A Bird's Eye View » Foreclosure

Obama Broadens Mortgage Rescue Program

roostblog — Tue, 14 Jul 2009 20:13:55 +0000

More borrowers who were hit hard by falling home prices will now be able to take part in the fed’s mortgage refinancing program. The Obama administration is broadening the Making Home Affordable program to include loans up to 125 percent of the home’s value.

Prior to the new plan announced in February, the limit for a borrower’s loan eligibility to refinance was 105 percent of the home’s value. The change comes on the heels of home prices falling so [...]

A Lot of Banks are Making Sure a Short Sale Benefits Them

roostblog — Tue, 30 Jun 2009 22:49:12 +0000

The basic Wikipedia definition of a Short Sale is as follows:

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.

In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s loss mitigation or [...]

The Fed Wants to Help You Stay in Your Home.

roostblog — Wed, 04 Mar 2009 22:33:10 +0000

So the Obama administration is doing everything in its power to try and save your home. Really? They launched the “Making Home Affordable” or “Home Affordable Modification “initiative today and if you have nothing better to do, you can read the 17 pages of Government speak at:

http://www.treas.gov/press/releases/reports/modification_program_guidelines.pdf

For those of you looking for some of the high-level highlights so you can move on with your day, here they are:

Eligibility Requirements

Origination Date of Loan Subject to Modification: The mortgage to be [...]

Roost.com has data on 97% of all foreclosed properties on the market!

roostblog — Tue, 16 Dec 2008 17:24:06 +0000

Obviously foreclosures have garnered a lion’s share of the real estate news over the last year. Many websites have popped up almost overnight touting the completeness of their foreclosure data but most sites only show a fraction of the properties available. Just like with our resale data, where we bring the most comprehensive data set because of our access to local MLS information, Roost has aligned itself with First American CoreLogic, a member of The First American Corporation to provide [...]

Fore!

roostblog — Mon, 12 May 2008 02:29:20 +0000

If you’re like me, you’ve started to glaze over a bit about all the Foreclosure, home sales declines and credit crunch headlines. I feel like I can’t watch an episode of Top Chef (guilty pleasure) without seeing an ad, news snippet, headline or blog post (like this one J) around Foreclosures.

But then I was flying back from Boston earlier this week, and overheard this actual conversation between two JetBlue flight attendants:

FA1: “How’s it going at home?” FA2: “Not [...]