Posts tagged as:

mortgage

Commercial Real Estate

IRS Eases Restrictions on Commercial Loan Modifications

by Ted Karsch | November 5, 2009
Thumbnail image for IRS Eases Restrictions on Commercial Loan Modifications

The IRS has issued a new rule IRS Revenue Procedure 2009-45 IRS Revenue Procedure 2009-45 that eases the restrictions on modifications of commercial mortgages that have been packaged into commercial mortgage backed securities.
This action allows borrowers to open discussions with the loan servicer prior to any default in an attempt to work out the loan. [...]

0 comments Read the full article →
Commentary

Real Estate Fiasco Seems To Foreclose On Critical Thinking

by Charles Feldman | October 28, 2009
Thumbnail image for Real Estate Fiasco Seems To Foreclose On Critical Thinking

Think.
That is one word I grant you. But, sadly, something fewer and fewer people seem to be doing when it comes to critical analysis of the near term prospects for the real estate market in the U.S. (And, yes, I know the real estate “market” is a patchwork of many markets dotted across the foreclosed [...]

4 comments Read the full article →
Mortgages & Lending

Nevada’s Home Loan Modification Law Ignored

by Richard Warren | October 26, 2009
Thumbnail image for Nevada’s Home Loan Modification Law Ignored

What if you had a home modification law that everyone ignored? In its 2009 legislative session the State of Nevada passed a law requiring loan modification companies to be licensed. The law, which recently took effect, not only required a license but the companies were also required to post a $75,000 surety bond. It seemed [...]

4 comments Read the full article →
Credit

Borrowers Should Be Aware of the Effects Foreclosures, Bankruptcies and Shorts Sales Will Have on Their Credit

by Christina Inman | October 19, 2009

fannie maeFor homeowners facing foreclosure or bankruptcy–or considering a short sale of their property to avoid one or both–the effect the action will have on their credit is undoubtedly a huge concern. Though keeping their homes might not be an option at this point, there could very well be another one in the not-too-distant future, so knowing when they’ll be eligible to qualify for another mortgage is important.

Be Aware of the Rules of the Road

Earlier this year, Fannie Mae updated its credit guidelines for borrowers who experience one of these circumstances. And, in general, the wait time will now range from two to five years.

Homeowners who lose their properties to foreclosure or file multiple bankruptcies within a seven-year period will have the longest wait–five years.

In the case of foreclosure, additional requirements and restrictions will apply after five years and up to seven years as well, which include making a minimum 10% down-payment, having a credit score of at least 680, and having limited cash-out refinance options. Also, the purchase of second homes or investment properties is not permitted.

8 comments Read the full article →
Commentary

Foreclosure Mitigation Deemed A Flop: Congressional Panel Tells It Like It Is; Administration Plan Fizzles; Foreclosures Rise; More Expected; Don’t Expect Much More Government Help; Forget About The Banks Bailing YOU Out; Don’t Bother Rationalization; Treasury Strategy Derided As Not Long Term Solution; Did I Leave Anything Out???; No, I Didn’t!!

by Charles Feldman | October 14, 2009

Let’s stop beating around the bush….or, in this case, the Obama. The dismal results are in and there is NO question that the efforts, such as they are, of the Obama administration to effectively deal with the nation’s growing foreclosure problem amount to a failure.

Says who? Well, me, for one. But don’t take my word for it, just read the most recent report from the Congressional Oversight Panel which is charged with overseeing the administration’s efforts to cope with the foreclosure emergency.

Called “An Assessment of Foreclosure Mitigation Efforts after Six Months“–the panel report laments the “limited scope and scale of the Making Home Affordable” program……

And, it goes on to raise serious questions about whether any of the programs now in place will actually lead to permanent mortgage modifications for most or even many disperate homeowners.

5 comments Read the full article →
Economy

Déjà vu All Over Again In The Mortgage World

by Richard Warren | October 12, 2009

FHA Logo3Where have we seen this before? A major backer of home mortgages may need a bailout. Oh yeah, that was right here. Wasn’t it only a year ago that Fannie Mae and Freddie Mac needed a bailout to save them from themselves? They had so many bad loans on the books because of lax rules and loose oversight.

Now it seems that the Federal Housing Administration (FHA) is in trouble. According to an article in the New York Times (article) 20% of loans insured last year and another 24% of those from 2007, are in serious trouble.

Didn’t They Learn?

Banks all across the country have tightened lending standards requiring that the borrowers actually have the ability to repay. Imagine that! It seems that just throwing money at anyone who can fog a mirror is not good business. While people complain about how tough it is to get a loan now, they are better off in the long term.

3 comments Read the full article →
Economy

Where is the real estate market going?

by Ryan Moeller | October 6, 2009

Has the real estate market bottomed? No, nope, not a chance. We are through 1 of 3 storms and have a crippled economy and really high unemployment. The good news is that we are through the worst. With terrible times come tremendous opportunities. After the last up cycle where everything went way higher then it should have, this had to happen. It is inevitable. If you are like me, you see the next 3-5 years as the opportunity of a lifetime. Here is why.

9 comments Read the full article →
Housing

Short Sale Relief: Fact or Fiction?

by Peter Giardini | October 6, 2009

A couple of weeks ago I posted an article that included a chart that showed that there are still a boat load (over a million) Adjustable Rate Mortgages that will reset between now and 2011. You can re-read that article here.

Many experts believe the Fed Rate will hold steady through most of 2010 and therefore, the number of mortgage resets may not see huge jumps. Many of these mortgages are tied to properties that are upside down, meaning the property value is less than the mortgage, and that will be the primary reason for increased defaults — or it will at least make these properties prime candidates for short sales.

Real estate investors can attest to how hard it has been to get lenders to let go of their inventory, and if you specialize in short sales, you know that at times, waiting for a short sale response from a lender is a lot like watching grass grow.

4 comments Read the full article →
Commentary

The Dramatic Increase In Mortgage Fraud: SubPrime Crisis Brings Out The Worst In People; Would The Death Penalty Stop It?

by Charles Feldman | September 23, 2009

WASHINGTON - SEPTEMBER 16: Federal Bureau of ...If you harbored any notion that the current economic crisis would somehow bring out the best in people–as we all come together like one of those old, warm and fuzzy “I’d like to buy the world a Coke” commercials, I’m afraid I have some very bad news for you. Well, actually, the FBI has the bad news, but I will pass it along.

A few days ago, FBI director Robert Mueller told the Senate Judiciary Committee that mortgage fraud cases that are being investigated by his agency are up roughly 63% just from a year ago! That’s sixty-three percent!!!!!

“The scheme have evolved with the changing economy, targeting vulnerable individuals, victimizing them even as they are about to lose their homes, ” said Mueller, as quoted in a New York Daily News article.

1 comment Read the full article →
Economy

Mortgage Interest Rates: Where Are They Heading?

by Peter Giardini | September 22, 2009

I was listening to a financial talk show on the radio the other day; the host was going nuts over an upcoming Treasury auction where over $140 Billion in 2, 5, and 7 year notes were going to be auctioned. This would represent the most auctioned at one time ever, and would be on top of $60+ Billion in notes auctioned the week before.

This got me to thinking about how much debt was out there and ultimately where current mortgage rates were and what direction they were headed in.  Here is what I found… 

The State of Debt

In my search I ran across this very sobering set of statistics about who holds the most US debt… take a look at the data, and if you’re not concerned about where interest rates and inflation are heading, then you must be asleep.

4 comments Read the full article →
Commentary

A “New World Order” May NOT Be Good For Real Estate Industry

by Charles Feldman | September 9, 2009

real estate bailout mortgageAn article out of the McClatchy Newspapers group caught my eye today…in particular some numbers that may not bode well for a robust real estate industry recovery any time soon.

Bailout and Regulation Nation

The article, about how a new financial world order has emerged out of the wreckage of the sub-prime mortgage fueled disaster that exploded one year ago this week, explains why it may take many years to climb back even half way up that economic ladder most of us fell down from last September.

3 comments Read the full article →
Real Estate Investing

High Unemployment & Rising Foreclosure Rates: Yet Homes Sales are Increasing…

by Peter Giardini | September 2, 2009

As real estate investors everyone of us have to be thinking… “how in the heck do I profitably navigate in a market as defined in the title of this article?”

And that is the million dollar question, which I will respond to in just a minute, but first lets look at a few of the facts:

A Look at the Current Housing Picture

  1. Let’s start with the economy.  Depending on who you are listening to, we are either at the bottom, still moving downward or possibly even worse.  If you invest in California, Michigan or Ohio you don’t need to be told the state of your economy… it stinks!  The message here is that if people aren’t working, they will not be buying real estate or making good renters.
3 comments Read the full article →
Real Estate

They’re Baaaaaaaaack! Subprime Mortgage Lenders Morph Into Alleged Mortgage Modification Cheats

by Charles Feldman | July 21, 2009

Buyer beware: The alleged crooks are back! And, they are after YOUR money; and getting it.

An eye opening account in the New York Times is a must read for anyone who is seeking a mortgage modification.

The article talks about how many of the very same people who seeded the current financial crisis with subprime mortgages are now going into the mortgage modification racket.

That’s right—the same people who often knowingly brokered subprimes to people they knew–or should have known–could never afford them, are now offering, for an upfront fee, of course, to get those subprime mortgages altered to be more affordable.

5 comments Read the full article →
Foreclosures

Housing Law – A New Breed Of Cat

by Tom Koziol | June 26, 2009

Nevada enters the housing law business as state number 7 enacting a foreclosure mediation program. Nevada’s law goes into effect on July 1, 2009. The other states with this type of legislation are Pennsylvania, Massachusetts, Michigan, Florida, Connecticut and Colorado.
I don’t know about the other 6 states but here in Nevada the law will be [...]

2 comments Read the full article →
Commentary

New Numbers Show Hope For Mortgage Brokers

by Rob K. Blake | June 9, 2009

I have written a number of articles here on BiggerPockets outlining the mega-banks’ desires to eliminate the mortgage broker competition in the race for dominance in the retail mortgage loan market. Well some very interesting numbers came out this week, that may put the brakes on this all-out assault on mortgage brokers.
Mortgage Broker Vs. Bank [...]

1 comment Read the full article →

← Previous Entries

Copyright © 2004-2009 BiggerPockets, Inc. All Rights Reserved.
BiggerPockets® is a registered trademark of BiggerPockets, Inc.