Mortgage fraud summit in Phoenix
U .S. Attorney General Eric Holder will be in Phoenix Thursday for a Mortgage Fraud Summit. The event is part of the Financial Fraud Enforcement Task Force formed by President Obama last year. The Phoenix event will be the second summit for the task force. The first was held in Miami in February of this year. Mortgage fraud began to plague Phoenix’s housing market during the boom when illegal cash-back deals were happening in almost every neighborhood. Now, most fraud schemes in the Valley involve foreclosures. A diverse group of Arizona market watchers, fraud experts, state and federal regulators and prosecutors as well as … read the rest of this post
Luxury Phoenix homes "Chateaux on Central" sell for bargain price
P hoenix’s cluster of brick mini-mansions called Chateaux on Central has a new owner. Wisconsin-based MSI West Investments paid $7 million for the 21 homes with elevators and rooftop terraces. The high-profile project was started during the housing boom. Then plans called for the homes, some with turrets and wine cellars, to sell for $2.8 million and higher. The current deal breaks down to less than $350,000 a home. Chateaux on Central, at Central Avenue and Palm Lane, has been tied up in Mortgages Ltd.’s financial problems for the past few years. When the original lender Desert Hills Bank filed to foreclose in … read the rest of this post
Arizona short sale advisory
S hort 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. Besides defining what a short sale is, the advisory provides a check list of what homeowners should consider and do before going through with one. "The Short Sale Seller’s Advisory is an invaluable step-by-step information tool for … read the rest of this...
Latest loan modification report card
M ore U.S. homeowners are receiving mortgage modifications, according to the latest report card on the program from the federal goverment. The number of permanent modifications climbed to 170,000 in February from 116,000 in January, according to the U.S. Treasury Dept. There’s been criticism from housing advocates that many three-month trial modifications started by lenders have not been made permanent. It’s clear from February’s increase, Treasury was not pleased with the results and are pushing lenders harder. Treasury reports another 91,800 permanent modifications have been approved by servicers and are pending borrower acceptance. An addtional 72,000 new trial modifications were started in February. The goverment is estimating...
Another free workshop for struggling Arizona homeowners begins today
T he HOPE NOW Alliance, working with the federal government’s Making Home Affordable Program, are in Phoenix again hosting a free "Homeownership Preservation" event. It starts today and runs through tomorrow Friday March 12th. A similar event was held at South Mountain High School last summer.Homeowners facing foreclosure can receive free housing counseling at the events. The current workshop is being held at the Glendale Civic Center and starts at 1 p.m today and runs until 7:30 p.m. Tomorrow, the doors are open from 10 a.m. to 6 p.m. The Civic Center is located at 5750 W. Glenn Drive in Glendale. If you attend the workshop, … read the rest of this...