Foreclosure Articles

I live in Arizona and pretty much every home within a 2 square mile radius of my home has dropped 50-60% in value since 2006. Which means terms like loan modification, short sales and foreclosure pretty much dominate every neighborhood bar b q party at the local park. Recently, I was at a neighborhood gathering and someone was telling their story of trying to get their loan modified but the lender wouldn't budge, so they tried to short sell it but got denied and were about to have their house .... Read More...

Anti Deficiency laws are laws that spell out what is to happen when a homeowner gets foreclosed on or has to sell their home for less than what they currently owe on their mortgage. Anti Deficiency laws vary from state to state and many times people aren't even aware that it is possible that lenders can "come after them" for any deficiency if there is a short sale or foreclosure. I am not a lawyer, but this is why I always recommend getting good legal advice if you are are going through a short.... Read More...

For many people who have had to short sell their home for whatever reason, one of the most common questions is "how long before I can get a mortgage again?" HUD has recently announced with an official Mortgagee Letter (09-52) that depending on whether or not you were current at the time of the short sale will make a difference as to how long you must wait to get a new FHA insured loan. If you are not current at the time of the short sale of your home: Borrowers in default on their mortgage a.... Read More...

According to USA Today, there were about 1.7 million homeowners who were far along in the foreclosure process in the fall - which means that there is a large bulge of homes that are going through the foreclosure process and will be available for sale from the banks in the spring and into 2010. A year ago, there were 1.1 million - which means that that the number has risen substantially and many experts predict the number will rise through at least the middle of 2010. According to Mark Fleming .... Read More...

For those homeowners who are in distress and are unable to short sell their home or get a loan modification, the most common end result is foreclosure. As the foreclosure crisis continues on and many homeowners have either went through the foreclosure process or are facing foreclosure, one of the common questions that they ask is: How long before I can get a mortgage loan again after foreclosure? According to FHA guidelines (4155.1 4.C.2.f: Previous Mortgage Foreclosure): A borrower is gene.... Read More...

The more a homeowner is underwater on their mortgage, the more likely it is they're going to walk way from their loan despite their credit score, as Justin McHood recently wrote here at Mortgage Loan Place. Now, a University of Arizona law professor has a controversial take on strategic defaults, going so far as to suggest that homeowners should default on their mortgages and not feel bad about it. "Millions of U.S. homeowners could save hundreds of thousands of dollars by strategically de.... Read More...

The term "Strategic Default" has been actively reported on for the last few months as more homeowners who can afford their mortgage payment just "walk away" for various reasons. And the #1 reason they walk away is because they owe more than the home is worth. And according to the latest research, the larger the negative equity, the higher the chance of someone defaulting on their mortgage no matter what their credit score is. According to a story in the LATimes regarding the Strategic Default.... Read More...

As I have traveled throughout the country over the last year, I have noticed that people in different places have different attitudes about foreclosure. Jimmy Buffet's song Changes in Latitudes, Changes in Attitudes could fit nicely into this scenario - people in Miami, Florida seem to generally feel different about foreclosure than those people living in Fairfax County, VA. Or in the West, people in California, Nevada or Arizona might feel different about foreclosure than those living in Wa.... Read More...