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3BR/2BA Single Family House
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offered at $549,226

This is the deal of the year. This property is one of the nicest colonials you will ever see on the market. It is in the nicest part of long island Massapequa woods section. The [...]

By: Heather Hill Cernoch
The Dodd-Frank Financial Reform Act includes new appraisal management rules as well as stricter laws and firmer penalties for lenders. The bill’s appraiser
independence standards will give lenders new options on managing appraisers, and lenders are scrambling to evaluate options to decide what will benefit their businesses.
“With an October deadline looming for the [...]

By: Carrie Bay

Moody’s Investors Service says it expects home price appreciation to be “soft” for the next couple of years. The company says there were 1.8 million more vacant homes sitting on the market than what is considered the norm
at the end of the second quarter. According to Moody’s, this imbalance of supply-and-demand, particularly in [...]

By: Carrie Bay
The Mortgage Bankers Association (MBA) offered the industry a ray of hope when it reported Thursday that foreclosure starts were down nearly 10 percent in the second quarter, but the brightness quickly faded when Lender Processing Services (LPS) released its own dataset.
MBA’s numbers were based on data through the end of June. LPS [...]

By: Carrie Bay

Foreclosure starts dropped during the second quarter and the inventory of homes in the process of foreclosure fell for the first time since 2006, the Mortgage Bankers Association (MBA) reported Thursday. Loans 90 days or more past due, the largest share of delinquent mortgages, also decreased.
MBA Chief Economist Jay Brinkmann says the declines [...]

By: Carrie Bay
Chase, the consumer and commercial banking arm of New York’s JPMorgan Chase & Co. says it “remains committed to helping customers avoid foreclosure.”
In an announcement issued Wednesday, the bank outlined several key initiatives it has undertaken to better serve borrowers who are struggling with their mortgage payments.
Over the last 18 months, Chase has [...]

According to a new report from state attorneys general and bank supervisors from across the country, more than 60 percent of homeowners with seriously delinquent loans are still not involved in any form of loss mitigation with their servicer.
The ratio is disconcerting considering the group also found that one of servicers’ primary loss mitigation options [...]

By: Carrie Bay
First-time homebuyers continued to desert the housing market in July, according to a new industry study released Monday.
Data compiled by Campbell Surveys and Inside Mortgage Finance, shows that first-time homebuyers accounted for only 39.1 percent of the home purchase market last month. That’s down from a peak of 48.2 percent as recently as [...]

By: Heather Hill Cernoch
In its efforts to protect homeowners and avoid another mortgage and foreclosure crisis, the New York State Banking Department has issued new rules regarding the business practices of mortgage loan servicers.
The regulations, which go into effect October 1, implement provisions from 2008’s Mortgage Lending Reform Law to create consumer protections for subprime [...]

By: Carrie Bay
The industry has completed about 975,000 permanent loan modifications so far in 2010, according to estimates released this week by the HOPE NOW Alliance.
Of those, just over 331,000 have been processed under the umbrella of the federal government’s Home Affordable Modification Program (HAMP), while nearly 644,000 have been restructured using servicers’ own proprietary [...]

Will Fannie Mae and Freddie Mac still be here in three years? Or will they be replaced by a new federal mortgage agency? Will the government begin a grand exodus from the housing market and leave the American Dream to the private sector?
These were the questions addressed Tuesday at the administration’s housing finance conference in [...]

The U.S. Federal Reserve on Monday published a long list of new rules intended to protect consumers from what the central bank describes as “unfair, abusive, or deceptive lending practices.” The documents outline new requirements that will govern compensation to mortgage professionals and disclosures to borrowers regarding their home loans.
The Fed announced final rules prohibiting [...]

By: Carrie Bay
Foreclosed homes permeate the American landscape. According to data from the Massachusetts Institute of Technology (MIT), they make up about one in 12 houses with under $1 million left on the mortgage.
These foreclosures drive down home prices, and MIT gives two reasons for their depreciating effect – because foreclosed homes add to the [...]

REO Foreclosure: East Hampton, NY
3 bedrooms, 1 bath
Great price at 250,000
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Great Property Located In East Hampton On Nice Size Lot This Ranch Home
Offers 3 Bedrooms,Full Bath,Full Basement,This Home Is Sold As Is And Is Need Of Tlc..

Get a great new property NOW! Talk to one of our talented and wonderful agents today! For more information about [...]

REO Foreclosure: Staten Island, NY
4 bedrooms, 2 bath
Opportunity Knocks To Own This 2 Family Semi Attached Commercial Property Offering Two Bedrooms Full Bath Up And Two Bedrooms Full Down With Part Basement.. In Need Of Tlc…

Get a great new property NOW! Talk to one of our talented and wonderful agents today! For more information about this [...]