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Foreclosures to persist
According to authors at the Federal Reserve Bank of Cleveland, the nation’s high foreclosure rate is likely to persist. The Fed article looks at the changes in foreclosure and unemployment rates across states, noting the differences in the timing of the movements. The conjecture that the high foreclosure rate will persist is based in part on the observation that states that experienced boom-bust housing cycles in the past (Texas, Oklahoma, Massachusetts and California) had elevated foreclosure starts for years after the peak in foreclosure starts and inventory. These previous boom-bust cycles “were small in comparison to the current cycle,” the article said. While the recession has left deep scars in the housing and labor markets — with the unemployment rate doubling and the foreclosure start rate roughly tripling — the timing of the movements differs over the cycle, according to the abstract, written by the vice president at the Federal Reserve Bank of Cleveland, and K.F., a research assistant.
In So-Cal every Wednesday morning there is a short sale workshop open to the public, allowing homeowners, agents, brokers or investors the opportunity to see and participate in how and why this has been changing communities across our nation. Join us this week or any week for a fulfilling chance at making a difference in the lives of others.
BofA Agrees to Pay $108 Million to Overcharged Countrywide
Borrowers Representing one of the largest judgments imposed in a Federal Trade Commission (FTC) case, two Countrywide mortgage servicing companies, now part of Bank of America Home Loans, have been ordered to pay $108 million to settle charges that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. In a statement released Monday, the FTC said the $108 million settlement will be used to reimburse overcharged homeowners whose loans were serviced by Countrywide before it was acquired by North Carolina-based Bank of America in July 2008. Bank of America said it agreed to the settlement “to avoid the expense and distraction associated with litigating the case.” According to the FTC, Countrywide used unlawful practices in Servicing homeowners’ mortgages.
The company allegedly charged excessive fees for default-related services, made claims about amounts owed by homeowners in bankruptcy that were false or couldn’t be backed up, and didn’t tell people going through bankruptcy when new fees or charges were being added to their loans. Going forward, borrowers in Chapter 13 bankruptcy must be sent a monthly notice with information about what amounts are owed – including any fees assessed during the prior month. Additionally, the defendants must implement a data integrity program to ensure the accuracy and completeness of the data they use to service loans in Chapter 13 bankruptcy.
With defaults continuing to mount and declining property values still widespread, the industry is seeing an increase in short sales. Such transactions are expected to burgeon even further now that the federal government has implemented its Home Affordable Foreclosure Alternatives (HAFA) program. With the new policies and still-precarious market conditions, short sales are gaining in popularity among lenders and distressed homeowners alike, but as with any modus operandi that rapidly picks up steam, this proliferation can open the gate for fraudulent activity. Experts say one area of the short sale process particularly vulnerable to fraud is property valuation. Bank-owned fraud attributed directly to schemes involving short sales and REO inventories has increased by 40 percent over the past year and has more than doubled from two years ago, according to market data from the California-based risk mitigation firm Interthinx.
Will you know the first step in helping others out of a bad place, start today by investing in your community and earn a very large income, for doing just this. Today can be the start of a great opportunity, when you apply yourself in obtaining knowledge in DIY REO Short Sales!
After contact has been established the home owner will have to hand write a “hardship letter” to the mortgage servicer. At this point in time it will be the first chance of getting an idea of what the condition of the home is in. Therefore the time to make the necessary mental judgement’s for any rehab or diy home improvements deemed your ROI, the lender will be best suited for you to hand over an estimate of repairs, included in the pre foreclosure package submitted to the loss mitigation department.
Depending on your team member, the Realtor can aide with a CMA, this will set the bar as to what your exit strategy will be and help you decide, whether or not a new ceramic tile kitchen floor will be applicable or just as well replacing the shabby existing linoleum flooring that needs attention.
Perhaps you are 1 in the mix of this poor economic downward spiral, finding yourself in the midst of the “what is it I’m doing about my families future”. We’ll your not alone out there because many of us have lost our security of full time employment as well as maybe our long term financial stability with all the cut backs involved today’s slowdown with world wide production. Pundants have put the spin on this over and over, and all indicators show through 2010 it will continue to lag. Sorry for the slap in the face by the hand of reality, get over it and off your asses folks, opportunities never fail to exist in any market!
Time is a wasting, so DIY your own way out and thrive. Getting an education about financial literacy isn’t having to spend the next 4 years at college. Investors know about OPM, and you do not have to be well off for being able to change your life. In fact you wont have to do any beer bongs either, what you will have to do is show up and be accountable, whether it’s installing a new front door for a rental property, or saving $2500 in income tax you are taking the first steps into the new rich’s lifestyle of “let’s reinvent our thoughts” and produce that dream today. I can attest to, remodeling a bathroom with marble floors. I can also show you how to purchase a multi-family dwelling with a IRA. Pull your heads out of the sand kids, lets help all that’s not afraid to succeed in this life!
There are two main classifications of fire walls: fire partitions, and true fire walls. To the layperson, the common use of firewalls are to slow down the fire’s ability to spread, also known as a 1 hour rated partition.
There is a further sub-classification of fire walls. A high challenge fire wall is a wall used to separate buildings or subdivide a building with high fire challenge occupancies, having enhanced fire resistance ratings and enhanced appurtenance protection to prevent the spread of fire, and having structural stability.
Portions of structures that are subdivided by fire walls are permitted to be considered separate buildings, in that fire walls have sufficient structural stability to maintain the integrity of the wall in the event of the collapse of the building construction on either side of the wall. Are you a CADS manager? Do you aspire to be?
Fire barrier walls are continuous from an exterior wall to an exterior wall, or from a floor below to a floor or roof above, or from one fire barrier wall to another fire barrier wall, fire wall, or high challenge fire wall having a fire resistance rating of at least equal rating as required for the fire barrier wall. They are continuous through all concealed spaces (e.g., above a ceiling), but are not required to extend through concealed spaces if the construction assembly forming the bottom of the space has a fire resistance rating at least equal of the fire barrier wall.