foreclosure Misery

http://minnesota.cbslocal.com/2011/08/30/father-accused-of-abandoning-son-arrested/

Shattered

The great American Dream of owning a home has been totally shattered.. the once bright hope of homeownership for first time homebuyers have been clouded and muddled. I just want somebody, someone who can tell me and all of us in the real estate industry on what is the policy to get our buyers in their homes. The conditions are higher (and somewhat insurmountable) to the point that these buyers think that they are being punished for the sins that they did not commit. We are all shattered

Latest Shared Item: More Help to Homeowners to Avoid Foreclosure

Short Sale Refinance , It's the Right Time!

Listing, Gangs and Graffiti

Yes, I have a listing where after it was rekeyed- a group of people with nothing better to do with their lives lurked on the property, removed the bolt and put it up on a shoe string as if they conquered the world. These bad element of our society broke the window, spray painted the wall with letters and numbers that only they can understand. They managed to remove the drawers and even spray painted the toilet bowls! The once was wooden floor is now covered with white paint. What is an agent to do? This is another consequence of the "Benevolent Society" the government is imposing on us.

In the meantime the foreclosure listings are few and far in between. I do not want to analyze this anymore. Whatever happens, happens!

Wall Street Never Meant It This Way

Latest Item Posted: Washington is the Financial Center of the World.

UP,UP and .....

FHA Minimum Down Payment

Still 2.85%. Only difference is Borrower must come up with 3.5% of thei own money.

Before it was 3%.

Let's Do It Right This Time!

Gov't launches mortgage aid program

By ALAN ZIBEL, AP
posted: 47 MINUTES AGO


WASHINGTON -The government kicked off a program Wednesday that aims to prevent foreclosures by letting an estimated 400,000 troubled homeowners swap their mortgages for more affordable loans.
Lenders, rather than borrowers, will decide whether to participate in the program, which requires them to take a loss on the initial loan. The $300 billion, three-year program launched Wednesday is designed to help borrowers who owe more on their loans than their homes are worth.
To qualify, borrowers must be spending more than 31 percent of their income on mortgage payments. Loans made this year are excluded, except for those completed on Jan 1. Borrowers must have made six months of payments on their loans.
"For homeowners in trouble, this may be the help that they need," Housing and Urban Development Secretary Steve Preston said Wednesday. Officials did not have an updated estimate of how many homeowners were likely to qualify, beyond the Congressional Budget Office's estimate from earlier this year that 400,000 borrowers would participate.
The program, dubbed 'Hope for Homeowners,' was passed by Congress this summer as part of a massive housing bill. It is one of several government efforts to stem the mortgage crisis.
Critics, however, call the government's actions sluggish and inadequate. Earlier action to modify loans, they say, might have prevented a $700 billion financial industry bailout now being debated in Washington.
On Monday, a group of state banking and law enforcement officials released a report that said nearly 80 percent of borrowers with subprime loans as were not on track for assistance to avoid foreclosure as of May.
The report by the State Foreclosure Prevention Working Group criticized the lending industry for making only small changes to loan terms and noted that about one in five loans that were modified over the past year became delinquent again.
"While banks and Wall Street firms continue to report record write-downs of mortgage loan portfolios and securities, the losses do not appear to be flowing down to homeowners in the form of sustainable loan modifications," Iowa Attorney General Tom Miller, a founder of the state effort, said in a statement.