In what is becoming more and more controversial, many states that received funds as part of a $25 billion settlement with five big banks over abuses in their mortgage and foreclosure practices intend to use the money to close budget gaps.
Banks seem to be more willing to sell homes for less than what is owed. For the first time, short sales have outnumbered foreclosures in America.
Apparently someone has a bone to pick with Bank of America. A fake B of A website was created to address the bank's recent perceived failures.
According to new figures released by the Arizona Regional Multiple Listing Service Inc., areas like Mesa and Scottsdale saw increased foreclosure and short sale activity in the month of March.
The confidence of builders is waning on a national scale as tight credit, foreclosures and appraisal issues continue to impede consistent momentum in that sector.
According to an article in USA Today, the U.S. Government's push for principal forgiveness on Fannie Mae and Freddie Mac home loans seems to be gaining traction.
According to KTAR, Arizona could benefit from U.S. Government's push to help homeowners avoid foreclosure.
If you have been following my Real Estate Law Blog posts you may have already read about some of the recent legal developments related to foreclosures and short sales in Arizona. However, in light of a new Court of Appeals case just decided last month, I felt it was time for a summary of these recent developments. Construction Loans and Home Improvement Loans: A ruling last month by the Arizona Court of Appeals in the case of Helvetica Servicing Inc. v. Pasquan answers important questions in the law and may impact anti-deficiency protections for some people. This case involved the refinance of an original purchase money loan, in which the borrower was loaned additional funds. The additional funds were primarily used by the borrower: (1) to reconstruct a large portion of the home, and (2) for home improvements and related purposes. The Court of Appeals ruled on several key issues that have been in dispute in Arizona. The Court laid out the following rules to follow when determining whether a refinanced loan or construction loan will be given purchase money status under Arizona law in certain situations and thus, afforded anti-deficiency protection in the judicial foreclosure context: A refinance of a purchase money loan, whether by the original lender or a new lender, does NOT destroy purchase money protection to the extent the loan proceeds from the refinance are used to satisfy the underlying purchase money loan. A construction loan given to borrower that is (1) secured by a deed of trust that covers both the land and the dwelling to be constructed on the land (provided the dwelling is a qualifying property under the anti-deficiency statute), and (2) actually used to construct the dwelling, [...]
A pair of Valley residents plead guilty on Monday to conspiring to commit multiple-transaction mortgage fraud, a case valued at $5.3 million.
Information from the Mortgage Bankers Association shows a continued slide in mortgage applications. Although applications for loans to purchase a home are up, refinancing applications are down.