Foreclosures are down 50%, which means something

April 2012 Foreclosure Starts declined across our coverage area wiping out the small gains in new foreclosure filings last month. In California, Notice of Default filings are down 69.8 percent from the peak in March 2009, and 15.8 percent from April 2011. Notice of Trustee Sale Filings, the start of Arizona’s foreclosure process, are downContinue reading “Foreclosures are down 50%, which means something”

Foreclosures Hold Steady

For at least the last six months or so, a lot of people were talking about a “new wave” of foreclosures threatening to smother the U.S. housing market in gloom once again. The reasoning was that because of the “robo-signing” scandal, and the subsequent foreclosure freezes, a huge number of foreclosures had been put onContinue reading “Foreclosures Hold Steady”

Negative Equity Slow to Go Away

$715 billion is a lot of money. That’s the estimated amount of “underwaterness” hobbling the housing sector in the fourth quarter. A mortgage is considered underwater when the amount of the loan is larger than the value of the underlying property, resulting in a negative equity position for the owner. The more negative equity aContinue reading “Negative Equity Slow to Go Away”

California Senate Bill 458 CA SB 458 Forgives All Debt After Short Sale

The law will further protect homeowners pursuing short sales by barring first and second lien holders from going after sellers for money owed after the short sales close. Gov. Jerry Brown signed Senate Bill 458, authored by Senate Majority Leader Ellen Corbett (D-San Leandro,) into law on Friday. Full Text of the Bill here. AContinue reading “California Senate Bill 458 CA SB 458 Forgives All Debt After Short Sale”

Federal Government & Attorneys General reach landmark settlement with major banks

Because of the complexity of the mortgage market and this agreement, which will be performed over a three-year period, borrowers will not immediately know if they are eligible for relief. Borrowers from states who did not sign the settlement will not be eligible for any of the relief directly to homeowners. Borrowers from Oklahoma willContinue reading “Federal Government & Attorneys General reach landmark settlement with major banks”

National Mortgage Settlement Website

Banks will be required to modify second liens that sit behind firsts “at least”. So this guarantees banks will also focus on borrowers where they do not have second lien exposure, and this also makes the settlement less helpful to struggling homeowners, since borrowers with both second and first liens default at much higher ratesContinue reading “National Mortgage Settlement Website”