Archives for August 2008

Foreclosure Auctions Failing to Attract Buyers

Lackluster turnouts at courthouse foreclosure auctions are becoming common place from the court house steps of Los Angles scattered across the country to New York City, according to attorneys who attend the auctions to bid on properties for mortgage lenders. The poor turnouts represent a major shift in the way foreclosures are being bought and sold in times of increasing economic uncertainty. Amid the downturn of the housing market and … [Read more...]

The Sky Isn’t Falling

By Cathy Salustri It seems as though every other headline in the newspaper talks about people losing their homes and every time you turn on the TV newscasters are talking about foreclosures. Yesterday's mortgage brokers work at Starbucks and Home Depot today. Some real estate agents are waiting tables or looking for other work. The unemployment lines are getting longer. At this rate it's hard not to believe that by this time next year … [Read more...]

How to Get a FHA Loan

Pre-Approval Benefits You've heard about FHA loans and you are interested, but how do you get them? Once you know that this is the type of loan for you, you'll need to go through the pre-approval process. This process is similar to that of a conventional loan (a non FHA insured loan.) The process is simple and straightforward, and puts you on track to buy a home quickly. Before You Look For a Home It's beneficial to go through the … [Read more...]

Giant Failures Await

Inside the offices of Countrywide Mortgage the signs illuminated their offices reading, "Fast and Easy Loans." The notices beckoned any mortgage applicant to ask just what these loans were all about. The so-called Fast and Easy Loans offered by Countrywide and dozens of other mortgage lenders and banks throughout the country, which often gained chuckles from employees, were a new version of mortgages, originally developed for the self-employed … [Read more...]

Mortgage Fraud Still Booms

Mortgage fraud, regarded as one of three main triggers of the housing crisis is still emerging with recklessness. "The fraud has by no means gone away," said Merle Sharick of the Mortgage Asset Research Institute (MARI). Mortgage fraud perpetrated by industry insiders accounts for 80 percent of all reported mortgage fraud losses, according to the FBI. The over-whelming majority of mortgage fraud is blamed on mortgage lenders and those … [Read more...]