Category: Foreclosure

Anti-Flipping Rule Eliminated

By Keisha Joseph In order to accelerate foreclosure sales the FHA has eliminated a temporary waiver of their anti-flipping rule. The extension will last until the end of this year, allowing home buyers to obtain FHA-insured loans to purchase foreclosed properties. The length of time the homeowner has held title is no longer a factor.… Continue reading Anti-Flipping Rule Eliminated

Paying Homeowners Money to Stay Works

By Mike Colpitts A former Wall Street banker, who started a company to save homeowners with mortgages from foreclosure has enrolled just short of 10,000 borrowers in its RH Reward program that is paying cash rewards to hurting homeowners. The plan works with banks and other financial institutions, including hedge funds to work with upside… Continue reading Paying Homeowners Money to Stay Works

Maine Robo-Signing Cases Thrown Out

By Kevin Chiu A federal judge in Maine has thrown out two of three charges against GMAC Mortgage in a highly publicized robo-signing foreclosure lawsuit that could set a precedent for similar actions. U.S. District Judge Brock Hornby dismissed claims from homeowners seeking financial damages from GMAC for improper foreclosures as a result of foreclosure… Continue reading Maine Robo-Signing Cases Thrown Out

Majority Believe in Free Market Miracle

A majority of those polled say that U.S. policy makers in Washington, D.C. should stop trying to implement programs to aid the troubled housing market, and let free market forces work things out alone. Apparently the majority believe that somehow a miracle will heal the real estate market plagued by years of Wall Street, bank… Continue reading Majority Believe in Free Market Miracle

Home Sales Rose Third Straight Month

By Mike Colpitts Home sales rose for the third straight month as lower home prices and near record low mortgage rates drove more buyers back into the market, according to the National Association of Realtors. Existing sales of single family homes, townhouses, condominiums and co-ops tracked by the association increased 2.7% to a seasonally adjusted… Continue reading Home Sales Rose Third Straight Month

Regulator Confirms Banks Broke Laws in Robo-Signing

By Kevin Chiu Banking regulators are in the process of determining how mortgage servicing companies and banks will suffer for breaking laws in the foreclosure robo-signing scandal, according to the head of the U.S. Office of the Comptroller of Currency. The charges have been a financial and public relations catastrophe for banks and mortgage companies… Continue reading Regulator Confirms Banks Broke Laws in Robo-Signing

Homeowners Overpaying Property Taxes

By Mike Colpitts Home values have dropped so much that the majority of U.S. homeowners are overpaying on property taxes, according to a leading consumer protection group. “We’re telling people to get an appraisal, an independent appraisal to find out what their property is really worth to see if they’re overpaying,” said Tom Martin, president… Continue reading Homeowners Overpaying Property Taxes

Foreclosures Decline with Robo-Signing Troubles

By Mike Colpitts Foreclosures rose by only a slim margin in January, but declined 17% over year ago figures as banks and mortgage servicing companies temporarily halted foreclosures in 26 states in the robo-signing scandal, according to RealtyTrac. Foreclosure filings were posted against 261,333 residential properties during the month, a slim 1% increase over December.… Continue reading Foreclosures Decline with Robo-Signing Troubles

Americans Move at Lowest Rate since World War II

By Mike Colpitts Saddled with a weak economy and sluggish housing market Americans moved across state lines at the lowest rate since World War II in 2010, according to the Brookings Institution. Only 1.4% moved to a new state during the year. Demographer William Frey said “tepid gains in employment and the rise in home… Continue reading Americans Move at Lowest Rate since World War II