Short sale scam cheats banks, sellers

by: Linda S

SANTA ANA, Calif. – June 8, 2011 – Banks and distressed home sellers stand to lose more than $375 million this year from a short sale scam that has sellers and banks agreeing to sell homes at very undervalued prices, according to a new study by CoreLogic. In discovering the short sale fraud scam, CoreLogic […]

Lawyers get more time to finish foreclosures

by: Linda S

PALM BEACH COUNTY, Fla. – June 9, 2011 – Federal mortgage giant Fannie Mae more than doubled the amount of time Florida attorneys have to complete a foreclosure, acknowledging the reality of the state’s overwhelmed court system and problems with foreclosure paperwork. Law firms now have 450 days (about 15 months), up from 185 (six […]

Bondi: Don’t cut homeowners’ mortgage principal

by: Linda S

TALLAHASSEE, Fla. – May 17, 2011 – The Attorney General of Florida, a state where almost half of all mortgaged homes are underwater – opposes efforts that would force the nation’s five largest mortgage servicers to reduce the principal on loans owed by struggling U.S. homeowners. Attorneys general in all 50 states are part of […]

The impact of Dodd-Frank on real estate

by: Linda S

WASHINGTON – May 16, 2011 – Although the 2,314-page Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law last year doesn’t affect real estate brokers and agents as much as, say, mortgage originators, it does have some significant implications for the industry, said Phillip Schulman, a partner at the Washington, D.C. law firm […]

Bankrupt Homeowners shed second mortgages

by: Linda S

May 12, 2011 – Stung by the crash of the housing market, some struggling homeowners are using a little known but increasingly popular provision of the bankruptcy code to eliminate second mortgages and avoid foreclosure. Statistics are hard to come by, but bankruptcy lawyers say the provision has been used effectively on hundreds, if not […]

Fees For Homes Loans to Increase?

by: Linda S

WASHINGTON – Feb. 2, 2011 – The cost of getting a mortgage is rising as higher fees hit more borrowers, including those with stellar credit. For the first time since 2009, Fannie Mae and Freddie Mac are raising risk fees they charge lenders on loans they buy for resale to investors. The mortgage giants are […]

Price Drop Points to Likely Double Dip in Housing Market

Price Drop Points to Likely Double Dip in Housing Market

by: Linda S

U.S. single-family home prices fell for a fifth straight month in November and could plumb new lows soon, a closely watched survey showed on Tuesday. The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas declined 0.5 percent in November from October on a seasonally adjusted basis, though it was not as sharp as the […]

Tell us what you think?

by: Linda S

Here’s an interesting read, important and verifiable information: About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, “I am going to ask you a direct question and I would like a direct answer; how much oil does […]