It depends. The answer below assumes that the loan is not for a corporation, but an individual consumer. State of California allows for non-judicial foreclosure process.

Posted To: MBS Commentary

Though MBS were not quite as thinly traded as treasuries (lowest volume since the first trading day of 2010), the picture wasn't much better. At least that which is at risk on low volume days–volatility due to the trading that actually happens comprising a larger portion of the total–was not present. Quite the opposite in fact, as the the same trend that began to emerge early this afternoon remained intact through the close. In MBS, the 101-07 to 101-10 range covered almost everything since 1030 AM. That's a quiet, boring day. I move a lower trendline down to 3.57 on the 10yr yield to show that we're going out today at an even lower yield level than Friday. So don't let the entire day of slightly worse readings fool you… The net effect for both markets was FLAT. And in the…(read more)

“Underwater” has become the popular term for a mortgage loan that is higher than a home’s current market value. According to a recent New York Times article, as many as 4.5 million Americans find themselves in this predicament.

Are you facing foreclosing or repossession for being unable to afford your mortgage obligations? Unfortunately more people than ever are losing there homes in this current economic climate - please don’t be another statistic. Learn what actions you need to take and who can help now!

Posted To: Voice of Housing

Mr. O’Reilly (December 01, 2009) claims that the “new” root cause of the housing crisis is the (lack of) “jobs, jobs, jobs.” So the solution to the crisis must be (the creation of) “jobs, jobs, jobs.” I agree. But the next question is this: What sort of jobs? Consider a proposal for two, complementary jobs programs. The first is called the “Litter Scattering Brigades.” Workers are paid to strew trash along the nation’s highways. The second jobs program is called the “Litter Gathering Brigades.” Workers are paid to collect the trash strewn on the nation’s highways. The workers of the Scattering Brigade have jobs, and thus can afford a home. The workers of the Gathering Brigade have jobs, and thus can afford a home…(read more)

Many of us must have heard of the term “Hardship Letter” before, but how many actually know what it means and how does one utilize this letter? For your information, a Hardship Letter is a frank letter that is addressed to your creditors in order to postpone or re-negotiate the terms of your mortgage payments when you are unable to service the payments promptly. It is more of a letter that explains the reasons and causes of why you have missed payments, and works as a method to help you find a solution for your predicament with your creditors…

Listen, it is no secret that our economy is going through a rough patch. It just plain sucks! But, this is also a great time to invest in real estate and make huge profits.

Posted To: The Garrett Watts Report

This was the half time scene in Miami last night at Super Bowl XLIV… I am sure many watchers were thinking: Why The Who? Maybe some of us in our 60s and 70s need to be “put out to pasture” or start “whittling wood” on the front porch. However, as a boomer, I was inspired to see these guys still rocking and rolling. I enjoyed the music and hope they keep playing. Peter Townsend will go down as one of most brilliant musical writers of all time. That’s enough about The Who and dating myself. Lets’ talk about secondary market and locking loans. One of the areas we review during our FOCIS-plus Studies is whether a company has a centralized lock process. Centralizing the lock function means all lock requests and confirmations are managed by a “gate keeper”…(read more)

Posted To: MBS Commentary

The market is duller than a Colts victory parade at the moment. We're dealing with a fairly standard issue "calm before the storm" that we often see on a data-limited Monday when the rest of the week contains the more significant events. The supportive trends we began to note in the last post have continued to foster a narrow range of prices with almost perfectly flat directional movement. In other words, the simple existence of a "narrow range" doesn't always mean prices aren't moving. We can see narrow ranges while still moving DIRECTIONALLY. For instance, even on a 16 tick rally, if the subsequent highs and lows are only a tick or two higher than their previous marks, the line on the chart would be fairly smooth yet still be very much higher at the end of…(read more)

Generally, laws differ from one state to another. However, some states have corresponding laws that could help you a lot in dealing with foreclosure.