Banks could be forced to pay as much as $125,000 per customer to compensate borrowers who were subject to foreclosure-processing errors.
Search Results for : Foreclosure
the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision announced enforcement actions against 14 large residential mortgage servicers
Many lending institutions are facing a large inventory of foreclosed properties. Many of them have sat vacant after foreclosure for lengthy periods of time and have fallen into disrepair, vandalism and theft or even fraud in some cases. There have been many ideas presented, but the growing inventory, limited resources […]
Current sellers may benefit in the short-term from fewer foreclosures on the market, which account for large percentage of transactions currently. RealtyTrac estimates that distressed sales account for a third of the residential real estate market, and depressing home prices by about 26%. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
The Chicago monthly lender mediated reports is a research tool that helps determine percentage of sales that were lender assisted throughout the 77 neighborhoods of Chicago.
Builders, landlords and investors are carefully watching the apartment sector, determining the health, and potential decline of demand and return of investment in the city. With the pace of apartment building and current supply increasing recently there are concerns that there could potentially be an oversupply. After the bust, the […]
The largest creditor on the Chicago Spire is turning up the heat on the failed project’s developer. An affiliate of Related Cos. sued Garrett Kelleher, the Irishman who started and then aborted the condominium project, demanding that he fulfill a personal guarantee he signed to secure a loan for the […]
With the continued rising costs of rents in many Chicago neighborhood markets and suburban areas many are considering renting their homes in lieu of selling or adding to their real estate investment portfolio.
A Chicago ordinance takes effect Tuesday that will offer additional protections, including funds to offset tenants’ relocation costs, in rental buildings in the city.
The Consumer Financial Protection Bureau’s recent report on mortgage servicing found problems at banks and nonbanks alike. Specifically, its investigation, conducted from November to June, found significant issues that could cause homeowners to miss payments, threaten their credit histories and plunge them into foreclosure.
When the housing market declined a few years ago, many builders and investors left the market, either by choice or by consequence. But as with the current recovery, low inventory and pent up demand continues, builders and investors slowly returned.
Bids are due next week for the 2.2 acre site, which includes a large circular foundation at what would have been the site of the tallest skyscraper in the US – The Spire. Sellers are hoping to recoup hopefully an excess of $93 million from the sale but that could […]
While housing seems to continue to show signs life, it will be an ongoing fight. The month’s supply of inventory for Chicago single family and attached condos and townhomes are both below four months (rate at which the current inventory will take to sell, based on current sales rate) indicating […]
An independent audit last month revealed that the Federal Housing Administration had a $16.3 billion deficit ($30.3 billion in cash reserves as of Sept. 30 to cover $46.6 billion in projected losses), most of which, accounted for loans backed between 2007-2009. Agency officials however have stressed that it has no […]
The development group will be focusing on resuming construction at the 27 story Waterview Tower, which has remained unfinished since work was stopped on the project in 2008. The development group, led by Related Cos., will close on a $115 million dollar construction loan from Bank of American and US […]
The official overseeing of the vast pool of mortgages held by Fannie Mae and Freddie Mac has defied the White House and more than 100 members of Congress for the second time by formally rejecting a plan to use bank bailout funds to write down principal balances for underwater homeowners.
With the housing market still struggling in parts of the country, many policy makers and economists are struggling with ways to help homeowners and the housing market. Sen. Jeff Merkley, suggests that policy makers shouldn’t give up and has offered a new proposal to be released today. He aims to […]
FHA is lowering its mortgage insurance premiums to help borrowers refinance into lower interest rates. Additional help to military who have been wrongly foreclosed on or denied the opportunity to refinance as well, as announced by President Obama earlier this week FHA is reducing its up-front premium to .01 percent, […]
Who does the settlement cover? The settlement covers borrowers who have loans that are serviced by one of the five big banks: Ally Financial Inc./GMAC Mortgage, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. These banks handle payments on 55% of U.S. […]
UPDATE: U.S., Banks Agree on Foreclosure Pact For months now a nationwide plan to help homeowners hit by the mortgage meltdown and improper foreclosure practices may be announced today under a multi-state settlement by states’ attorneys generals and the nation’s five major lenders (Bank of America, JP Morgan Chase, Wells […]
Several changes have been done to the statistics page. Distressed sales statistics (lender mediated assisted sales: REO, short sales, pre-foreclosure, foreclosure) are now compiled in a monthly report. Additionally, information by each neighborhood is available for registered subscribers. Reports for each month is made available a couple of weeks after […]
The monthly lender-mediated sales report tracks sales and changes in median prices with properties that are remarked with those marked in MRED’s MLS database as “Foreclosed,” “REO,” “Pre-Foreclosure” or “Short Sale.” Residential activity only. Monthly Lender Mediated Report Full (Available to current subscribers)
Rates are low. So are home prices. So what’s preventing many from buying? For some, buying has become an obstacle as they are finding that financing their real estate purchase has become difficult. With a strong credit background, considerable down payments and reserves, many potential home buyers are finding that […]
As we enter a new year, I am finding myself guiding clients in this market, formulating strategies and guiding expectations. It’s no surprise that the real estate market has been difficult for the past few years and many economists are expecting more of the same for this year. But even […]
I have just received my hardcover copy of Giving 2.0: Transform Your Giving and Our World and would like to thank Laura Arrillaga-Andreessen, as well as the Giving 2.0 Team for sending it to me. I believe that many businesses have the ability to transform and influence change. In the […]
Fannie Mae and Freddie Mac sued the city of Chicago on Monday over an ordinance that makes mortgage creditors liable for the upkeep of vacant properties. Lenders are liable for fines up to $1,000 if they do not maintain the property, or provide basic care / upkeep. Currently, the city […]
The robo-signing scandal that rocked the real estate industry at the end of 2010 was one more black mark on the U.S. housing market. But in retrospect, it may wind up being the best thing that happened to home sellers this year. That’s because the resulting foreclosure moratorium kept hundreds […]
There is a lot of talk in the Wicker Park / Bucktown neighborhood in Chicago with what could add more development into the area and intersection already undergoing many changes. A joint venture of Donald Wilson and Chicago-based hotel developer AJ Capital Partners recently bought the note on the distressed […]
There has been a lot of uncertainty in the marketplace lately. In the news there are reports of recovering taking longer, recovery happening now and even announcements that home sales are up. So what are we to expect, or believe when it comes to the future of the housing market? […]
Taking Inventory: Supply Picture Slowly Improving One closely watched gauge of the local real estate market is Months Supply of Inventory (MSI). MSI forecasts how long it would take to sell off the remaining supply of active listings given the current pace of sales. As a general rule of thumb, […]
The weekly statistics for distressed and traditional real estate sales have been updated for last week. An index of local home prices fell in December for the fifth straight month, hitting its lowest point since the summer of 2001. The growing concern is over the “shadow inventory” or foreclosures/soon-to-be-foreclosures that […]
The harsh reality of the market today can become a catalyst to drive innovation. Developers, builders and manufacturers alike are looking for ways to not only sustain business, but growth. Though there is much speculation on how to achieve such sustainable business, many have contemplated going the way of cost-effective […]
Buyers have a long list of what they want when home shopping, but one of their biggest desires: A good deal. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
The rules and costs, are changing for home buyers, especially if you are a first time home buyer just entering the market. Buyers are facing different challenges than their predecessors who purchased even just a year ago. For home buyers, not all deals are created equally. In the past few […]
Landlords, and investment owners should be aware of the changes in the landlord and tenant laws which may affect their rental properties. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
What is the difference between a traditional resale, short sale and foreclosure? There are only a few minor differences between them, but these differences could drastically alter the scenario, whether you’re a home buyer or seller. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
Considering purchasing a short sale or foreclosed home in need of repairs? What options are available to buyers in today’s market? Originally published at https://realtyevolved.net by Sherwin Sucaldito.
Even amidst the current debacle of robo-signers and foreclosures, many are still favoring short sales, even though they may be guilty of the same processes. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
I have had several requests through Skype and email asking to go into more detail about disclosures and REO (real estate owned) properties. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
News on the housing market seemed to be the hot topic at the office and with good reason. Today, with new home sales and existing home sales dropping, many are wondering what’s next. Originally published at https://realtyevolved.net by Sherwin Sucaldito.