Obama’s Mortgage Relief Plan to Help 7 Percent of Borrowers

January 20, 2010
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Only 7 percent of borrowers who signed up last year will be provided with help through Obama administration’s mortgage relief plan.

According to the Treasury Department, there were about 900,000 borrowers enrolled in the $75 billion program since it was launched in March. However, as of last month, only bout 66,500 homeowners had received permanent relief. Another 46,000 have been and should be finalized shortly.

The goal of the plan is to make the borrowers’ mortgages more affordable by reducing the mortgage interest rate to as low as 2 percent. Temporary modifications were received that are supposed to become permanent after borrowers make three payments on time and complete necessary paperwork, which…

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Filed Under: Economy Crisis, Mortgages, Real Estate

Radio Host Disclose Fraud and Identity Theft

January 15, 2010
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Texas – Clifford Wayne Robertson, 43 years of age, has pleaded guilty to bank fraud and motivated identity theft.

According to the indictment, an investigation identified that Robertson claimed to be a real estate investment advisor who hosted an A.M. radio real estate investment talk shows and in-person seminars. Robertson confessed that beginning in December 2007, he used the identity of another person to submit a fraudulent personal financial statement to a lending institution in order to acquire money through false pretenses.

The loss to investors is estimated to be around $3 million. Robertson was indicted by a federal grand jury on September 10, 2009. He has been detained since his arrest…

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Filed Under: Economy Crisis, Real Estate, Real Estate Fraud

Six Steps to Keep Away From Foreclosure

January 15, 2010
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Are you having trouble with your mortgage?

Many people are in peril of losing the greatest investment to a foreclosure within the next eighteen months.

Unfortunately, not many people are aware that there ways to keep away from foreclosure.

Find out the six steps to avoid foreclosure happen to your home.

1. Contact the lender right away. The biggest mistake a borrower makes when they start to fail on payments is not contacting their mortgage lender. As soon as you realize you have a problem, call them immediately. The sooner you approach them, the better.

2. Talk to the “loss mitigation” department. Check if your monthly statement has the contact numbers to the mitigation department…

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Filed Under: Economy Crisis, Foreclosures, Real Estate

Huge NYC Housing Complex Overlooked Payment

January 14, 2010
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The organization that compensated a record $5.4 billion for two f New York City’s biggest apartment complexes is having money troubles.

It was not able to make a full $16 million loan payment that was due Friday, according to Tishman Speyer and BlackRock Realty – group leaders.

The companies said that the missed payment would not affect the 25,000 lessees of Stuyvesant Town and Peter Cooper Village in Manhattan.

Analysts have been expecting the group to default on the loan for several months.

The group bought the complexes in 2006 in the nation’s largest real estate deal. Since then, the city’s housing market has cooled significantly.

The partnership says it is trying to restructure debt.

…

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Filed Under: Commercial Real Estate, Economy Crisis, Foreclosures, Real Estate

Three Years Imprisonment for a Pennsylvania Broker

January 8, 2010
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Pittsburg, Pennsylvania – Richard J. Thomas was sentenced three years in prison. The court did not impose a fine and waived interest on restitution. In the event that Thomas shall be released from imprisonment, he shall be placed under supervision for three more years. The restitution of $731,380.93 and a special assessment of $100 were also ordered by the United States District Judge Joy Flowers Conti.

Thomas pleaded guilty in federal court in Pittsburgh to a charge of mail fraud. Thomas pleaded guilty to one count before.

In connection with the guilty plea, Assistant United States Attorney Luke Dembosky advised the court that, from in and around May 2002 to in and…

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Filed Under: Economy Crisis, Real Estate, Real Estate Fraud

The Difference Between Real Estate Recovery and Stopping the Flow of Blood?

January 8, 2010
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Chip Case, founder of the Case-Shiller Report, has a great observation of the housing market shared in an interview.

“We have to distinguish between a recovery, and stopping the flow of blood,” clarified Case. “We’ve had falling house prices for quite a while, and now have four to five months of stability. That stability is very good for the mortgage market.”

“But, if prices continue to fall, then mortgages in 2008 and 2009 turn bad. And if they turn bad, then the financial sector is back in hot water. That’s the big worry. If we can stabilize house prices, though, and get them up a little bit and start writing some good…

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Filed Under: Economy Crisis, Real Estate, Real Estate Investment

The Housing Industry May Start to Go for Double Dip

January 8, 2010
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In November, the quantity of people preparing to buy a home fell harshly in the latest sign that the housing market that had been rebounding strongly may start to go for a “double dip” downturn over the winter.

According to data Tuesday from the National Association of Realtors, consumers are taking their time following the extension of a tax credit deadline and that is strenuous momentum from the summer’s recovery. The figures reverberated what homebuilders saw in November and showed how dependent the housing market is on government programs to lower interest rates and lure buyers with tax credits. If those programs expire as planned early this year, the housing market…

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Filed Under: Economy Crisis, Real Estate

Mortgage Fraud Scheme Mastermind Sentenced

January 3, 2010
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Mark Blunt, 44 years of age, was sentenced to 41 months in prison on charges of conspiracy to defraud banks and mortgage lenders. Blunt was also ordered to pay $1,904,012.80 in restitution.

According to the government’s sentencing memorandum, Mark Blunt stole over $1 million by orchestrating a series of sales of residential real estate in the District of Columbia. He targeted houses in poor condition, and recruited straw purchasers to fraudulently obtain bank loans which they were not capable of repaying, and which were greatly in excess of the true value of the properties.

The government noted that Blunt was the mastermind of the scheme. He arranged for the sales transactions and…

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Filed Under: Economy Crisis, Lenders, Mortgages, Real Estate Fraud

Are There Ways to Buy Cheap Investment Property?

January 3, 2010
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Ever wanted to buy an investment property but do not have enough budget?

There is a wide range for cheap investment property. You can opt for houses, apartments, condominiums or mobile homes. Many people choose to purchase properties in foreign countries like France, Morocco or Brazil because they intend to retire in these countries one day.

You have to get copies of their local newsletters and newspapers if you want to invest in an area so that you will have an idea on what happens in the area. Incidences affect the value of the property. There are also reasons why the property that you want may be too expensive. You may also…

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Filed Under: Economy Crisis, Real Estate, Real Estate Investment
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