Superior Real Estate Management » Owner Issues/Questions

What About That Foreclosure Moratorium?

admin — Fri, 12 Dec 2008 22:02:34 +0000

Fannie Mae and Freddie Mac as well as lenders who said they were going to put a moratorium on foreclosures through the end of the year holidays are apparently proceeding with foreclosure actions anyway.

Brad German, a spokesman for Freddie Mac, says the company is continuing to process the foreclosures so paperwork will be in place by Dec. 15—although home owners won’t receive final notices until after the first of the year.

“Foreclosure is scary as hell,” wrote a Business Week reader, who is going through the process. “They send strange men to your house after dark on Saturday night to hand-deliver copies of documents from a metal lockbox. Every day brings more certified mail. The mailman has to knock and wait for us to sign things—three different certified copies of everything, one to ‘occupant’ and one to my wife and me.”

Source: BusinessWeek.com, Christopher Palmeri (12/04/08)

Are Some Owners Purposefully Falling Behind?

admin — Fri, 12 Dec 2008 22:01:16 +0000

Housing experts are growing increasingly alarmed that programs to bail out troubled home owners might have the unintended consequence of encouraging people to miss mortgage payments in order to qualify for easier loan terms.

Such initiatives typically require that borrowers be 60 to 90 days late on payments to get a mortgage reworked.

In an attempt to prevent abuses, lenders are scrutinizing home owners’ financial status–by poring over tax records, pay stubs, investment accounts, and bank statements–to determine if they really need a loan modification to avoid foreclosure.

Source: USA Today, Stephanie Armour (12/10/08)

Less Renter looking for home during the Holidays

admin — Mon, 24 Nov 2008 16:33:01 +0000

We have experienced a decline in calls from potential tenants due to the holidays. This happens every year at this time. We are still receiving calls but not at the pace we were a few month back.