The housing documents mess – Why banks are carelessly rushing foreclosures in Florida and not in California. Mortgage foreclosure deficiency judgments.
In the last few weeks the issue has come to the table that in some states, in particular Florida, banks are rushing through the foreclosure process so quickly that they have mismanaged the paperwork process. Apparently the same forged paperwork that got people with very little income into highly leveraged properties is now working in [...]
Current state of the American housing market. What foreclosures and distressed borrowers tell us in hidden data. 2010 on path to having 4 million foreclosure filings. HAMP call center data at record levels while loan modifications dwindle.
Trying to get honest data from the banking industry regarding the current state of housing is a monumental task. We are left using multiple data sources to get an accurate picture of the current state of the American housing market. Even then, we are left trying to piece together data that is largely incomplete. For [...]
Gear up for another lost decade in real estate. Housing will remain stagnate from 2010 to 2020. Demographic shifts, higher mortgage rates, and shifting consumer taste in real estate.
The dynamics for housing moving forward point to a very bleak future and a potential lost decade yet again from 2010 to 2020. Housing has a treacherous path moving forward and deep down demographic shifts will keep a lid on any significant housing appreciation moving forward. The economy is in the process of deleveraging from [...]
3 Underground Real Estate Practices Moving the Market – Short Sale Fraud, Squatter Stimulus, and Buying Before Foreclosing.
In the early days of the housing bubble here in California and other bubble states a handful of people were raising alarm bells that mortgage fraud was occurring at unprecedented levels. The housing industry initially came out skeptically stating this was only a handful of wayward people. As it turns out, it was the vast [...]
On June 15th California implemented another foreclosure moratorium. The California Foreclosure Prevention Act (CFPA) was signed into law by Governor Schwarzenegger which adds another 90 days to the foreclosure process. If you recall, a similar law was put into place in 2008 and turned out to be an utter failure. So what do we do? [...]
California Loan Modification Scams: Kicking the Financial Can Down the Road. SB 1137 and SBX2 7. Mortgage Cram-Downs Stripped from Rescue Bill. Loan Mods that make your Payment go up.
In another chess move to reward banks and fleece the American public, cram-down legislation was stripped out of the new rescue bill. This is significant since this was one of the keystones in the new housing agenda. Yet the banking oligarchy wasn’t pleased with this legislation and applied pressure via lobbying to get this piece [...]
With the current housing mess people think that banks would be chomping at the bit to approve short sales. That is when a lender approves for a sale which is less than the face mortgage balance. Banks and lenders do not operate under a charity model. They will only approve a short sale if they [...]