Mortgage virus hits the rich
From Curbed.com blog
By Curbed.com, Friday, May 22, 2009.
SAN FRANCISCO -- The "mortgage virus" has hit more expensive homes in San Francisco and the Bay Area -- around this time last year, there were about 12 months' worth of unsold inventory above $1 million on the market.
Whereas the amount of inventory for cheaper homes has gone down over the past year, it's gone up for those $1 million and above, to almost 19 months' worth now.
The problem: The more well-to-do folks are just now feeling the burn of the credit markets, and may have gone burned through most of whatever was cushioning them from the ravages of the economy. And now that people are trying to unload their expensive homes, with their expensive mortgages and all, no one's around to buy. But this, too, shall pass. Right? Right?
Reposted with permission from Curbed.com. Click here to view original post.
Copyright (c) 2009 Curbed.com LLC
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Submitted by Sean OToole on May 22, 2009 - 9:38am.
We will all soon understand that we never really had a subprime loan problem, and that we still don't really have a foreclosure problem... what we absolutely had was an unprecedented credit bubble that has now created nearly $4 Trillion in excess mortgage debt (not to mention damage in commercial RE, commodities, etc). It will take a while to work through, and will affect everyone, everywhere.
Sean O'Toole
Founder / CEO
ForeclosureRadar.com
ForeclosureTruth.com
Submitted by Marlon T on May 23, 2009 - 3:04am.
The number of foreclosures are rapidly increasing, and banks are overwhelmed with all of the delinquent loans. They are unable to attend to everyone that needs help. Many homeowners who have or are facing having a mortgage in trouble count on loan modification. If you have delinquent payments and meet the requirements you can apply for the Federal Loan Modification program. Requirements are defined – you must be able to prove hardship. You also have to have gotten the mortgage before Jan 1st, 2009. If your mortgage is through Fannie Mae or Freddie Mac, your window of opportunity closes in 2010, if not then you have until 2012 to file an application. If your mortgage or personal loans are in trouble, then you would do well to get assistance with loan modification.