Economists believe the nation's subprime mortgage meltdown and foreclosure crisis will continue to worsen unless innovative thinking reinvents the system. RebuildUS LLC says it's operating under precisely this premise by bypassing the banks and auctions to move Americans back into affordable homeownership through its newly-launched online foreclosure marketplace.
Read More »More Than 200 Foreclosed Homes Hit Auction Block in Michigan
Foreclosures continue to drive down home prices in hard-hit states like Michigan, but according to the auction company Hudson & Marshall of Texas, this is good news for buyers and investors looking for bargains on homes.
Read More »National Quick Sale and Hollander Financial Partner on Short Sales
National Quick Sale announced Tuesday that it has entered into a business partnership agreement with real estate and mortgage services provider Hollander Financial Holding Inc. Through this venture, National Quick Sale plans to promote the use of its short sale platform's capabilities through Hollander's nationwide network of real estate professionals.
Read More »Appraisal Organizations Oppose Use of BPOs in HAFA Program
Several appraisal organizations, representing more than 35,000 real estate appraisers, are voicing their opposition to the Home Affordable Foreclosure Alternatives (HAFA) program, set to take effect April 5, 2010. The program allows broker price opinions (BPOs) to be used to determine the value of properties to establish a minimum offer for a short sale. The trade groups argue that the use of BPOs will not protect all parties interests and is likely to open the door for fraud.
Read More »Congressman Calls for Second Lien Write-Downs
As servicers step up efforts to modify loans and keep borrowers in their homes, many are tripping over stumbling blocks in the form of home equity loans and other second lien mortgages. House Financial Services Committee Chairman Barney Frank has sent out a petition to some of the nation's largest junior lien holders demanding that they take ""immediate steps to write down second mortgages"" to create a clear path for sustainable loan restructurings, especially since the prospect for any real return on these seconds is negligible, Frank says.
Read More »CalHFA Plans to Put $700 Million in Funding to Good Use
The California Housing Finance Agency (CalHFA) will receive nearly $700 million in new federal funding to help the state's most troubled homeowners stay in their homes. CalHFA is one of five housing agencies slated to receive a total of $1.5 billion in aid for states where unemployment is high and home prices have fallen more than 20 percent. CalHFA says it will submit its program plans to the federal government by April 16 and expects the new initiatives to be ready for implementation by mid-year or sooner.
Read More »Elevated Mortgage Risks are Rapidly Returning to Normal: UFA
University Financial Associates, LLC (UFA) in Ann Arbor, Michigan, recently released its quarterly Default Risk Index, showing that although mortgage risks are still elevated, they are quickly returning to normal levels.
Read More »HUD Addresses Root Causes of Foreclosure Crisis
As mandated by the Housing and Economic Recovery Act of 2008, the secretary of HUD recently released a report to Congress addressing the root causes of the foreclosure crisis and made recommendations on actions that should be taken to mitigate the crisis and help prevent similar crises from occurring in the future.
Read More »Bair Defends HAMP, Voices Support for Principal Write-Downs
FDIC Chairman Sheila Bair - a recognized champion of homeownership preservation whose loan modification model has set the standard for the industry - is throwing her support behind the administration's Home Affordable Modification Program (HAMP). She also points out that the nation's mortgage problem has evolved, and it's underwater mortgages that are now the biggest threat. Bair says the FDIC is actively looking at principal write-downs as one way to encourage borrowers to stick with their mortgages and help mortgage owners avoid costly foreclosures.
Read More »REO Brokerage Aids Homeowners in Default
Desiree Patno Enterprises, Inc., a women-owned REO brokerage based out of Irvine, California, has announced the integration of a new department designed to provide assistance to homeowners in default at no cost. The company is now offering free information regarding loan modifications and short sales both in-office and online.
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