Tag Archives: Values

Loan Modifications Grew 422% In Utah Whilst Foreclosures Sales Enhanced 359% – House Values To Fall 30%

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Pleasant Grove, Utah (PRWEB) January 22, 2009

House loan modifications surged significantly in Utah in the 3rd quarter of 2008 a 422% boost. Loan modifications continued to grow much more swiftly than other loss mitigation approaches, as banks and thrifts worked with borrowers to keep them in their houses, although minimizing losses. Nationally the number of new loan modifications improved 16 % in the third quarter to much more than 133,000. Nevertheless, there remains a large gap among the number of new foreclosure actions began and the quantity of foreclosures which are avoided by loan modifications.

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To support close this gap Sean Walker announced the formation of HomeSaversUtah (http://HomeSaversUtah.com). Sean Walker, President of Very good Neighbor Loans, LLC, (http://gnmloans.com), stated, “my purpose for starting HomeSaversUtah is to support folks, who uncover themselves on the verge of losing their house, steer clear of foreclosure, by renegotiating their loans by means of loan modification.”

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Forbes reported that Just more than a year ago, house rates in Salt Lake City have been nevertheless rising, even though they had been falling just about everywhere else. By the third quarter of 2007, the median residence sold for $ 247,000 versus $ 203,000 in 2006. Rates have not fallen significantly yet the median cost in late 2008 was $ 230,000, according to the National Association of Realtors, but Salt Lake City, which is surrounded by some of the greatest ski resorts in the West, is just beginning to feel the effects of the drop-off in second-residence buying. Rates are set to fall 29% over the subsequent two years, according to Moody’s forecasts.

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Sean mentioned, as a loan broker and actual estate agent, “I know how individuals are suffering in a quickly changing economy and they want help to keep the dream they have worked so challenging to achieve, a house for their household.” HomeSaversUtah.com was founded to support them. Foreclosures continue to rise and with the predicted drop in housing values the need to have for functioning out options with banks, which will keep folks in there residences is a benefit to both lender and home owners.

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Mr. Walker described “There are approaches that loans can be restructured with lenders to reduce payments, by extending the period, lessen interest, or minimize principal owed.” “Owners require to comprehend they have alternatives and must act speedily, when they get behind in their payments to work with their lender to steer clear of the loss of their residence.” “HomeSaversUtah.com is devoted to do the negotiation on the house owners behalf” and provides a totally free evaluation to property owners of the possibilities and options open to them. (http://user270264.websitewizard.com/secure-evaluation-form.html). HomeSaversUtah also offers self help data on their net website and encourages those in need to educate themselves with the cost-free self assist data (http://homesaversutah.com/sources.html).

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Speak to:&#13

Sean Walker&#13

Senior Loan Modification Counselor&#13

888 928 8228&#13

http://homesaversutah.com/

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U.S. Typical Cost of Homes in Foreclosure in 2009/Q4 vs. 2010/Q4 Exposes Continued Concern for Economy and Property Values

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New Hyde Park, NY (PRWEB) January 19, 2011

Data revealed by ForeclosureListings.com confirms that jobs and economic stability reflect the overall temperament of the citizens. While some cities and states languish due to insufficient jobs and income, other areas show a more sustainable economic base, with or without the well intended plans of the government to help people keep their homes.

Government moratoriums over the past few years have had very little effect on the volume of foreclosure postings filed during 2010. 2.39 million home foreclosures were initiated during the first 11 months of 2010, and 1.01 mortgaged homes were completely executed during that time. In fact, it has been said by researchers and loan modification companies that the governments plans to relieve some of the hardships so many Americans are experiencing, that much of the money secured with the government was not and has not been released to those most in need of it.

Foreclosure sales dropped sharply in October and November of 2010, as several large lenders suspended foreclosure proceedings in the wake of the quick, robo-signing scandal. Lending institutions were ramrodding paperwork through without performing the due diligence necessary to ensure that all information was proper and accurate, which often times were not, resulting in some homeowners being removed unnecessarily or illegally from their homes, and damaging their credit.

According to recent figures, foreclosure sales plummeted from nearly 120,000 in September to 69,000 in October and 55,000 in November, as the foreclosure process slowed or suspended temporarily as lenders rechecked their information and policed their procedures.

During this time, foreclosure starts declined from nearly 250,000 in September to 205,000 in October, but then picked back up again to 221,000 in November.

The glut of bank-owned properties has helped contribute to sharply declining house prices in many areas of the country. Bank owned properties are ready to be sold; they are vacant and the bank is motivated to find a buyer. The number of short-sale listings increased to nearly 55 percent, as banks were anxious to remove bad debts from their books and get what they could as soon as they could.

While unemployment is directly tied to these bleak housing trends, tens of millions of Americans are worried about their home values. Almost 30 percent of homeowners with mortgages are underwater, meaning that they owe more than their home is worth on the market. Even more people worry about their ability to pay their mortgages. Home prices could continue to adjust downward while a cloud of uncertainty keeps the home-buying market uneasy and unwilling to commit to a mortgage commitment.

ForeclosureListings.com data for the fourth quarter of 2010 compared to the same period a year earlier reveals that in some states the foreclosure market has improved and in others, where unemployment and under employment has manifested, it has worsened.

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Mortgage Complaint Center Warns about 2011 US Genuine Estate Values Says Now is the Time to Refinance & Warns of Foreclosure Scam Artists

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(Vocus/PRWEB) December 07, 2010

The National Mortgage Complaint Center says, “because we anticipate 2011 to be one more train wreck, with respect to US residential true estate valuations, due in big component to up to a million plus US foreclosures becoming dumped-now may be the last time for home owners with equity, and good credit to refinance just before their house goes underwater as well, or interest prices go up.” The group is vigorously warning against employing mortgage services marketing on Tv, about letting bankers kill each and every other for the ideal rates, or offers of five% or much more for high top quality borrowers. If a homeowner wants the see what the ideal prices are, merely contact American Interbanc at 1-800-724-0004, or verify with Bank of America. The present best residential true estate mortgage prices are about four.25% at this moment. The group says, “you would of believed the worst of the predatory mortgage lenders would have been gone soon after the US mortgage meltdown, but some are back. If you have equity in your property, and if your credit score is above 740, you will get the ideal prices, and charges from American Interbanc, or Bank of America. If you are hunting to do a FHA, or VA mortgage we advise the James B Nutter Organization.” http://NationalMortgageComplaintCenter.Com

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Mortgage Foreclosure Scam Artists: The National Mortgage Complaint Center says, “we do not comprehend how, or why the United States Division of Justice has not shut down the key-mortgage foreclosure support, or relief-scam artists? These kinds of businesses are entirely ripping off home owners, with promises of a loan modification, the buyers are then foolishly providing these organizations thousands up front-and that is the final they hear from the organization.” The group says, “here is the reality-if you have not produced your mortgage payment for one particular, or two years-you are going to drop your home. As far as we are concerned the Obama, or Pelosi homeowner salvation programs have been a gigantic waste of taxpayer income, and we require to get back to the actual globe. If you don’t make your mortgage payments, you will drop your home to foreclosure.” They say, “if you are trying to shield your property, and if you consider you have valid proof about lender misconduct, seek advice from your nearby Legal Bar Association to see what attorneys do mortgage modification work, and or bankruptcies in your location.” http://NationalMortgageComplaintCenter.Com

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The US Residential Real Estate Outlook Gets Worse: The National Mortgage Complaint Center says, “ever hear of toxic Chinese drywall? The nation requirements to prepare for this worsening disaster. One of our affiliated groups has now formally referred to as for a moratorium on US banks reselling toxic Chinese drywall foreclosures in Florida, Alabama, Mississippi, Louisiana, Virginia, and Southeast Texas, until the Fed’s come up with a affordable, and secure way to repair these properties-if not they will need to have to be bulldozed.” Toxic Chinese drywall began entering the United States as early as 2001. The gas emissions from toxic Chinese drywall are undesirable adequate to corrode electrical wires, and turn copper pipes black. The group estimates there are at least 200,000+ toxic Chinese drywall homes in the US Southeast alone. The group fears in 2011 toxic Chinese drywall will be found in all 50 US States. The National Mortgage Complaint Center is saying, “toxic Chinese drywall is a game changer for all US home owners, for all US banks, and for the US homebuilding market, and its going to get genuinely ugly in 2011.” For more data about toxic Chinese drywall please visit http://ChineseDrywallComplaintCenter.Com

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Critical Note: The National Mortgage Complaint Center is saying, “the vast majority of US home owners are more than paying on their house taxes. In some circumstances it could be thousands, and thousands of dollars every year. Verify with your neighborhood genuine estate agents to see what comparable homes in your neighborhood are promoting for, and then check your house tax bill. If you are over paying speak to your county assessor for info associated to a home tax assessment correction.” http://NationalMortgageComplaintCenter.Com

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A lot of Commercial True Estate Loans Now Coming Due Are Unable To Be Refinanced As Result of Declining Home Values

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(PRWEB) May 10, 2012

Declining commercial true estate home values have substantially reduced borrowers abilities to refinance their maturing loans, stated Kevin M. Levine, Executive Vice President, Peak Asset Options (http://www.peakassetsolutions.com). Several of those properties have been acquired through lender financing in the mid-2000s, at the height of the genuine estate boom, he stated. But now these loans with shorter-term maturities, due in five to seven years, are increasingly defaulting due to the refinancing barriers resulting from decreased home values. In several cases, the properties securing the loans are worth considerably much less than the loan balances.

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Levine explained that a borrower might have remained present in generating the loan payments. But if the loan has matured, the lender can’t renew or extend that loan without having creating a difficulty asset reserve against the portion of the debt that is now basically unsecured. This becomes a direct hit to the lenders earnings in the period in which the reserve is produced. And that identical worth decline prevents the borrower from refinancing the property elsewhere.

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Levine added that, Given the selection of renewing or extending the loan although producing the huge difficulty asset reserve, versus foreclosing, several lenders will elect to get in touch with the loan and foreclose. Then they are at least capable to achieve control of the house and take such actions as they deem ideal to begin to restore the worth.

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Levine pointed out that the borrower has a quantity of alternatives obtainable to it in such a predicament. The borrower can attempt to negotiate a brief sale of the house, he mentioned. But the lender will have to approve the sale price tag and, if there is a full recourse guarantor, settle the guaranty obligation as effectively. One more option that we usually advise is that we find a third party to purchase the loan at a substantial discount from the original lender. That third party then negotiates a reduced payment program with the borrower. Levine added that, if the borrower and lender cannot agree on a resolution, the foreclosure generally proceeds with the end result that the borrower loses the house.

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Brief sales and foreclosures negatively have an effect on the borrowers credit. And there can be federal and state tax liabilities for the borrower in addition to losing the property, Levine concluded.

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Peak Asset Options offers commercial loan modification and quick sale solutions in California and throughout the country. The companys personnel bring comprehensive commercial real estate experience to every assignment, which includes market analysis, valuation, legal, and negotiation expertise. Every borrowers unique lending predicament is totally-analyzed, and the borrower is assisted in preparing present operating reports and projections. Then, Peak Asset Solutions drafts and submits to the lender a loan modification proposal. That proposal could consist of a principal reduction, interest price reduction, and waiver of penalty charges. In these instances where a loan modification will not work to the mutual benefit of the borrower and lender, we will attempt to broker a short sale of the industrial true estate at a substantial discount from the loan balance, or will seek to negotiate a sale of the note to a third-party.

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Peak Asset Options is a single of the entities in the Peak Corporate Network headquartered in Woodland Hills, California. In addition to commercial loan modifications, the Peak Corporate Network entities provide mortgage lending, loan servicing, residential short sale, 1031 exchange, escrow solutions, trustee work, foreclosure services, and true estate brokerage solutions. For more info, visit http://www.peakcorp.com.

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The Peak Corporate Network is a brand that represents a group of separate legal entities, every single supplying its special set of genuine estate solutions.

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