More than half of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity -- even while foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates, according to a report Thursday from RealtyTrac Inc.
The Phoenix-Mesa-Scottsdale metro area posted the nation's seventh highest metro foreclosure rate, with 4.28 percent of its housing units (one in 23) receiving a foreclosure filing in the first half of 2010.
http://www.bizjournals.com/phoenix/stories/2010/07/26/daily40.html?ana=e_du_pub
Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 (602) 595-3156 http://www.naglelawgroup.com.realestate.asp
Friday, July 30, 2010
Thursday, July 29, 2010
Home Sales Dip as Unsold Inventory Persists
Glut of Properties on Market Hints at Falling Prices Through Rest of Year as Sector Adjusts to End of Buyers' Tax Credit
http://online.wsj.com/article/SB10001424052748704421304575383493086578632.html?mod=ITP_pageone_1
Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028
Wednesday, July 28, 2010
Housing Prices are likely to go lower.....
Housing prices are likely to go lower
Bottom of market still year off, economists say
Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 http://www.naglelawgroup.com
Tuesday, July 27, 2010
Strategic default penalties threaten struggling homeowners
From the Minnesota Independent:
"Last week, Fannie Mae, the government-sponsored enterprise that buys up mortgage contracts from loan originators to keep the housing market liquid, announced new penalties for homeowners who strategically default.
“Defaulting borrowers who walk away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure,” the company announced, adding that the policy goes into effect this Thursday, July 1. “Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments.”
The new provisions mean that if you strategically default, you likely cannot get a conforming mortgage for seven years. And if you strategically default in some areas, Fannie Mae will come after you in court...."
Read more...
"Last week, Fannie Mae, the government-sponsored enterprise that buys up mortgage contracts from loan originators to keep the housing market liquid, announced new penalties for homeowners who strategically default.
“Defaulting borrowers who walk away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure,” the company announced, adding that the policy goes into effect this Thursday, July 1. “Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments.”
The new provisions mean that if you strategically default, you likely cannot get a conforming mortgage for seven years. And if you strategically default in some areas, Fannie Mae will come after you in court...."
Read more...
Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140
Phoenix, AZ 85028
602-595-3156
Monday, July 26, 2010
Everyone's Defaulting, Why Don't You?
From slate.com
Strategic defaults—the phenomenon of people who could continue to make payments on the mortgages on their homes deciding to walk away from their obligations—are rising. According to the Wall Street Journal, strategic defaults are likely to exceed 1 million in 2009. This is making some worry about the very future of capitalism. Georgetown University business ethics professor George Brenkert told the Journal that borrowers who can afford to stay current are morally required to do so, and that were Americans to conclude they could just walk away from obligations, it would be disastrous. Mortgage Bankers Association CEO John Courson wondered about "the message they will send to their family and their kids and their friends?" Blogger Megan McArdle expressed disdain for people who chose to indulge themselves on consumer goods and services while not keeping current with their mortgages.
Read more....
Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140
Phoenix, AZ 85028
602-595-3156
Strategic defaults—the phenomenon of people who could continue to make payments on the mortgages on their homes deciding to walk away from their obligations—are rising. According to the Wall Street Journal, strategic defaults are likely to exceed 1 million in 2009. This is making some worry about the very future of capitalism. Georgetown University business ethics professor George Brenkert told the Journal that borrowers who can afford to stay current are morally required to do so, and that were Americans to conclude they could just walk away from obligations, it would be disastrous. Mortgage Bankers Association CEO John Courson wondered about "the message they will send to their family and their kids and their friends?" Blogger Megan McArdle expressed disdain for people who chose to indulge themselves on consumer goods and services while not keeping current with their mortgages.
Read more....
Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140
Phoenix, AZ 85028
602-595-3156
Friday, July 23, 2010
Home Sales Dip as Unsold Inventory Persists
Home Sales Dip as Unsold Inventory Persists
Glut of Properties on Market Hints at Falling Prices Through Rest of Year as Sector Adjusts to End of Buyers' Tax Credit
http://online.wsj.com/article/SB10001424052748704421304575383493086578632.html?mod=ITP_pageone_1
Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028
Your home is underwater: Should you stay or ‘walk away?'
From NewJerseyNewsroom.com
It can be a difficult call.
It's estimated that more than a quarter of all homeowners with mortgages are underwater – their home is worthless than the unpaid balance of their mortgage. And about half of this unhappy group is 20 percent or more underwater.
In pre-recession times, it would have been unthinkable to stop paying your mortgage and risk losing your home. Even now, homeowners with mortgages larger than the value of their homes who can afford to continue mortgage payments should keep paying if they want to stay in their homes and hope for a housing recovery.
Read more....
It can be a difficult call.
It's estimated that more than a quarter of all homeowners with mortgages are underwater – their home is worthless than the unpaid balance of their mortgage. And about half of this unhappy group is 20 percent or more underwater.
In pre-recession times, it would have been unthinkable to stop paying your mortgage and risk losing your home. Even now, homeowners with mortgages larger than the value of their homes who can afford to continue mortgage payments should keep paying if they want to stay in their homes and hope for a housing recovery.
Read more....
Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Thursday, July 22, 2010
The Morality of Strategic Default
The Morality of Strategic Default
Responding to those who argue that homeowners who strategically default on their mortgages are immoral and socially irresponsible, this article argues that breaching a mortgage contract is not only morally acceptable, it may be the most responsible course of action when necessary to fulfill more important obligations to one’s family.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1597835
Responding to those who argue that homeowners who strategically default on their mortgages are immoral and socially irresponsible, this article argues that breaching a mortgage contract is not only morally acceptable, it may be the most responsible course of action when necessary to fulfill more important obligations to one’s family.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1597835
Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Wednesday, July 21, 2010
Take This House and Shove It: The Emotional Drivers of Strategic Default
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1603605
Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Tuesday, July 20, 2010
New Short-Sale Advisory Can Help Homeowners
Short sales are many homeowners best option to avoid foreclosure, which is why these lender-approved deals are at record levels in metropolitan Phoenix.
But sellers considering short sales should know all their options and the credit and tax ramifications from the deals first. That's why the Arizona Department of Real Estate worked with industry experts across the state to produce the new Short Sale Seller Advisory.
But sellers considering short sales should know all their options and the credit and tax ramifications from the deals first. That's why the Arizona Department of Real Estate worked with industry experts across the state to produce the new Short Sale Seller Advisory.
Monday, July 19, 2010
More Owners Opt to Walk and Leave Mortgages Behind
More Phoenix-area homeowners are walking away from their mortgage payments, and many more are likely considering it.
These are not people losing homes due to severe financial problems. "Walking away" now also describes people who can make their payments but don't want to because they owe much more than their home is worth.
These are not people losing homes due to severe financial problems. "Walking away" now also describes people who can make their payments but don't want to because they owe much more than their home is worth.
Friday, July 16, 2010
'Walking away' comes with drawbacks
People who walk away from their mortgages affect more than just themselves and their lenders, ...
Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Thursday, July 15, 2010
Arizona remains in top ranks for foreclosures
From the Business Journal
Arizona remains in the top ranks of U.S. states for foreclosures, according to the June report from RealtyTrac.
The online foreclosure marketplace put the state second for the rate of foreclosures during the first half of 2010 behind only Nevada and third (behind California and Florida) for total number of foreclosures during the six-month period.
Arizona remains in the top ranks of U.S. states for foreclosures, according to the June report from RealtyTrac.
The online foreclosure marketplace put the state second for the rate of foreclosures during the first half of 2010 behind only Nevada and third (behind California and Florida) for total number of foreclosures during the six-month period.
Delinquent Loans Plateau at High Level
Delinquent Loans Plateau at High Level
The number of American households behind on mortgage payments appears to have reached a plateau at a high level as the economy...Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Wednesday, July 14, 2010
When It's Ok to Walk Away....
Millions of Americans are now deeply underwater on their mortgage. If you're among them, you need to stop living in a dream world and give serious thought to walking away from the debt.
No, you shouldn't feel bad about it, and you shouldn't feel guilty. The lenders would do the same to you—in a heartbeat. You need to put yourself and your family's finances first.
How widespread is this? More than 11 million families are in "negative equity"—that is, they owe more on their home than it is worth—according to a report out this week by FirstAmerican Core Logic, a real-estate data firm. That's a quarter of all families with mortgages. And for more than five million of those borrowers, the crisis is extreme: They are more than 25% underwater—the equivalent of having a $100,000 loan on a property now worth just $75,000 or less. That's true for a fifth of mortgage holders in California, nearly a third in Florida and an incredible 50% in Nevada.
Read more....
No, you shouldn't feel bad about it, and you shouldn't feel guilty. The lenders would do the same to you—in a heartbeat. You need to put yourself and your family's finances first.
How widespread is this? More than 11 million families are in "negative equity"—that is, they owe more on their home than it is worth—according to a report out this week by FirstAmerican Core Logic, a real-estate data firm. That's a quarter of all families with mortgages. And for more than five million of those borrowers, the crisis is extreme: They are more than 25% underwater—the equivalent of having a $100,000 loan on a property now worth just $75,000 or less. That's true for a fifth of mortgage holders in California, nearly a third in Florida and an incredible 50% in Nevada.
Read more....
Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Tuesday, July 13, 2010
Some Mortgage Mods Work! At Least for a While
Though the failure rate on modified home mortgages is still very high, it’s getting a bit better. That’s mainly because more recent loan mods have involved bigger reductions in payments.
The quarterly Mortgage Metrics Report from federal bank regulators, released Wednesday, showed that about 41% of the home loans modified in the second quarter of 2009 were 60 days or more delinquent nine months after the modification. For mods done in the fourth quarter of 2008, the failure rate within nine months was nearly 52%.
Read more
The quarterly Mortgage Metrics Report from federal bank regulators, released Wednesday, showed that about 41% of the home loans modified in the second quarter of 2009 were 60 days or more delinquent nine months after the modification. For mods done in the fourth quarter of 2008, the failure rate within nine months was nearly 52%.
Read more
I Saw the Crisis Coming. Why Didn’t the Fed?
http://www.nytimes.com/2010/04/04/opinion/04burry.html
Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Monday, July 12, 2010
My Personal Credit Crisis
http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?_r=1&pagewanted=all
Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Borrowers Hit New Home-Loan Hurdles
http://online.wsj.com/article/SB10001424052748704799604575357183960027478.html?KEYWORDS=borrower%27s+hit+new+home-loan
Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028
(602) 595-3156
http://www.naglelawgroup.com
Also visit us at:
http://www.facebook.com/residentialattorneys
http://twitter.com/naglelawgroup
http://naglelawgroup.blogspot.com
Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028
(602) 595-3156
http://www.naglelawgroup.com
Also visit us at:
http://www.facebook.com/residentialattorneys
http://twitter.com/naglelawgroup
http://naglelawgroup.blogspot.com
Friday, July 9, 2010
Mortgage Bankers Association Sells Headquarters at Big Loss
http://online.wsj.com/article/SB10001424052748704829704575049111428912890.html
Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Biggest Defaulters on Mortgages Are the Rich
http://www.nytimes.com/2010/07/09/business/economy/09rich.html?_r=1&hp
Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140
Phoenix, AZ 85028
(602) 595-6951
http://www.naglelawgroup.com
Also visit us at:
http://www.facebook.com/residentialattorneys
http://www.twitter.com/naglelawgroup
http://www.naglelawgroup.blogspot.com
Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140
Phoenix, AZ 85028
(602) 595-6951
http://www.naglelawgroup.com
Also visit us at:
http://www.facebook.com/residentialattorneys
http://www.twitter.com/naglelawgroup
http://www.naglelawgroup.blogspot.com
Thursday, July 8, 2010
Walk Away from your Mortgage
http://www.nytimes.com/2010/01/10/magazine/10FOB-wwln-t.html?_r=2
Nagle Law Group, P.C.
4530 East Shea Boulevard, Suite 140
Phoenix, Arizona 85028
Tuesday, July 6, 2010
Friday, July 2, 2010
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