The sight of an eviction team carrying furniture and other personal items from a house to the curb is an ugly sight, not one that the neighbors, former homeowners or local Realtors wish to see.
Unfortunately in today’s housing market, it’s a reality.
There’s a new effort in California with would end the foreclosure crisis as we know it.
The idea is to have a referendum and simply ban foreclosures. And while this is a thought which is surely attractive in many ways, as a practical matter it’s not going to happen.
Why does a homeowner simply decide to walk away from their home, their mortgage?
If you’ve ever been curious to how a homeowner comes to that decision, you’ll want to read this story. HSH.com contributing writer and personal finance expert Lynnette Khalfani-Cox talked with one homeowner who agreed to share his story.
How will you finance or refinance your home the next time you’re in the market for a mortgage? For a lot of borrowers the experience is likely to be very different than in the past. Not only that, it may also be different for a lot of lenders.
The government is now in the process of defining what is and what is not a qualified residential mortgage (QRM). This definition is required under the Dodd-Frank Wall Street Reform Act and apparently is quite complex: The government’s proposal runs 376 pages, little of which can be understood without an advanced degree.
You’ve finally gone to contract on your home, and now you’re sorry you have. How can you get out of the contract?
Marcie Geffner has a new article on HSH.com that will help answer that question and more. Below is an excerpt from Marcie’s article, “Seller’s remorse? How to back out of a home sale contract,” but be sure to read it in its entirety:
Last week we shared advice for those of you considering buying a foreclosure. Yesterday we shared some tips for those looking to buy a short sale property. As part of the “distressed real estate package” we created here at HSH.com, it’s about time we talk about real-estate owned (REO) properties as well.
What exactly is an REO property?
Financial stress can be devastating. Studies have shown that financial stress is one of the main causes of divorce. But in today’s society, the past stresses we’ve seen caused by credit card debt seem to have been replaced with the stress brought on by foreclosures. The stress has grown so great for some that we’ve even read reports of borrower suicide.
But this week, a Baltimore woman dealt with her upcoming eviction in a way I haven’t yet seen or heard of: a hunger strike.
Unemployed? Underwater? Can’t refinance? If so, why not head to the D.C. area next week and voice your struggles and concerns to our people in power.
Beginning on Monday, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve are hosting a two-day symposium regarding the future of the mortgage and housing markets. From October 25-26, professionals from the public, private and academic sectors will meet to discuss everything from loan mods to mortgage securitization.
Federal Reserve Chief Ben Bernanke will kick off the free event (which is open to the public), and FDIC Chairman Sheila Bair will be a keynote speaker: Read the rest of this entry »
Earlier in the week, we published a post that detailed the servicers and states affected by the robo-signing issues plaguing the mortgage industry. I came across an article from ProPublica.org today that published an interview with Geoff Walsh, an attorney with the National Consumer Law Center, which will hopefully serve to answer any more questions you may have about this ongoing problem.
Here are a few questions and answers from ProPublica’s article: Read the rest of this entry »
Allow me, if you will, to quote one of America’s great philosophers, Mr. Kenny Rogers: “You gotta know when to hold ‘em, know when to fold ‘em, know when to walk away, know when to run.”
What in the world does Kenny Rogers have to do with mortgages and homeownership? Well, nothing. However, Kenny’s advice is so timeless because of its ability to relate to nearly any tough decision that has its pros and cons. So those words of wisdom aren’t strictly meant for the riverboat gambler, they can also pertain to (here comes the mortgage connection) the millions of underwater homeowners in U.S.: you have to know when to hold onto to what you got, and you have to know when it’s the right time to walk away.
In my feature article on HSH.com, “The Pros and Cons of Walking Away from your Mortgage,” I tried to take a similar approach, offering homeowners several reasons why they should hold onto their homes and several reasons why it may be time to walk away: Read the rest of this entry »
HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.
