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Utah real estate market conditions and news.
On average, home owners in foreclosure can stay in their homes for over a year before they are evicted. In the first quarter of this year, the foreclosure process nationwide averaged 370 days to complete — that’s up from 348 days in the previous quarter and the lengthiest average since 2007, according to RealtyTrac. While […]
People are watching with interest as Bank of America ($9.23 0.03%) rolls out its mortgage-to-lease program. The appeal is obvious to consumers who get a chance to stay in their homes, but will this new program spark a new fad in the mortgage industry? Alex Matjanec, co-founder of MyBankTracker.com, said it might, but not just yet. “I think the natural thing […]
After a sharp increase in January, foreclosure starts and sales have reverse direction and resumed the steady decline they began in mid-fall. The February Mortgage Monitor Report published by Lender Processing Servicers (LPS) showed foreclosure starts down 15 percent from January to 172,602, 15.4 percent lower than during the same period in 2011. Foreclosure sales decreased 19 […]
A Roll Of The Dice Homeowners hoping the $26 billion foreclosure abuse settlement would mean big savings on their mortgages were mostly disappointed. Even though a million borrowers will have their principals slashed by as much as $100,000 or more, most are not eligible for a workout simply because the bank that issued their mortgages, didn’t hold their mortgages. […]
Here are the steps to figuring out how much you can afford to pay each month: Multiply your monthly gross income, before taxes and other expenses, by thirty-six percent (or 0.36). Add up all of your family’s fixed monthly debt expenses. These include car payments, student loans, minimum credit card payments, or child support. Do […]
Expanding its push to fill vacant homes, the Obama administration is giving mortgage aid to real-estate investors who bought multiple homes during the housing bubble. Having recently expanded its TARP-funded Home Affordable Modification Program, the administration will now extend the program to landlords for the first time. “Landlords can qualify for up to four federally-subsidized […]
The Federal Reserve released documents showing how U.S. mortgage servicers pledged to overhaul faulty foreclosure practices that led to this month’s $25 billion settlement with state and federal authorities. Bank of America Corp. (BAC), Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) were among lenders that submitted the so-called action plans following […]
It’s been nearly a half decade since the housing market imploded like an old stadium packed with explosives and the ground is still rumbling from the impact. Realizing it’s better to recover some money now rather than trying to get all their cash back eventually, more banks are making it easier for homeowners to unload their houses […]
A study that involved thousands of ReMax real estate agents revealed that the housing market will start to recover in 2012, with an increase in sales and stabilizing home prices. The majority of Realtors surveyed believe that home prices will stay the same, or increase during 2012. However, the number of foreclosure (distressed) sales are […]
The US Treasury Department along with The Federal Housing Finance Agency and the U.S department of Housing and Urban Development (HUD) have been working on a new program that would transform foreclosed homes into rental properties. Details of the program are currently very limited, however a foreclosure rental program is expected to take shape sometime […]