Lets face it, Realtors are stupid!They are still into the same old mentality of...give me my 6% commission. And lets not forget those useless low life Mortgage Brokers still running ads for loans they know people can't qualify for!
Realtors and Mortgage Brokers, please go back to your minimum wage jobs, you have screwed America up enough!
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Again, the spamming ass Realtors and low life scum drag of the earth Mortgage Brokers are one the email spam attacks....
ReplyDeletethe government should arrest them and put the con artist low life bloodsuckers in prison so they can be eternally butt holed into oblivion!
Consumer Activists bare teeth over foreclosures:
ReplyDeleteLEVELAND OHIO - Folks on Humphrey Hill Drive were still waking up on the icy Saturday morning the shark hunters came to town. They rounded the suburban traffic circle in a pair of rented school buses after a half-hour ride from far more modest neighborhoods, rumbling to a stop at the Garmone family's driveway. Forty-two caffeinated Clevelanders piled out, their leaders carrying bullhorns.
Their quarry, Mike Garmone a regional vice president at Countrywide Financial Corp., the nation's largest mortgage lender didn't answer his door. So they deployed, ringing bells at the big homes with three-car garages, handing out accusatory fliers and lambasting Garmone and his company's loans. Before departing, they left their calling card thousands of 2 1/2-inch plastic sharks flung across Garmone's frozen flower beds, up into the gutters, littering the doorstep.
The commotion was the work of an in-your-face activist group called the East Side Organizing Project, with a paid staff then of just two, mobilized to battle Cleveland's mortgage "loan sharks." Years before the rest of the country was rocked by the fallout from aggressive lending, their neighborhoods were already home to the nation's highest concentration of foreclosures and they were fed up.
ESOP's people are proudly loud and abrasive, and they've long reveled in needling people with pull. But could they get a distant behemoth like Countrywide to the table?
Fed chief: Mortgage crisis to continue
ReplyDeleteWASHINGTON DC - Federal Reserve Chairman Ben Bernanke called Tuesday for additional action to prevent more distressed homeowners from falling into foreclosure.
"This situation calls for a vigorous response," Bernanke said in a speech to a banking group meeting in Orlando, Fla.
Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise "for a while longer," Bernanke warned.
Rising foreclosures threaten to worsen the problems in the housing market and for the national economy, which many fear is on the verge of a recession or in one already.
"Reducing the rate of preventable foreclosures would promote economic stability for households, neighborhoods and the nation as a whole," Bernanke said. "Although lenders and servicers have scaled up their efforts and adopted a wider variety of loss-mitigation techniques, more can, and should, be done," the Fed chief said.
One of the suggestions Bernanke made was for mortgage and other financial companies to reduce the amount of the loan to provide relief to a struggling owner. "Principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure," Bernanke said.
With low or negative equity in their home, a stressed borrower has less ability because there is no home equity to tap and less financial incentive to try to remain in the home, he said.
Bernanke acknowledged this idea might be a tough sell to lenders. Lenders, he said, are reluctant to write down principal. "They say that if they were to write down the principal and house prices were to fall further, they could feel pressured to write down principal again," Bernanke said.
Still, Bernanke suggested such longer-term permanent solutions may work better than shorter-term and temporary ones, where the distressed homeowner could find himself in trouble again. "When the mortgage is `under water' a reduction in principal may increase the expected payoff by reducing the risk of default and foreclosure," he said.
To date, permanent home mortgage modifications that have occurred have typically involved a reduction in the interest rate, while reductions of the principal balance of the loan have been quite rare, he said.
"Measures that lead to a sustainable outcome are to be preferred to temporary palliatives, which may only put off foreclosure and perhaps increase its ultimate costs," Bernanke said.
Lenders last year were on pace to initiate roughly 1.5 million home foreclosure proceedings, up from an average of fewer than 1 million new foreclosures in the preceding two years, the Fed chief said. More than one half of the foreclosures started in 2007 were on subprime loans given to borrowers with blemished credit histories or low incomes.
The housing collapse dragged down home values, especially clobbering these subprime borrowers. Many were left with mortgages that exceeded the value of their homes. They were further socked by low introductory rates on their adjustable mortgages resetting to higher rates, making their monthly payments difficult or impossible, to afford. Problems in the credit markets have made refinancing a mortgage harder.
This year, about 1.5 million loans representing more than 40 percent of the outstanding stock of subprime adjustable-rate mortgages are scheduled to reset to higher rates, Bernanke said. The Fed estimates that the interest rate on a typical subprime ARM slated to reset in the current quarter will increase to about 9.25 percent from just above 8 percent. That would raise the monthly payment by more than 10 percent, to $1,500 on average, he said.
Declines in short-term interest rates and a Bush administration-promoted initiative involving rate freezes will "reduce the impact somewhat, but interest rate resets will nevertheless impose stress on many households," Bernanke said.
On Capitol Hill, a number of measures have been offered to help stressed homeowners.
Overhauling the Depression-era Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, could help, Bernanke said. He also called for strengthened supervision of mortgage giants Fannie Mae and Freddie Mac.
Bernanke, who last week signaled that the Fed stands ready to lower a key interest rate again, did not talk interest rate policy in his speech or in a brief question-and-answer session afterward. The Fed, which has been slicing rates since September to help the economy, is expect to reduce them again on March 18, the Fed's next meeting.
A Scottsdale Arizona based home builder is walking away from its investment in a south Chandler neighborhood, leaving unfinished houses and dozens of empty lots in foreclosure and making residents who already bought homes concerned for the future of their property.
ReplyDeleteRandall Martin Homes is abandoning its property in four Valley developments, including Portello at Dobson Creek, a subdivision southwest of Queen Creek Road and Arizona Avenue.
The 162-lot Portello subdivision started selling in October 2005 while the Chandler housing market was booming. Now, in an obvious sign of the downturn in the industry, Randall Martin Homes has stopped selling new homes and has halted construction on unfinished houses.
The company's CEO Randy Bury on Tuesday, blaming the company's financial trouble on the market downturn and assuring the company is not filing for bankruptcy.
Instead, the builder's lien holders will take over ownership of the vacant lots and unsold homes, which could cause a three- to five-year delay in completing the development. The lien holders also will have to file for a new public report, a lengthy process to provide documents disclosing details of the project and potential developments in the area, said Mary Utley, spokeswoman with the Arizona Department of Real Estate.
Summary and Comment:
This is little comfort for home buyers. Unfinished subdivisions and unmaintained repairs in after market sales and new home closings are nightmares for people who have all ready bought in any sub division by any builder that is in trouble,
Add the fact that the Arizona Real Estate Department is involved should scare the hell out of anybody. These idiots couldn't find their ass with an ass map, Keep in mind they are the ones who license Realtors and review and approve Builder Sub Division Reports.
That failed mortgage lenders can sell to builders.
ReplyDeleteHOMES IN FORECLOSURE
ReplyDeleteSo, everybody is going thru a hard time now, except the super rich, they are getting richer.
CHICAGO IL - As the U.S. housing meltdown forces hundreds of thousands of Americans from their homes, the extent to which fraud was a factor in the crisis is just coming to light.
ReplyDeleteProducts such as stated-income loans known as "liar loans" because no proof of income was needed led to widespread misrepresentation by borrowers about their earnings.
But far more sinister forms of fraud, including identity theft and "straw buyers" those created using fake documents are also coming into the open.
Mike Reardon of nonprofit lender Neighborhood Housing Services of Chicago (NHS) points out two such properties, both boarded up, on South Rockwell Avenue in Chicago's blue-collar South Side.
The owner of one of the homes was traced to Texas, he said.
"Turns out it was a case of identity theft," Reardon said, shaking his head. "He had no idea he owned a home in Chicago."
Across the street, he points to another boarded, slowly rotting home, which had last been sold to a woman named Susan Haas.
"I may be wrong, but I've been looking for months and months and I can't find any proof Susan Haas exists," he said.
Many fraud schemes kept running as long as cash kept flowing from Wall Street. Once the credit crunch turned off the supply of easy money, the perpetrators simply walked away.
Estimates vary as to how prevalent fraud was during the boom.
Arthur Prieston, chairman of the Prieston Group, which provides mortgage-fraud insurance and training to lenders, said that "at least 30 percent of the loans out there contain some form of misrepresentation."
"But because lenders often have to sell off properties quickly to cut their losses, we will never know exactly how much mortgage fraud has been committed," he added.
Prieston estimates that mortgage-fraud losses were around $4.2 billion for 2006, adding that figures for 2007 "will be much higher."
In a recent case in Chicago, he said the authorities prepared to file charges against a woman who had fraudulently bought five properties.
"When we turned up to serve papers on her, we found she was 9 years old," he said. "Her uncle had stolen her identity."
HOUSE OF STRAW
The mortgage scam known as identity theft is relatively simple the perpetrator uses a stolen identity to buy property with no money down, then rents it to tenants until it goes into foreclosure, collecting rent but never making a mortgage payment.
A far more lucrative scam, using what are known as straw buyers, happened was much more common, according to Boston-based real estate analyst John Anderson.
"The vast majority of the cases I'm aware of involved straw buyers," he said. "Thanks to products like stated-income loans, people walked away with a ton of free money."
All you needed was to buy a foreclosed property at a bargain price, have it falsely appraised with a grossly inflated value, then sell it to a straw buyer at a big profit. The straw buyer never makes a payment and the home goes into foreclosure. The process was often repeated over and over again.
"We've seen some properties that were sold like this dozens of times," NHS' Reardon said. "This artificially pushed up prices in some neighborhoods and when those fake buyers walked away, the abandoned homes pushed prices down."
"The real victims are the genuine borrowers who bought here at inflated prices and are stuck now with mortgages worth more than their homes," he added.
False appraisals were also used to fool genuine borrowers.
"We get a lot of cases involving fraud that we refer to the state attorney general," said Lori Gay, CEO of Los Angeles Neighborhood Housing Services, a nonprofit lender that also offers financial counseling services. "Some 15 to 20 percent of the cases we see have some element of fraud."
The U.S. Federal Bureau of Investigation saw Suspicious Activity Reports (SARs) related to mortgage fraud rise to 47,000 in 2007 from 7,000 in 2003, spokesman Stephen Kodak said.
"This year it looks like we're on track for 60,000 SARs, which is a significant rise," he said. "This has required more allocation of manpower to mortgage fraud cases."
Prieston, the mortgage insurer, said that had major lenders been proactive in checking the identities of the people who were buying properties using stated-income loans and similar products, then a lot of fraud could have been avoided.
"A lot of lenders claim they were victimized by fraud but helped to constitute it by looking the other way," he said. "The sad fact is that the vast majority of mortgage fraud out there could have been prevented."
Anderson, the Boston-based real estate analyst, is among those who were warning for years that easy credit created an easy climate for fraud. "The banks on Wall Street had to know there would be fraud. If they didn't they're morons."
Mortgage Crisis
ReplyDeleteI dont care that banks are losing money because they gave loans that were worth more then the collateral (the House) that the loan was for
I dont care that people took loans that they didnt have income to pay and in reality they should have bought a smaller house
I dont care if Realestate speculators and house flippers got stuck holding the bag as the musical home, music stopped.
I dont care because their greed and lack of responsibility has boosted the real estate taxes that the rest of us responsible home owners have to pay even though we never gained a dime from the gambling and shell game con that they were all running
the people I feel sorry for are the young responsible people trying to start out that have been Taxed or priced out of the market
And I feel sorry for young people that bought homes and "could pay the mortgage" but now cant afford it based solely on the Real Estate Tax Grab by the govt
The Only action I think that the govt should be taking on the so called mortgage crisis is that the Govt should ROLE BACK THE REAL ESTATE TAX
By the was if you rent... this still affects you
Home foreclosures hit record high
ReplyDeleteWASHINGTON DC - Home foreclosures soared to an all-time high in the final quarter of last year, underscoring the suffering of distressed homeowners and the growing danger the housing meltdown poses for the economy.
The Mortgage Bankers Association, in a quarterly snapshot of the mortgage market released Thursday, said the proportion of all mortgages nationwide that fell into foreclosure shot up to a record high of 0.83 percent in the October-to-December quarter. That surpassed the previous high of 0.78 percent set in the prior quarter.
"Clearly it's the worst it's been," chief association economist Doug Duncan said in an interview with The Associated Press.
More homeowners at the same time fell behind on their monthly payments.
The delinquency rate for all mortgages climbed to 5.82 percent in the fourth quarter. That was up from the 5.59 percent in the third quarter and was the highest since 1985. Payments are considered delinquent if they are 30 or more days past due.
Homeowners with tarnished credit who have subprime adjustable-rate loans were the hardest hit. Foreclosures and late payments for these borrowers also swelled to all-time highs in the fourth quarter.
The percentage of subprime adjustable-rate mortgages that entered the foreclosure process soared to a record of 5.29 percent in the fourth quarter. That was up from 4.72 percent in the prior quarter, which had marked the previous high. Late payments skyrocketed to a record high of 20.02 percent in the fourth quarter, up from 18.81 percent the previous high in the third quarter.
The association's survey covers almost 46 million home loans nationwide.
"Mortgage credit quality is deteriorating fast," said Mike Larson, a real-estate analyst at Weiss Research.
The worsening foreclosure and late payment figures come as fears grow that the country is teetering on the edge of a recession or in one already.
The wave of foreclosures threatens to deepen the already severely depressed housing market. The homes people are forced out of add to the big glut of unsold homes already on the market. That forces even more cutbacks by homebuilders, taking a big bite out of national economic activity. Harder-to-get credit, meanwhile, has thwarted would-be home buyers, aggravating problems in the housing market.
Homeowners with spotty credit histories or low incomes who took out higher-risk subprime adjustable-rate mortgages have suffered the most distress as the housing market went from boom to bust. Initially low interest rates that reset to much higher rates have clobbered these borrowers. With home values dragged down by the slump, many borrowers were left with mortgages that eclipsed the value of their homes.
"Declining home prices are clearly the driving factor behind foreclosures, but the reasons and magnitude of the declines differ from state to state," Duncan said.
Even with relief efforts under way by industry and the government, Federal Reserve Chairman Ben Bernanke, earlier this week, warned that foreclosures and late payments on home mortgages are likely to rise "for a while longer."
The MBA's Duncan agreed. "We expect some increases in the next couple of quarters," he said. The economic slowdown, harder-to-get credit and lofty energy prices are adding to the strains, he said.
Against this backdrop, Bernanke called for additional relief and urged lenders to help distressed owners by lowering the amount of their loans. "This situation calls for a vigorous response," Bernanke said in a speech Tuesday.
Bernanke's recommendation for lenders to reduce the amount owed on troubled home loans goes beyond the position staked out by the Bush administration. The Fed chief, however, didn't go as far as to endorse some proposals embraced by Democrats on Capitol Hill.
Among the initiatives promoted by the administration is allowing some homeowners with certain subprime home loans to freeze their interest rate for five years.
California and Florida continued to represent a disproportionate share of the country's new foreclosures. The two states accounted for 30 percent of mortgages starting the foreclosure process, the association said. "In states like California, Florida, Nevada and Arizona, overbuilding of new homes created a surplus that will take some time to work through," Duncan said. That glut has pushed down house prices, he said.
NEW YORK NY - Americans' percentage of equity in their homes has fallen below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday.
ReplyDeleteHomeowners' percentage of equity slipped to a revised lower 49.6 percent in the second quarter of 2007, the central bank reported in its quarterly U.S. Flow of Funds Accounts, and declined further to 47.9 percent in the fourth quarter — the third straight quarter it was under 50 percent. That marks the first time homeowners' debt on their houses exceeds their equity since the Fed started tracking the data in 1945.
The total value of equity also fell for the third straight quarter to $9.65 trillion from a downwardly revised $9.93 trillion in the third quarter.
Home equity, which is equal to the percentage of a home's market value minus mortgage-related debt, has steadily decreased even as home prices jumped earlier this decade due to a surge in cash-out refinances, home equity loans and lines of credit and an increase in 100 percent or more home financing.
Economists expect this figure to drop even further as declining home prices eat into the value of most Americans' single largest asset.
Moody's Economy.com estimates that 8.8 million homeowners, or about 10.3 percent of homes, will have zero or negative equity by the end of the month. Even more disturbing, about 13.8 million households, or 15.9 percent, will be "upside down" if prices fall 20 percent from their peak.
The latest Standard & Poor's/Case-Shiller index showed U.S. home prices plunging 8.9 percent in the final quarter of 2007 compared with a year ago, the steepest decline in the 20-year history of the index.
Before you get too excited about Phoenix, read this. The truth about Phoenix and the Valley of the Sun is that it's a great place to visit for people from colder climates but not a good place to live permanently. Phoenix is basically becoming a third world city with rampant crime and blight. You can probably find a house 30+ miles from downtown but then your commute will be hell and you'll end up living in an unfriendly gated community where no one will know you. Also wages here are extremely low. This comment here sums up the Phoenix metro area. You're better off in Chicago.
ReplyDelete"Phoenix, Scottsdale and the surrounding metro area is finding its own level.
Basically, a repository of mediocre poorly educated
bottom-feeders seeking cheap banal living and easy money. This souless mix of carpet-bagging transients, budget seniors, tatooed misfits, real estate grifters, toothless white trash tweakers, minimum wage job seekers and pseudo-Scottsdale millionaires has created a major population center that masquarades as a major metropolis but is
really one big cow town.
A bleak barren landscape with terrible weather, traffic congestion, bad air, stuffed with ugly stucco houses and big box retailers peddling Chinese crap, corporate food, and a dumbed down semi-literate citizenry, Phoenix/Scottsdale metro epitomizes the lowest common denominator of American cities.
If somehow, by either plan or accident, you're living
in metro Phoenix/Scottsdale, you rank on the bottom rungs of the intelligence charts. The only reason to be here, (temporarily), is if you're making a decent income (absolute min. 250k per yr). Anything less is not worth it, as your health, mental well being and personal esteem will deeply suffer by living in this genetic cesspool of half-breeds."
FBI Begins Investigation Into Countrywide Financial Corp. for Securities Fraud:
ReplyDeleteLOS ANGELES California - Federal authorities are investigating Countrywide Financial Corp. for securities fraud, according to media reports.
The FBI is in the early stages of an inquiry into whether company officials misrepresented its financial position and the quality of its mortgage loans, The Wall Street Journal first reported Saturday, citing law enforcement officials and finance executives with knowledge of the development.
The Justice Department is also involved in the investigation into the nation's largest mortgage lender, said the New York Times, which also cited anonymous sources who said they were not authorized to discuss ongoing criminal matters.
"We are not aware of any such investigation," Countrywide spokeswoman Susan Martin told the Times.
FBI spokesman Richard Kolko declined to confirm for the Times that an investigation had been opened.
Investigators are looking at evidence that may suggest that company executives knew their mortgage securities would see many more defaults than predicted in its public documents, one source told the Journal.
The inquiry is part of a larger probe involving as many as 15 companies and comes in the midst of the subprime mortgage crisis.
Bank of America Corp. is in the process of acquiring California-based Countrywide for about $4 billion in stock. Bank of America agreed to the acquisition in January, and the transaction is expected to close in the third quarter. A spokesman for Bank of America declined to comment.
Countrywide CEO Angelo Mozilo was one of three mortgage industry executives brought before a Congressional committee Friday to defend their exorbitant pay at a time the industry was reeling.
Congressional figures showed that Countrywide lost $1.2 billion in the third quarter of 2007 and another $422 million in the fourth quarter. The company's stock fell 80 percent between February and the end of the year.
During the same period, Mozilo received a $1.9 million salary, $20 million in stock awards contingent upon performance and sold $121 million in stock.
To - Toll Brothers
ReplyDeleteGo pack sand up your butts.
I am NOT a realtor and never plan to become one so stop sending me email about attending the Toll Brothers Real Estate course.
CNN is reporting today that their is a large increase in woman carrying guns and obtaining firearms training to include obtaining a license to carry a concealed deadly weapon, many of these are female Realtors.
ReplyDeleteMore SPAM
ReplyDeleteI guess because I have this BLOG these morons think I want a website:
Real Estate Web Sites
info@phxwv.com
If you have ever been to any realtors website, they all pretty much suck.
I can design a better website in my sleep than anything I've seen some realtor has.
Spammers should go to prison - Spam is illegal.
No go tell some useless twit realtor your problem may be they will give a shit, but as a consumer advocate, and a person that is against realtors, I don't!
Avoid Beazer Homes
ReplyDeletethey suck
SAN FRANCISCO CA - The tough real estate market isn't just affecting home sales - it's also prompting consumers to buy fewer TVs, digital cameras and other electronics.
ReplyDeleteSacramento, Phoenix, Tampa and Detroit were the four metropolitan areas with the biggest drops in consumer-electronics spending in the fourth quarter of 2007, compared with the previous year, says a study out Monday from researcher NPD. The study examined retail sales in the 40 largest urban areas in the USA.
Those four cities were also among the top 10 major markets for declines in housing prices, says the National Association of Realtors. Sacramento posted the biggest drop in both electronics sales and housing prices.
Nearly every area with a decline in electronics sales also had falling home prices, says NPD analyst Stephen Baker. That's a big change. Unlike many other products, electronics sales have weathered all downturns in recent years. U.S. sales rose 72% from 2000 to 2007 a period that included the dot.com bust, says the Consumer Electronics Association, a trade group.
People began to think of electronics "like plumbing and air conditioning something you had to have," says Baker. But now signs of weakness are appearing.
"You see a lot more tire-kicking: customers coming in but not really buying," says Leon SooHoo, owner of Paradyme Sound & Vision in Sacramento. Customers "are much more choosy," he says.
SooHoo says high-end TVs are selling well but not enough to make up for declines in mid and low end products. Many customers "seem to be waiting until things stabilize," he says.
In Tampa, the Stram Electronics' Home Theater Gallery has seen a similar pattern. The most elaborate home theater set-ups, which can top $100,000, are selling as well as ever. But homeowners of more modest means have cut back, says owner Mike Stram.
Some home builders canceled contracts when new developments were put on hold, Stram says. But that's been offset by new orders from other builders, who are adding home theaters to new houses to make them more compelling in the tough market, he says.
This doesn't mean that people are no longer buying TVs and music players, Baker says. They're just being more careful about it.
Even when times are tough, "Consumers are motivated to spend whatever discretionary dollars they have on consumer electronics," says Stan Glasgow, president of Sony Electronics.
Sales in Sony's worldwide electronics division rose 4% in its most recent quarter after adjustments for currency fluctuations. Sony does not release sales forecasts for specific types of products.
To all the people on the Farm and Garden Craigslist boards ...
ReplyDeleteYour stinking Real Estate Properties don't belong there.
Post them to the Real Estate section or they will be flagged for removal.
I hate you frigging Realtors.
More proof you should go back to your real jobs at a fast food restaurant or mopping floors at the mall.
Home prices plunge across California
ReplyDeleteLOS ANGELES CA - Median home prices plunged in many of California's most populous counties in February, with Southern California leading the slide with an overall drop of 17.9 percent compared to a year earlier, according to new housing data released Thursday.
The drops reflect a deepening housing crisis in the state, which saw home values soar during the housing boom then decline sharply in most areas.
Median home prices fell this year in 15 major counties, DataQuick Information Systems said.
The median price in a six-county area of Southern California fell to $408,000 the lowest level since October 2004, when it was $402,500. That median is 19.2 percent below the region's peak price of $505,000 last summer, and it's 1.7 percent below January's median, the firm said.
In the nine counties of the San Francisco Bay Area, the median price fell 11.6 percent to $548,000 compared to a year earlier and 17.6 percent from the region's peak median price of $665,000 last summer. Bay Area prices were essentially flat from January.
Home sales volume also kept sliding last month.
Sales fell 39 percent from a year earlier in Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura counties. In all, 10,777 homes were sold in February in those six counties, up 8 percent from January, DataQuick said.
Southern California's home sales volume has hit new lows every month since September.
The nine San Francisco area counties saw a similar slowdown, as sales dropped 36.7 percent last month from February 2007.
Some 3,989 homes were sold in San Francisco, Marin, San Mateo, Napa, Alameda, Sonoma, Contra Costa, Santa Clara and Solano counties. That was up 11.2 percent from January.
Even as prices fall, buyers remain slow to dive into the market, with many waiting for prices to fall further.
Others have been unable to find affordable financing because lenders stung by soaring mortgage defaults and foreclosures have cut back on the easy lending that helped propel the housing boom.
The dynamic has worsened the prospects for many homeowners desperate to sell as falling home values drain their equity.
Statewide figures were expected later Thursday.
Nationwide Survey finds College Towns Still a Smart Investment for Real Estate.
ReplyDeleteSo if you live in or near a major college or university real estate is probably holding strong, especially for rentals.
WASHINGTON DC - Federal Reserve Chairman Ben Bernanke said new steps announced by the central bank Sunday should help squeezed financial institutions get cash infusions_ a fresh effort to provide relief to a spreading credit crisis that threatens to plunge the economy into recession.
ReplyDeleteThe central bank approved a cut in its lending rate to financial institutions to 3.25 percent from 3.50 percent, effective immediately, and created another lending facility for big investment banks to secure short-term loans.
re, fed cuts rates ....
ReplyDeleteI agree this is too little too late, as usual.
The only people this will help are financial institutions and big money ...
as usual the common man gets screwed.
JPMorgan to buy Bear Stearns for $2 a share.
ReplyDeleteWe will see alot more of this before this housing mortgage crisis and recession are over.
This will again, make the super rich and powerful, even in a better position to control us sheeple.
The government and Wall Street are NOT your friends, wake up pepole, don't vote the same old way.
The democrats and republicans come from the same mold, big money and endless empty promises.
re, re, - fed cuts rate hikes:
ReplyDeleteWhat we need to do is do away with fed (federal reserve) and put it where it belongs as part of the U.S. Treasury like every other country on the planet.
Sometimes others get it right and we get it wrong but our greed and arrogance prevent us from saying so and doing anything about it.
Today, as expected, the Fed cuts interest rates by 3/4 percentage point ...........
ReplyDeleteWASHINGTON DC - The Federal Reserve cut interest rates by three-quarters of a percentage point today. The stock market had anticipated a cut and the Dow Jones industrial average jumped over 300 points ahead of the announcement. But the Dow dropped about 100 from its high for the day after the Fed failed to cut rates by a full point, which many had expected.
The Fed's target for the federal funds rate, the interest that banks charge each other on overnight loans, stood at 3 percent before the move, and was at 4.25 percent at the beginning of this year.
Markets posted strong gains before the Fed announcement after Lehman Brothers and Goldman Sachs reported better-than-expected results for the first quarter.
Federal Reserve Chairman Ben Bernanke and his colleagues have already been working overtime, employing a variety of novel approaches to keep the economy out of a recession or at least moderate the impact of any downturn.
Treasury Secretary Henry Paulson made the rounds of the morning TV shows Tuesday to underscore the administration's commitment to keeping turmoil in the financial markets from worsening a struggling economy.
"The priority we have is a stable, orderly financial" market, he said on CBS' "The Early Show.
He said the focus of policymakers "is reducing the spillover into the real economy from the turbulence and disruptions in our financial markets."
To those who would complain that the administration is more interested in bailing out Wall Street than struggling homeowners, Paulson said the thousands of Bear Stearns employees likely to lose their jobs and life savings, and thousands of shareholders who have lost billions because of the company's collapse, probably do not feel like they have been bailed out.
A cut in the funds rate will translate immediately into lower rates for consumers and businesses as banks cut their prime lending rate by a similar amount.
"There is no reason for the Fed not to be aggressive," said Mark Zandi, chief economist at Moody's Economy.com. "The economy is in a recession, the financial system is in disarray and inflation is low."
However, a report Tuesday showed that wholesale prices rose by 0.3 percent in February, driven higher by rising energy costs.
Outside of food and energy, core inflation jumped by 0.5 percent, the biggest increase in 15 months and a possible sign that the relentless increase over the past two years in energy costs is making its presence felt in other sectors of the economy.
At the moment, Fed officials have said they are more concerned about weak growth than inflation. Another report Tuesday showed that problems in the housing industry continue, with construction of new homes falling by a bigger-than-expected 0.6 percent and applications for new building permits dropping to the lowest level in 16 years.
Explanation, for those who need it -
ReplyDeleteThe previous rate cut a few days ago was for banks and institution including foreign countries borrowing (loans) or investments linked to the dollar.
The rate cut today is more towards the consumer side for things like credit interest rates and mortgage loan rates.
re, FYI
ReplyDeleteYes, but banks, mortgage companies, and credit card companies are NOT obligated to pass those rate cuts onto consumers unless they want to.
Also, such rates can take months before the consumer feels any relief.
Again, as one poster stated, this is just more hype - bullshit. Yes it helps out the elite, the wealthy, big banks, foreign governments, and investors but who gives a shit?
I posted a video blog showin instances of bad realtor behavior. I found lots on youtube
ReplyDeletehttp://youtube.com/profile_video_blog?user=russedwards777
Rich people have no clue what it is like to worry about your mortgage!!
ReplyDeleteForclosures are agian on the rise in California.
ReplyDeleteI am losing my home.
Screw the government and the courts.
Especially screw that damn Century 21 Realtor of mine who hooked me up with their cob artist Mortgage Broker and got me into a home I couldn't afford.
Foreclosure Hmmmmmm
ReplyDeleteWhat if, and this is just a what if I "wanted" to foreclose. I bought my house when it was booming for 220k. Now the same model is selling for 129k to 140k. Sure the market may pick up again but what are the chances that its going to rise to 220k again. It may, but I dont want to stay in Arizona long enough to find out.
-How does a quick sale work?
-If I want to let the house go do I just leave and notify my mortgage company that I'm defaulting on the loan?
At this point I would rather rent. That way when I have done my time in Arizona I can go back to San Diego. I came out here on a five year plan with my work and now I'm going to be stuck with this house. At the time I thought I was making a solid investment because it was booming at the time. I've been in the house 2 1/2 years now. My how time flies. I plan on going back in a couple more years maybe sooner.
I'm willing to take the hit with my credit I just want to make this a smooth process and leave the house.
The subprime mortgage crisis has yielded at least one benefit for states: Mortgage-related investments have become so cheap that they are luring some pension funds to buy.
ReplyDeleteRetirement systems in South Carolina and Pennsylvania are nibbling at the securities, betting that they have been beaten down so much that the ones with good credit ratings could yield strong returns later.
South Carolina is looking to buy $100 million of mortgage-related investments for its $30 billion state pension fund. Pennsylvania, which made money off those securities' troubles in its hedge funds last year, is also betting that they can offer long-term returns.
But the buying this time is very tentative, and may not presage a broader turnaround in these securities.
For South Carolina, the caution means buying into a managed fund. In Pennsylvania, the outside managers the fund hires are looking for bargains. But in both cases, the states emphasize they're only investing small amounts of their overall portfolios.
The bargains are the product of a crisis in the mortgage industry brought on by some lenders taking greater risks by lending to some people who had poor credit histories. The bet was that home values would continue to rise and that these borrowers would be able to refinance before their monthly payments moved higher.
That didn't happen. Home prices fell, the rates on adjustable-rate mortgages ratcheted higher, people began defaulting on their loans, and securities tied to mortgages plummeted in value.
Now, some see bargains as investors realize the underlying assets the securities represent are far from worthless.
"Some of the securities that have dropped in value were really very solid securities," said Robert Gentzel, a spokesman for the Pennsylvania State Employees' Retirement System.
"This really has no bearing to the fair market value of these assets anymore," agreed Bob Borden, who oversees South Carolina's pension investment decisions. South Carolina has only put $8 million into that fund that includes some subprime mortgages, but Borden expects the rest to go in rapidly as the market swings from extreme fear toward greed.
"It has gotten to be where this market is oversold," Borden said.
While the banks and other companies that created and sold an array of mortgage-related securities need cash now, pension funds have cash — and long-term investment views.
"They can take advantage of the fact that other parts of the market need that short-term liquidity," said Allan Emkin, managing director of Pension Consulting Alliance in Portland, Ore.
Banks, for instance, also need to comply with federal regulations that require them to have assets backing a percentage of loans on their books. "These banks are strapped for cash and they are forced sellers in the market," Borden said.
Joe LaVorgna, chief U.S. fixed income economist for Deutsche Bank Securities Inc., said for some types of mortgage investments, default rates would have to hit 90 percent at current prices for an investor to lose money.
The beating mortgage-related investments have taken is "a sign that we are dragging along or at what at least is getting close to the bottom of reality," Borden said. "That's the real question. Are we at the bottom of the market? We seem to be getting pretty awfully deep and approaching the bottom."
Nonetheless, "the bottom is hard to call," he said.
Everyone is trying to find the bottom, LaVorgna said. "I think it's possible the bottom could be a little more elusive than current prices suggest."
With banks still cleaning up their balance sheets, "there's just not a lot of risk taking at the moment," he said.
So don't expect other state-run pension plans to immediately rush back in to mortgage-related investments, said Keith Brainard, research director for the National Association of State Retirement Administrators. "It's going to be a lot more subtle in most cases."
Clark McKinley, a spokesman for the California Public Employees' Retirement System said the nation's largest public pension fund has about $2.4 billion in structured investments related to mortgages — less than 1 percent of its $250 billion fund. But McKinley won't say whether portfolio managers are now angling for bargains on underpriced mortgage investments.
Brainard said mortgage investments are typically only slivers of any state's portfolio.
"Florida last fall came to realize it had a lot more this stuff than anybody realized," Brainard said. But Brainard puts that in context: The state really had less than 1 percent of its more than $137 billion portfolio at stake.
Small or not, a downgrade in some securities tied to mortgages in that portfolio last fall prompted some Florida local governments to pull money from the fund. That created something of a run on the fund that forced the state to shut down access in December.
Mike McCauley, a spokesman for the board overseeing Florida Retirement System investments, said he's not aware of any new emphasis being placed on the mortgage sector. The state's plan "maintains a highly diversified portfolio, including mortgage-related securities within our fixed-income and equity asset classes and we tend to be plain vanilla relative to other public pension systems."
Maryland is nosing around at the urging of its independent advisers. "There's probably a chance we're going to do something there," said John Greenberg, acting chief investment officer for the Maryland Retirement and Pension System. The state relies mostly on asset-backed mortgage investments such as real estate investment trusts. "We're not looking to invest in any mortgage-backed only fund."
REITs, which trade like stocks and are a good proxy for owning commercial and institutional real estate, took a beating last year too. "We're going to increase our position in overall real estate and since we're doing that and REITs are part of our real estate portfolio, we're definitely going to increase our position in REITS," Greenberg said. Maryland has $1.9 billion, or 5 percent, the pension's $37.5 billion in real estate now, but that will double.
Other states see opportunity beckoning, but are waiting on the sidelines.
"No decision has been made to date to make any significant purchases of mortgage-backed securities," said Chris Rackers, who manages Missouri's pension investments.
RE: Foreclosure Hmmm .....
ReplyDeleteForeclosure is a tough situation to deal with for most. I will briefly and generically answer your question
Q:
How does a quick sale work?
A:
By "quick sale" I believe you are referring to a short sale. If so, a short sale is when you sell your home for less than the total you owe to your lender and the lender agrees to accept that sale. The sale can be accepted by your lender in one of two ways.
1. A settlement, meaning they accept the sale as satisfying your debt in full. This is the one you want from your Lender.
Note: if you have a second or more mortgages you need ti get this from each of them as well.
2. A lien release, meaning they will accept the sale price and allow you to sell the home at the offer amount and will simply release the lien. In this situation they have the option to pursue the deficiency balance through a number of different options, generally through a judgment.
RE: re, Foreclosure Hmmm .....
ReplyDeleteIt is not a good idea too let the Mortgage Company foreclose.
In other words don't walk away unless there are NO options left.
They will pursue you to collect the debt and do not believe people that they will write it off.
Also, with government pressure they are being forced to work with you and try and make things doable.
Don't be harsh with the customer service agent at the mortgage company, be nice, tell them you are willing to TRY and resolve the issue but you can't afford the payments.
Give an amount you can afford to pay each month, if it is doable for them you probably have a deal.
Good Luck ...
There Are So Many People Losing Their Homes.
ReplyDelete"Pay day" loans exacerbate housing crisis
ReplyDeleteCLEVELAND Ohio - As hundreds of thousands of American home owners fall behind on their mortgage payments, more people are turning to short-term loans with sky-high interest rates just to get by.
While hard figures are hard to come by, evidence from nonprofit credit and mortgage counselors suggests that the number of people using these so-called "pay day loans" is growing as the U.S. housing crisis deepens, a negative sign for economic recovery.
"We're hearing from around the country that many folks are buried deep in pay day loan debts as well as struggling with their mortgage payments," said Uriah King, a policy associate at the Center for Responsible Lending (CRL).
A pay day loan is typically for a few hundred dollars, with a term of two weeks, and an interest rate as high as 800 percent. The average borrower ends up paying back $793 for a $325 loan, according to the Center.
The Center also estimates pay day lenders issued more than $28 billion in loans in 2005, the latest available figures.
In the Union Miles district of Cleveland, which has been hit hard by the housing crisis, all the conventional banks have been replaced by pay day lenders with brightly painted signs offering instant cash for a week or two to poor families.
"When distressed home owners come to us it usually takes a while before we find out if they have pay day loans because they don't mention it at first," said Lindsey Sacher, community relations coordinator at nonprofit East Side Organizing Project on a recent tour of the district. "But by the time they come to us for help, they have nothing left."
The loans on offer have an Annual Percentage Rate (APR) of up to 391 percent -- excluding fees and penalties. All you need for a loan like this is proof of regular income, even government benefits will do.
On top of the exorbitant cost, pay day loans have an even darker side, Sacher notes. "We also have to contend with the fact that pay day lenders are very aggressive when it comes to getting paid."
Ohio is on the front line of the U.S. housing crisis. According to the Mortgage Bankers Association, at the end of the fourth quarter Ohio had 3.88 percent of home loans in the process of foreclosure, the highest of all the 50 U.S. states. The "Rust Belt" state's woes have been further compounded by the loss of 235,900 manufacturing jobs between 2000 and 2007.
But while the state as a whole has not done well in recent years, pay day lenders have proliferated.
Bill Faith, executive director of COHHIO, an umbrella group representing some 600 nonprofit agencies in Ohio, said the state is home to some 1,650 pay day loan lenders -- more than all of Ohio's McDonald's, Burger Kings and Wendy's fast food franchises put together.
"That's saying something, as the people of Ohio really like their fast food," Faith said. "But pay day loans are insidious because people get trapped in a cycle of debt."
It takes the average borrower two years to get out of a pay day loan, he said.
Robert Frank, an economics professor at Cornell University, equates pay day loans with "handing a suicidal person a noose" because many people can't control their finances and end up mired in debt.
"These loans lead to more bankruptcies and wipe out people's savings, which is bad for the economy," he said. "This is a problem that has been caused by deregulation" of the U.S. financial sector in the 1990s.
Because of the astronomical interest rates there is a movement among more states to implement a cap of 36 percent APR that is currently in place in 13 states and the District of Columbia.
"Thirty-six percent is still very high," said Ozell Brooklin, director of Acorn Housing in Atlanta, Georgia where there is a cap in place. "But it's better than 400 percent."
SPRINGING THE TRAP
But even in states like New York where pay day loan caps or bans exist, loopholes allow out-of-state lenders to provide loans over the Internet.
Janet Hudson, 40, ran into pay day loans when she and her fiance broke up, leaving her with a young son and a $1,000 monthly mortgage payment. Short on cash, she took out three small pay day loans online totaling $900 but fell behind with her payments. Soon her monthly interest and fees totaled $800.
"It almost equaled my mortgage and I wasn't even touching the principal of the loans," said Hudson, who works as an administrative assistant.
After falling behind on her mortgage, Hudson asked Rochester, New York-based nonprofit Empire Justice Center for help. A lawyer at Empire, Rebecca Case-Grammatico, advised her to stop paying off the pay day loans because the loans were unsecured debt.
"For months after that the pay day lenders left me voice mails threatening to have me thrown in jail, take everything I owned and destroy my credit rating," Hudson said. After several months, the pay day lenders offered to reach a settlement.
But Hudson was already so far behind on her mortgage that she had to sell her home April 2007 to avoid foreclosure.
"Thanks to the (New York state) ban on pay day loans we've been spared large scale problems, but Internet loans have still cost people their homes," Case-Grammatico said.
A national 36 percent cap on pay day loans to members of the military came into effect last October. The cap was proposed by Republican Senator Jim Talent and Democratic Senator Bill Nelson -- citing APR of up to 800 percent as harmful to the battle readiness and morale of the U.S. Armed Forces.
There are now proposals in other states -- including Ohio, Virginia, Arizona and Colorado -- to bring in a 36 percent cap.
And, in Arkansas, attorney general Dustin McDaniel sent a letter to payday lenders on March 18 asking them to shut down or face a lawsuit, saying they have made a "lot of money on the backs of Arkansas consumers, mostly the working poor."
Alan Fisher, executive director of the said up 2 million Californians have pay day loans. There is a proposed 36 percent cap awaiting debate in California's state assembly.
"We expect pay day loans will make the housing crisis worse," said Alan Fisher, executive director of the California Reinvestment Coalition, an umbrella group of housing counseling agencies. California, a state with an estimated 2 million pay day loans, the assembly is set to debate a bill on introducing a 36 percent cap.
"Thanks to the credit crunch and foreclosure crisis, state and federal policy makers are taking a hard look at the policy of credit at any cost," the CRL's King said. "But more needs to be done, fast."
Cities grapple with surge in abandoned homes
ReplyDeleteWORCESTER, Massachusetts - On Lagrange Street in New England's second-largest city, two brick apartment buildings stand side-by-side in varying stages of decay boarded up, "No Trespassing" signs affixed, paint peeling.
Across the street, a condominium complex is on the brink. Three of its eight apartments are in foreclosure.
Like many cities in the United States where the home vacancy rate has scaled its highest since records began in 1956, the former textile mill city of Worcester in Massachusetts is turning to the courts to fight back.
Their target: banks who abandon properties and who leave behind a glut of empty, dilapidated houses that draw crime, cut tax revenue and depress nearby property values in a market already in a tailspin.
"This is the trenches here. We've got to stabilize our community," said Worcester city manager Michael O'Brien in a sidewalk interview outside the foreclosed condominiums on the quiet street in a Hispanic neighborhood.
The city of 175,898 people, a munitions depot during the U.S. Revolutionary War, offers a window into how U.S. cities are grappling with a wave of foreclosures that has pushed the U.S. homeowner vacancy rate to a record 2.8 percent in the fourth quarter of 2007 or about 1 million homes.
Like many U.S. mayors and city officials, O'Brien blames "predatory" lending practices prevalent in the U.S. property boom for the lion's share of about 4,220 mortgages in his city that are either in, or at risk of, foreclosure.
In February, he began asking judges to assign property managers to buildings at the expense of the mortgage companies. The idea is to stop tenants from being abruptly tossed out of a foreclosed home and to provide enough basic maintenance to keep it from getting condemned.
Other cities are pursuing even more radical measures.
LAWSUITS -
In western New York, the city of Buffalo filed a lawsuit on February 21 against 36 lenders -- including big names like JPMorgan Chase & Co Inc and Countrywide Financial Corp -- who were involved in 57 foreclosures that led to properties being abandoned and ultimately demolished by authorities.
The struggling Rust Belt city, plagued by about 10,000 vacant homes and commercial buildings, estimated the 57 foreclosures cost Buffalo $1 million in demolition work and another $1 million in nuisance costs -- from police patrols to boarding up buildings, to the social toll on communities.
"We have found homicide victims in these structures," Buffalo Mayor Byron Brown said in a telephone interview.
"Dog fighting has taken place in these structures. Drug dealing has been conducted. Last year one of our fire fighters was critically injured, losing one of his legs from the knee down, fighting a fire at a vacant structure," he said.
Alisa Lukasiewicz, who runs the city's law department, said Buffalo drew inspiration from similar lawsuits in Cleveland and Baltimore. "These properties are in a state of legal limbo," she said. "Banks walk away. The homeowners are gone, and the property is still there."
The city also launched "Bank Day" in a housing courtroom to consolidate cases against lenders into one afternoon each month. About 50 cases are pending, mostly against creditors accused of housing code violations from trash-strewn lawns to chipped paint and collapsing ceilings.
In some cases, mortgage companies threaten foreclosure if borrowers fall behind in loan payments but never go through with it, leaving the borrower technically the property's owner and complicating efforts to revive an abandoned home.
"Another big problem we have had is this new wave of lending," said Cindy Cooper, a Buffalo city prosecutor who specializes in housing. "It's difficult to work out who holds the note, who is in control of a property. These mortgages have been packaged into portfolios and sold on Wall Street."
HOMES FOR A $1 EACH -
Further east, Syracuse, New York, began selling vacant homes last year for $1 each to non-profit groups who promise to tear them down or renovate them. Last month, Syracuse Mayor Matthew Driscoll extended the deal to private companies.
The aim is to get abandoned homes back on the market in one to two years and back on the tax rolls.
"The foreclosure crunch has now meant that no neighborhood is exempt from having a vacant property pop up," said Kerry Quaglia, executive director of Home Headquarters, a non-profit that demolished about 100 homes and renovated 40 last year.
Some cities such as Cleveland are developing land banks to buy and either demolish or repair distressed properties.
"Because of the foreclosure crisis we are seeing this incredible glut of inexpensive distressed houses being sold at pennies on the dollar," Cleveland city councilman Tony Brancatelli said in a telephone interview.
"The mortgage companies don't want to hold onto them so they are dumping them on the Internet at a rapid rate. People are buying them 15 to a 100 at a time," he added. "One of the most significant parts of the land bank is stopping this cycle of abandonment."
Rhode Island, the nation's smallest state, is planning to fine homeowners 10 percent of a building's value if it remains empty a year after receiving a warning from the city, giving creditors incentive to unload vacant buildings even at a loss rather than to keep them and pay the tax.
David Cicilline, the mayor of Providence, Rhode Island, said the reasoning was simple: "When you have people living next to a house that is boarded up and vacant, it becomes a blight on that neighborhood."
US home prices drop another 11.4 pct. in January 2008...........
ReplyDeleteNEW YORK - A widely watched index of U.S. home prices fell 11.4 percent in January, its steepest drop since data for the indicator was first collected in 1987.
The decline reported Tuesday in the Standard & Poor's/Case-Shiller index means prices have been growing more slowly or dropping for 19 consecutive months.
The index tracks the prices of single-family homes in 10 major metropolitan areas in the U.S.
The broader 20-city composite index also fell, dropping 10.7 percent in January from a year ago. That makes it the first time both indexes dropped by double-digit percentages.
"Home prices continue to fall, decelerate and reach record lows across the nation," said David Blitzer, index committee chairman at S&P. "No markets seem to be completely immune from the housing crisis."
Blitzer said all 20 cities S&P tracks have seen dropping prices for five consecutive months, when compared to the prior month. What's more, the declines are growing in severity, with 13 of the 20 cities reporting their biggest single monthly decline in January.
The worst performing markets are Las Vegas and Miami, which both reported 19.3 percent drops.
Charlotte, N.C., squeaked by as the only gainer, with a 1.8 percent rise in January.
Economists have predicted a 15 percent to 20 percent yearly decline in housing prices, so the Case-Shiller results are not far off expectations, said Global Insight's chief U.S. economist, Brian Bethune.
"I wouldn't be looking for a pattern of improvement until April, May or June," he said.
Washington, D.C., and Minneapolis both slipped into negative double-digit territory for the first time in January, recording 10.9 percent and 10 percent drops compared to last year.
Other cities that showed double-digit percentage losses were Phoenix (18.2), San Diego (16.7) Los Angeles (16.5), Detroit (15.1), Tampa (15) and San Francisco (13.2).
The index is considered a telling measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month.
Another incident involving a false craigslist posting in Jacksonville Oregon resulted in a man's house, barn, and yard being ransacked and all his belongings taking.
ReplyDeleteThe man actually came home and caught about 30 people taking his stuff.
No one believed him that it was his home and continued to steal everything that wasn't nailed down.
By the time the cops arrived it was over and the man has lost it all.
This is the latest in a series of angry people getting even through false postings on forums like craigslist.
Get a burglar alarm and security cameras - that's what it has all come down to.
The police have asked everyone to return the items stolen and have said if they are not returned, they may face charges - WTF - may face charges - look if they don't return his items they should go to jail - as for the asshole who posted the false info on craigslist that person should definitely do time in jail.
Arizona man in Gilbert buys a new home to find out that a CAT is stuck in the ceiling behind the drywall.
ReplyDeleteWayne Berkowitz called the builder who came out and cut several holes in the ceiling of his home, couldn't catch the cat, and left.
WTF - Builders are Idiots.
The Gilbert / Phoenix / Maricopa County Building Inspector should be fired.
The contractor should be fined.
In Foreclosure Trouble? Don't Trust Anyone!
ReplyDeleteIn times of trouble many people are too apt to quickly jump in to the arms of the first savior that comes along. Today, with millions of Americans in foreclosure trouble, it's all too easy to make the wrong choice under the pressures of either trying to save your home or delay the time it takes for your lender to foreclose. In fact the FBI says over the past two-years there has been a 71 percent increase in scams targeting citizens
Cant refinance cuz property value plummeted, now forclosure imminent
ReplyDeleteInvested 20% down payment when I purchased my property in 2004.
Last year, I had a medical tragedy and could not work due to disability. Fell behind 5 months in my mortgage payments. Mortgage company will not reinstate loan out of default status unless I have 3 out f 5 payments cashiers check. Then the other 2 payments will be spread over future monthly payments.
Considering all of my liquid assets were depleted as I neeeded money to live o during the medical recovery period and no job income, etc....so I called a loan officer friend of mine who told me with 20% down a few years ago, I should have the 5 late payments to reinstate plus extra money to live on, etc until I am physically ok to return to work. He said it was called a "refinance/cash out". No documnetation or job incpme required, as I already have the equity in my property. 20% of the $400K property....i'm thinking I can cash out up to the $80K I invested when I purchased 4 years ago. Sounds like the answer to my mortgage default and loss of employment income, living expenses and medical bills, etc....until the appraisal came in at only $315K. Ugggh!!!! Because the housing market crashed last year and has not recovered, in fact it is continuing to get worse...I lost my entire $80,000 dollars of down payment money and not able to refinance because there is obviously no more equity. Not able to refinance with that low of equity. So now I am facing forclosure! This sucks! It's not like I was one of the thousands of investors or people purchasing properties with no money down and could not afford the payments, etc. I put 20% down and the housing market plummeted, depleting my only asset. This sucks! Think I will strip the property and make a few bucks....pool equipment, lighting, ceiling fans, kitchen/bath fixtures, h20 heater, garage opener, etc..what are they going to do, sue me? LOL.
As I understand it, they will sue me for the difference between what i owe and what they can sell the property for. Guess they will have to evict me. Guess according to Nevada law, foreclosure can take up to 120 days, so that will be free rent, LOL. This sucks!!! I am one of thousands in Clark County with similar problem being upside down in property value.
Scottsdale FSBO Sunday Open House
ReplyDeleteIs everyone in AZ a prick or just Phoenix and Scottsdale?
Listen Up
This Open House isn't going to be done the lame Realtor ass way. Those losers are working at McDonalds now, because they can’t close a deal. It's got nothing to do with a down market.
If you show up tomorrow, you better be prepared to buy and have a certified drawn check from a local bank equal to 20% of my $700K asking. For the window shoppers I’ll let you take a look inside for $20.
A few months back when I held a Open House a turd showed up to talk shit.. He didn’t get much out of his mouth before I jacked the son of a bitch up side his head and knocked him on his ass right there in my front yard. So any used car salesmen, realtors, mortgage brokers, shit stain lawyers or other losers thinking about showing up to dare me, don’t even think about it. If you show to talk shit, I’ll kick your ass all the way back to the damn trailer park you came from and some more.
11AM - 2PM follow the signs on Camelback Rd
If you are a property owner--DO NOT USE CHARTWEST REALTY (LOCATED IN MESA)
ReplyDeleteChartwest Realty Sucks ....
They are the worst real estate company in the USA.