As foreclosures in Pinellas County continue to increase, there is news that the Obama administration plans to announce a new campaign to pressure lenders to modifiy mortgages for borrowers. This will come as welcome news to the many homeowners struggling to obtain a mortgage modification from their lender but who have hit a brick wall.
The [...]
Entries from November 29th, 2009
Obama To Push For More Mortgage Modifications
November 29th, 2009 · 9 Comments · Mortgage News
Tags:bankruptcy·Foreclosure·lost note·mortgage modification·OBAMA·pinellas·reo·short sale
Florida’s Foreclosure Fraud Rescue Prevention Act
November 28th, 2009 · No Comments · Foreclosure
The Florida Legislature recently found that homeowners who are in default on their mortgages, in foreclosure, or at risk of losing their homes due to nonpayment of taxes may be vulnerable to fraud, deception, and unfair dealings with foreclosure-rescue consultants or equity purchasers.
In response, the Legislature passed Chapter 501.1377, The Foreclosure Rescue Fraud Prevention Act, [...]
Tags:Attorney·bankruptcy·foreclosure attorney·foreclosure rescue·fraud·lost note·matt weidner·mortgage modification·pinellas·reo·short sale
5 Critical Things Realtors Need to Consider In This Market
November 28th, 2009 · 1 Comment · Mortgage News
1. Title Underwriters Are Going to Go Bankrupt
For as long as any of us can remember, we paid little attention to the title underwriter that was issuing title insurance right? Well those days are long gone. All of the title underwriters are under extreme financial pressures caused by decline in new premiums and claims on [...]
Tags:FAR/BAR·foreclosure defense·lost note·pinellas·pinellas county·realtor·reo·short sale·short sale addendum
5 Things Realtors Need To Know in This Tough Market
November 26th, 2009 · No Comments · Mortgage News
1. BEWARE THE FAR BAR SHORT SALE ADDENDUM!
The existing FAR/BAR short sale addendum is deficient in many respects but one section in particular poses real risks for real estate agents ad brokers who encourage their clients to sign the addendum as part of a sales contract. Due to a glaring oversight in the language contained [...]
Tags:FAR/BAR·Foreclosure·foreclosure defense·lost note·mortgage fraud·mortgage modification·pinellas·realtor·reo·short sale
Nationwide Banks Continue to Restrict Lending
November 26th, 2009 · No Comments · Mortgage News
An article in today’s Wall Street Journal reports that despite receiving billions in aid from me and you, banks across the country continue to hoard the money, a fact that continues to hamper the long overdue recovery. This has broad implications for the broader US recovery
7% of US banks insured by FDIC are in trouble
The [...]
Tags:bank help·lending restrictions·nationwide bank·nationwide banks restrict lending
Nearly Half of Tampa Bay Homes Have Negative Equity!
November 25th, 2009 · No Comments · Mortgage News
Today’s St. Petersburg Times quotes an article that I first wrote about yesterday which suggests that more than 46% of homes in the Tampa bay have mortgages on them that total more than the value of the homes. While the article, and the study in the Wall Street Journal do not report exactly how they [...]
Tags:bankruptcy·countrywide·Foreclosure·lost note·mortgage·mortgage modification·pinellas·reo·short sale
Lost Notes, Unrecorded Assignments and Foreclosure Chaos- JP MORGAN v. NEW MILLENNIAL
November 25th, 2009 · No Comments · Foreclosure
Lost notes and unrecorded assignments of mortgages complicate an already nightmarish problem infecting the foreclosure process across the country. A Pinellas County Circuit Court case was recently overturned by the Second District Court of Appeals that, if it weren’t overturned, could have been used to help mitigate some of the problems caused by this failure [...]
Tags:bankruptcy·Foreclosure·lost note·mortgage modification·pinellas·reo·short sale
Lost Note and Foreclosure- A Real Issue in Foreclosure Defense
November 24th, 2009 · No Comments · Foreclosure
In the heyday of the mortgage refinance market, lenders were closing billions of dollars of loans across the country. Major lenders in far flung places were agreeing to lend hundreds of thousands of dollars against properties based on representations of loan officers, agents, appraisers and sales people that these lenders knew almost nothing about. In [...]
Tags:Foreclosure·lost note·modfication·mortgage·pinellas·reestablish lost note
The Next Round of The Financial/Foreclosure/Housing Crisis
November 24th, 2009 · 1 Comment · Mortgage News
It was almost one year ago when the nation’s third largest title company filed for bankruptcy protection. Stay tuned and hold onto your hats because many more will be filing for bankruptcy protection, a development that will have grave consequences for the larger housing and financial market.
Title insurance insures that when you purchase a home [...]
45% of Florida Homes are Worth Less Than Their Mortgage!
November 24th, 2009 · No Comments · Mortgage News
An article in today’s Wall Street Journal, reports that 23% of US homeowners owe more than their home is worth. In Florida, this number is a staggering 45%. The national figure means nearly 10.7 million households have negative equity in ther homes, a troubling figure that poses great risk to housing and the overall economy.
LENDERS [...]
Tags:bankruptcy·deed in lieu·filing foreclosure·Foreclosure·matt weidner·pinellas·underwater
