According to this Reuters article, One in 8 U.S. homeowners late paying or in foreclosure, 1 out of 8 US homeowners is behind on their mortgage, or already in foreclosure. This is absolutely stunning. According to the article even prime loans are experiencing higher foreclosure rates caused by job losses and overbuilding. The author of the [...]
According to the article U.S. Sets Big Incentives to Head Off Foreclosures on the New York Times website the Obama Administration unveiled two new plans that will help many in people in foreclosure.In my opinion neither plan will not solve the foreclosure problem. The problems with the plans are as follows:Investors are excluded. Since many foreclosures, particularly [...]
Stress – A short sale is less stressful than a foreclosure. With a short sale you have some say in the outcome. With a foreclosure you are at the mercy of 3rd parties.Credit – A short sale is less damaging to your credit. Either way you will have late payments on your credit report, but [...]
According to this Bloomberg.com article U.S. Existing Home Sales, Prices Slumped in January.The gist ofthe article is that the declining economy is going to going to continue to drag down the housing market as consumer confidence also declines.According to the article the economy will likley not rebound with respect to unemployment until 2011.The article quotes Lawrence [...]
Accroding to this Bloomberg interview with Ethan Harris, Co-Head of U.S. Economics Research for Barclays Capital, President Obama is Doing the “Right Thing” for U.S. Housing. I disagree with his assessment. This entire financial crisis was caused by: Too much total consumer debt including real estate and non-real estate debt. A natural waning of housing [...]
The foreclosure problems in California, Florida, Nevada and Arizona continue to batter those markets. This has been well covered. However, now foreclosures are hitting areas previously spared from the problem. I recently came across this article on the website of the Nashville Business Journal. According to the article approximately 25% of the Middle Tennessee are [...]
The purpose of this blog is to help people who are or will be behind on their mortgage payments, or are already in foreclosure. I know that being in that situation is very stressful. I have seen it first hand as I have helped many clients through those difficult times. I welcome questions and comments [...]
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