Foreclosure Market Still A Problem For Nevada
The foreclosure market continues to comprise the majority of all real estate sales in Nevada. In March, foreclosure resales rose to 57.3% of the entire Las Vegas resale market. 57.3% represents an increase from February of 2011 where foreclosure resales were 56.7%, still a higher increase from 55.5% from a year earlier. Short sales are […]
HARP Program Extended Through June 2012
If you are one of the few Nevada residents that is current on your mortgage and you are seeking a loan modification, good news! The Federal Housing Finance Agency has extended the Home Affordable Refinance Program to June 30, 2012. The program allows homeowners with loans administered by Fannie Mae or Freddie Mac, who are current […]
Obama Administration’s White Paper Proposes Phasing Out Fannie and Freddie
The Obama administration released its “white paper” outlining the winding down and replacement of Fannie Mae and Freddie Mac. The goal of the proposals is to decrease the government’s involvement in the mortgage industry. The first proposal presented by the administration would create a government backstop under a federal reinsurance model. In the second proposal […]
Change is coming to the Home Affordable Foreclosure Alternative Program
Pursuant to the new guidelines released December 28, 2010, servicers are expected to put into place the revised guidelines on or before February 1, 2011. As a part of the updated guidelines servicers are now required to complete and send a Short Sale Agreement (SSA) to the borrower within 30 calendar days from the date […]
Obama Administration Putting Pressure on Fannie and Freddie to Agree to Principal Reductions
The Obama administration is trying to convince Fannie Mae and Freddie Mac to join a program run by the Federal Housing Administration (FHA) that allows banks to hand over mortgages if the bank and investors agree to a write-down on the principal. The administration hopes that the participation of the mortgage giants would put additional […]
Some Foreclosures and Evictions postponed for the holidays
Freddie Mac and Fannie Mae are postponing foreclosure evictions on mortgage loans they own or back from December 20th to January 3rd. Wells Fargo will freeze foreclosure sales for the holiday. The lender’s freeze will run the same two week period as that of Fannie Mae and Freddie Mac. It will only postpone sales of […]
What Will Replace Fannie and Freddie?
With the recent election results and the increase in Republican politicians promising to abolish Fannie Mae and Freddie Mac, the topic of what will replace these government sponsored entities is being discussed now more than ever. Fannie and Freddie have been in a state of uncertainty since the government seizure but a recent Wall Street […]
Nationwide joint investigation could make banks subject to fines
A joint investigation by every state and the District of Columbia could force mortgage companies to settle allegations that they used flawed documents to foreclose on hundreds of thousands of homeowners. To read the full article please click this link.
Update on the U.S. Real Estate Market
At the end of August, Lender Processing Services (LPS) reported that mortgages on 4,947,000 properties nationwide were at least 30 days past due but NOT in foreclosure. Of those, 2,374,000 were 90 or more days delinquent. The good news is that the delinquency rate of loans that are 30 days or more past due have […]
Fannie Mae to Monitor Loan Servicers
Fannie Mae announced this week that it will begin monitoring all delinquent loans in its portfolios and backed-securities to guarantee that servicers comply with foreclosure time frames. Fannie Mae currently monitors the progress of the foreclosure process by reviewing delinquent loans at the first of the month. If Fannie Mae believes there is a delay […]