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U.S. Foreclosures Drop by 20 Percent Year-Over-Year in January

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CoreLogic released its January National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of January 2014, there were 48,000 completed foreclosures nationally, down from 59,000 in January 2013, a year-over-year decrease of 19 percent. On a month-over-month basis, completed foreclosures were up 11.8 percent from the 43,000 reported in December 2013.Click to continue

California AG Nabs Seven in Loan Mod Scheme

Cherry Red Gavel/Credit: Comstock

California Attorney General Kamala D. Harris has announced the arrest of seven suspects who have been charged in a mortgage fraud scheme that defrauded more than 1,550 Inland Valley homeowners seeking loan modification services during California’s foreclosure crisis. The felony complaint alleges that Nehad “Nick” Ayyoub Ayyoub of San Bernardino and president of The Firm Loans, Insurance and Investments Inc.Click to continue

Negative Equity Rate Dips Below 20 Percent to Close 2013

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The national negative equity rate ended 2013 below 20 percent for the first time in years, dipping to 19.4 percent of all homeowners with a mortgage, according to the fourth quarter Zillow Negative Equity Report. Nationally, more than 9.8 million homeowners remain underwater, owing more on their mortgage than their home is worth. Negative equity has fallen for seven consecutive quarters as home values have risen, freeing almost 3.9 million homeowners nationwide in 2013.Click to continue

Short Sales and Foreclosures Account for Nearly One-Fifth of All U.S. Home Sales in January

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RealtyTrac released its January 2014 Residential & Foreclosure Sales Report, which shows that institutional investors — defined as entities purchasing at least 10 properties in a calendar year — accounted for 5.2 percent of all U.S. residential property sales in January, down from 7.9 percent in December and down from 8.2 percent in January 2013.

The January share of institutional investor purchases represented the lowest monthly level since March 2012 — a 22-month low.Click to continue

Two Floridians Sentenced in $4 Million Loan Mod Scheme

Black Gavel Pic/Credit: Brand X Pictures

Two Florida men were sentenced to serve 84 months in federal prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme. Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Romero, Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, and U.S. Attorney Carmen M. Ortiz of the District of Massachusetts made the announcement.Click to continue

What Are Lis Pendens and Why Are They Important to Your Property Searches?

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Whether you’re new to real estate or a battle-hardened professional, you likely know that there’s an opportunity to make money working with distressed properties. If you have the skills and/or nerve to take on these kind of properties, you may be able to turn a profit in this sector as an investor, agent, appraiser, lender, or through some other angle.Click to continue

Nearly 770,000 Homeowners Granted Loan Mods in 2013

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HOPE NOW released its final 2013 loan modification data, which shows that approximately 768,000 homeowners received permanent, affordable loan modifications from mortgage servicers in 2013. The reported data for December shows that, for the year, mortgage servicers completed approximately 592,843 proprietary loan modifications for homeowners and 175,076 Home Affordable Modification Program (HAMP) modifications (as reported by US Treasury Department). December data also showed approximately 281,000 short sales completed for the year.Click to continue

Monthly Foreclosure Activity Rises Eight Percent in January

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RealtyTrac has released its U.S. Foreclosure Market Report for January 2014, which shows foreclosure filings were reported on 124,419 U.S. properties in January an eight percent increase from December but still down 18 percent from January 2013. The report also shows one in every 1,058 U.S. housing units had a foreclosure filing during the month.Click to continue

Grassroots Campaign Underway to Put HARP 3.0 on the Radar

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The Home Affordable Refinance Program (HARP) was recently credited with helping mopre than three million homeowners in adjusting their mortgages. This is a huge success for the American people and can be regarded as one of the Obama Administration’s greatest victories. That established, many are calling for further refining of the HARP program, which, in its current state, is known as HARP 2.0.Click to continue

HARP Refis Surpass the Three Million Mark

Refis/Copyright: Getty Images/Credit: Jupiterimages

The Federal Housing Finance Agency (FHFA) has announced that the Home Affordable Refinance Program (HARP) has reached a significant milestone as more than three million homeowners have now refinanced their mortgages through the program. This noteworthy achievement is detailed in FHFA’s November Refinance Report.Click to continue