March 26, 2010
Last week Bank of America announced that it would reduce mortgage principal balances on a small subset of loans for customers in default. Two days later, the Obama administration announced updates to its Home Affordable Modification Program (HAMP), also an attempt to help underwater homeowners who may be contemplating a strategic mortgage default.
From the Home [...]
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February 10, 2010
The latest Phoenix foreclosure report showed that the Phoenix real estate market seems to be rounding the corner in terms of the number of foreclosures, though I predict a new wave of foreclosures in higher-end markets, like for Scottsdale homes. But given that the number of Phoenix foreclosures is still relatively high, what does that portend for strategic defaults?
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