Buying A Home Won’t Get Much Cheaper

May 13, 2012

Could the weak housing market be bottoming out? Might this be the best time for a killer housing deal? Some housing experts are saying “yes,” pointing out that home prices are down 34% since 2006 and interest rates are historically low. Chief economist for PNC Financial Services, Stuart Hoffman, believes the decline in foreclosures and [...]

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High Price of Foreclosure: Your Marriage

May 13, 2012

“America’s Loan Modification Guru,” Anna Cuevas asks, “Which comes first, divorce or foreclosure?” Using Nevada, the state with the highest divorce and foreclosure rates as an example, Cuevas says, “There is no particular order.” The financial distress of foreclosure can lead to divorce, or trying to maintain two homes after a divorce can lead to [...]

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Q1 foreclosure activity down nationally, up for South Carolina

May 13, 2012

National foreclosure research firm RealtyTrac is reporting the lowest national foreclosure activity in the first quarter of 2012 since the fourth quarter of 2007. Good news, however, states using a judicial foreclosure process, including South Carolina, have seen activity increase from 10-26% over the last year. Dorchester County, South Carolina, leads the pack with one [...]

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Metropolitan Square Foreclosure Stalls Ale House Move

May 12, 2012

Nonda Karvelas, co-owner of Emerson’s Ale House is eager to open a second location in Des Plaines. Unfortunately, the Metropolitan Square location has been foreclosed on, which has complicated things. “One day we’re sitting at a table shaking hands and lease is going to get written up, then the next week, nothing; no response,” said [...]

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Office Loans Jacking Up CMBS Defaults

May 12, 2012

Commercial real estate information company CoStar Group, reports an increase in the CMBS cumulative default rate for fixed-rate deals of 25 basis points, from the end of 2011, according to Fitch Ratings. Newly defaulted loans were up in April. Office loans were the highest with 49% by balance, followed by retail loans, with 29% by [...]

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Brownsville Couple Fighting Back After Loan Modification Scam

May 11, 2012

If it seems too good to be true…Hannia and Manuel Escobedo of Brownsville, Texas worked with Freedom Companies, Inc., in an effort to modify their mortgage and reduce their payments. Freedom Companies initially charged the couple $1,995 and also told them to start making their mortgage payments directly to them. When the bank notified them [...]

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Bluffton must solve home-price mystery

May 11, 2012

The town of Bluffton, South Carolina, has received a federal grant for a six-home affordable housing project. Great news, except they can’t come up with a price, which is holding things up. The grant sets income restrictions, which means the town will pay more than they will receive, leaving them to figure out where the [...]

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Homeowners wait in limbo on loan modifications

May 11, 2012

“I’m sick of living in boxes, not knowing what’s gonna happen next,” says Dawn Kyle of Glen Burnie, Maryland.  Kyle has been working toward a loan modification since 2009 and says it’s been very stressful. She has received conflicting information, from eviction notices to reprieves. Mortgage officials claim Kyle has not completed the proper paperwork, [...]

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House sales warning over flood risk

May 11, 2012

After the wettest April on record, British mortgage lenders are concerned that the availability and high cost of flood insurance could cause additional problems for the slow housing market. The Association of British Insurers has estimated that around 200,000 homeowners who are at risk for flooding may be unable to get insurance next year. A [...]

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Opinion: Foreclosure measure is social engineering plot

May 10, 2012

Not in my backyard! Steve Lonegan is the New Jersey state director of Americans for Prosperity and he is urging residents to let their representatives know they are against the “New Jersey Foreclosure Transformation Act” now making its way through the state Legislature. Lonegan claims the bill will allow the state to purchase foreclosed homes [...]

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