Forebearance – an Option to Foreclosure or even Loan Modification
While working on a loan modification, sometimes the terms just can not be worked out. Maybe the Borrower doesn’t have pay stubs or doesn’t show enough income to qualify for a fully amortized loan. In Forebearance, the underlying note remains unchanged but the bank and the Borrower both agree to modified terms to get the [...]
NOD Filings Dropped in January
January brought an unexpected, across the board drop, in the total Notices of Default, Notices of Trustee Sale, and sales at auction in California, not only from the prior month, but year-over-year as well, according to a report released by ForeclosureRadar on Thursday. Housing and default activity in California is often used by analysts and [...]
Mixed Emotions
TEXAS BORROWERS RECEIVE RESTITUTION DALLAS (Dallas Morning News) – As part of the largest predatory-lending lawsuit in history, Countrywide will use $8.4 billion to modify mortgage terms for 400,000 borrowers in Texas and ten other states who received unaffordable loans from the lender. The settlement has reserved $7.5 million for Texas to distribute restitution payments [...]
Are TICs Real Estate Product or Securities
There’s been debate – for years – about who can sell a TIC. TIC stands for Tenants in Common and has been used as a way to hold title on real estate. This fractional ownership has been used in the last 8 +/- years for small investors to be able to pool their money and [...]
Landlord Scams
Just met another prospective tenant that has to move because her landlord is being foreclosed on. She just moved in, gave a hefty deposit and now has to move. It seems there are a lot of desperate people out there! I wrote about the scams on Craigslist where people posed as property owners and rented [...]
Coming from Zillow…
It’s no secret that Zillow values are “approximations”. I was looking at a home today that Zillow valued at over double it’s worth in today’s market. That being said, what do you think about this headline: DALLAS (Dallas Morning News) – Almost 16 percent of homeowners in the Dallas–Fort Worth area are “underwater,” according to [...]