Why HAMP is failing

Why HAMP is failing
I think this article does a great job of explaining the HAMP program’s failure. Far better than I could. Enjoy. You can find this article at: http://www.credit.com/loans/infographic/2010/09/00000/why-the-home-loan-mod-program-is-failing  Why the Home Loan Mod Program is Failing 09/22/2010 By Credit.com It’s the biggest mortgage program introduced by the federal government in decades. It’s the Obama administration’s best hope to help homeowners avoid foreclosure and save the U.S. economy. And it’s an abject failure. “The bottom line is this is just an unworkable...
read more

HAMP’s woes continue!

HAMP’s woes continue!
More than 50% disqualified from HAMP As of August, almost 680,000 homeowners (51%) who applied for a loan modification through the Government’s HAMP program have been disqualified. To make matters worse, Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration’s signature Home Affordable Modification Program. HAMP’s goals were to support a recovery in the housing market and to help between 3 and 4 million at-risk homeowners avoid foreclosure. In the first year alone, HAMP spent $37 BILLION in taxpayer...
read more

Foreclosure filings and sales decrease in July

Foreclosure filings and sales decrease in July
Foreclosure filings and sales decrease in July According to the Colorado Division of Housing, there were 2,718 foreclosure filings in the month of July a 29.5% decrease from July 2008 (3,855 filings). Foreclosure filings have held steady for two months now. The number of properties sold at auction have decreased as well. There were 1,581 foreclosure sales in the month of July a 10.9% decrease from the 1,869 foreclosure sales in July 2008. It should be noted that foreclosure sales are up 20% (12,351 foreclosure sales) for the first 7 months of this year vs 2009 (10,264). Click here to access the...
read more

Foreclosure filings drop again

Foreclosure filings drop again
For the third consecutive quarter foreclosure filings, the first step in the foreclsoure process, have decline. According to the report released by the Colorado Department of Local Affairs’ Division of housing the filings fell 15.7% in the second quarter of this year over the second quarter of last year. The 10,233 filings also marks an 8.1% decrease in filings  from the first quarter of this year. The report does note that foreclosure sales increased 17.7% over the same period last year (the second quarter). However, it is important to note that the foreclosure sales in the first quarter, 5,885...
read more

Buying Short Sales: Knowing what to expect will help and save!

Buying Short Sales: Knowing what to expect will help and save!
I recently helped a couple purchase a short sale in Castle Rock. The home they purchased was almost brand new and they bought it at almost $50,000 below market! I don’t say that to brag or toot my horn. I bring it up to illustrate the point that buyer’s can get a great deal and nice home by purchasing a short sale. Success in buying short sales isn’t about luck! It is all about knowing what to expect and being prepared. So how did these buyers manage to do so well for themselves? The most important thing this couple did was find an agent who had a vast amount of short sale...
read more
Page 1 of 212