Author Archives: Anna Merrick

In April 2011 a similar bill was introduced, but it never came up for debate before a House committee. The previous version said that if a borrower submitted a written request for a short sale of a home and if they did not receive a written response within 45 days, the request will be considered approved. We’ll see if anything happens to this one. Here we have 75 days to respond and it include a penalty if they the lenders do not comply. Full article is below. Feb 17 2012 Bill Would Address Needless Waiting Game for Buyers of “Short-Sale”… Read More »

Center of Responsible Lending  compliled a report – “Lost Ground, 2011”. It  is based on an analysis of 27 million mortgages made over a five-year period. Here are our top-line findings: The nation is not even halfway through the foreclosure crisis. 6.4 percent of mortgages made between 2004 and 2008 have ended in foreclosure, and an additional 8.3 percent are at immediate, serious risk. Foreclosure patterns are strongly linked with patterns of risky lending. Foreclosure rates are consistently worse for borrowers who received high-risk loan products that were aggressively marketed before the housing crash. The majority of people affected by foreclosures… Read More »

These Are The National REO Statistics:  1,600,000 Homes are currently owned by Lenders/Banks  3,600,000  Mortgages are delinquent and at risk of foreclosure  14,000,000  Mortgages are at 125%  or greater LTV than the                       actual home values

I hope it is just the holiday season. The latest weekley survey by Mortgage bankers association.

This article by CNBC is rather optimistic. I wish we were on the road of recovery by 2013. “U.S. home prices will stagnate through next year and only start recovering in 2013, according to economists polled by Reuters who also felt the stimulus options being floated will not do much to reinvigorate the market.” But there are two issues that we are dealing with. The first: all the “shadow” inventory has to be cleared out. Which will happen eventually in a year or two. “Unfortunately, a sustained improvement in housing will not likely get underway until the mountain of foreclosures is… Read More »