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Foreclosures Slow Due To New Regulations

by Anthony Litz

 

The foreclosure process is taking longer than ever, which is slowing the foreclosures from coming to market.foreclosure time line calendar

 Recently there is an average 400 day period from the default notice until the day the bank reclaims the property. "That's up from 340 days a year ago and more than double the average 151 days it took to foreclose in the first quarter of 2007, at the start of the nation's foreclosure crisis.", says USA Today.

Experts say the the added delays although increase the homeowners time without monthly payments, the bank and loan-owner's losses become greater.

"April foreclosure activity hit a 40-month low, mainly because of processing delays, RealtyTrac CEO James Saccacio says. Default notices, scheduled auctions and bank repossessions were reported on 219,258 properties in April, down 34% from a year ago."

"In some cases, lenders are taking longer to begin foreclosing on loans more than 90 days delinquent because they're waiting longer to allow for modifications or short sales — when lenders take less for a house than what's owed — or other alternatives, Saccacio says."

 

Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like any information regarding the subject of foreclosures.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

 

Resources: USA TODAY,

ECU Offers Online Classes in Virtual 3D World, Second Life

by Anthony Litz

Landlords Gladly Rent to the Foreclosed

by Anthony Litz

 

google map to real pro systems The rental market in Greenville and Pitt County is H-O-T right now.

More than three quarters (82%) of the independent owners say they hire someone who lost a house in foreclosure, if the applicant had traditionally a good credit rating, according to a survey published today by the National Association of Independent Business Owners.

"The owners generally do not rent to applicants with poor credit and a foreclosure absolutely Slam someone scores. The exception is when they see people who have paid their bills all his life but lost his job, can not meet your mortgage and must hand over the keys to the bank, "said Tracey Benson, president of the National Association of Independent Business Owners.

Although the recent credit problems, Benson said, applicants with a foreclosure can be a good hazard, especially because I did once had its own home: "These people are used to taking pride in where they live often lost their jobs and homes through no. beyond their control. "

Increasingly, mortgage defaults due rather to the loss of jobs that poorly equipped borrowers who lost their homes that never should have bought, "said Benson. A background check, as conducted by the National Association of Independent Business Owners indicate in which class an applicant falls, and if the financial problems are part of a recent spate of bad luck or a trend throughout life.

"Because of this abundance of default, there is a higher need for rent, so that owners carefully vet applicants, " said Benson.

The National Association of Independent owners polled 563 members from 21 March to 25 March 2011.

 

+About The National Association of Independent Landlords

The National Association of Independent Landlords is the country's largest provider of services for small landlords.  Services include credit reports, electronic rent collection and tenant screening as well as information about property management, rental laws in all 50 states and other issues critical to property owners. Visit us at www.landlordassociation.com or call 800.352.3395.

SOURCES: http://www.landlordassociation.com - http://www.prnewswire.com - http://www.realtor.com

 

 

More than three quarters (82%) of the independent owners say they hire someone who lost a house in foreclosure, if the applicant had traditionally a good credit rating, according to a survey published today by the National Association of Independent Business Owners.

"The owners generally do not rent to applicants with poor credit and a foreclosure absolutely Slam someone scores. The exception is when they see people who have paid their bills all his life but lost his job, can not meet your mortgage and must hand over the keys to the bank, "said Tracey Benson, president of the National Association of Independent Business Owners.

Although the recent credit problems, Benson said, applicants with a foreclosure can be a good hazard, especially because I did once had its own home: "These people are used to taking pride in where they live often lost their jobs and homes through no. beyond their control. "

Increasingly, mortgage defaults due rather to the loss of jobs that poorly equipped borrowers who lost their homes that never should have bought, "said Benson. A background check, as conducted by the National Association of Independent Business Owners indicate in which class an applicant falls, and if the financial problems are part of a recent spate of bad luck or a trend throughout life.

"Because of this abundance of default, there is a higher need for rent, so that owners carefully vet applicants, " said Benson.

The National Association of Independent owners polled 563 members from 21 March to 25 March 2011.

Displaying blog entries 1-3 of 3

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