Housing Wire

DECEMBER 8, 2020

In all, the Justice Department said the three lenders didn’t comply with federal bankruptcy procedures, which affected a total of 76,000 accounts beginning in 2011. The bank also waived approximately $43 million in fees across its mortgage servicing portfolio, including for borrowers in bankruptcy. In all, Mr. Cooper, U.S.

Banks 435

Banks Bankruptcy Finance Mortgages 435

Housing Wire

MARCH 26, 2024

The home equity prison Does this scenario sound familiar compared to the situations of the homeowners that you are encountering lately in your real estate business? If any of this resonates with your personal experience in the current market, you have officially entered the realm of interacting with homeowners in the post-pandemic economy.

Equity 459

Equity Loans Bankruptcy As-is 459

Housing Wire

OCTOBER 31, 2022

One of the unsung heroes of the most prolonged economic and job expansion ever recorded in history was the passing of the 2005 Bankruptcy Reform Act and the 2010 qualified mortgage rule under Dodd-Frank. As we can see below, the bankruptcy levels were extremely high before the bankruptcy law was passed in 2005.

Bankruptcy 523

Bankruptcy Lending Equity Mortgages 523

Housing Wire

NOVEMBER 9, 2021

People who make the most money, excluding the 1% and 0.01%, usually have the most consumer debt because they’re homeowners. As you can see below, when you lend to the capacity to own the debt, you should never see a rise in foreclosures or bankruptcies unless a job loss recession happens on a massive scale.

Bankruptcy 529

Bankruptcy Mortgages Lending Loans 529

Housing Wire

JANUARY 22, 2024

Under MV Realty’s Homeowner Benefit Agreement , the homeowner signs over the right to list their home for the next 40 years to MV Realty in exchange for a cash payment ranging from $300 to $5,000. If the homeowner breaks the agreement or decides to terminate it early, they must pay the firm 6% of the appraised value of the home.

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Bankruptcy Brokerage Lending Agents 482

Housing Wire

JUNE 12, 2024

Should we be concerned about the number of homeowners who are underwater on their homes? However, that isn’t even the best housing data line: The truth is that American homeowners’ cash flow has never looked this great. But, we don’t have large numbers of American homeowners that are financially stressed right now.

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Equity Bankruptcy Mortgages Lending 505

Housing Wire

MARCH 6, 2024

CMG Financial is “doubling down on controlling lifetime customer experience,” and the seven-year deal with Sagent is in line with the lender’s effort to prioritize its “homeowner-first strategy,” the companies said in a joint news release.

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Bankruptcy Loan Officer Mortgages Finance 447

Housing Wire

FEBRUARY 8, 2024

Homeowners have actually never looked better and the data from the Federal Reserve ‘s Quarterly Report on Household Debt and Credit shows why. Homeowners are not the people we need to be concerned about this time. Homeowners, on the other hand, are sitting pretty and are the envy of the world. The truth is, U.S.

Bankruptcy 500

Bankruptcy Equity Loans Mortgages 500

Real Estate News

SEPTEMBER 22, 2023

The brokerage, which offered homeowners cash in exchange for a 40-year right-to-list agreement, has been bogged down by lawsuits and investigations.

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Bankruptcy Brokerage 261

Housing Wire

APRIL 1, 2024

The practice of right-to-list agreements preys upon homeowners by offering small lump sums of cash in exchange for decades-long contracts for the exclusive rights to sell the property. For a homeowner in need of extra cash, somewhere between $300 to $5,000, a company will give them the cash they need without a loan. Kentucky Gov.

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Title Bankruptcy Land Finance 448

Housing Wire

NOVEMBER 6, 2020

Homeowners who were placed into proactive forbearance plans by Wells Fargo received positive news this week. 2, in response to a class action lawsuit filed in Virginia, Wells Fargo agreed not to place homeowners into a COVID-19 forbearance plan or extend an existing plan unless a customer requests forbearance.

Bankruptcy 358

Bankruptcy Banks Equity Loans 358

Housing Wire

JUNE 21, 2022

In a refinancing, homeowners obtain a new loan and lenders require a new title search and a title insurance policy on that loan to protect their investment. And because the home’s ownership remains unchanged, a homeowners’ title insurance “Owner’s Policy” is valid through refinance. Why is a title search necessary for refinancing?

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Title Title search Land Due diligence 518

Housing Wire

DECEMBER 29, 2022

In fact, when traditional primary resident homeowners list their homes, they typically buy another home. In 2008, the rise of foreclosures and bankruptcy were waving red flags before the job-loss recession even happened. This has created one of the most impressive data lines for homeowners.

Marketing 546

Marketing Bankruptcy Sales FHA loan 546

Housing Wire

FEBRUARY 3, 2021

The greatest areas of concern for Uejio surrounded servicers’ handling of CARES Act forbearances such as failing to process accounts or providing homeowners with incorrect or incomplete information. Mortgage servicers take steps to support borrowers amid COVID-19.

Mortgages 480

Mortgages Bankruptcy Finance Loans 480

Housing Wire

DECEMBER 7, 2020

Mortgage servicers are entrusted with handling significant financial transactions for millions of Americans, including struggling homeowners,” said CFPB Director Kathleen Kraninger in a statement. “[Mr. According to the release, if entered by the court, Mr. Cooper would be required to immediately set aside about $15.6

Bankruptcy 537

Bankruptcy Loans Mortgages Finance 537

Housing Wire

SEPTEMBER 8, 2022

When mortgage rates fall, the majority of homebuyers (including homeowners who need to sell to buy another home) are mostly employed, so lower rates greatly benefit them, and housing demand increases. So, not only do we have 40% plus of homes with no mortgage, the nested equity homeowners have now is almost unfair.

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Loans Banks Equity Bankruptcy 544

Housing Wire

JUNE 21, 2024

Most notably marketed by MV Realty under the moniker of its Homeowner Benefit Program , homeowners who sign a right-to-list agreement receive anywhere from $300 to $5,000. If the homeowner breaks the agreement or decides to terminate the agreement early, the homeowner must pay 6% of the appraised value of the home.

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Title Bankruptcy Land Equity 396

Housing Wire

AUGUST 30, 2022

There is a simple explanation for this, but you’re going to have to believe that supply and demand economics still work and that the credit profiles of homeowners matter more than people think. I am not talking about investors; I am talking about primary resident homeowners. Some sell to rent, of course.

Bankruptcy 397

Bankruptcy Days on market Sales Short sale 397

Housing Wire

DECEMBER 27, 2022

Homeowners who refinanced during the pandemic simply aren’t going anywhere, according to Nick Smith, managing partner and CEO at Rice Park Capital Management. Homeowners in 2022 also tapped into their home equity, which peaked at $11.5 “The 2002 housing market has been a tale of two halves,” said Green.

Marketing 529

Marketing Equity Loans Bankruptcy 529

Realty Biz

MARCH 21, 2024

If you’re struggling financially and unable to pay your bills, you may have considered filing for bankruptcy. Filing for bankruptcy gives you a fresh start, but it stays on your credit report for up to 10 years — resulting in consequences for years to come. Instead, you can focus on one. Consider making lifestyle changes as well.

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Bankruptcy Equity Loans Principal 101

Housing Wire

MAY 13, 2024

Another is for Congress to consider establishing a fund administered by a newly authorized federal regulator — and financed by servicers — to provide liquidity when they are in bankruptcy or have reached the point of failure. ” Still, it must be “accompanied by strong financial stability guardrails.” ”

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Bankruptcy Finance Mortgages Banks 476

Realty Biz

MARCH 19, 2024

But in today’s unpredictable economy, it’s easy even for homeowners to find themselves on the brink of bankruptcy. According to the most recent numbers, bankruptcies rose 10% last year. Being on the brink of bankruptcy isn’t the same thing as actually being bankrupt — not even close. But don’t lose hope.

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Bankruptcy Mortgages As-is Closing 102

Housing Wire

SEPTEMBER 22, 2023

For existing homeowners, that’s good news because it means equity accumulation. Kim: Bankruptcies and layoffs are still happening. Duncan: I was looking at the bankruptcy data. It’s just gotten back to the pace of bankruptcy we saw in 2019. But prices are rising again. I actually expect that to continue.

FHA loan 476

FHA loan Bankruptcy Marketing Loans 476

Housing Wire

MARCH 21, 2023

The 2005 bankruptcy reform laws and 2010 QM laws changed the landscape for housing economics in a way that even today I don’t believe people understand. However, the housing market took its biggest shot ever in terms of affordability in 2022 and so far in 2023, and the American homeowner didn’t panic once.

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Sales Mortgages Bankruptcy Marketing 511

Housing Wire

NOVEMBER 13, 2023

. $700 billion in taxpayer funds were authorized to help stabilize the economy in free fall in the wake of the Lehman bankruptcy and a mortgage market meltdown. A homeowner loses their job and falls behind on their payments, then gets back on track when they secure a new job. The linchpin of these efforts is the partial claim.

Banks 446

Banks Loans Bankruptcy Mortgages 446

Realty Biz

APRIL 5, 2022

One of the frequently asked questions during today’s booming housing market is can I qualify for a mortgage during Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a court-approved debt repayment plan where their debts are restructured over a period of three to five years. Mortgage Options During Chapter 13 Bankruptcy.

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Bankruptcy Debt-to-income ratio VA loan FHA loan 120

Housing Wire

DECEMBER 29, 2021

This was in honor of all the trolling, non-economic people on the internet calling for housing to crash when clearly none of these people had any clue about the housing market or the credit debt structures of homeowners post-2010. Beyond the success of just the forbearance program is the state of the American homeowner today.

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Marketing Equity Construction Bankruptcy 534

Housing Wire

MARCH 31, 2022

” The notion that educated homeowners with positive cash flow — who aren’t showing any stress in making their low payments thanks to historically low mortgage rates — would sell at 50%, 60% to 70% off current values and go back to renting, doesn’t seem realistic. Home prices have grown 108.3%

Bankruptcy 532

Bankruptcy Lending Mortgages Title 532

Housing Wire

DECEMBER 28, 2021

After the fire, the price of PG&E’s shares tumbled and in early 2019 the company, which provides gas and electricity to the vast majority of Northern California homes, filed for Chapter 11 restructuring bankruptcy. In 2020, as part of its plan to exit bankruptcy , PG&E agreed to fund a $13.5

Bankruptcy 397

Bankruptcy New Construction Construction Agents 397

Housing Wire

NOVEMBER 8, 2023

With the QM rule and a return to traditional housing credit channels, we can’t have a massive credit boom in housing — but that also means we can’t have the same sort of credit bust we had in 2008, because we have the best homeowners on record ever. One thing is sure: homeowners’ credit profiles look nothing like 2008.

Fixed-rate mortgage 418

Fixed-rate mortgage Bankruptcy Loans Mortgages 418

Housing Wire

JUNE 22, 2023

Credit channels and inventory channels both changed after 2010 because of the qualified mortgage laws and the 2005 bankruptcy reform laws. This means you will see less financially stressed homeowners needing to sell their homes before a job-loss recession.

Marketing 526

Marketing Days on market Sales Bankruptcy 526

Housing Wire

MARCH 3, 2022

As all participants in the mortgage industry know, securitization is a critical tool for making loans to homeowners at affordable rates. One of the critical mechanisms of securitization is the separation of the underlying assets from the bankruptcy risk of the mortgage bond issuer. This separation is important for the market.

Bankruptcy 396

Bankruptcy Investor Fixed-rate mortgage Loans 396

Housing Wire

SEPTEMBER 20, 2024

The AG’s office took issue with MV Realty’s Homeowner Benefit Agreement. Under the agreement, in exchange for a cash payment, the homeowner signs over the right to list their home for the next 40 years to MV Realty. The court also found that MV Realty’s conduct imposed ‘imminent irreparable harm’ to homeowners.

Title 448

Title Brokerage Agents As-is 448

Housing Wire

JULY 11, 2023

The Westchester County District Attorney announced on Friday that it has indicted a group of six individuals and a corporation for allegedly stealing property deeds from distressed homeowners, fraudulently accessing mortgage loans, and evading state taxes. They ultimately defaulted on the mortgages, the district attorney claimed.

Bankruptcy 284

Bankruptcy Short sale Loans Title 284

Realty Biz

JULY 12, 2021

I’m thinking that bankruptcy might be my only option. What’s important for me to know about filing bankruptcy as a homeowner? How bankruptcies work out is highly dependent on personal circumstances. You definitely want to talk to a bankruptcy attorney before making any final decisions or taking action.

Bankruptcy 92

Bankruptcy Equity Mortgages As-is 92

Housing Wire

JANUARY 20, 2021

For example, it shows whether the owner has ever filed for bankruptcy or if they’re facing foreclosure. Postal database, homeowners who are facing foreclosure or what White calls “tired landlords,” those who have owned an investment property for a long time.

Bankruptcy 414

Bankruptcy Agents MLS Design 414

Keeping Current Matters

JUNE 10, 2021

Lehman Brothers) and many more into bankruptcy. Not all of the $700 billion was used, but the important point is that the government did not act with equal fervor to help flailing homeowners, millions of whom lost their homes to foreclosures and short sales. It created a panic that drove some large companies out of business (ex.

Bankruptcy 312

Bankruptcy Banks Short sale Industrial 312