A recent article from REALTORMag.com reported that New York leads the country with the longest foreclosure process. In some cases, it may take years before delinquent borrowers finally give up their homes. According to data from LPS Applied Analytics, the Empire State holds the longest average in the nation, with mortgage loans in the foreclosure […]
GMAC Financial Services posted a first-quarter profit of $162 million yesterday as the result of fewer car buyers defaulting on their loans and the lending company selling off some of its devalued mortgage-related assets, according to a news report from the Detroit Free Press. The company also announced that, as of May 10, it is […]
Things have gotten interesting on the mortgage brokerage front. The New York Times released a bombshell article on its Web site last night, reporting that top management at Goldman Sachs oversaw the mortgage unit and took an active role in overseeing the mortgage unit as the housing bubble was on the brink of popping. According […]
The New York Times reported yesterday that two banks, JPMorgan Chase and Wells Fargo, are refusing to go along with the Obama administration’s plans for banks to reduce the balances of mortgages of homeowners facing economic difficulties. Last month, the Obama administration proposed two ideas to reduce loan principals as a way to help seven […]
One of the main reasons for the reported failure of the government’s mortgage modification plan is something as simple (or complicated) as paperwork. Now a new set of rules, added under the Real Estate Settlement Procedures Act, which went into effect on January 1, addresses the issue of paperwork. Mortgage lenders are now required to […]
As banks continue to seize more and more properties from defaulting borrowers, the number of vacant properties in the U.S. has now gone up to 18.8 million. Despite the low prices and availability of large number of homes in the market, buying a foreclosed property can often be difficult for buyers as the home may […]