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July 4th, 2010 |
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The Los Angeles Times
Deeds-in-lieu gain favor with lenders as alternative to foreclosure
Short sales have been the hot solution for financially stressed homeowners and their lenders for the last year, but there’s another potent foreclosure alternative that’s about to take center stage: Deeds-in-lieu.
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Sacramento Bee
California to offer program to trim underwater mortgages
Lots of people will want to get in on this one: California is going to use federal money to pay down the mortgages of struggling homeowners.
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The New York Times
VA loans harder to get
Military veterans have long been accustomed to a relatively easy mortgage process. Even borrowers with no down payment or a low credit score were usually granted VA loans, in large part because the Dept. of Veterans Affairs insures a quarter of the loan amount.
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Bloomberg News
IRS audits block 10 percent of first-time home buyer credits
The Internal Revenue Service blocked almost 10 percent of U.S. claims for the first-time home buyer tax credit after receiving erroneous or fraudulent filings, according to a report today.
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The Wall Street Journal
How far underwater do borrowers sink before walking away?
At what point do borrowers who owe more than their homes are worth decide to stop paying the mortgage?
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CNN Money
Home prices up 3.8 percent in April – but don’t celebrate
Home prices rose 0.8 percent in April compared with March and were up 3.8 percent from a year ago, according to the S&P/Case-Shiller Home Price Index of 20 major housing markets.
To read the full story, please click here.
The Los Angeles Times
Consumer confidence tumbles in June
Americans, worried about jobs and the sluggish economic recovery, are having a relapse in confidence, causing a widely watched index to tumble in June and raising concerns about consumer spending in the critical months ahead.
To read the full story, please click here.
The Los Angeles Times
Fannie Mae gets tough on homeowners who walk away
Taking aim at homeowners who are able to pay their mortgage but decide it’s not worth it, Fannie Mae plans to go after them in court and to limit their access to home loans for seven years.
To read the full story, please click here.
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