Investors who bought a condo next to Disneyland for $154,100 in June at a foreclosure auction, offered it for sale on Saturday at $229,900 and found a buyer the next day, according to listing agent Cheryl Ramirez of Vista Real Estate Corp. and my own visit to the auction.…
I visited a couple of foreclosure auctions in recent weeks and wrote about how investors bought 30% to 50% of the houses and condos for sale. But visiting an auction, known as a trustee’s sale, at random could give a misleading impression. That’s why I decided to post this…
The House Appropriations Committee approved an extension of the $729,750 loan limits through September 2010 for mortgage buyers Fannie Mae and Freddie Mac and for mortgage insurer the Federal Housing Administration, reports National Mortgage News. The larger limit, up from $417,000 for Fannie and Freddie, will expire at the…
Click to enlarge DataQuick reports that Orange County foreclosures made up just 29% of all home resales in June, the lowest percentage in more than a year, as banks fall behind in bringing delinquent loans to foreclosure and demand rises for discounted foreclosures. DataQuick measures the percentage of homes…
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions… DesperateforAnswers in Lake Forest asks: Q. My husband and I have been working with our mortgage company, Wells Fargo,…
Steve Thomas at Altera Real Estate in Aliso Viejo reports that last week there were 374 foreclosures for sale in Orange County, which seems like an incredibly small number. It indicates demand is strong for cheaper foreclosures and inventory is slow to hit the market. It also does not…
( correction: four in Orange County, changed from eight in second sentence.) Attorney General Jerry Brown revealed today that he has filed suit against 21 people and 14 companies, alleging that they scammed homeowners seeking to avoid foreclosure. At least four of those being sued are in Orange County.…
Reuters, citing anonymous sources, reported yesterday Obama administration officials are considering a plan that would let borrowers who have fallen behind on their mortgage payments avoid eviction by renting their own homes , possibly for years. Officials are considering whether homeowners would surrender ownership or whether the government should…
Banks and loan servicers began the foreclosure process on 2,486 home loans in Orange County in June, the highest total in three months, reports ForeclosureRadar.com. Notices of default, which officially start the long foreclosure process, increased 16% from May and 10% vs. a year earlier. The chart ( click…
National Mortgage News reports Wells Fargo recently sold $600 million in distressed subprime loans to Irvine-based Arch Bay Capital. Paul Muolo of NMN says the loans were originally funded by two mid-sized subprime lenders: Accredited Home Loans and NovaStar Financial. Arch Bay co-founder Steven Davis declined to comment on…