Green Real Estate Appraiser

Mortgage Settlement Leaves Some Foreclosure Victims Wanting

Posted on February 9, 2012 | Leave a comment

Now, under the terms of a government settlement with Ally and four other companies that allegedly mismanaged millions of loans and introduced fraud to the foreclosure process, nearly 2 million homeowners are slated to receive a negotiated measure of justice. About 1 million homeowners who owe their banks more than their homes are worth will be eligible for a principle balance or interest rate reduction, making it less likely that these people will default. Another 775,000 borrowers who lost their homes between 2008 and 2011 will be eligible for a one-time payment of up to $2,000.

Borrowers will not release any claims in exchange for a payment. And $3.5 billion will go to state and federal governments to be used to repay public funds lost as a result of mortgage servicer misconduct and to fund housing counselors, legal aid and other similar public programs determined by the state attorneys general.

Read entire article at: http://www.huffingtonpost.com/2012/02/09/mortgage-settlement-foreclosure-fraud-robosigning_n_1260495.html

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Short Sales Can Mean Bonuses for Some Homeowners

Posted on February 9, 2012 | Leave a comment

At first, the San Leandro woman, who had fallen behind on her condo payments, thought the letter was a scam. “You could sell your home, owe nothing more on your mortgage and get $20,000,” it proclaimed in large type.

“I almost ripped it up,” she said.

But the letter was sent by JPMorgan Chase, the bank behind her mortgage. And after she sold her condo two weeks ago for $98,000 – a third of what she owed on it – Chase indeed gave her $20,000 as an incentive payment, according to the woman and her real estate agent, Jasmin Rhodes of Prudential California Realty.

“I’m not sure why I was so blessed to be given that opportunity,” said the woman, who asked that her name be withheld for personal reasons.

Contact the appraisers at www.socalappraisalserv.com to determine what your property is worth before negotiating a short sale.

In a new development, banks are now selectively offering substantial sums of money – up to $35,000 – to some homeowners to encourage short sales, in which homes are sold for less than is owed on the mortgage.

Real estate experts said that banks can net bigger proceeds in short sales by sidestepping the costs, lengthy timeline and uncertain sales prospects of foreclosures. With delinquencies continuing to mount, quick disposition of some homes makes sense for the banks and for the overall housing market.

Home Appraiser Group Takes Issue with Compensation Regulation

Posted on February 9, 2012 | Leave a comment

A trade group of home appraisers is digging into a federal rule it says has driven down the quality of home valuations, negatively affecting appraiser wages along with borrowers trying to get mortgages or refinances.

Contact the appraisers at www.socalappraisalserv.com for your appraisal questions.

The American Guild of Appraisers recently requested key documents from the Federal Reserve on regulations that dictate what is “customary and reasonable” pay for appraisers. The paperwork was requested by the group’s law firm, Garvey Schubert Barer, under the Freedom of Information Act, essentially a federal open-records law.

The trade organization says the compensation rules allow appraiser management companies, who are middlemen, to call the shots on how much appraisers get paid, leading to reduced wages for the same amount of work, or more, even though homeowners are paying the same, or sometimes more, for home appraisals.

Disclaimer: for information and entertainment purposes only

Mortgage Settlement Leaves Some Foreclosure Victims Wanting

Short Sales Can Mean Bonuses for Some Homeowners

Home Appraiser Group Takes Issue with Compensation Regulation

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