Archive for August, 2009

Mixed Review on Making Home Affordable Program

797-20090814_MORTGAGES.large.prod_affiliate.91 Home Affordable Modification Plan (HAMP) has some mixed reviews.

The numbers indicate that 3.1 million people are eligible for the loan modification program but only 10% or 310,000 people have actually completed a HAMP application.

To date 96,000 loans have been modified. The verdict is still out on the success of these loans since they include a 90 day trial period. The homeowner must remain current on their new mortgage payment for 3 months before the loan is locked in at the new rate.

Written by Jack Lewitz | Discussion: No Comments »

Illinois Association of Realtors Talk about Foreclosures

[youtube]http://www.youtube.com/watch?v=DYbmpmUWSvQ[/youtube]

Written by Jack Lewitz | Discussion: No Comments »

Its Time We Stop Saying “There Goes the Neighborhood”

lkdominotheory500

Foreclosures affect all of us directly and indirectly. The impact of a foreclosure goes well beyond the individual borrower and lender.  Foreclosures also affect neighbors, local business, and municipalities.

We all understand the monetary costs to foreclosure  but how about the  social costs to foreclosure?

Who hasn’t driven down a street and noticed a real estate sign posted on a vacant home and wonder “What happened to the people who lived in that house?”

As more homeowners are faced with foreclosure we need to come up with more inovative programs to deal with the problem. We need better foreclosure prevention programs, we need neighbors and municipalites working together to monitor any dangerous or criminal behavior associated with foreclosures and vacant building.

We need better communication with lenders, local governments, neighbors, and homeowners. We need better accountability where lenders and municipalities work together to share the costs related with foreclosure and then ways  to recover those costs.

While the number of foreclosures present challenges I am confident that these challenges will present opportunites for people to work together to solve the problem we are all faced with when it comes to foreclosures.

Its time we stop saying ” There goes the neighborhood”

Written by Jack Lewitz | Discussion: No Comments »

Countrywide Told it could not Pass the Buck …

ed_cartoon2

Greenwich Financial Services wins case against Countrywide Financial in the State of New York.

Greenwich Financial Services, as Plaintiff, alleged that Countrywide had no right to transfer any losses onto trusts who purchased loans from Countrywide and sold them as Securities to Investors.

As part of a class action law suit made against Countrywide by the Attorney Generals in at least 15 state, Countrywide Financial Corporation agreed to reduce payments on hundreds of mortgages that were thought to be fraudulent. The total amount of this settlement was up to $8.4 billion dollars.

In its lawsuit Greenwich Financial Services, said that any agreement to reduce payments was not something that investors had agreed to and that if there were any losses or reductions in payments to investors then Countrywide had to payoff the loans so investors would not loose money.

While we will never know who owns these bad loans the complaint states that the number of Investors could be in the thousands. When Countrywide needed money it pooled and sold loans to Trusts, these Trusts in turn sold securities( often called “certificates” which were sold in different classes or ‘tranches”)

Written by Jack Lewitz | Discussion: No Comments »

13% of All Americans are Behind in their Mortage…

housing-payment_lrg

The Mortgage Bankers Association new numbers indicate more than 13 % of American homeowners are behind on their mortgage or in foreclosure.

As of June, 4% of all  mortgage borrowers were in foreclosure and  9% had missed at least on mortgage payment.

According to the Mortgage Bankers Association, one in three new foreclosure is from a prime, fixed rate mortgage, rather than a sub-prime, adjustable rate, or option arm mortgage.

The recession, economy, and loss of jobs have been listed as the primary reason mortgage delinquencies are on the rise.

The number of jobless claims for unemployment benefits has risen for the second week in a row from 561,000 to 576,000.

Written by Jack Lewitz | Discussion: No Comments »

Foreclosure Activity Is Up After Ban Is Lifted

land-of-lincoln1Illinois Foreclosure Activity is up 35% after ban is lifted.

According to Realty Trac,  14,524 foreclosures were filed in July.  One in 361 housing units received a foreclosure filing in July.

Illinois is now 8th highest nationally with the number of foreclosures.

Written by Jack Lewitz | Discussion: 1 Comment »

Call Me Today
708-309-5334


Copyright © 2008 IL Real Estate Specialists     Log in     Design by Real Estate Tomato     Powered by Tomato Blogs
nu frontiers Admin Login