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Ken Lampton's Blog

Life And Real Estate In Dallas' M-Street Neighborhoods

By Ken Lampton | Agent in 75206
  • Foreclosures Concentrated In Five States

    Posted Under: Home Buying in Dallas, Home Selling in Dallas, Foreclosure in Dallas  |  May 24, 2012 12:06 PM  |  617 views  |  No comments


    Map Showing States With High Foreclosures
    Here's an interesting fact I picked up from  Mortgage News Daily on May 23:

    "Five states now account for over 52.4 percent of all foreclosures in the country while accounting for only 32.1 percent of the loans serviced. They are Florida, California, Illinois, New York, and New Jersey."

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    Ken Lampton, RE/MAX About Dallas
    CRS (Certified Residential Specialist)
    CDPE (Certified Distressed Property Expert)
    The Expert on Dallas M-Street / Lakewood Homes
    www.m-street-dallas.com

     

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  • Spike In Foreclosures Is Actually A Good Sign

    Posted Under: Market Conditions in Dallas, Home Selling in Dallas, Foreclosure in Dallas  |  March 22, 2012 6:34 AM  |  624 views  |  2 comments




    Are Foreclosures good For M Streets In Dallas?A new report from Lender Processing Services says more than 230,000 home loans began the foreclosure process in January. This represented a 28% uptick in the rate of foreclosures, compared to December of 2011.

    At first glance this might appear to be devastating news. What we want is fewer foreclosures, right? Well, actually things are not that simple.

    The rate of foreclosures declined drastically in 2011 due to the "robo-signing" scandal. Lenders were found to be using bad procedures in the foreclosure process, and the attornies-general of many states took action to compel the loan-servicing industry to change their practices. Many lenders slowed way down in originating foreclosure proceedings.

    Now that these new procedures are in place, lenders are free to ramp up the pace of foreclosure actions, and they are doing just that.

    Writing at CNBC.com, Diana Olick says "While painful to housing in the short term, moving the huge pipeline of delinquent loans to their inevitable end will help the overall market in the long term. There are nearly 4 million loans now in some stage of delinquency which have not even entered the foreclosure process. Banks are modifying loans more aggressively now, but many of these mortgages simply cannot be saved, and the sooner they are processed and new buyers are found for the properties, the sooner overall home prices can recover."

    More than 40 percent of loans in foreclosure are more than two years past due. Many people who "walked away" from their homes in the summer of 2010 still own those homes! They own them in spite of the fact that they stopped making payments two years ago.

    The residential real estate market cannot fully recover while there is such a huge backlog of homes waiting to be foreclosed. So—povided they use fair and legal procedures—let's cheer on the lending industry while they complete the necessary business at hand.

    To see a discussion of this topic at CNBC, go to
    http://www.cnbc.com/id/46641784.

    -------------------------------------------------------
    Ken Lampton, RE/MAX About Dallas
    CRS (Certified Residential Specialist)
    CDPE (Certified Distressed Property Expert)
    The Expert on Dallas M-Street / Lakewood Homes
    www.m-street-dallas.com

     

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  • Foreclosure Fracus — Robo-signers Beware

    Posted Under: Market Conditions in Dallas, Foreclosure in Dallas  |  October 7, 2010 8:54 AM  |  1,707 views  |  No comments




    The attorney general of Texas has joined the dispute over alleged fraudulent foreclosure practices by the mortgage lending industry.

    Compelling evidence has been accumulated nationwide to demonstrate that lenders are foreclosing on mortgage notes without following all the correct legal procedures. Some folks say the tendency of the banks to cut corners (in order to speed up the foreclosure process) amounts to nothing more than sloppy business practice. According to these folks, when a homeowner stops paying on a legitimate mortgage debt it is only proper that a foreclosure should occur. They see no point in questioning whether the guy who actually does the foreclosing is the exact person who has the legal right to do so.

    Other folks see a dark conspiracy by the lending industry. They claim individual lenders are often unable to produce proper legal evidence that they are the entity that has the legal right to foreclose. It seems banks were sloppy about filling out the correct paperwork when they sold loans to each other and when they bundled them into mortgage backed securities. They were also sloppy about filing all the correct papers in the courthouses. In many cases they are alleged to have backdated papers, falsely notarized signatures, and instructed employees to sign the signatures of their bosses. All this to provide a fraudulent paper trail to prove their right to foreclose on particular properties.

    The tempest has been brewing for at least a couple of years, with many lawsuits filed along the way, but it seems to be about to reach a climax. Three big players in the mortgage lending arena, JP Morgan Chase, Bank of America Corp., and Ally Financial, have recently halted foreclosures in 23 states (where courts have jurisdiction over home foreclosures) in order to take time to defend against allegations of fraudulent business practices.

    On October 4, 2010, Texas Attorney General Jim Abbott asked 30 loan servicers operating in Texas to stop foreclosures pending a review of business practices. Abbott asked for "a halt on all foreclosures, all sales of properties previously foreclosed upon and all evictions of persons residing in previously foreclosed-upon properties." In a letter to the loan servicers he suggested they may have been guilty of violations of the Texas Deceptive Trade Practices Act. Abbott specifically cited the following business practices involving so-called robo-signers:
    1) Signing thousands of documents per month,
    2) Signing documents without reading them,
    3) Signing affidavits which falsely claim personal knowledge of facts,
    4) Signing affidavits which falsely claim the affiant reviewed attached documents,
    5) Notarizing documents prior to signing by the signer,
    6) Notarizing documents when the signer was not present before the notary,
    7) Filing documents with records attached that did not correctly reflect loan payments, charges, and advances.

    Abbott asked the lenders to respond to his request on or before October 15. Many other state attorneys general are taking similar steps.

    On October 6, U.S. Attorney General Eric Holder said the Justice Department would look into media reports that loan servicers improperly used robo-signers to process foreclosure orders.

    Will this lead to a months-long moratorium on foreclosures across the United States? And if so, will the moratorium help or hurt the market for homes?
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    Here are links to blogs and news articles about this topic:

    Attorney General Abbott Calls For A Halt On Foreclosures
    Press Release at website of Texas Attorney General on 10/5/2010

    Justice Dept. Probing Foreclosure Processes
    Article at MSN.com on 10/6/2010

    JPMorgan, Bank of America Face Hydra of Foreclosure Probes
    Bloomberg News article on 10/6/2010

    Robo-signer Played Quiet Role In Huge Number Of Foreclosures
    Washington Post News Article on 9/22/2010

    Amid Mountain Of Paperwork, Shortcuts And Forgeries Mar Foreclosure Process
    Washington Post News Article on 9/22/2010

    Foreclosure Moratorium Would Only Put Off Pain, Housing Analysts Say
    Dallas Morning News article on 10/6/2010

    Judicial Foreclosure Versus Non-Judicial Foreclosure
    23 States practice judicial disclosure; Texas is not one of them

    -------------------------------------------------------
    Ken Lampton, RE/MAX About Dallas
    CRS (Certified Residential Specialist)
    CDPE (Certified Distressed Property Expert)
    The Expert on Dallas M-Street / Lakewood Homes
    www.m-street-dallas.com

  • Foreclosure Prevention Workshop In Dallas On April 24, 2009

    Posted Under: Foreclosure in Dallas  |  April 23, 2009 11:47 AM  |  1,039 views  |  No comments



    Who wants to have his mortgage foreclosed? Nobody that I know!

    To be sure, foreclosures in Dallas have not reached the colossal proportions we see in California, Arizona, Nevada, and Florida. But even one preventable foreclosure is one too many. So arm yourself with information at a workshop on Friday.

    The City of Dallas, Fannie Mae, and North Texas Housing Coalition are sponsoring a foreclosure prevention workshop on Friday, April 24, 2009, from 2 PM until 8 PM.

    The workshop is being held in downtown Dallas in Ballroom A at Dallas Convention Center, 650 South Griffin Street, Dallas, TX 75201.

    For more information call North Texas Housing Coalition at 214-946-3500, ext. 10.

    You should attend if:
    1) you are behind on your mortgage payments.
    2) you want to learn more about home retention programs, and
    3) you would like to speak with HUD-certified counselors.


    The North Texas Housing Coalition is a 501 c 3 non-profit organization made up of over 300 organizations and individuals united by the desire to improve and increase affordable, working class housing in North Texas. Click here to link to their website.

    --------------------------------------------
    Ken Lampton, CRS
    RE/MAX About Dallas
    www.m-street-dallas.com

  • Don't Fall For A Foreclosure Rescue Scam

    Posted Under: Foreclosure in Dallas  |  April 8, 2009 9:28 AM  |  994 views  |  No comments

    You know how it is. There is always a criminal element who will find a way to exploit the latest government programs in order to make a quick buck. Now that so many people are concerned about the possibility that their mortgage might be foreclosed, the crooks have set up elaborate con schemes to separate people from their money. Sadly, if you are about to be foreclosed and you fall for one of these schemes, you will lose your house.

    There are criminals out there who are contacting people (whose homes are listed on foreclosure lists), claiming to be employees working for the new Making Home Affordable program. They are stealing people's identities and they are soliciting advance payments for services they promise to deliver later. In some cases they are persuading people to sign over the deeds on their homes!

    Here's a message from the Making Home Affordable website:

    1) There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
    2) Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
    3) Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
    4) Never submit your mortgage payments to anyone other than your mortgage company without their approval.


    The United States Department of Justice and other federal agencies have partnered with state authorities to track down the criminals who prey upon consumers seeking assistance. Click here to read more about these efforts.

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    Ken Lampton, CRS
    RE/MAX About Dallas
    www.m-street-dallas.com

 
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