by Robert Jones Construction workers are re-tiling their bathrooms, real estate agents are taking jobs as waiters and waitresses, and mortgage brokers are sitting around watching TV. The collapse of the housing market has been brutal on just about everyone, it seems, with any connection to the industry. Well, almost everyone. Attorneys are busier than… Continue reading Winning in Real Estate Crisis
Category: Bankruptcy
Housing Recession or Worst U.S. Economic Disaster Likely
The nation’s mortgage melt down has evolved into America’s real estate crisis amid falling home prices, record foreclosures and weakening consumer confidence and threatens to produce the nation’s worst economic disaster in history, a Housing Predictor study reveals. The catastrophic damage could be so widespread that the crisis could reach $600 billion in losses to… Continue reading Housing Recession or Worst U.S. Economic Disaster Likely
A Third of Mortgages Missing
By Kevin Chiu Legal paperwork determines the ownership of real estate. If those documents are not passed along to a new owner of a mortgage, investors or banks holding a loan on the property have no legal right to it. Up to a third of all mortgage “notes” or $3.7-trillion in U.S. mortgages are likely… Continue reading A Third of Mortgages Missing
Secret Code Separates Mortgage Approval
By Riekie Karstens A loan officer submits a mortgage application for approval from the automated underwriting system, which is used in the mortgage industry to quickly separate the wheat from the chaff to determine whether applicants qualify for a mortgage. A secret code separates the wheat from the chaff in the loan approval process. Creditors… Continue reading Secret Code Separates Mortgage Approval
Bankruptcy Drop Shows Economic Upside
By Mike Colpitts Consumer bankruptcy filings declined through the latter half of 2011 and have now reached pre-recession levels, indicating a positive sign for the U.S. economy, according to credit report bureau Equifax. The drop in bankruptcy petitions paralleled a similar decline in foreclosures. Consumer and commercial bankruptcies dropped steadily from the second quarter of… Continue reading Bankruptcy Drop Shows Economic Upside
Open Letter on Foreclosure Mills
By Betty Delisle My name is Betty Delisle and I live in New Hampshire. I am self employed and work every day to provide for my family. I bought my first home in October of 2005 and was so excited because I finally had a chance to get off the government programs that I had… Continue reading Open Letter on Foreclosure Mills
Hard Money Lending at Record Clip
By Mike Colpitts Despite home prices continuing to decline in much of the U.S., hard money lenders are funding home mortgages at the highest rate on record as nervous homeowners attempt to hold on to their homes. Banks and conventional mortgage lenders are rejecting refinances and new home purchases at alarming rates. Source Capital Funding,… Continue reading Hard Money Lending at Record Clip
Mortgage Company President First Sentenced in Financial Crisis
By Mike Colpitts More than three years after the financial crisis erupted on Wall Street, a New Jersey based mortgage company president is the first person to be sentenced to federal prison in the government’s efforts targeting criminals in the financial crisis. The sentence was imposed as a result of a major conspiracy to defraud… Continue reading Mortgage Company President First Sentenced in Financial Crisis
Home Bankruptcies Soaring
By Chris Tyler Consumer bankruptcy filings are already topping the near record pace set in 2008 this year as a result of the real estate crisis, and the number of consumer bankruptcies may set a new record in 2009. The fall out from the credit crisis, triggering the epidemic of foreclosures has homeowners scrambling to… Continue reading Home Bankruptcies Soaring