Each week I meet with underwater homeowners. An underwater homeowner is one that owes a principle balance on a mortgage higher than the fair market value of their home. I advise all of them to consider walking away. Especially in Wisconsin, most mortgage lenders waive a deficiency judgment in order to reduce the redemption period. … Continue Reading
Tag Archives: Foreclosure
Another Class of Adjustable Rate Mortgages Hasten Foreclosure Fears
A second wave of foreclosures is about to rush upon the shores of US cities, as another class of Adjustable Rate Mortgages are set to cycle through. This article is from today’s Washington Post. The housing market faces the prospect of a new round of foreclosures as hundreds of thousands of risky home loans known… Continue Reading
Foreclosure Scams – What to Look For
Foreclosures numbers continue to rise in Wisconsin. An unfortunate byproduct of the booming foreclosure numbers are people seeing an opportunity to take your money. Pay attention to this article from the Washington Post. By Kenneth Harney Washington Post Posted: 09/06/2009 12:00:00 AM PDT WASHINGTON — How’s this for a business plan to make money during… Continue Reading
Wisconsin Near Top Underwater Mortgage List
NEW YORK (Reuters) – The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday. Home price declines will have their biggest impact on prime… Continue Reading
Supreme Court of Nevada Hears Warnings About Foreclosure Mediation
As Milwaukee County crafts its Foreclosure Mediation Program, the launch date was July 1, 2009. Lets hope the leaders at Marquette Law School are looking at patterns of practice regarding Lender behavior. This story is out of Nevada. Lawyers and residents warned the state Supreme Court today that banks and mortgage loan companies might try… Continue Reading
One Million Foreclosures Filed Since Jan 1
Last week the nation reached a dismal milestone: one million new foreclosures initiated since January 1 this year. In addition to devastating the families who lose their homes, the neighbors suffer, too. Our updated “spillover” analysis shows that 69 million households who just happen to be located near foreclosures will lose $502 billion in property… Continue Reading
Summary of Helping Families Save Home Act 2009
Helping Families Save Their Homes Act of 2009 – Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to implement a program solely to encourage loan modifications for eligible delinquent mortgages through the payment of insurance benefits and assignment of the mortgage to the Secretary and the subsequent modification… Continue Reading
Second Wave of Foreclosures Coming?
Foreclosures jumped by more than 50 per cent between January and March as the recession continued to take a heavy toll of borrowers. In part because the lenders ended the moratorium on filings. However, a larger cause is lurking, unemployment. About 12,800 homeowners lost their properties because they could not keep up with repayments in… Continue Reading
Mortgage Modification Hype
The Homeowner Affordability Act went into effect March 5, 2009. Now all the unemployed mortgage brokers are mortgage modification specialists. Don’t believe the hype. They do not have special contacts, special numbers, they can’t wave a magic wand and get your servicer to answer the phone any better than you can. Do you really trust… Continue Reading
10th Annual Milwaukee Money Conference Saturday April 25
Please join me at the Milwaukee Money Conference. I’ll be speaking about evaluating your financial I.Q. and tips to avoid bankruptcy. Yes, a bankruptcy attorney giving tips on how to avoid bankruptcy. Other sessions for adults includes Homeownership 101, How to keep your home, and How to Avoid Predatory Lending. The event will be held… Continue Reading