All Forum Posts by: Ken M.

What's Worse Than Paper Dollars Worth Nothing, think Digits In Cyberspace That Can Disappear!

So, if they accept crypto and you miss a few payments, it won't be Loan Mods they are doing, it'll be foreclosures. If crypto goes up, the bank wins to foreclose. 

Hmmm, I'll be watching the crypto markets and as they go up, more foreclosures will be called.

As Mr. Banks says in Mary Poppins, there is money to be made, "Think of all the of the foreclosures"

*********************

As he had hinted on several previous occasions, FHFA Chair Bill Pulte said he had ordered Fannie Mae and Freddie Mac to prepare a proposal to include cryptocurrencies as assets in the risk assessment of single-family mortgage loans.

The order directs Fannie and Freddie to "only consider cryptocurrency assets that can be evidenced and stored on a US-regulated centralized exchange."

While some boutique lenders already allow borrowers to use their crypto as collateral, study and acknowledgement from the FHFA would represent a major step forward for crypto adoption, particularly amid flagging mortgage application numbers.

According to CoinTelegraph, acknowledging crypto officially at the FHFA could open up sizeable federal lending programs for more borrowers. In 2024, the FHA alone issued over 760,000 single-family mortgages worth $230 billion.

Until Jan. 23, 2025, most banks couldn’t offer crypto-backed loans or mortgages due to Staff Accounting Bulletin No. 121, a banking rule from the Securities and Exchange Commission that required financial institutions to count cryptocurrencies as a liability rather than an asset on their balance sheet.

I was called to a lady's home who was in foreclosure and I always ask how what caused the situation and she replied, honestly. She had lost big at craps in Las Vegas.

I  was at another place in foreclosure with a foreclosure sale date just a couple of weeks away. When I asked the woman what had happened since she and her husband both had high paying, steady jobs, she said she didn't want to discuss it and oh by the way "my husband doesn't know".

Phoenix leads the pack with over 31% of listings showing price cuts as national housing inventory reaches a five-year high

According to Realtor.com, these are five of the ten most "buyer-friendly" areas:

Phoenix, Arizona

The number of active listings in Phoenix posted a 23.1% year-over-year jump last month.

Tampa, Florida

Roughly 29.9% of its listings in May had experienced a price cut

Denver, Colorado

The proportion of up-for-sale homes that have undergone price cuts came in at 29.4%.

Austin, Texas

In May, according to the report. Realtor.com found 29.1% of homes on the market had a discount

Jacksonville, Florida

Roughly 28.8% of homes in the area featured a price reduction.

The other metro areas in the top-10 included Charleston, South Carolina; Salt Lake City, Utah; Dallas, Texas; Palm Bay, Florida; and Portland, Oregon, according to Realtor.com and Prices had been reduced on 19.1% of homes up for sale across the country last month.

Contract for Deed is an executory contract that violates the Due on Sale clause. Ask your banker or attorney.

19. Transfer of the Property or a Beneficial Interest in Borrower. For purposes of this Section 19 only, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract, or escrow agreement, the intent of which is the transfer of title by Borrower to a purchaser at a future date.

If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, Lender will not exercise this option if such exercise is prohibited by Applicable Law.

I have no idea who Scott Horne is. ;-) But, he should actually read the Due on Sale clause before he passes on more bad information.

 

In the first quarter of 2025, there were 61,660 foreclosures, a 49.6% increase from the previous quarter.

Louisiana, Kentucky, and Mississippi topped the list of states with the highest share of “seriously underwater” mortgages... face a high risk of foreclosure.

In Q1 2025, 2.8 percent of mortgages nationwide were classified as being seriously underwater, up from 2.5 percent in Q4 2024.

“Louisiana remains the state with the highest percentage of seriously underwater mortgages, though the percentage improved from 11.3 percent to 10.5 percent from Q1 2024 and Q1 2025,” said the statement.

“In Louisiana, one in every 10 mortgages are seriously underwater,” ATTOM added. “The counties with the highest percent of mortgages seriously underwater are Vernon, Saint Martin, Iberville, and Webster.”

The rate of such mortgages in Kentucky and Mississippi was 7.3 percent and 6.6 percent respectively.

As with Louisiana, the rate dipped in both these states on an annual basis.

Virginia had the lowest level, where only one in 51 mortgages are considered underwater. This was followed by Alaska and Vermont.

• In the first quarter of 2025, there were 61,660 foreclosures, a 49.6% increase from the previous quarter. In 2024, there were 174,100 consumers in the U.S. with a new foreclosure on their credit report. While this figure was up from 150,820 in 2023, it remained significantly lower than the 1,755,860 consumers who experienced new foreclosures in 2008 when the housing market crashed in the wake of the Great Recession.
• In Q1 2025, only 2.1% of mortgaged properties were “underwater.” This figure is up slightly from 2.0% in Q4 2024 and far below a record high of 26.0% in 2009.