Strategic Default and Walk Away from that Albatross of a Mortgage – Strategic Default increased by 68 Times from 2005 to 2008 in California. The Economic Psychology of Walking Away and is a 200 Point Drop in Your Credit Score Worth Holding Onto a Property?
As the stigma wears away and more Americans find themselves with unmanageable housing payments, many are making the conscious decision to walk away from their mortgage. What occurs in a walk away, as opposed to a standard foreclosure, is the borrower is making a business decision to stop making their housing payment. Now this compares [...]
The Option ARM Day of Reckoning for California is Here: 60-Month Window Opens for $134 Billion in Recasts. Why Option ARMs will hit Mid to Upper Priced Homes.
The day of option ARM reckoning is now here. The 60-month window on many of these loans is now over and we are going to enter the first major waves of recasts. In the next two years $134 billion in option ARMs will hit their first recast. This might seem like a tiny amount given [...]
California Notice of Defaults hit Record in 2009: Approximately 476,000 Notice of Defaults but Foreclosures Fell. HAMP Most Active in California. Approximately 5,900 Permanent HAMP Mods in California.
California is at the center of the foreclosure wave. Of the 306,000 foreclosure filings in November 23 percent hit in California. You cannot talk about housing distress without looking at the state of California. The California housing market will be in a slump for many years and there are a variety of reasons why California [...]