Foreclosure Data

Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.
  • At the end of September 2011, there were 22,301 Active Default Residential Properties. This is down from the previous month when there were 22,733 Active Default Residential Properties. This is the 10th consecutive month that we have seen decreases in the number of Active Notices. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee’s Deed.

  • Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 2,689 Foreclosures. This is up slightly from the previous month.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

  • There are currently 13,556 Residential REO Properties – vs. last month when there were 14,480. There are approximately 3,053 REO Properties listed in the MLS, with an additional 3,412 REO Properties that are in Pending Status in the MLS. This means that there are approximately 7,091 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.  (Cromford Reports)

 

visit www.tyffanisfinehomes.com to search currently listed REO’s

Wachovia/Wells Fargo Reverses Foreclosure and Modifies Loan

Sept 29 I had the pleasure of receiving a referral from a previous client of a young lady who had been experiencing problems, like many, during the application of her loan modification. After speaking with this young woman I learned that not only was she having trouble, but the bank did not extend her sale date as promised and foreclosed on her home which was sold at auction to an investor.

All odds it seemed were against her, but in our persistence (working  together) and our numerous requests to the presidents office (at Wachovia) to reverse the foreclosure; in the 11th hour (the day she was appear before the judge for an eviction), the bank not only purchased the home back from the investor, but also modified her loan reducing her payments by over 30%.

Wow!

 

http://www.tyffanisfinehomes.com

 

Credit Tip to Boost Your Score

•You may boost your credit score by opting out of the prescreened credit offers received in the mail.

•Go to http://www.optoutprescreen.com/ and opt out for 5 years.

 

Every 12 months you are able to get all 3 of your credit reports for FREE athttp://www.annualcreditreport.com/. These are totally FREE if you DO NOT request a credit score.  They are selling you a consumer score and it is not the same as what the lender pulls.  For an accurate credit score you can get your TransUnion and Equifax score at http://www.myfico.com/ for a fee. Experian is no longer allowed to resell a FICO score and the only way to get an accurate score from Experian is to have a lender pull it.

To read more about MISLEADING CREDIT SCORES, visit http://redtape.msnbc.com/2011/04/lawsuit-experian-sells-misleading-credit-scores.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freddie Mac To Offer New Loan Modification Option

Financially distressed homeowners with Freddie Mac mortgages will have a new option for loan modifications beginning next month.

The new option, called a Standard Modification, is designed for borrowers who are ineligible for a Home Affordable Modification Program (HAMP) loan modification or have previously defaulted on a HAMP or other loan mod. For those who are approved, the program reduces a borrower’s mortgage principle and monthly payment by at least 10 percent each, thereby making the payments more affordable.

To qualify, homeowners must be at least 60 days past due on their mortgage, that is, having missed at least two monthly payments. Those who are not at least 60 days past due can qualify by proving they are in imminent danger of default, through demonstrating an eligible hardship and providing verification of income.

5 percent interest, 40 year term

Mortgages that are modified will have their interest rates set to 5 percent and the amortization period (time required to pay off the mortgage) extended to 40 years from the time of the modification. Lenders approving such modification will receive cash incentives of up to $1,600 per homeowner approved.

Borrowers approved for the program must undergo a three-month trial period during which they must keep up with their new payment schedule before the loan modification is finalized and made permanent, similar to HAMP. Lenders will have incentives to encourage them to finalize borrower’s status within two months of the end of the trial period.

Trial mods may begin Oct. 1

Lenders may begin trial modifications for approved homeowners under the program as soon as Oct. 1, 2011. As of Jan. 1, 2011, all borrowers seeking a loan modification of any type on a Freddie Mac-supported mortgage must be evaluated for eligibility under the program.

The new Standard Modification replaces an existing type of Freddie Mac loan modification called a Debt Coverage Ratio, which now is being referred to as a Classic Modification. The government’s HAMP loan modification will continue to be available as well

–Information  By Kara Johnson Banking and Financing

HUD to Reduce Maximum Loan Amounts

Effective October 1, 2011 the maximum loan amounts for an FHA loan will be reduced to. Loan amounts will be based on the county. for Maricopa County, the maximum will be reduced from #346,250 to $271,050. Most of the counties in California will be affected as well. Any loans that have been originated under the current guidelines will need to be funded by mid September.

http://www.tyffanisfinehomes.com