BOA Settles, Brings Mortgage Relief to 200,000 Homeowners

Tag: Government

BOA Settles, Brings Mortgage Relief to 200,000 Homeowners

Last week, Bank of America announced that they were reducing the amount owed for 200,000 underwater homeowners. This is huge for the homeowners, because it means a chance to eliminate the underwater portion of their mortgages. The anticipated average reduction is $100,000. Homeowners are eligible for the reduction if they were at least 60 days […]

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Loans are Bank-Friendly, Not Borrower-Friendly

Even though there are signs of hope in the economic recovery, the housing market still has a long way to go. Of the 55 million mortgage holders in the US, industry experts predict that as many as 10 million will default by 2018. While there have been some attempts by the government to reduce the […]

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Bad news for real estate investors - Buyers can't get loans.

So I'm sorry to be the bearer of bad news today but there's some data I have in my hands that I must reveal to you. Read this carefully please. *Short Sale flips are tougher to do than ever. There simply aren't enough people who can get bank loans to "cash you out" once you […]

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Betting Against Homeowners: Freddie Mac’s Latest Outrage

A report that was released recently is putting Freddie Mac in the spotlight again, and not in a good way. After reviewing public documents, NPR and ProPublica revealed that Freddie Mac has actually been betting against the homeowners they claim to be helping. “The investment division of Freddie Mac placed millions of dollars of bets […]

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#1 Real Estate Investing Secret [do not forward]

Those of you that know me know I love working smarter, not harder. I am happy to say that thanks to my friend Cody my life just got a little easier. 🙂 I call my buddy Cody the 'Clever Investor'. Seriously, the guy is as sharp as a tack. He recently discovered a brand new […]

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15 Ways to Succeed in Real Estate Investing

It wasn’t long ago that real estate was the way to make money. But, is that still true? Things are by no means back to the “old ways” but if you look around, you will see that the tide is changing. Money can be made in real estate investing. Strategic Real Estate Coach presents this […]

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Closing Costs on the Rise

Origination fees. Title fees. Appraisals. Title insurance. Survey charges. Even postage. All these fees add up to the total cost of homeownership for the potential buyer. While we know those additional costs are there, did you know they are on the rise? On average, the origination fees (underwriting, processing) from lenders have increased over 10% […]

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The Time to Get in the Renting Game is Now

Today’s economic climate is resulting in a boom of some sort in the housing market – a boom in renting. Some cities are predicted to see a 25% increase in rental growth in the coming few years. According to John Burns of John Burns Real Estate Consulting, there are 3.4 million units of pent up […]

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Freddie Mac's Delinquencies Decline for Fourth Straight Month

Officials at Freddie Mac have maintained that the new single-family business the company acquired in 2009 and 2010 “continues to demonstrate strong credit quality based on borrower credit scores and loan-to-value ratios.” The percentage of home loans going unpaid is steadily declining for the nation’s second largest mortgage company. Freddie Mac reported Tuesday that its […]

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It Pays To Be A Freddie, Fannie Exec

Did you see the latest report on the salaries paid to the heads of Freddie Mac and Fannie Mae in 2009 and 2010? You're not going to believe this one. "The heads of bailed-out mortgage finance giants Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) were paid fat salaries without proper written procedures or analysis, according […]

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Are the Federal Foreclosure Programs Actually Making Things Worse?

Check out this article I came across on DSNews.com. Seems like these programs didn’t work out as planned, after all, and may be coming to an end very shortly: Four Federal Foreclosure Mitigation Programs on the Chopping Block “Rep. Spencer Bachus (R-Alabama), chairman of the House Financial Services Committee, announced this week that he has […]

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The worst housing collapse in U.S. history....

Hi Gang, This is for all your real estate buddies that think the housing market is coming back soon. Approximately 11 percent of all homes in the United States are currently standing empty. The rate of home ownership in the United States has dropped like a rock. At this point it has fallen all the […]

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Is it better to borrow a house or to borrow the money to buy a house?

Hi Everyone, I’m down here in Florida for the big event, and my head is swimming with excitement. I’m stoked to be here. But I wanted to take a brief minute out to share some deep thoughts.  Yes... the question in the headline relates to whether it’s better to buy or rent. You all know […]

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Will the Fat Lady Sing?

Hi Gang, I’m stoked for this week, and me and my crew are working overtime to make this week’s event the best yet.  That being said, before I hit the sack tonight I wanted to get this out...it makes for some pretty interesting reading. We all know that America’s mortgage market almost sank the world […]

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Bad news for real estate investors! Diversify or die in 2011!

So I’m sorry to be the bearer of bad news today but there’s some data I have in my hands that I must reveal to you. Read this carefully please. *Short Sale flips are tougher to do than ever. There simply aren’t enough people who can get bank loans to “cash you out” once you […]

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Freddie CEO: Mortgage forbearance is preferable to foreclosure

CEO Charles E. Haldeman Jr. said that foreclosure is the least attractive option from a secondary markets perspective and considers forbearance a viable option to keeping seriously delinquent borrowers in their homes. A full transcript of that conversation is in the October issue of HousingWire magazine. Haldeman said that forbearance, as an option in loss […]

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Fannie Mae Selling Foreclosed Homes with Subprime Terms

Through their new HomePath program, troubled GSE giant Fannie Mae is offering their foreclosed homes for sale with as little as 3% down. What’s more, that 3% can be a gift from a family member of third party, or a loan from a non-profit, state or local government. Doesn’t this remind you of the “deals” […]

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Last Night's Historic Update With Jeff Watson

Last night was HISTORIC. More than 700 people last night logged on to hear mission critical GSE reform updates from Jeff Watson and John Grant. If you weren’t on the webinar, you missed out on important industry updates that direct impact you as a real estate investor (and as a homeowner). Because of the importance […]

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Plan to Help Underwater Homeowners Launched

Will this program finally make a difference? The government is trying to jump-start its so-far weak attempts to tackle the foreclosure crisis by trying to help homeowners who owe more on their homes than they are worth. The Federal Housing Administration will allow lenders to give these borrowers refinanced loans if the lender agrees to […]

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Fannie and Freddie Reform (This impacts you)

Freddie Mac and Fannie Mae reform is inevitable. Together they have amassed trillions of dollars of assets, and billions of dollars of liability. The question is what is going to happen, and who is going to get what? How we buy and sell real estate in America will change forever. This just doesn’t impact real […]

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From Closed Door Washington Meetings

At this very moment there are closed door meetings in Washington D.C. that will determine not only your fate as a real estate investor, but the future of the American Dream of homeownership. Real estate as we know it will change forever. (I don’t say this lightly.) Fortunately, we have advocates fighting for our voice. […]

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Housing quagmire: Is it time to remove relief?

Another good article that proposes a couple good questions at the end to consider... ~josh “For the growing number of struggling homeowners in this country, more help is on the way. Additional aid from the federal government will begin making its way to them next month -- one program would help qualified homeowners refinance their […]

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Existing Home Sales Plunge in July

We’ve hit another record, and not a good one. In July, sales of existing homes plunged to the lowest levels in 15 years, despite super low mortgage rates and bargain home prices. In July, sales fell by more than 27%, marking the largest monthly drop since 1968. Of course, fears in the housing market magnified […]

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'Jingle Mail': Developers Are Giving Up On Properties

Here’s a simple question for all of you. If commercial real-estate companies are walking away from mortgages on properties that are now worth less than they paid for them, why shouldn’t homeowners? When homeowners do it, it’s seen as a violation of a business contract.  Moreover, the mortgage industry and government then toss in that […]

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What’s the Real Number of Homes in Shadow Inventory?

The housing market’s shadow inventory continues to be the real unknown, and the real threat to recovery. It’s a scary thing, and helps paint the true picture of what is going on with real estate. Listen to this. The government doesn’t report on how many homes are held by the banks on their books or […]

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Nearly 50% Bail on Mortgage Aid Program

We’ve seen it before and here is proof again that the government-sponsored mortgage aid programs are not working. Late last week, the Treasury announced that about 48% of the 1.3 million homeowners who enrolled in the flagship mortgage-relief program since March 2009 are no longer in the program. That represents about 630,000 homeowners who have […]

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Housing Summit May Yield Fannie and Freddie Clues

This is something to keep you eyes on... ~ josh An Obama administration summit of housing industry leaders next week may yield clues on the future of Fannie Mae and Freddie Mac , the two mortgage heavyweights that so far have sucked up close to $150 billion in taxpayer bailout funds. The administration has vowed […]

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Mortgage Rates Hit New Low Again

This information is pretty amazing, take a look at what's going on with mortgage rates! Mortgage rate levels dropped again last week, pushed down by the weak economy and the Federal Reserve’s decision to purchase government debt. The average rate for a 30-year fixed loan is now sitting at 4.44%, down from 4.49% last week. […]

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Treasury Announces Who’s On the Guest List

Next week’s housing finance forum is sure to be closely watched, and surely the model for home financing will change. Of course, Freddie Mac and Fannie Mae will be the center of attention during the conference. The goal behind the conference is to gather input from industry stakeholders that will guide the Administration’s decisions in […]

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Freddie Mac Looking for $1.8B More in Aid

Freddie Mac is asking the government for an additional $1.8 billion in aid following another big loss in the second quarter of the year. From April to June, Freddie reported a loss of $1.3 billion, up from $840 million at the same time last year. Freddie is losing money from bad loans it backed, many […]

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Administration Weighs New Refinance Plan as Housing Programs Falter

Rumors of a new government-led mortgage refinancing program have surfaced, and sources have confirmed that the White House is considering a refi push that will allow homeowners to lower their mortgage obligations by taking advantage of today’s low interest rates. Some industry experts see this move as a concession that the existing government housing programs […]

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Hear the Latest Updates from Watson Aug. 12!

The world of short sales is changing yet again. It is occurring in a behind-the-scenes way that most investors won't realize until months from now, and by then it is too late. That’s why it’s imperative that you plan on attending Jeff Watson’s foreclosure investor update Webinar on Thursday Aug. 12 at 7:00pm EDT. Register […]

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Watson Foreclosure Investor Update Webinar Thursday

There has been so much going on in the world of real estate investing and government regulations that Jeff Watson felt compelled to host a Webinar on Thursday Aug. 12 at 7:00pm EDT. You know Watson’s Webinars fill up fast, so register to reserve your spot now. Jeff will cover four main topics in this […]

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In American politics, stupidity is the name of the game

Remember Voodoo Economics?  How could you forget it... as it’s defined government policy for most of the past 30 years. And it was called “voodoo” for a reason (back before it became entrenched dogma)! This is an interesting article that revisits the myth that taxes on the rich are always a bad thing… www.washingtonpost.com

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Why Hasn’t the Housing Market Recovered?

Weekly Real Estate Kick-Off for August 2, 2010 Follow me on Facebook and on Twitter! August 2, 2010 - This Week’s Topics: Reasons Why The Housing Market Hasn’t Recovered Sidelined Sellers Impacting the Housing Recovery Treasury to Hold Conference on Fannie, Freddie Future Foreclosures Rising in Most Metro Areas Declaring Bankruptcy to Prevent Foreclosure Fannie’s […]

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Residential and commercial short sales completely different?

So I sort of expected this. Jeff Watson did a webinar last night and since then he and I have been getting emails left and right about this one subject. Here it is: “So Josh and Jeff, aren’t commercial and residential short sales and foreclosures all the same? Can’t I just use the great stuff […]

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Watchdog: Commercial Real Estate Mortgages Sinking Quickly

By the end of 2010, half of all commercial real estate mortgages in the United States could be "underwater," according to the government's Troubled Asset Relief Program watchdog. Translation: Americans' financial woes are far from over. The commercial real estate bubble will grow so large that it will become a "serious problem" that will take […]

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Another Real Estate Crisis Is About To Hit

By Paul Craig Roberts For a picture of the US real estate crisis, imagine New Orleans wrecked by Hurricane Katrina, and before the waters even begin to recede, a second Katrina hits. The 1,120,000 lost US retail jobs in 2008 are a signal that the second stage of the real estate bust is about to […]

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Emergency Webinar Tuesday at 1pm

Good Morning, Jeff Watson and Josh Cantwell here with an EMERGENCY UPDATE. In light on information that was released on Friday by Freddie Mac, Jeff put the brakes on his schedule to arrange an URGENT TRAINING WEBINAR tomorrow, TUESDAY, APRIL 20 at 1:00pm EDT. Click here to register for this important call. Here’s what’s going […]

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Weekly Kick-Off

** Have you registered for the SREC Foreclosure Academy yet? Join us May 14-16 in Dallas, TX to learn how you can “Conquer the Crash” and take advantage of the massive opportunity for real estate investors. For details and to register, visit www.srecforeclosureacademy.com. ** Stay tuned for an exciting announcement coming TOMORROW about a traffic […]

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Why now? Because the second tidal wave is coming.

A few days ago I told you about the upcoming SREC “Foreclosure Academy” May 14 – 16 in Dallas, TX. Get the details here: www.SRECForeclosureAcademy.com. You need to be at this training event if you’re serious about your family’s financial future. Here’s why… ***The real estate market is changing fast. ***The second mortgage meltdown is […]

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Housing Stall Threatens Economy

Stall in housing market threatens economy Fed ending program that has held mortgage rates down may also hurt From: MSNBC.com - By Alan Zibel WASHINGTON - The recovery in the housing market is at risk of collapsing.  Home sales are sliding, prices are stalling and foreclosures are rising. And mortgage rates are likely to go […]

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BOA to Reduce Principal on Underwater Mortgages

Bank of America to Start Reducing Principal on "Underwater" Mortgages By Ieva M. Augstumms, The Huffington Post CHARLOTTE, N.C. — Bank of America Corp. is giving some of its most troubled mortgage borrowers relief from the threat of foreclosure. The bank, the largest mortgage servicer in the country, said Wednesday it will forgive up to […]

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What to Do with Freddie and Fannie?

Geithner: Fannie and Freddie Need To Be Changed... But We Don't Know How From The Huffington Post The Congressional panel tasked with overseeing the nation's financial system and the Treasury Secretary both agree that there's a problem with the nation's system of housing finance. Fixing it, though, may be the biggest problem of all -- […]

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Commercial Real Estate: More Trouble Ahead

February 26, 2010, David Kotok, Chairman & Chief Investment Officer “Between 2010 and 2014, about $1.4 trillion in commercial real estate loans will reach the end of their terms. Nearly half are at present “underwater” – that is, the borrower owes more than the underlying property is currently worth. Commercial property values have fallen more […]

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The long and short of short-selling homes

By Sean Sposito/The Star-Ledger February 17, 2010, 6:00AM ED MURRAY/THE STAR-LEDGER Goldie Sommer, a real estate attorney who has overseen more than 250 short-sale deals in the past two years, does research at her office in Fairfield. Record high unemployment has put some borrowers in jeopardy of losing their homes. They are considering refinancing, home […]

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What Recovery? New Home Sale Plunge!

New Home Sales Plunge By SARA MURRAY Sales of new single-family homes plunged last month, underscoring the fragility in the housing market. Sales dropped 11.2% in January from a month earlier to a seasonally adjusted annual rate of 309,000, the Commerce Department said Wednesday. The decline brought sales to their lowest level since the government […]

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U.S.New-Home Sales "Unexpectedly" Fell to Record Low

Editor's Note: Why is everything "unexpected"??? By Bob Willis Feb. 24 (Bloomberg) -- Sales of new homes in the U.S. unexpectedly fell in January to the lowest level on record, a sign that an extension of a government tax credit may not be enough to rekindle demand. Purchases declined 11 percent to an annual pace […]

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Modern Day Ghost Towns

Jason Lankow on 2/12/2009 It may have seemed inevitable given the mortgage meltdown, but it is still shocking when you drive through a neighborhood that seems to be entirely filled with ‘For Sale’ signs. The cities here aren’t entirely deserted, of course, but they are examples of the cities that have been hit hard enough […]

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I Have Seen the Promised Land...

Can it be true? Is the 91 day FHA seasoning rule no longer in force? Are short sale investors about to enter the “Promised Land” and be able to sell their flips to FHA buyers? The federal government is so desperate to stabilize the housing market that FHA restrictions are being relaxed. It is good […]

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Home sellers frustrated as short-sale deals collapse

8/5/2009 2:17 PM By Stephanie Armour, USA TODAY http://m.usatoday.com/home/614019/full/;jsessionid=FF66A4C5571B70CBBCE6F823B6D8FCD9.wap1 Home sellers frustrated as short-sale deals collapse Scores of homeowners who thought they'd cut a deal with their banks to sell their houses for less than their unpaid mortgages are seeing those agreements fall apart months later, contributing to the mounting foreclosures that threaten the housing […]

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