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Foreclosures

Good Neighbor Deadline Approaches

by John TayebApril 26, 2011 commercial real estate

Don’t miss this opportunity to nominate your favorite community volunteer for REALTOR® Magazine’s 12th Annual Good Neighbor Awards. The deadline is May 20. Five winners will be announced in the November issue of REALTOR® Magazine. Each winner will be recognized at the 2011 REALTORS® Conference & Expo in Anaheim, Calif., and receive a $10,000 grant [...]

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Banks Get Failing Grade in Foreclosure Handling

by John TayebApril 19, 2011 Foreclosures

Banks continue to receive backlash for their handling of a flood of foreclosures across the country. A new report released this week by federal regulators finds that banks failed to do a good job in handling foreclosures and sometimes evicted home owners when they clearly should not have. The problems were “significant and pervasive” and [...]

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House Flippers Return, Still Finding Profits

by John TayebApril 18, 2011 Foreclosures

More investors are taking on the risk of flipping homes, despite falling home prices and sluggish real estate markets across the country. But investors say there are still profits to be made in the house flipping business. Nearly 1 million homes were bought as investment properties in 2010, according to the National Association of REALTORS®, [...]

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IRS Loses $513M to Tax Credit Cheaters

by Tayeb Realty GroupApril 18, 2011 Foreclosures

An investigator with the Internal Revenue Service says the government likely paid $513 million in home buyer tax credits to people who did not qualify for it, according to a new report released today by the inspector general. About $326 million went to more than 47,000 taxpayers who did not really qualify as first-time home [...]

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Where You’ll Find the Most Stubborn Sellers

by John TayebApril 11, 2011 Foreclosures

On average, sellers reduce their list prices after about 2.5 months by 8 percent when a property hasn’t sold yet, according to a new report by Trulia.com, which analyzes non-foreclosure listings of residential properties between March 2010 and 2011. After making one price reduction, 35 percent of those sellers will make a second price cut [...]

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Future of 30-Year Mortgages at Risk?

by Tayeb Realty GroupMarch 8, 2011 commercial real estate

Proposals to phase out Fannie Mae and Freddie Mac may make 30-year fixed-rate mortgages harder to find, housing experts say. An outline drafted by the Treasury Department, the Department of Housing and Urban Development, and the White House and circulated last month calls for winding down Fannie and Freddie over the next five to seven [...]

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BofA Pilots Program to Lower Mortgages

by Tayeb Realty GroupMarch 7, 2011 Foreclosures

Arizona, Nevada, and California are among the states that have proposed using federal aid money to have Bank of America lower the amount struggling borrowers owe on their mortgages. Bank of America Corp. will begin the mortgage principal reduction program for customers in Arizona, as part of a pilot program in using the federal aid [...]

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Committee Votes to End 2 Housing Aid Programs

by John TayebMarch 7, 2011 Foreclosures

Republicans in the House Financial Services Committee voted Thursday to end two foreclosure programs that they argue haven’t done enough to help struggling home owners. One program at risk is aimed at helping borrowers who owe more than their homes are worth to refinance into 30-year fixed rate mortgages backed by the Federal Housing Administration, [...]

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Dems Want Bankruptcy Mediation for Home Owners

by John TayebFebruary 3, 2011 Foreclosures

Senate Democrats think bankruptcy judges are the perfect fit for the job of overseeing negotiations between troubled borrowers and lenders. Senate Democrats are asking Congress to encourage the development of state-level programs that would put bankruptcy judges in charge of the negotiations. Sen. Sheldon Whitehouse (D-R.I.) introduced a bill that would give courts the authority [...]

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Fed Averts Final Call on Foreclosure Rule

by Tayeb Realty GroupFebruary 3, 2011 Foreclosures

The Federal Reserve said it will no longer push ahead on a controversial proposal that would impact home foreclosures. Instead, the central bank will leave the decision to the new Consumer Financial Protection Bureau, which debuts in July and will oversee the truth-in-lending law. The Fed had proposed a rule that would make a key [...]

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