By Ryan Jackson A Florida loan officer angered by bank representatives telling homeowners to default on their underwater mortgages in efforts to be granted bank assisted short sales has started a petition drive to halt the massive movement. Pam Marron, a loan officer in Tampa, Florida for 27 years has posted the petition online at… Continue reading Petition to Halt Strategic Defaults Launches
Category: Sales
Cash Home Sales Climb to More Than One-Third
By Mike Colpitts All cash home purchases climbed to make up more than one in three sales in the final quarter of the year, according to the Campbell Inside Mortgage Finance Housing Pulse survey. At the same time, foreclosures declined slightly. The Campbell survey polls more than 2,500 active real estate agents monthly. Homeowners looking… Continue reading Cash Home Sales Climb to More Than One-Third
Mortgage Rates Drop Lower
By Mike Colpitts Demonstrating that banks are attempting to keep in step with each other, mortgage rates dropped marginally lower on the 30-year fixed rate loan and hit a new all-time record low on the 15-year fixed rate mortgage this week, according to Freddie Mac. The rate on the 30-year averaged 3.88%, a drop from… Continue reading Mortgage Rates Drop Lower
Appraisal Headaches Plague Housing Market
By Kevin Chiu A handful of new appraisal services hitting the market to help lenders get a handle on foreclosures and mortgage refinancing are producing headaches for the housing market. But more affordable alternatives to full appraisals are springing up to replace broker price opinions. Street Links Lender Solutions has launched a Liquidation Value Report… Continue reading Appraisal Headaches Plague Housing Market
Cash Is King in Miami Real Estate
By Mike Colpitts In Miami-Dade County all cash home and condominium sales are controlling the real estate market, with almost two out of three sales or 65% being all cash, according to the Miami Association of Realtors. Cash is king in the “Magic City” and it has been for some time. Some 66% of all… Continue reading Cash Is King in Miami Real Estate
Group Launches $100 Million Home Rehab
An innovative non-profit group has launched an aggressive $100 million campaign to rehabilitate thousands of homes left to decay in blighted urban neighborhoods as a result of the U.S. foreclosure crisis. The organization has qualified for financing to repair vacant homes from bankers to help damaged neighborhoods. The group’s chief executive says a new initiative… Continue reading Group Launches $100 Million Home Rehab
Record Low Mortgage Rates Drive Refinances
By Mike Colpitts Refinances jumped 13% in the last week to trigger a major jump in mortgage refinancing as consumers took advantage of record low mortgage rates, according to the Mortgage Bankers Association. The drop in rates, however, seemed to do little to get more home purchasers off the fence to take out applications for… Continue reading Record Low Mortgage Rates Drive Refinances
Rosie O’Donnell Sells Home Quick
Talk show host Rosie O’Donnell has sold her 6,000 square foot Chicago home on the first day she put it on the market. The $2.5 million home went under contract just five hours after it was listed. The rapid sale or lucky sale in the current housing market is fortunate for O’Donnell, who started a… Continue reading Rosie O’Donnell Sells Home Quick
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
Homeowners Receive Short Sale Cooperation
By Mike Colpitts Homeowners are receiving cooperation from banks and mortgage lenders to sell their unaffordable homes as short sales at higher levels. The increase in short sales is being driven by investors calling for banks to cut their losses, resulting in a reduction of homeowners walking away from their home mortgages. Scam artists preying… Continue reading Homeowners Receive Short Sale Cooperation