While this blog doesn’t promote underhanded actions to prevent paying legal obligations, we think the story of one couples actions to stave off foreclosure is most interesting.
As the story goes, the couple was served with a foreclosure lawsuit. Rather than turn over the keys, the husband hit the law books. Flooding the courts with papers, the couple staved off foreclosure for 11 years, until this past January, when a county sheriff’s deputy evicted the couple and changed the locks. They didn’t make a mortgage payment the entire time.
The case is believed to be the longest residential foreclosure of its kind in the history of Cuyahoga County, which is at the epicenter of the foreclosure crisis currently enveloping Ohio and many other parts of the country. Foreclosure actions are generally routine, typically taking from a few months to a couple of years to get the borrower out of the home. (more…)
This one-of-a-kind lakefront lot is truly unique within the Malone Bay community. It is one of the most desirable, if not the most desirable lot among the few remaining properties with waterfront access to W. Kerr Scott Lake.
Malone Bay features 18 lots at W. Kerr Scott Dam & Reservoir. 14 are Lakefront and meet private dock requirements. This is a gated community with Lots ranging from 2.3+- acres to 6.8+- acres On the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697
Main Channel Views.
300 feet of waterfront.
Dock with boat slip and 2 jet ski slips.
2.86 acres.
MLS Number: 51155
List Price: $359,000
Lot Size: 2.86 ac.
Apx Acreage: 2.86
Type: Waterfront
Area: Area 2
Suitable Use: Residential
Topography: Rolling
Utilities: Underground Utilities
Road Frontage: Private Road
Restrictions: yes
Water/Sewer: Public Water
Miscellaneous: 1-5 Acres
Location: Malone Way
In today’s depressed real estate market, reverse mortgages are helping people who are struggling to meet payments on high-interest-rate loans and keep their homes. The strategy is quickly gaining popularity among legal-aid attorneys and housing advocates around the country and calls for persuading lenders to take the cash generated by a reverse mortgage in lieu of foreclosing on older homeowners.
With a reverse mortgage, the bank makes payments to the homeowner instead of the homeowner making payments to a bank. The loan is repaid, with interest, when the borrower sells the house, moves out permanently or dies. It may be the best option for people who have built up equity in their home and would otherwise lose it. (more…)
Under a plan coordinated by the Federal Reserve Bank’s Boston branch, five banks have indicated a willingness to make available $125 million to refinance subprime mortgages in New England that are scheduled to reset at higher rates.
This novel plan is intended to attract borrowers who have loans typically made to people with weak credit but whose credit scores, home equities, and payment histories would probably qualify them for traditional mortgages.
Many of these probably could find refinancing on their own, Fed officials acknowledged, but they have been wary of seeking help because their loans may be troubled already. (more…)
Buying a house, particularly for the first-time, can be a little understood, complicated process. Hopefully, the first-timer will employ the services of a knowledgeable and seasoned real estate agent. The right agent can smooth the process, allowing the prospective owners to concentrate on finding just the right home, not worrying about the minutiae of home buying.
A timeline would really help to put the buying process in order. A recent article on the MSN site does just that — segregates the buying process into understandable divisions of time. The timeline starts from a year prior to the actual closing date. The first step is for the buyer to get a copy of their credit report.
Fraud is helping to explain why mortgage defaults and foreclosures are rocking financial institutions, Wall Street and the economy. The Federal Bureau of Investigation says the share of its white-collar agents and analysts devoted to prosecuting mortgage fraud has risen to 28%, up from 7% in 2003.
Suspicious Activity Reports, which many lenders are required to file with the Treasury Department’s Financial Crimes Enforcement Network when they suspect fraud, shot up nearly 700% between 2000 and 2006. In some neighborhoods, the fraud scheme itself may have artificially raised values. Another explanation is that the appraisal market is fiercely competitive. Experts say some appraisers may offer inflated values in exchange for their standard fee of several hundred dollars — a strategy that can win business without exposing an appraiser to charges of fraud.
Unscrupulous sales agents are popping up in the booming reverse mortgage industry. As a result, where reports of deceptive and high-pressure sales tactics are worrying lawmakers and consumer advocates.
Reverse mortgages are designed for homeowners, age 62 and older, to borrow against their home equity. The money goes unpaid until the home is sold or the borrower dies or permanently moves out. The older the borrower and the greater the value of the home, the more money that can be borrowed.
Reverse mortgages, if used properly, can provide cash to help seniors live more comfortably. The Senate on Dec. 14 passed bipartisan legislation that removes the cap on the number of reverse mortgage loans that the Federal Housing Administration can insure. (more…)
City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.
39.4 acres with 360 degree view of Blue Ridge Mountains.
5,200 sq. ft. main house built in 1990 on 1.24 acres.
No restrictions and no zoning offer many other options:
* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired
Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net
President Bush has signed a bill into law that gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. No taxes would be owed on the value of any debt forgiven or written off. Currently such debt forgiveness is taxable income. While the measure is anticipated to reduce taxes of some strapped homeowners by $650 million, the cost to the government would be offset in part by limiting a tax break available on the sale of second homes. Steep prepayment penalties on adjustable rate mortgages have made it difficult for some to get out of their mortgages, and some overstretched homeowners can’t afford to refinance or sell their homes. (more…)
We’ve all heard of the problems with low or no-down payment loans, subprime loans, resets and a plethora of less-than-desirable loan scenarios. So, will reverse mortgage loans become the next “subprime” debacle?
Reverse mortgages were meant to be the most conservative loan vehicle available to homeowners. You have to be at least 62 to get one, and the vast majority share the same closing costs and interest rates, regardless of lender. The market for reverse mortgages is expected to explode in the next two decades, as aging baby boomers seek to unlock trillions in home equity.
Reverses are not right for everyone, but officials say they’re especially ripe for abuse, because seniors can be misled easily. Federal regulators are finding that some borrowers who were sold a reverse mortgage and an annuity from the same salesman, generating huge fees and tying up the homeowners’ money. (more…)
Recently polled consumers, by 41%, agree strongly that mortgage brokers should be better regulated. According to the Wall Street Journal Online/Harris Interactive poll, conducted Dec. 10-12, a quarter of respondents agree that the government should provide financial help for mortgage holders, while 20% disagree and another 22% strongly disagree.
When asked who’s most responsible for the trouble in the housing market and mortgage business, half blamed mortgage lenders and brokers, while 21% said government regulators are responsible and 16% said home buyers are to blame.
Nearly half of those surveyed also say direct lenders are most responsible for making sure borrowers are able to pay their mortgages and that they should be required to modify loan terms for mortgage holders who can’t afford their current terms. By comparison, 15% disagree and 24% said they neither agree nor disagree. (more…)
The nation’s largest investor in residential mortgages has decided to air an Internet video about foreclosure fraud. Recent website traffic counts found that the Internet is the first place one in four mortgage delinquent homeowners go for mortgage information. Unfortunately, Internet searches can send consumers into the hands of con artists whose only desire is to steal their home equity. Freddie Mac’s two-minute “Avoid Fraud” video dramatizes a common foreclosure fraud scheme and demonstrates the game the scam artist plays to get at your equity.
New lending regulations expected to be proposed would apply to loans made by all types of lenders, including banks and brokers. The plan from the Fed, which has regulatory powers over the nation’s financial system, could be finalized next year.
The Fed is considering barring lenders from penalizing subprime borrowers and those who pay their loans off early. New regulations may also force lenders to make sure that borrowers, especially subprime borrowers, set aside money to pay for taxes and insurance and restricting loans that do not require proof of a borrower’s income. (more…)
The United States Senate approved a bill that will make it easier for thousands of homeowners with ballooning interest rates to refinance into federally insured loans. The legislation, approved 93-1, would allow the Federal Housing Administration to back refinanced loans for borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates. The bill also tries to make FHA loans more attractive than risky subprime loans by accepting lower down payments and expanding the eligibility for counseling for homeowners having difficulty with their mortgage payments. (more…)
Beautiful Wilkes County NC Timber Frame Home and Mountain Property.
MLS Number: 51166, List Price: $898,500
2 Bedrooms, 2 Baths, 2 half baths, 2 car attached garage, full basement, and a barn on 5 acres of land.
These terms are used to describe thousands of homes and yet some things just can’t be described, they have to be experienced. This is one of those homes that really has to be seen to be appreciated.
This majestic Timber Frame home of the Bob Timberlake genre is not just another house, it provides a feeling of home that is not about walls and floors and windows and doors. It creates a feeling of the flow between your outdoor and your indoor environment that is seamless. Everywhere you look there is a view. Everything you touch feels natural and beautiful in a way that cannot be described, only owned.
Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net
