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Featured Article
About 1 in 4 US Q2 home sales a foreclosure-report
NEW YORK (Reuters) - Nearly one in every four U.S. homes sold in the second quarter was a deeply discounted foreclosed house, putting the market on pace to work through distressed properties in about three years, RealtyTrac said.
Banks stepped up foreclosures through the summer and will take over a record 1.2 million homes this year, up from around 1 million last year and about 100,000 in 2005 before the housing bust, according to a forecast from the real estate data company.
Full Article Here
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CONTACT US
Stephen J. Crawford, Esq.
President
Everest Land Title Agency Ltd.
One Chagrin Highlands
2000 Auburn Drive, Suite 200
Beachwood, Ohio 44122
National: (866) 945-4200
scrawford@everestland.com
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About Us
Everest Land manages the settlement of commercial and residential acquisition, disposition, and refinancing activity for banks, developers, life insurance companies, pension funds, Realtors and mortgage bankers. The company issues title insurance policies, creates new sources of fee revenue for mortgage lenders, helps real estate owners and investors reduce the cost of title insurance, and provides clients with state-of-the-art, web-based real estate transaction management systems.
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Greetings!
Welcome to the NE Ohio Real Estate Connect. This bulletin is designed to keep you informed of real estate news, trends and industry fundamentals. Please contact us with topics of interest or suggestions on how we can improve. Sincerely, Stephen J. Crawford, Esq.
President, Everest Land
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News: Founder of Kraftmaid Cabinetry Offers Luxurious Local Estate at Auction
Kraftmaid Cabinetry founder and well-known collector Richard Moodie has retained Sheila Rosen-Schiff of Rosen & Company, Inc. to sell, by auction, Moodie's Famed 7.5 acre Estate, in Moreland Hills, Ohio, adjoining the Chagrin Valley Country Club.
Dubbed "Casa De Kraftmaid" by Moodie's employees at Kraftmaid, Moodie oversaw ten years of construction, much of it by the Amish tradesmen whose unsurpassed wood-working abilities distinguish Kraftmaid cabinets. The estate includes 17,000+ sq. feet of resort-quality property, a 16 seat movie theater, 2,000 sq. ft. fitness wing complete with locker room, sauna, steam bath, and tanning/massage suites, and an 8,000 sq. ft. pool and spa area, complete with a fire pit and stocked fishing pond.
The auction will be held on Saturday, October 30, 2010.
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News: 8.6 M Affordable Housing Deal Opens in Akron
A neighborhood development group is opening an $8.6 million affordable-housing development in eastern Akron.
The East Akron Neighborhood Development Corp. and the NRP Group, a Cleveland developer, have completed work on Washington Homes, 34 town homes on 3.5 acres off Massillon Road -- the former site of a facility where blimps were built for the U.S. Department of Defense in the 1920s. Residents will be screened based on income and family size.
Full Article Here
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Trends: Regulator says banks slow to buy back bad loans
WASHINGTON -- The nation's largest banks have an obligation to pay some of the cost for bailing out mortgage buyers Fannie Mae and Freddie Mac because they sold them bad mortgages, a government regulator said Wednesday.
Edward DeMarco, the acting director for the Federal Housing Finance Agency, said the banks this summer have refused to take back $11 billion in bad loans sold to the two government-controlled companies, in written testimony submitted for a House subcommittee hearing. A third of those requests have been outstanding for at least three months.
Full Article Here
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Fundamentals: Recent Forclosure Moratoriums and Lender Best Practices
Mountains of forged signatures and fraudulent affidavits have compromised judicial foreclosures all over the country. Several states have suspended foreclosures by specific large lenders and at least one state has suspended all foreclosures. Moratoriums are compromising the legal rights of all lenders, not just those who have forged, faked, and defrauded. See Flawed Paperwork Aggravates a Foreclosure Crisis. On October 6, Attorney General Richard Cordray filed suit against three major lenders. See Ohio Attorney General Files Suit Against GMAC for Improper Forclosure Filings.
Signing a judicial filing, such as a debt affidavit, is a legally significant act, and the law requires personal knowledge of facts relating to a borrower's default. Lenders should ensure anyone signing an affidavit has actual knowlesge of the loan, and that the mortgage has not been assigned or pledged before initiating foreclosure proceedings. Look at the mortgage and note to verify names, figures, properties and parties. Finally, secure title and legal counsel that you trust. A good review of title, and thorough legal counsel may be able to catch any oversights or discrepancies.
If you have questions about this or other issues, please contact the author, Attorney Emily Honsa, at ejhonsa@everestland.com or by phone at 330-569-4477.
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Want More?
If you would like to receive monthly clippings of all Plain Dealer and Crain's articles touching on real estate, just drop me a line at scrawford@everestland.com and we will add you to our email distribution list.
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