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Foreclosure Defense and Loan Modification Blog

Distressed Home Sales In 2016 At A Nine-Year Low

Posted by Maxwell Swinney

Tuesday, February 21, 2017

Distressed home sales made up 16.2% of all homes sold in 2016, which is a drop of more than two and a half points from 2015, and a smaller percentage of home sales than in any year since 2007, according to ATTOM Data Solutions Year-End 2016 U.S. Home Sales Report.

A distressed sale is a bank-owned sale, short sale, or foreclosure auction sold to a third party buyer. Basically anything other than a regular sale of a home in which the seller has equity is considered a distressed sale. It's a good thing the number of distressed sales are down. 

The distressed sales numbers breakdown as follows. REO (Real Estate Owned) sales, also called bank-owned sales, were 8% of all sales in 2016, which is down two points from 2015 and the lowest level in 10 years.

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Topics: short sale, housing market, deed in lieu of foreclosure

Post-HAMP Suggestions from the Mortgage Bankers Association

Posted by Maxwell Swinney

Monday, October 10, 2016

The government's Home Affordable Modification Program (HAMP), is expiring at the end of 2016, and the mortgage industry has ideas about how to replace it.

HAMP, sometimes referred to as the Obama plan, became available to distressed homeowners in 2009 in response to the financial and foreclosure crises. Its goal has been to help delinquent borrowers keep their home with a more affordable monthly mortgage payment.

Now the Mortgage Bankers Association, a trade group representing the real estate finance industry, has released its own suggestions for how loan modifications should be implemented in a post-HAMP world in 2017 and beyond. It's called One Mod, short for One Modification.

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Topics: loan modification, hamp loan modification, housing market

Foreclosures Down, Home Values Up, Loan Modifications Still An Option

Posted by Maxwell Swinney

Thursday, August 25, 2016

The recent financial crisis, housing crisis, and recession really did a number on homeowners. You didn't have to be an economist or real estate expert to know that there was a sharp increase in the number of foreclosures. All you had to do was turn on the news and you'd hear about it, or drive through any residential neighborhood and see the signs in front yards.

About seven million homeowners have experienced foreclosure since the start of the crisis. The wealth homeowners held in their homes evaporated as jobs were lost. That left many homeowners in the terrible position of being unable to afford their mortgage payment or sell their home because they owed more on it than it was worth

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Topics: loan modification, foreclosure defense, housing market, foreclosure crisis

New Foreclosure Laws In New York To Prevent Foreclosure, Kill Zombies

Posted by Maxwell Swinney

Monday, July 18, 2016

New York Governor Andrew Cuomo recently signed legislation intended to prevent foreclosures and reduce the harm done by zombie properties in the Empire State.

Homeowners in New York already have some advantages that people in some other states don't. New York is a judicial foreclosure state, which means the bank has to go through the courts to foreclose on your home. That takes longer and affords homeowners more time to find a resolution. 

Also, settlement conferences, which are a mediation between you and your lender, are mandatory for most foreclosure cases in New York. The purpose of the conference is for you and your bank to meet in person and come to some agreement that doesn't involve foreclosure.

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Topics: loan modification, new york foreclosure attorney, housing market, zombie foreclosure

Foreclosure Down in May 2016, New Jersey Worst in Country

Posted by Maxwell Swinney

Tuesday, July 12, 2016

U.S. foreclosure filings were slightly lower in May of 2016 compared to April, according to real estate data company RealtyTrac. There were 100,841 properties with foreclosure filings in May, which is a 21 percent drop from May of 2015. The decrease in foreclosure activity in May is the eighth month in a row with a decrease compared to the same month a year ago.

New Jersey Number One In Country For Foreclosures

New Jersey leads the nation with the highest foreclosure rate of any state. In the Garden State one in every 559 housing units had a foreclosure filing. Maryland was next with one in every 693, followed by Delaware with one in every 716, Florida with one in every 738, and Nevada with one in every 851.

Among the metropolitan areas with at least 200,000 residents, areas in New Jersey take the top two spots for the worst foreclosure rates in the country. In Atlantic City one in every 448 housing units had a foreclosure filing. In Trenton, New Jersey, it's one in 446.

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Topics: foreclosure defense, housing market, news

Donald Trump or Bernie Sanders Presidency Could Be Bad for Home Values, Experts Say

Posted by Maxwell Swinney

Wednesday, June 22, 2016

Home values are expected to grow about 3 to 4 percent a year in the coming years according to the panelists in the most recent Zillow Home Price Expectations Survey. Their expectations, however, are less optimistic when considering a Donald Trump or Bernie Sanders presidency.

The survey asked 107 economists, real estate experts, and academics across the nation what they expected from home prices over the next four years and how the election of different candidates would affect their forecast.

45 percent of those surveyed who had an opinion said that the election of presumptive Republican nominee Donald Trump “would impact their expectations for future home value growth either very negatively or somewhat negatively, compared to just 16 percent who said their expectations would be impacted somewhat or very positively.”

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Topics: loan modification, loan modification help, housing market

House Flipping Up 20 Percent, Should Snooki and Vanilla Ice Get Credit?

Posted by Maxwell Swinney

Monday, June 20, 2016

Turn your television to a random basic cable channel and it probably won't be long before a reality show about house flipping comes on. There's Flip This House on A&E, Flip That House on Discovery, Flip or Flop on HGTV, Flip Men on Spike, Flipping Out on Bravo, and many, many others.

Even celebrities are in on the house flipping reality show craze. Snooki from Jersey Shore has a show on FYI called Nicole & Jionni's Shore Flip. And Vanilla Ice has The Vanilla Ice Project on DIY Network.

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Topics: loan modification, life after foreclosure, housing market

The 2016 Housing Forecast Looks Good, See What It Means for You

Posted by Maxwell Swinney

Monday, December 21, 2015

As 2015 comes to an end, those who watch and analyze the housing market are examining the data for the year and making predictions for the next. There is mostly good news, and as always with real estate it's all about the location. What really matters is what's going on in each homeowner's finances and life, and what options are available to them. So, let's look at some of the data for 2015 and the industry predictions for 2016 and see what it means for you.

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Topics: loan modification, housing market

Number of Homes Underwater Drops, but Still a Huge Problem

Posted by Maxwell Swinney

Wednesday, December 2, 2015

The percentage of Americans with negative equity in their homes, also known as being underwater, continued to fall in the second quarter of 2015 to 14.4%, according to a report from the real estate company Zillow. The rate of homeowners with negative equity has been dropping since the first quarter of 2012 when a high of 31.4% of homeowners were underwater. 

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Topics: loan modification, housing market, negative equity

Are We Living In Another Housing Bubble?

Posted by Maxwell Swinney

Monday, November 23, 2015

 

Unless you live under a rock, you have heard that the United States experienced a rapid and significant increase in home prices and construction in the first decade of the 21st century (the aughts) that turned out to be a bubble, which burst, leading to a recession. If you're a homeowner with a mortgage, you probably experienced some uneasiness as you watched the value of your home fall along with your investments and just about everything else of value you own. Fortunately, things have slowly improved over the last few years, but some are concerned that we're making the same mistakes all over again. Are we just inflating another housing bubble that will burst and have the same, or worse consequences?

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Topics: housing market

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

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