A lingering recession has caused some tough conditions for area golf courses throughout the valley financially, primarily due to the loss of golf members. Scottsdale country clubs have cut membership costs and opened their courses to non-resident players. Golfers are trading down luxury golf to more affordable courses.
Read more: http://kathleeninarizona.com/archive_details.php?arch=779
Tuesday, January 19, 2010
Monday, January 18, 2010
What Happens after Foreclosure?
What Happens After Foreclosure?
January 11, 2010 by Ilyce R. Glink
Summary: What happens to your credit after foreclosure? Millions of Americans have already gone through foreclosure or are facing foreclosure proceedings. How do you recover from foreclosure Your credit score will definitely take a substantial hit, and that will take a long time to recover from. It may be several years before your credit recovers and you can get financing for a new mortgage. While you are waiting, take the time to rebuild your credit score after foreclosure.
Read entire article:
http://kathleeninarizona.com/archive_details.php?arch=774
January 11, 2010 by Ilyce R. Glink
Summary: What happens to your credit after foreclosure? Millions of Americans have already gone through foreclosure or are facing foreclosure proceedings. How do you recover from foreclosure Your credit score will definitely take a substantial hit, and that will take a long time to recover from. It may be several years before your credit recovers and you can get financing for a new mortgage. While you are waiting, take the time to rebuild your credit score after foreclosure.
Read entire article:
http://kathleeninarizona.com/archive_details.php?arch=774
Saturday, January 16, 2010
Short Sale Fraud - Second lien holders asking to be paid off the HUD settlement statement
In order for a short sale with two loans to happen, the second lien holder has to drop the lien.
If they don't, and there's no short sale, the home goes to foreclosure and the first lien holder gets the house because second liens are subordinated debt to the primary loan.
In short, the second lien holder gets nothing. In order to get the second lien holder to drop the lien, the first lien holder generally negotiates some partial payment to the second lien holder. The second lien holder doesn't have to agree, but more and more are doing so.
That's all legal.
But here's what's not legal and what's apparently happening quite often recently. Since many second lien holders are getting very little, they are now allegedly requesting money on the side from either real estate agents or the buyers in the short sale. When I say "on the side," I mean in cash, off the HUD settlement statements, so the first lien holder doesn't see it.
"They are pretty clear and pretty upfront about the fact that if the first lender knows they are getting paid, the first lender will kill the short sale," says Brandt. "So these second lenders are asking for the payments off the closing documents, off the HUD statement, usually in a cashiers check prior to closing. Once they receive that payment, they will allow the short sale to go through, which according to RESPA laws and the lawyers that we have spoken to on the topic is not legal."
Read the entire story by Diana Olick:
http://kathleeninarizona.com/archive_details.php?arch=771
If they don't, and there's no short sale, the home goes to foreclosure and the first lien holder gets the house because second liens are subordinated debt to the primary loan.
In short, the second lien holder gets nothing. In order to get the second lien holder to drop the lien, the first lien holder generally negotiates some partial payment to the second lien holder. The second lien holder doesn't have to agree, but more and more are doing so.
That's all legal.
But here's what's not legal and what's apparently happening quite often recently. Since many second lien holders are getting very little, they are now allegedly requesting money on the side from either real estate agents or the buyers in the short sale. When I say "on the side," I mean in cash, off the HUD settlement statements, so the first lien holder doesn't see it.
"They are pretty clear and pretty upfront about the fact that if the first lender knows they are getting paid, the first lender will kill the short sale," says Brandt. "So these second lenders are asking for the payments off the closing documents, off the HUD statement, usually in a cashiers check prior to closing. Once they receive that payment, they will allow the short sale to go through, which according to RESPA laws and the lawyers that we have spoken to on the topic is not legal."
Read the entire story by Diana Olick:
http://kathleeninarizona.com/archive_details.php?arch=771
Highest Foreclosure Rates by State
Foreclosure Rates
Foreclosure filings, defined as a default notice, bank repossession or auction sale notice, were up almost 14 percent in December 2009 from the previous month, and showed an 15-percent increase from a year ago, according to Realty Trac's U.S. Foreclosure Market Report. In December 2009, one in every 366 households in the country had received a foreclosure filing.
1. Nevada
Rate: One in every 94 households
2. Arizona
Rate: One in every 132 households
3. Florida
Rate: One in every 158 households
4. Idaho
Rate: One in every 159 households
5. California
Rate: One in every 165
6. Utah
Rate: One in every 200 households
7. Michigan
Rate: One in every 225 households
8. Illinois
Rate: One in every 294 households
9. Georgia
Rate: 1 in every
10. Hawaii
Rate: 1 in every 330 households
Foreclosure filings, defined as a default notice, bank repossession or auction sale notice, were up almost 14 percent in December 2009 from the previous month, and showed an 15-percent increase from a year ago, according to Realty Trac's U.S. Foreclosure Market Report. In December 2009, one in every 366 households in the country had received a foreclosure filing.
1. Nevada
Rate: One in every 94 households
2. Arizona
Rate: One in every 132 households
3. Florida
Rate: One in every 158 households
4. Idaho
Rate: One in every 159 households
5. California
Rate: One in every 165
6. Utah
Rate: One in every 200 households
7. Michigan
Rate: One in every 225 households
8. Illinois
Rate: One in every 294 households
9. Georgia
Rate: 1 in every
10. Hawaii
Rate: 1 in every 330 households
Tuesday, December 1, 2009
Real Estate Housing Market Predictions for 2010
All I want for Christmas is a crystal ball this year. When I hear reports that the housing market has hit bottom, or that the market is on its way up I start to feel a sense of hope just like everyone else. Unfortunately, there are so many other factors that I look at every time I hear this news. Such as:
Mortgage Delinquencies, The Shadow Market, Unemployment rates, Success rate of loan modifications, Number of Pending Foreclosures, Guidelines for Mortgage products, Mortgage Interest Rates, and the big one --HOW many people are willing to ride out this wave and not just walk away from their home(s) next year?
Here are my recent concerns:
-November reported the highest number of mortgage delinquencies in history.
-Pending Foreclosures are on the rise.
-Daily increases in Bank Owned inventory has started to hit the market.
-Reports of between 40% - 63.5% is the average negative equity in the Phoenix area.
-High unemployment rates and decreased pay for those that have jobs.
-Number of Individuals that can qualify for a mortgage
My wish this holiday season, is that everyone be blessed with much health and strength so we can work very hard together in preserving Homeownership.
Mortgage Delinquencies, The Shadow Market, Unemployment rates, Success rate of loan modifications, Number of Pending Foreclosures, Guidelines for Mortgage products, Mortgage Interest Rates, and the big one --HOW many people are willing to ride out this wave and not just walk away from their home(s) next year?
Here are my recent concerns:
-November reported the highest number of mortgage delinquencies in history.
-Pending Foreclosures are on the rise.
-Daily increases in Bank Owned inventory has started to hit the market.
-Reports of between 40% - 63.5% is the average negative equity in the Phoenix area.
-High unemployment rates and decreased pay for those that have jobs.
-Number of Individuals that can qualify for a mortgage
My wish this holiday season, is that everyone be blessed with much health and strength so we can work very hard together in preserving Homeownership.
Monday, November 30, 2009
Mortgage Delinquencies hit record high
According to the Mortgage Bankers Association survey, November reached the highest level of mortgage delinquencies in history. Job losses seem to be contributing to the rise of mortgage payment delinquencies. Read more: http://kathleeninarizona.com/archive_details.php?arch=742. It is no surprise that 4.5% of US Homes are in foreclusre today.
Another factor to consider; approximately 15 million homeowners are underwater and want to just "walk away" and are doing it. Many are burdened by too much debt, changes in employment, and just don't qualify for a loan modification. The newest plan that just came out is a "Deed in lieu of lease". How does this new plan help preserve homeownership? Read more: http://kathleeninarizona.com/lease-f26628.html
Is it not our goal to help Americans PRESERVE HOMEOWNERSHIP?
Another factor to consider; approximately 15 million homeowners are underwater and want to just "walk away" and are doing it. Many are burdened by too much debt, changes in employment, and just don't qualify for a loan modification. The newest plan that just came out is a "Deed in lieu of lease". How does this new plan help preserve homeownership? Read more: http://kathleeninarizona.com/lease-f26628.html
Is it not our goal to help Americans PRESERVE HOMEOWNERSHIP?
Friday, November 6, 2009
New bill to be signed by President Obama to extend first-time homebuyer credit
GOOD NEWS!!
A new bill is waiting for President Obama's signature to extend the first-time home buyer credit, increase the income limit to $125k for an individual and $225k combined for a married couple. The bill will also add a new credit of $6,500 for existing buyers that have lived in their current home for at least five years.
Read the entire article:
http://kathleeninarizona.com/archive_details.php?arch=737
A new bill is waiting for President Obama's signature to extend the first-time home buyer credit, increase the income limit to $125k for an individual and $225k combined for a married couple. The bill will also add a new credit of $6,500 for existing buyers that have lived in their current home for at least five years.
Read the entire article:
http://kathleeninarizona.com/archive_details.php?arch=737
Friday, October 23, 2009
Anthem Country Club Home JUST LISTED $220k
ANTHEM COUNTRY CLUB $220k 2 brdm+Den, 2 Bath, Gently lived in, second home for owner in the ANTHEM COUNTRY CLUB beautifully decorated, furnishings available by separate bill of sale. Located on a private cul-de-sac, desert wash on north and east side of property. Enjoy views of Daisy Mountain from covered patio. Call 623-776-6217 to view this home. See more at http://2140wvalhallact.com/
Tuesday, October 20, 2009
Kathleen Mazzocco and Anthem, AZ featured on HGTV House Hunters tonight
Anthem, AZ and Kathleen Mazzocco, Realtor are featured on HGTV House Hunters tonight.
Kim & John Bojonny relocate from Maryland to Phoenix, AZ. Check your local listings for time.
Read the article published in the Images Magazine about the making of the show:
http://www.kathleeninarizona.com/archive_details.php?arch=717
View show highlights.
http://www.kathleeninarizona.com/hgtv-c11568.html
Which home do you think the couple from Maryland will choose?
Kim & John Bojonny relocate from Maryland to Phoenix, AZ. Check your local listings for time.
Read the article published in the Images Magazine about the making of the show:
http://www.kathleeninarizona.com/archive_details.php?arch=717
View show highlights.
http://www.kathleeninarizona.com/hgtv-c11568.html
Which home do you think the couple from Maryland will choose?
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About Kathleen Mazzocco
- Kathleen Mazzocco, Realtor in Anthem, AZ Relocation to Scottsdale, AZ
- Scottsdale, AZ, United States
- Kathleen has worked with a variety of clients and employees from across and outside of the country, and this has given her a firm grasp of all the details that need to be considered when buying a home in Scottsdale, Anthem, or other areas of Phoenix, Arizona. Kathleen is a AZ Corporate Relocation Professional, and Buyer's Agent. She doesn't just help you find the home you want, she also insures that you're settling in well and that you have all the information you need in order to enjoy the highest-quality lifestyle Arizona has to offer. Begin your plan moving to Arizona with Kathleen today. It's a buyer's market right now, so there are great opportunities for you to land the home of your dreams for much less than you ever imagined possible. Acquiring property foreclosures, short sales, and bank owned homes are ways you can save in today's market. As Certified Distressed Professional she can negotiate the best possible price and terms for you. Please browse through Kathleen's website and let Kathleen Mazzocco help you come home to Arizona,search the newest home listings at www.KathleenInAZ.com.