October 2009 Entries
A $6,500 credit was added for other primary-home purchasers and raised qualifying income limits.
A homeowner received a Lis Pendens from a bank he didn't remember signing papers with. All of his mortgage statements came from another bank so he had questions.
Foreclosure activity slowed in Cape Coral-Fort Myers and Naples-Marco Island in the third quarter.
A report by RealtyTrac in Irvine, Calif., shows 13,206 foreclosure-related filings in Cape Coral-Fort Myers from July to September — or one for every 27 households. That was down 5.19 percent from the second quarter and down 2.19 percent from the third quarter in 2008.
In Naples-Marco Island, there were 2,997 filings last quarter, down 15.65 percent from the second quarter and down 4.49 percent from a year ago.
The report tracks notices of default, scheduled auctions and bank repossessions. New foreclosure cases are only part of the total.
In...
Proposed new federal legislation may make getting loan modifications easier. Or will it? Actual and unintended consequences of legislation are explored. Perhaps more ammunition for Short Sales?
Florida agencies received grants totaling $1.2M to counsel families facing foreclosure, seeking affordable rental housing or hoping to buy their first home.
" Banks are backing away from short sales, forcing sellers to pay extra at closing or demanding a promissory note for the amount due. "
– Oct. 8, 2009 – More than $65 million in stimulus funds is available for housing assistance throughout Florida, state officials announced Tuesday as they attempt to make sure the funds get spent.
The vacancy rate in the US for office space rose another 0.5 percent in this third quarter. It is now at 16.5%. This is a five year high, according to many research firms.
Not only are the spaces vacant, rents have fallen 2.2% from last quarter. Average price is $22.91 per square foot. This price is an 8.5% drop from third quarter last year.
Out of 79 markets, rent has fallen in 68 of them. Most hard hit are San Diego, Seattle, Boston, San Jose, Orange County and San Francisco. In these markets a decrease in rent has been in the double...
Understanding the Terms Used in Foreclosure
If you are working with your lender to keep your home there are several options:
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• Reinstatement: Your lender may agree to let you pay the total amount you are behind, in a lump sum payment and by a specific date. This is often combined with forbearance when you can show that funds from a bonus, tax refund, or other source will become available at a specific time in the future. Be aware that there may be late fees and other costs associated wit