Times are no doubt tight. This Christmas will be the tightest ever for many people. We are all learning how we can save a nickel here and there. For my family and friends, giving to the needy seems to be at an all-time low. I have found myself avoiding adding just a few cents to [...]
Many of the pundits have looked for a long delay in foreclosures to create a glut of REOS in Arizona including Prescott and Prescott Valley. Well, the delay has been called off and we should have a steady supply of foreclosures in the next few months. One thing folks need to understand is that banks are [...]
Is your Prescott or Prescott Valley Home Like This?
Fitch Ratings-New York-13 October 2009: With a majority of borrowers in U.S. RMBS transactions owing more on their mortgages than their homes are currently worth, negative home equity is preventing sustained improvement in U.S. mortgage performance, according to the new monthly report ‘Fitch RMBS Performance [...]
State magistrates met last week to discuss strategies for combatting mortgage fraud and the topic of payment option ARMs was a central theme.
In Arizona – one of the states hardest hit by the mortgage crisis – 128,000 option ARMs will reset in the next year, State Attorney General Terry Goddard told Reuters. The San [...]
“Life is what happens while you’re making other plans.” Richard Dreyfuss in Mr. Holland’s Opus
No one moves into a home and takes on a mortgage planning on foreclosure. But divorce, medical issues, job loss, job transfers, and life changes can all lead to to foreclosure or short sale. If your bad luck is temporary, you [...]
Many lenders, real estate agents, and home builders applauded when HUD said it would let banks and local governments offer short-term “bridge loans” to cover the down payment for first-time buyers eligible for the tax credit. The loans would have been available to applicants for federally insured mortgages such as Federal Housing Administration loans.
A new wave of foreclosures is getting ready to hit the market as a result of the pressure being placed on banks by investors and the US Government to increase their assets. This includes selling off assets, issuing stock (see WSJ article yesterday, More Banks Tackle TARP, Capital Gaps), and liquidating their REO (real estate owned) assets. This [...]
From Tom Henichek, a local loan officer at Mountain Mortgage
Thinking of buying a home in the Prescott, Arizona area? Perhaps one of the foreclosed or REO homes?
Is anyone else skeptical of Chase Bank’s newest efforts to do loan modifications for up to 400,000 of their customers? Call me a stick in the mud, but I have a hard time believing that banks are doing this for their client’s benefit. To me it seems like they are doing this [...]
“IT REQUIRES A GREAT DEAL OF BOLDNESS AND A GREAT DEAL OF CAUTION TO MAKE A GREAT FORTUNE.” Ralph Waldo Emerson.
This might have been the title on the new report out by Realtor.com earlier this month based on survey data. The results of the survey are based on interviews conducted from March 6 to [...]