Bank Owned (REO) Property « HomeBuyerPower®

Walking away from mortgage debt in Maryland can still haunt you

We’ve been noticing recently in many of the real estate agent ads and Web Sites, claims by agents to special expertise in negotiating short sales and deeds in lieu of foreclosure with lenders on behalf of their buyer and seller clients. Various “Certifications” in such negotiation expertise are out there and are being touted by [...]

What if you lost your house – but you still have to pay

CNNMoney had a very thought provoking article today that should be a must read for any home owner, particularly those pursuing a short-sale or deed-in-lieu end to their troubles:

“Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell [...]

Some Argue That Mortgage Default Is A “Patriotic Duty”

Michael David White at NewObservations.net had an interesting piece last week arguing that defaulting on one’s mortgage is a patriotic duty:

“The government is dropping nuclear bombs on the mortgage market and nobody is dying. They can’t move the product. What has been taking off are foreclosures. They are soaring. The general feeling is [...]

Homeowners Turn to Short Sales as an Alternative to Foreclosure

DSNews.com is reporting an increased shift by lenders towards Short Sales as a solution to their problems:

“Nearly 2 million housing units in the United States are in foreclosure or are bank-owned, and more are expected to follow, RealtyTrac said. Citigroup experts say the government’s current solutions have been ineffective at keeping people in [...]

First American Puts ‘Shadow Inventory’ at 1.7 Million

First American Corelogic, a national real estate data and predictive analytics firm reported on Thursday that the inventory of REOs and homes facing imminent foreclosure that had not yet hit the market, the “Shadow Inventory,” is thought to be as high as 1.7 homes:

“Together, total inventory of unseen and marketed properties comes to [...]

Ocean City Maryland Condo auction signals a glut of properties

In today’s Daily Times, mention of a planned Ocean City, Maryland auction tomorrow that the article calls a “new direction”:

“A Baltimore-area developer is auctioning dozens of condominium units from an Ocean City building, evidence that the resort’s real estate market is moving in a new direction.

Up to 80 studio and two-bedroom [...]

Fannie Mae: “Deed For Lease” Program Will Let Thousands Rent Out Homes To Avoid Foreclosure

A new “Deed for Lease” program promises to allow former homeowners to stay in their homes:

“Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.

The new “Deed for Lease” program will allow homeowners to transfer title to Fannie Mae and [...]

Short Sales: A Fraying Lifeline for Homeowners

From Businessweek, word that lenders are tightening up their guidelines for short sales.

“A record one-third of borrowers owe more on their mortgage than their properties are worth, notes research firm First American CoreLogic. The number of underwater homeowners will only continue to rise since values are still falling. And if distressed borrowers can’t [...]

A Look Ahead To the Great Resetting

The Washington Post has a interesting article today about the potential tidal wave of foreclosures headed our way due to the resetting of millions of adjustable mortgages. According to the Post article:

“Millions of adjustable-rate mortgages are going to reset in the coming years, possibly to higher interest rates, creating the prospect of a [...]

Housing Crash to Resume on 7 Million Foreclosures, Amherst Says

From Bloomberg.com today:

“The crash in U.S. home prices will probably resume because about 7 million properties that are likely to be seized by lenders have yet to hit the market, Amherst Securities Group LP analysts said.

The “huge shadow inventory,” reflecting mortgages already being foreclosed upon or now delinquent and likely to [...]

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