All Blog Entries by Michael Bang 
Ceo Georgia Foreclosure Inc.
Author - Walk Away, How to Strategically Default on an Underwater Mortgage
www.USAWalkAway.com
There are currently 24 blog entries published by Michael Bang.
BREAKING NEWS
Tuesday, January 10th, 2012 at 3:51pm. 136 Views, 0 Comments.
Fannie Mae CEO Mike Williams to step down due to high pay and high bonuses
Underwater On Your Mortgage? Walk Away
Saturday, January 7th, 2012 at 9:06am. 175 Views, 0 Comments.
As a Consumer Advocate, I'm pleased to see this 60 minute article. If corporations are strategically walking away from property daily because it's noting more than a smart business decision and the banking industry just sees it as a business decision, then why is it not OK for you and I to make the same move?
As I write in my recently published book "Walk Away - How to Strategically Default on an Underwater Mortgage" www.usawalkaway.com its time for individuals to do the same thing.
Remember, a mortgage is nothing more than a contract that says "if I don't pay, you get the house back". That's right, it's already built into your agreement. So it comes down to the "moral" issue. It you own a home that has a $300,000 mortgage on it and it's now only…
Mortgage Principle Forgiveness Is The Answer
Friday, December 30th, 2011 at 3:37pm. 159 Views, 1 Comments.
Over the past two years now, I’ve watched banks continue to take homes from consumers through foreclosure and have been amazed that someone in the industry has not taken a really hard look at how significantly this has paralyzed the housing recovery.
Foreclosing on a property that is under water and then turning it around and selling it for pennies on the dollar has done nothing more than create a deeper and deeper hole. As the bank tries to dump the REO properties for whatever they can get, they cause the comparable sales in neighborhoods to continue to sink. This causes a whole new group of homeowners to become underwater and unable to sell.
This is a vicious circle that has…
FHA/VA Should Reinstate Non Qualifying Assumable Mortgages
Sunday, November 27th, 2011 at 1:26pm. 359 Views, 1 Comments.
Most people do not remember that the country was in a pretty bad recession during the 1980′s. At that time, it was not unheard of to see interest rates for a mortgage be as high as 20%. Back then, I purchased my first home in the late ’80s. The seller was asking $45,000 for a nice 2 bedroom 1.5 bath home, and he had and FHA mortgage in the amount of $43,000.
At that time, all FHA/VA mortgages had a clause that made every mortgage “non qualifying assumable”. This meant that all I had to do was have a real estate agent submit my offer, chose the closing date with a closing attorney and pay the difference and the home was mine. (so it cost me $2,000 dollars to purchase the home).
In 1989, FHA/VA removed that clause and all mortgages became “due on sale”.…
Further Housing Declines Are On The Horizon
Saturday, November 26th, 2011 at 10:07am. 225 Views, 0 Comments.
Housing prices continue to see a steep decline according to the recent 2nd Quarter Data Report from Fitch Ratings (Fitch Ratings is a global rating agency dedicated to providing value beyond the rating through independent and prospective credit opinions, research and data)
While prices declined annually in the second quarter, they posted a 3 percent increase quarterly. Fitch warns this is typical for the second quarter because homebuyers often re-enter the market after the winter. Thus, Fitch does not believe the recent rise is a sign of what’s to come. In fact, prices have not reached bottom, according to a new quarterly home price projection from Fitch, which predicts prices will fall another 13 percent.This decline is…
More Than One in Four Underwater Due To Rising Negative Equity
Wednesday, November 9th, 2011 at 8:12am. 260 Views, 0 Comments.
Should you be contemplating Walking Away from an underwater mortgage? It might be time to look at the reality the housing economy is not only bad, it's going to get worse.
After declining between the first and second quarters of this year, Zillow.com says negative equity rose again in the third, reclaiming all of the previous quarter’s decline and then some. Zillow’s latest market analysis indicates 28.6 percent of American homeowners with a mortgage owed more on the loan than their home was worth as of the end of September. That’s up from 26.8 percent in the second quarter and 28.4 percent in the first quarter.
Dr. Stan Humphries, Zillow’s chief economist, explains that negative equity fell in the second quarter on the basis of sharp improvements…
Under Water Mortgage Help
Friday, October 21st, 2011 at 5:02pm. 130 Views, 0 Comments.
Michael R. Bang, Foreclosure specialist and consumer advocae has just released a new book that is sure to get the pretender lenders talking. Titled "Walk Away - How to strategically default on your under water mortgage", this is a must read no matter your status as a homeowner or if you are in the housing industry. Here is a link to purchase; availabe in softbound, Ebook and PDF format. To review and purchase point your browner to: http://www.fastpencil.com/publications/3175-WALK-AWAY
I HATE TO TELL YOU I TOLD YOU SO
Friday, August 27th, 2010 at 3:35pm. 956 Views, 1 Comments.
Just a quick update to say as far back as a yearago, "I told you so"
From the "horses mouth" that there was nohousing recovery on the way, in spite off all the bankers, mortgage brokers andwall street pundits (let's not forget our own government) saying they could seethe bottom, or see the light at the end of the tunnel.
Hold on to your money ladies and gentleman, thisride has just started. Unemployment hovering around 10% nation wide,temporary agencies saying they are not hiring, the recent extension ofunemployment benefits AGAIN and the Chair of the Federal Reserve (you knowthat's the PRIVATE) corporation that lends money to the government and all thebanking institutions AT INTEREST is saying they are in the "longhaul" points to another downward…
Trans Union Says delinquency is dropping
Wednesday, August 18th, 2010 at 8:06am. 832 Views, 2 Comments.
The following article is directly from DSnews.com. I am providing it as information only. Although TRANS UNION is reporting a drop in foreclosure REPORTING, I personally think we are about to see "round two" of the another bundle of mortgage failures. It is my PERSONAL OPINION, that the banks have stopped foreclosing on properties so that their books will look good to the FEDS until they can deal with the tidal wave that just hit them over the past two years and have a process in place for short sales, cash for keys and "jingle mail" (when an owner just walks away and mails the keys back to the bank) HERE IS THE VERBATIM ARTICLE:
The national mortgage loan delinquency rate – measuring the ratio of borrowers 60 or more days behind on…
Georgia Foreclosures Jump 31% in May,
Thursday, June 10th, 2010 at 7:36am. 1917 Views, 0 Comments.
Georgia takes it's place as the sixth highest in foreclosure rates for the month of May. This marks a jump of 31% over May 2009 and a 1.3% decline from April 2010.
Foreclosures are defined as default notices, scheduled auctions and bank repossessions.
There were 322,920 foreclosure filings, or one for every 400 households, in the United States in May. This was a 0.45 percent rise over May 2009 and a 3.3 percent drop from April 2010.
“The numbers in May continued and confirmed the trends we noticed in April -- overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,” said James J. Saccacio, RealtyTrac CEO, in a statement. “Defaults and scheduled auctions…
BREAKING NEWS
Fannie Mae CEO Mike Williams to step down due to high pay and high bonuses... Add Comment Read MoreUnderwater On Your Mortgage? Walk Away
As a Consumer Advocate, I'm pleased to see this 60 minute article. If corporations are strategically walking away from proper... 3Comments Read MoreMortgage Principle Forgiveness Is The Answer
Over the past two years now, I’ve watched banks continue to take homes fro... 3Comments Read MoreWe're always on the lookout for experienced REO agents to join our growing team.
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