Bank of America Pushing Short Sales in their "Test" in Florida…Offering up to $20,000 Bounty
This breaking news from DS News… Bank of America is “testing” a short sale “test and learn” program in Florida with payments up to $20,000 to the succesful sale of a property sold via the Bank of America Short Sale program payable to the seller at close of sale…great news! Bank of America Launches ‘Test-and-Learn’ Short Sale Program in Florida By: Carrie Bay 10/11/2011 Bank of America has begun a pilot program in Florida offering extra incentive payouts to distressed homeowners who agree to and successfully close on a short...
Read MoreFTC is Sending Checks to Over 450,000 Countrywide Clients…Are you Getting Yours?
The FTC is sending out 450.000+ checks for a whopping $240…yes…$240. The FTC is mailing out 450,177 checks worth nearly $108 million to homeowners who were allegedly overcharged by former mortgage giant Countrywide. Unfortunately, that means the average check an overcharged homeowner will receive is a paltry $240, though some will get checks worth as much as several thousand dollars. Apparently homeowners behind on mortgage payments were charged excessive fees for services such as property inspections and lawn mowing, meant to protect the mortgage...
Read MoreBank of America Answering the Call of It's Critics…Increased Help for Distressed Homeowners
BREAKING NEWS… New York Times reports a tripling of assistance to the most hardest hit areas of the country…California leads the way with 7 new centers to assist homeowners in trouble…facing foreclosure or seeking an alternative to foreclosure. Here’s the story… By NELSON D. SCHWARTZ Published: May 5, 2011 Bank of America plans to triple the number of local centers across the country that provide assistance to mortgage customers facing foreclosure, lifting the total to 40 from 12 by early summer. Cities With New Centers Bank of America plans to...
Read MoreForeclosure at All Time High…7.4% Higher Than Historical Average
Foreclosure inventories rose to all-time highs last month, according to the October Mortgage Monitor report released by Lender Processing Services. As of the end of October, foreclosure inventories were 7.4 times higher than the historical average and rising. This is due in part to accelerated foreclosure referral activity over the past several months, along with various moratoria lengthening the foreclosure timeline. To that end, loans in the process of foreclosure but not yet taken back by the mortgage lender(bank-owned) are approaching an average 500 days past due. That means plenty...
Read MoreSecond Lien Holders Causing Problems at Close…WSJ Thanks For Finally Recognizing!
This has been a serious issue since the Short Sale boom hit in 2007. It’s great to see that we…the Real Estate Agents in “the trenches” are getting some exposure on this very difficult situation that only hurts the seller and the buyer of these distressed homes. The second lien holders have such a cavalier attitude that it makes you want to slap them upside the head and ask…WHY? Why would you let this home go to foreclosure and get nothing? States allow the 2nd lien holders to pursue defaulters like this man in this story to pursue them for up to 4 years...
Read MoreThe Darney's are Interviewed in the Contra Costa Times…C.A.R. Reports Sharply Increased Home Prices
http://www.contracostatimes.com/california/ci_16695640?nclick_check=1 Joe Nelson, Staff Writer Posted: While California home sales showed a statewide decline in October, from both the previous month and previous year, some cities in San Bernardino County showed a sharp increase in median home prices, according to data released Tuesday.In October, home resale activity statewide declined 3.5 percent to a seasonally adjusted rate of 450,360 homes, down from September’s revised pace of 466,930 homes. The pace was down 19.6 percent from the sales pace recorded in October of last...
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