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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 […]
If you’re a seasoned real estate agent then you probably already know that your main focus is, or should be, selling real estate. In today’s market, Short sales are unavoidable for listing agents. Realtors motivated to list and sell residential homes and condos can expect a large number of the properties they list to be […]