Foreclosure

Investors are zeroing in on the distressed housing market in Arizona. According to the research firm MDA DataQuick, nearly 4 out of every 10 homes sold in the Phoenix area in April were snatched up by absentee buyers, which typically constitute investors or vacation property purchases.

Newport, Kentucky-based Default Mitigation Management LLC (DMM) has released an update to its Debtor’s Counsel Loss Mitigation Web Portal. The company explained that the new release is another step forward in creating more effective channels of communication between attorneys, servicers, and now the trustees, and streamlining the loss mitigation process – in and out of bankruptcy.

Nicholas Barrett & Associates , a mortgage default law firm based in East Providence, Rhode Island, has been named a 2008 Summit Award winner by Lender Processing Services (LPS) for maintaining perfect timeline and performance expectations for 12 consecutive months in foreclosure and bankruptcy transactions.

According to the Center for Responsible Lending (CRL), the impact of the foreclosure crisis not only has devastating consequences for the displaced households, but in its wake, the spillover effect is eating away at the value of nearby homes by startling sums.

Despite the fact that lenders in California are voluntarily postponing the majority of foreclosure sales – 73 percent, to be exact – ForeclosureRadar says its market data reveals a steady increase in the number of foreclosed homes in the state sold at auction.

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey on Wednesday, which showed that home loan applications dropped to their lowest level since last November, as rising mortgage interest rates have led to an increase in borrowing costs.

New Jersey’s Mortgage Stabilization and Relief Act (MSRA), also know as S1599, became effective April 1, 2009. The legislation imposes additional requirements on lenders trying to foreclose, and it allocates $40 million to fund two state mortgage relief programs.

Texas Attorney General Greg Abbott welcomed state and local authorities, law enforcement officials, prosecutors, and other Texans from the real estate industry to the Office of the Attorney General’s (OAG) Mortgage Fraud Summit in Austin on Monday.

The California Foreclosure Prevention Act officially went into effect on Monday. The measure was signed into law by Gov. Arnold Schwarzenegger last February, and institutes a statewide 90-day foreclosure moratorium.

Washington state’s PROOF program, which stands for Prevent or Reduce Owner-Occupied Foreclosure, matches homeowners who are behind on their mortgage with certified housing counselors. Lawmakers have authorized $250,000 for the statewide initiative to help distressed homeowners negotiate loan modifications or other workouts with their lenders.