Sierra Title Blog

The recent temporary halt in foreclosures caused a 9% drop in lender repos from September to October according to RealtyTrac. But in recent weeks lenders that had suspended taking action against borrowers severely behind in payments announced plans to resume doing so, this is being referred to as the ‘foreclosure slowdown’ with some of the large lenders stating that it will take 3 to 4 months to get back up to speed with their foreclosure process, kind of a ‘soft start’ if you will. Some of the latest polls are indicating that over 909,000 homes were foreclosed on within the first 10 months of this year, and lenders are on track to take back over 1 million homes before this year is over. Though these numbers are staggering, estimates are that approximately 5 million more homes will be repossessed before all of this is over, meaning that at the current pace we could see another 5 years record high foreclosures.

What does this mean for Real Estate Agents? Even if these lenders can speed up this process, it’s probably safe to say that there will be another 3 to 5 years of  lots of short sales to go after. I would recommend becoming a short sale expert, or partner with a good short sale processing company and title company that handles short sales on a regular basis.

Anson Simque

The interest rate for a 30-year mortgage fell for the eighth time in nine weeks!!!

http://latimesblogs.latimes.com/money_co/2010/08/mortgage-rates-sink-lower-still.html

Call me if you need help processing your short sale - I would love to share with you some insider secrets to move the process along super fast.

- Matt Rocco  — 386-867-2294

With home prices still falling, administration opens up rescue program to homeowners whose loans are 125% of their home’s value.

NEW YORK (CNNMoney.com) — The Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.

Borrowers whose loans are now worth up to 125% of their home’s value are now eligible to refinance their homes under the Obama foreclosure prevention plan announced in February. Previously, the limit was 105%.

The move acknowledges that home prices in many areas have fallen so far that many people were shut out of the program.

Read More:

http://money.cnn.com/2009/07/01/news/economy/Obama_refi_program/index.htm?po

The Office of Thrift Supervision, on the brink of being reformed out of existence by Obama’s regulatory overhaul, finds a surprising amount of support.

NEW YORK (Fortune) — No one said selling a regulatory reform package would be easy.

As a case in point, consider the Office of Thrift Supervision. The OTS, a branch of the Treasury that was established 20 years ago to supervise savings-and-loans, would be eliminated in the oversight overhaul the Obama administration outlined Wednesday.

Read more.

http://money.cnn.com/2009/06/17/news/overhaul.arrows.fortune/index.htm?postversion=2009061803

HUD tweaked stimulus tax incentive so first-time homebuyers get instant assistance with down payment and closing costs. NEW YORK (CNNMoney.com) — First-time homebuyers will now have access to quick cash to help them with their down payments.

http://money.cnn.com/2009/05/29/real_estate/tax_credit_as_downpayment/index.htm?section=money_realestate