SHORT SALE AND FORECLOSURE BLOG

The Obama administration on Friday announced it would significantly broaden the pool of consumers eligible for mortgage modifications by opening its program to owners of rental properties and homeowners burdened by medical  and credit card bills and second mortgages. Under an expansion of the Home Affordable Modification Program, investors can seek mortgage loan modifications for rental properties, [...]

Tags: 360 REALTY, Agents, FANNIE MAE, foreclosure, FREDDIE MAC, HAMP, Home Affordable Modification Program, Mortgage Modification, real estate experts, real estate los angeles, short sale experts

Calling it “inadequate for California,” the state is rejecting the latest settlement proposal between states and major U.S. banks over lending abuses that fueled the foreclosure crisis. California Attorney General Kamala Harris pulled out of nationwide talks with the banks in October, saying the proposed $25 billion deal gave too much immunity to lenders and didn’t provide [...]

Tags: 360 REALTY, Agents, Bank of America, California Attorney General, Chase, delinquent homeowners, Foreclosure Settlement, JPMorgan, Loan Modifications, mortgages, real estate los angeles, Sale, short sale expert, Wells Fargo

The LA Redistricting Commission released its proposed City Council District map today and there is already a good amount of outrage going on. The Commission redraws the map every ten years to split the city’s 15 districts evenly among the population and to ensure minority representation. As the LA Times explains, “The draft maps were drawn by commissioners in a [...]

Tags: 360 REALTY, Agents, Districts, Hancock Park, hollywood, Koreatown, LA Redistricting, Larchmont Village, los angeles real estate, Maps, Miracle Mile, real estate experts, real estate los angeles, South Park, Watts, Westchester, Wilshire

California lawmakers voted Monday to extend a law passed during the peak of the mortgage crisis that provides added protections for property owners, renters and neighbors of foreclosed properties. The law passed in 2008 says foreclosure proceedings can’t begin until the lender has tried for 30 days to work out alternatives with the delinquent homeowner. [...]

Tags: 360 REALTY, Agents, california, real estate, real estate california, real estate experts, real estate los angeles, SB708

For over a year now, state attorneys general have been negotiating some kind of settlement deal with the nations four largest lenders, as well as several smaller ones. The settlement pertains to faulty foreclosure processing, first uncovered in October of 2010 and now commonly referred to as “Robo-signing.” Rather than dozens of lawsuits, the states [...]

Tags: 360 REALTY, Agents, california, foreclosure, los angeles real estate, Politics, property, real estate, real estate los angeles, Short Sales

As government, federal regulators and big-money private investors try to figure out a plan for bulk sales of foreclosed properties, big banks are already making deals, but they are few and far between. The trouble is, they are looking at even bigger write-downs than forecast if they sell these distressed properties in bulk. “One of the [...]

Tags: 360 REALTY, california, foreclosure, FREDDIE MAC, los angeles real estate, real estate los angeles

The Obama administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, is very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials. There currently are about a quarter of a million foreclosed properties on the books [...]

Tags: 360 REALTY, Agents, avoid, foreclosure, FREDDIE MAC, Government, HUD, los angeles real estate, real estate, real estate los angeles

The legal foundation of Hollywood’s recent revival is about to come apart. The California Supreme Court on Dec. 29 affirmed the state legislature’s ability to abolish redevelopment agencies, the mechanism that made possible the Hollywood & Highland complex, the ArcLight/Cinerama Dome and other showbiz-supported developments that have reshaped the once-dingy section of Los Angeles. Now several real [...]

Tags: 360 REALTY, hollywood, real estate experts, real estate los angeles

Due to the high home foreclosure rate in California, Rep. Jerry McNerney, D-Pleasanton, and 27 other members of Congress from California have called for President Barack Obama to immediately appoint a permanent director of the Federal Housing Finance Agency. There has been no permanent director for 2 1/2 years, which McNerney says undermines the housing [...]

Tags: 360 REALTY, California Property, foreclosures, los angeles real estate, real estate los angeles, Short Sales

NEW YORK (CNNMoney.com) — President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday. The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income [...]

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