowners Refinancing Bill Gains Momentum
Treasury Bonds Nudge Interest Rates Higher
By Mike Colpitts Lower rates paid on U.S. Treasury bonds sent mortgage rates higher this week as legislators in Washington, D. C. argued over an agreement on the national budget limit going into the August 2nd deadline. Rates on 30-year fixed rate loans averaged 4.55%. The 15-year fixed rate loan remained the same as a… Continue reading Treasury Bonds Nudge Interest Rates Higher
Man Convicted in Real Estate Ponzi Scheme
By Mike Colpitts A federal jury has convicted a Colorado man on felony charges related to running a $30 million real estate Ponzi scheme after his son pled guilty to being a partner in the crime spree. Philip R. Lochmiller, Sr. was found guilty of money laundering, mail fraud charges and conspiracy in U.S. District… Continue reading Man Convicted in Real Estate Ponzi Scheme
PMI Offers Money to Homeowners
By Mike Colpitts One of the nation’s largest mortgage insurers is offering cash money to upside down homeowners at risk of losing their homes to foreclosure. PMI Group, Inc. is launching the innovative program with a former Goldman Sachs Banker, who started the program in an effort to get troubled homeowners to stay in their… Continue reading PMI Offers Money to Homeowners