Daily Real Estate News | February 25, 2008
Mortgage lenders are going door-to-door in some parts of the country to track down borrowers who are behind on their payments and help them work out a solution.
The bottom line is the average foreclosure costs more than $50,000. It is cheaper and easier to lower the borrower’s interest rate and put them on a repayment plan or sell the home at less than is owed.
Hard to track down, no-contact borrowers, as the industry calls them, are in the majority. From September 2005 to August 2007, 53 percent of the loans backed by Freddie Mac that went into foreclosure involved borrowers who could not be reached.
Wells Fargo estimated that it had no contact with about 30 percent of delinquent home owners who went into foreclosure in 2006. Last year, it began testing envelopes in bold or unusual colors or resembling wedding invitations as a way to get these customers to open their mail.
Source: The Washington Post, Renae Merle (02/17/08)
AREA West Realty Group, llc
Certified Short Sale and Foreclosure Specialist
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Hello! Welcome to my blog. I hope you’ve found it to be helpful. If you are in the market to Buy or Sell a home within the South West Atlanta area, please feel free to give me a call.
I am a local West End resident and specialize in two of the best In Town neighborhoods of Atlanta; Historic West End & Westview. I’m not just saying that we are the best,I have found this to be true- I moved here from East Atlanta! If you are looking for homes reasonably priced, spacious, character filled and a TRUE sense of community within the city- we’re here for you!
For further information about each please view : www.westviewatlanta.com or www.atlantawestend.com contact any of the listed resources for neighborhood information as well as stats on crime, schools , shops. Unfortunately my time is limited to my clients so I am unable to provide any general insight to our community beyond what I list on my blog. However, after reviewing the above sites, and speaking with other residents, I’m sure you’ll come to agree these are great neighborhoods to relocate to and invest in. Also, both communities have leaders that will provide walking tours.
If you are interested in becoming a client- feel free to give me a call 404-414-3289 or email email@example.com to set a time for us to meet. I look forward to working with you!
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A masked gunman held up an Athens, Ga., bank on Thursday, saying that he was only getting his money back after the lender had foreclosed on his home.
The man entered Regions Bank wearing a black ski mask and pointed a handgun at a teller and said, “You took my house, now I’m going to take your money,” according to Athens-Clarke police.
The man fled carrying the money in a bag. The bank plans to review foreclosure records to try to identify the man.
Source: Athens Banner-Herald, Joe Johnson (02/21/08)
I guess he got away………for now…
Daily Real Estate News | February 21, 2008
The declining dollar is making it more expensive for Americans to rent homes in the centers of world commerce.
Rent for a two-bedroom, unfurnished apartment in a neighborhood that residents consider good, but not premium, has escalated about 3 percent to 6 percent in the last year while the dollar has declined a record amount, leaving many renters facing what feels like a 30 percent rental increase.
Here are the top-10 most expensive city housing markets in the world:
Hong Kong, $6,398 a month
Tokyo, Japan, $4,102
New York City, $4,000
Source: Forbes, Matt Woolsey (02/12/2008)
Now, I don’t know where these people live, but when I lived in NY- I did not pay $4000 a month! LOL