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Phoenix Loan Modifications: Read Your Modification Carefully

October 17, 2009

From Loansafe.org: I re-read my forbearance; I want to request a short sale “…one lady was actually given the imfamous “trial payments” and still resided in her home while the other, a 64 year old lady, had a knock at her door on Oct 1st saying her house was foreclosed on and she had to [...]

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Phoenix Foreclosures: 1 in 53 Homes Received a Foreclosure Notice

October 15, 2009

From RealtyTrac: U.S. FORECLOSURE ACTIVITY INCREASES 5 PERCENT IN Q3 RealtyTrac® … today released its U.S. Foreclosure Market Report™ for Q3 2009, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 937,840 properties in the third quarter, a 5 percent increase from the previous quarter and an [...]

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Your HAMP Modification Won’t Work. Wanna Bet?

October 15, 2009

From Housingwire.com: “The Making Home Affordable Modification Program (HAMP) adds another layer of uncertainty for private label securitization investors, making it more difficult to predict cash flows, according to a report by analysts at Amherst Securities Group, who added they expect relatively few HAMP workouts to be successful. Additionally, it’s taking longer for bad mortgages [...]

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Get Off Your A** And Do Something

October 13, 2009

I take about 10 calls a day from people just like you. You’re situation is not unique. If you live in Maricopa County Arizona in 2009, you are not alone. You bought your home/refinanced sometime in the last 3-5 years. You owe upwards of 3 times what the home could sell for on the market [...]

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Phoenix Foreclosures Wont Go Away

October 13, 2009

From the Phoenix Business Journal today: “Two-thirds of the homes sold last month were either new foreclosures or resales recent foreclosures, according to the September Realty Studies report from the W. P. Carey School of Business at Arizona State University.” “Although the level of activity appears strong, the market is being driven by either homes [...]

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Phoenix Condo Values Are About To Plummet

October 12, 2009

The scuttlebutt today was all about the changes to FHA guidelines for condos. The new rules state that the FHA will not guarantee loans if there is 25% or more commercial space, if an investor owns more then 10% of the units (even the developer), or if they project isn’t primarily residential. This could mean [...]

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Phoenix Loan Modifications: Results May Vary

October 12, 2009

I just saw this eye-opening article from Housingwire.com: 13.9% of Ocwen’s HAMP Modifications Complete Trial Stage Through HAMP, the US Treasury Department allocates capped incentives to servicers for the modification of distressed loans and adjusts those caps based on performance. According to a report from the Congressional Oversight Panel (COP), HAMP servicers converted 1,711 loans [...]

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