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Shadow Inventory are those homeowners who are
late on their Mortgage payments and have not received a Notice Of
Default (NOD)which starts the foreclosure process.
Mortgage Defaults have substantially improved from
the peak of 2009. Banks are finally getting behind Short Sales as
the best solution for the housing market. Buyers are finding it
more difficult in Southern California to find a house they like.
With interest rates artificially extremely low, it seams like a very
good time to buy.
This OCC
and OTS Mortgage Metrics Report
for the third quarter of 2011 provides performance data on first-lien
residential mortgages serviced by national banks and federally
regulated thrifts. The mortgages in this portfolio comprise 65 percent
of all mortgages outstanding in the United States—nearly 34 million
loans totaling almost $6 trillion in principal balances. The report
provides information on their performance through Sept 30, 2011.
Is Your House Underwater?
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Underwater Home is both an emotional and practical guide for the
underwater homeowner. Professor White explains when it makes financial
sense to stay in your underwater home and when it makes sense to get
out. He explains your options and gives you the facts that will empower
you to make the best decision for your family, free from guilt or fear,
and with clarity, confidence, and peace of mind.
Click on image to download
Note: there has been many rule changes which are not reflected in this
book. Short Sales in particular have been completely changed for
the benefit of the homeowner - Don Golding
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California
Court Ruling: Foreclosed homeowner has cause to sue bank for fraud
Current Articles
-
The American Nightmare, Part II-
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Home Sales Struggled Again in November
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SEC Subpoenas Big Banks' Mortgage Securitization Documents
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Rising Rates, First-Time Homebuyers Drive Market in November
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C.A.R. Reports California Home Sales Rise in November; Share of Short
Sales Increasing
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Mortgage rates rise to 4.46 pct. as economy lifts
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Mortgage brokers face new California licensing rules Jan. 1
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Nation's Biggest Banks Each Hold over $20B in Foreclosures - 100's
Billions including lates - dg
-
Will Voters Punish Frank for Mortgage Meltdown? - good history on
how this mess was created - DG
- More on
the Mortgage Mess
-
'Besieged' Mortgage Bankers Have Only Themselves to Blame
-
The Stealth Stimulus of Defaulters Living for Free
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New York Fed Faces `Inherent Conflict' in Mortgage Buybacks
- Analysis:
Mortgage investors will have trouble fighting banks
-
Rates on 30-year fixed-rate mortgages rise
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Fannie Mae and Freddie Mac deep in the hole
-
'Inside Job' is a shocking look at the 2008 financial meltdown - the
movie
-
Mortgage woes show Wall St reform crucial: Obama
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New Mortgage Rules Help Seniors
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As foreclosure freeze spreads, more could stop making payments,
economists warn
-
Foreclosure Victims Who Were Paying On Time Before Their Bank Said Stop
Making Payments Should Contact The National Mortgage Complaint Center
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Two tales show bank's role in prolonging mortgage crisis
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Bank of America halts foreclosures
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Foreclosure sales pick up speed, drag down home prices
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Ex-Homeowners Charged with Trashing Foreclosed House
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Tier V Unemployment Extension Bill Urgency as Congressional
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Southern California Home Sales Fall in August; Median Price Dips
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Inaction Sees Job Creation Programs End
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Avoiding Foreclosure: Loan Modifications Don’t Have Negative Impact on
Credit Scores
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U.S. home prices face three-year drop as inventory surge looms
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Foreclosures bungle could hit US banks
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Years after Loan Default, Homeowners May Still Owe
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Housing Woes Bring a New Cry: Let the Market Fall
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Mortgage Securities and the Fed’s Dilemma
Past Articles
-
Housing Market Stumbles
- US
financial system support up $700 bln in past year-watchdog
-
Fannie Mae gets tough on 'strategic' mortgage defaults
- U.S.
home-buying applications sink to 13-year low
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Biggest Defaulters on Mortgages Are the Rich
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Southland median sale price back over $300K; sales at 4-year high
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Distressed Sales to Sandbag Housing Revival
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Weak Housing Data Signal That Economy Is Losing Steam
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8.4% of O.C. mortgages 90 days late
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Outlook for Home Prices Grows Darker
-
Fannie Mae Increases Penalties for Borrowers Who Walk Away to 7 yrs
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New home sales plunge 33 pct with tax credits gone
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Geithner says homeownership aid effort has limits
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Borrowers exit troubled Obama mortgage program
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Peddling Relief, Firms Put Debtors in a Deeper Hole - must read..dg
- Fitch: Mortgage
Modifications Not Preventing Defaults
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Housing Market Slows as Buyers Get Picky
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U.S. Housing Recovery Dependent on Jobs, Harvard Report Says
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Fannie-Freddie Fix at $160 Billion With $1 Trillion Worst Case
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Rent-buyback scams target desperate homeowners
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More U.S. Homeowners Behind on Payments
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A Real Estate Recovery in 2013
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Morgan Stanley to Give Up 5 San Francisco Towers Bought at Peak - Strategic Default by TARP Bank!
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White House Props Up Fannie and Freddie
- Freddie,
Fannie escalate delinquent loan buyouts
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Refinancing unavailable for many borrowers
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The Next Leg Of The Housing Crisis In Five Simple Charts
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Testy Conflict With Goldman Helped Push A.I.G. to Edge - how the crisis
began
- No Help
in Sight, More Homeowners Walk Away
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You lost your house - but you still have to pay
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3 reasons home prices are heading lower
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Recession, Divorce and Home: They Don't Mix
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U.S. Now a Renters' Market
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American Dream 2: Default, Then Rent
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Full List: Cities Where Homes Are Losing Most Value
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What Happens to Housing's 'Turnaround' When Uncle Sam Backs Out?
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Stability in Home Prices Hinges on Foreclosure Prevention
-
Banks Bundled Bad Debt, Bet Against It and Won
-
U.S. Homeowners Lost $5.9 Trillion Since 2006 Peak
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Wells Fargo Cuts as Much as 30 Percent in Principal
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5 myths about home sweet homeownership - by an economist
- Supreme Court
Decision Allows States New Freedom to Punish Banks
- Six Million
Home Foreclosures: Next Ticking Lehman-Style Bomb
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Treasury Hails Milestone in Home Loan Modifications - Thinking of a
Loan Mod? Read this 1st -dg
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Feds Help Feed New Market For Easy Mortgages
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Foreclosures could reach 25 million before housing crisis ends
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The Next Financial Crisis - it may be worst!
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Predatory-lending lawsuits on the rise
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As homeowners head 'underwater,' another housing crisis looms - 48% by 2011
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As an Exotic Mortgage Resets, Payments Skyrocket
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Realtors come to the rescue on foreclosures
- The
Depths of Mortgage Debt - Over 1/3 of US Homeowners Now Underwater
About
half of U.S. mortgages seen underwater by 2011
Mortgage
Modification Reconsidered - A Failure of Capitalism
Lenders
avoid redoing loans, Fed concludes - Loan Mod study
When
Default Is a Strategy
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Serving all
Orange County
Map of
Foreclosures in your area
Federal Foreclosure Resource Center
FHA launches Short Refi Program for homeowners "underwater"
Videos...
The Coming Collapse
of the Middle Class
The Credit
Crisis Explained Part I
The
Credit Crisis Explained Part II
Assessing the Global
Economic Crisis
60 Minutes Video: A
new foreclosure wave coming soon
The Next Financial Crisis
What to do if your house
is worth less than your loans...
- If you are "underwater" in your house, it
may make sense, from a financial planning perspective, to sell this bad
investment and cut your losses. Your house is the largest
financial investment in your lifetime, - you pay for it through
debt repayment. If the underlying asset (your home) drops in
value with respect to the current loan balance, you need to calculate
how long it will take you to receive a Return On Investment
(ROI). For example, if you are $200,000 underwater, it may take a
decade or more to just break even where you can sell your house without
any return at all.
- If you Short
Sale the property now, you can buy another home in as little as 2
years. I recommend you contact your tax planner and lawyer for
professional advice before you decide which course of action is for
you.
- Read
these articles first:
- 1) When Default Is a Strategy
- 2)
Penalties for Walk Aways: 7yrs
- 3)
Obama's Loan Modifications
- 4)
Mortgage
Modification Efforts
- Then go to Don's Corner; develop an understanding of the current housing
market - make an informed decision, today.
"Walking Away",
sounds great; homeowners walk away from their houses and leave
the keys in the mailbox. Are
their problems behind them? NO! The fun is just
beginning. The first mortgage will most likely be gone if it is a
"Purchase Money" (non-recourse) loan type and you reside in the state
of California
(check your state). If it is a "Cash Out" re-finance loan, then
it may be a recourse loan where the lender can still come after you
after the auction for the deficiency.
A
Home Equity Line Of Credit (Heloc), however, is a recourse loan which
may be "Charged Off" by the bank then sold to a collection agency for
pennies-on-the-dollar. These collection agencies have the legal
right to sue the homeowner in court to receive a Deficiency Judgment
against them and collect the full amount. This may force the
homeowner to declare bankruptcy; now the homeowner has both a
foreclosure and a bankruptcy on their credit record: a Short Sale is a much better
solution with much less impact to their credit. Many homeowners
can purchase a new home in as little as 2 years.
Good
luck!
Don
anewstartoc@gmail.com
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