News about properties and real estate
Lost in the System That Took the House [Central Florida] Luis Fernandez’s foreclosure documents never looked quite right. Critical papers regarding his Orlando home were missing dates, and some signatures appeared to him to be forged. The mortgage had been sold so often — including once in the middle of the foreclosure process — that …
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Homeowners who have spent months trying to work with their mortgage provider to avoid foreclosure are increasingly confused and frustrated. “I’m madder than hell,” said Alma Miller, 82, who has tried for months to get a loan modification on her Santa Rosa home. “They’re just playing games with me.” Miller’s anger is shared by a …
Housing: FHA may slash upfront costs of some reverse mortgages The Federal Housing Administration isn’t talking publicly about it, but the agency may be getting ready to cut the upfront costs of reverse mortgages for some borrowers. The agency also, however, may be reducing the amount seniors can borrow against their homes. In a recent …
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Good news, bad news on foreclosures Banks are repossessing distressed homes at an increasingly fast pace, but fewer homes are falling into delinquency, a sign that the region’s foreclosure crisis has entered a new phase. In August, lenders reclaimed 4,417 homes in South Florida, up 96.7 percent from the same month last year when banks …
Homebuyer tax credit causing headaches and trouble The federal homebuyer tax credit did its job to boost the real estate market, but many involved – from buyers to the IRS – have run into problems with confusing wording and stipulations. The result: Hundreds of thousands who’ve already filed for the credit will have to give …
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Walking away from your mortgage isn’t risk free For underwater homeowners who think they’ve found a solution to their predicament–stop paying the mortgage and remain in the house until they are forced out by foreclosure–the consequences of such a decision are not as simple as they may seem. The short-term advantages of a “strategic default” …
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