Banks pulled one of the greatest magic tricks of all time. They made millions of Bank Owned REOs disappear. We all know that all great magicians make things re-appear afterwards. It seems that the banks are about to make the REOs re-appear now.
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Earlier this year, Bank of America started the new trend of banks trying to rent their foreclosed inventory rather than sell it. Now they’re going a step farther and looking to give away the homes! 
What would happen if local governments started seizing homes by eminent domain due to borrower delinquency? What kind of precedent would this set? Is it good or bad for stabilizing the housing market; or should we leave the market alone and let natural forces take over? 
The State of California is currently working on passing a Homeowner Bill of Rights. Monday 7/2/2012 the State Senate and Assembly took a big step towards getting this passed as a bill. “The Assembly, by a vote of 53 to 25, and Senate, 24 to 13, approved the Foreclosure Reduction Act”. This Act aims to help homeowners who are still struggling with homeownership. One of the most impactful things the act does is to limit the bank/lender options of foreclosure while they are exploring options such as principal reductions or loan modifications. 
An encumbrance is a right that burdens or diminishes the value of a property; it impedes it in some way. There are different kinds of encumbrances. Encumbrances can be both financial or non-financial in nature. They can also affect the properties transfer-ability or the property’s use. 
Fannie Mae (FNMA) and Freddie Mac (FHLMC) are on board to play a role in the California Housing Finance Agency’s “Keep Your Home California” program. The whole goal of the program is to reduce the principal balance for homeowners who are underwater on their mortgages. 
In California and across the country, homeowners are doing what’s called “strategic defaulting” on their homes. This means that even though they can afford their mortgage payment, the borrower is so underwater on their home that they intentionally stop making payments and ultimately give their home back to the bank. Does it make sense for folks in these situations to walk away? Another question some folks are asking… Is it morally wrong for borrowers who can afford to continue paying their mortgages to strategically default? 
If you are considering purchasing a second home, you should know that at least 1 presidential candidate is considering dumping the mortgage tax deduction on second homes. Knowing this, every presidential candidate will have to present their plan to “balance the budget.” Looking through the spending lines, the second largest tax expenditure is the mortgage interest deduction line. 
Thursday morning, a $26 billion settlement between the US Governent and America’s five largest banks: Ally Financial, Bank of America, Wells Fargo, JP Morgan, and Citigroup. The bailout includes $5 billion in cash payments, including $1.5 billion allocated for homeowners who were wrongly or illegally foreclosed on between September 2008 and December 2011. 
When families purchase homes, they want to be close to good schools for their children to attend. View the Top 25 High Schools in Los Angeles and search homes for sale nearby. |
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