• Click Here to Subscribe to Email updates

  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
  • RSS Colonial Williamsburg News

    • An error has occurred; the feed is probably down. Try again later.
  • Flickr Photos

  • Advertisements

26 Billion Dollar Foreclosure Settlement

Mortgage foreclosure settlement

In a historic deal after repeated delays and over a year of negotiations, the Justice Department, U.S. Department of Housing and Urban Development, and 49 state attorneys general has finalized a $26 billion civil settlement with five of the largest mortgage lenders for wrongful foreclosures through robo-signing wherein homes were foreclosed upon without human review or proper paperwork. Participating banks include Bank of America, Wells Fargo, JPMorgan Chase, Citigroup Financial and Ally Financial.

Virginian and home borrowers in the state will receive about $479.6 million in relief from the $25 billion settlement between states and five mortgage lenders over foreclosure abuses.

VA Attorney General Ken Cuccinelli says the banks will make cash payments totaling more than $31 million to Virginians who experienced foreclosure abuses from Jan. 1, 2008 to Dec. 31, 2011.

Under the agreement, the banks also will modify loan terms and provide other relief to Virginia home borrowers. Cuccinelli says this relief totals more than $409 million.

The banks will pay the state more than $69.6 million.

The banks are Bank of America, JPMorgan, Chase, Wells Fargo, Citigroup and Ally Financial.

Several states were hesitant to sign on as there was a lack of clarity as to how the settlement would shake out and if each state was getting their proportionately fair share, and until New York, Nevada and California finally signed on today, the settlement looked to be much smaller than the final $26 billion. Oklahoma was the lone state that declared the settlement to be insufficient and refused to sign on – it is possible that they will continue pursuing a separate civil lawsuit against the banks to best serve wrongful foreclosure victims in their state.

“We are using this opportunity to fix a broken system,” said U.S. Attorney General Eric Holder at a news conference this morning. Most of the settlement will go to underwater homeowners for the next three years, with a strong emphasis and better incentives for relief in 2012.

Breakdown of settlement funds

The largest portion will go toward reducing the principal on underwater or delinquent mortgages, ranging from $17 billion $34 billion. Officials note this portion will help up to one million current homeowners which at the $17 billion pace could mean an average principal reduction of $17,000. Most note, however, that the majority of underwater homeowners would still not be able to afford payments, even with a $17,000 reduction, so the one million mark, like other recent programs, may come up short.

Various programs are in place to help homeowners to obtain permanent mortgage modifications at lower rates, but this settlement adds up to $3 billion more relief, offering lower rates to current homeowners without principal reductions. As rates are currently at historic lows, this could provide mortgage savings nationwide.

The only relief to wronged homeowners comes in the form of $1.5 billion set aside for homeowners whose homes were wrongly foreclosed upon between 2008 and 2011, offering up to $2,000 per homeowner. Given the intention of the settlement being to make things right after illegal foreclosures, the amount set aside for people who were wronged appears to be disproportionate and was a massive point of contention for select states’ attorneys general, but it appears the needs of the few were sacrificed for the many.

A total of $5 billion will be paid to states, some of which will be offered to foreclosure victims, most of which will likely go to currently underwater borrowers to keep them in their homes.

According to CoreLogic, 11 million underwater mortgages and 1.5 million borrowers who are at least 90 days late on their mortgage payments. The settlement funds seek to slow the hemorrhaging of foreclosures.

SEARCH FOR FORECLOSURES IN HAMPTON ROADS AND WILLIAMSBURG ON THIS WEBSITE

To search by  city or county, click on the links below. These are preset searches where you bank owned / REO  foreclosures in those areas. No registration needed and no charge to access.

Foreclosure Lists:

VA_Beach_Foreclosures ,Chesapeake_Foreclosures ,Yorktown_Foreclosures

Suffolk_Foreclosures ,Isle_of_Wight_Foreclosures ,Norfolk_Foreclosures

Hampton_Newport_News_Foreclosures ,Williamsburg_Foreclosures

Smithfield_Foreclosures ,Poquoson_Foreclosures

 

Like what you are reading ? Want to receive updates by email in the future ? Sign up here  banner psst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com  and Mr Williamsburg.com were created as a resource for folks who are exploring a move to  Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities,   condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New KentPoquoson, and Gloucester, VA as well as surrounding markets of Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

You can reach John by email John@MrWilliamsburg.com or phone @  757-254-8136

Advertisements

CoreLogic Reports Decrease of 24 Percent In Completed Foreclosures Nationally from One Year Ago

imageCoreLogic  a leading provider of information, analytics and business services, today released its first national Foreclosure Report which provides monthly data on completed foreclosures, foreclosure inventory and delinquency rates. Completed foreclosures for all of 2011 totaled 830,000 compared with 1.1 million in 2010. In December 2011 there was a month-over-month decrease in completed foreclosures to 55,000 from 57,000 in November 2011.  The December 2011 completed foreclosures figure was also down from one year ago when it stood at 67,000. From the start of the financial crisis in September 2008, there have been approximately 3.2 million completed foreclosures.

The new data shows that nationally 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the foreclosure inventory as of December 2011. The foreclosure inventory is the stock of homes in the foreclosure process.  A property moves into the foreclosure inventory when the mortgage servicer places the property into the foreclosure process after serious delinquency is reached and remains there until the foreclosure is completed.  The foreclosure inventory is measured only against homes with an outstanding mortgage, rather than against all homes. Nationwide, roughly one-third of homeowners own their homes outright.

Nationally, the number of loans in the foreclosure inventory decreased 8.4 percent in December 2011 compared to December 2010, a decline of 130,000 properties nationwide.  The number of loans in the foreclosure inventory decreased by 5.3* percent in November 2011 compared to November 2010 as well.

The share of borrowers nationally that were 90 days or more delinquent on their mortgage payments, classified as seriously delinquent, improved to 7.3 percent in December 2011 compared to 7.8 percent in December 2010.

“The inventory of foreclosed properties has begun to shrink, and the pace at which properties are entering foreclosure is slowing. While foreclosure filings are being curtailed by a variety of judicial and regulatory constraints, mortgage servicers are completing REO sales faster than they are completing foreclosures,” said Mark Fleming, chief economist with CoreLogic. “This is the first time in a year that REO sales have outpaced completed foreclosures, and part of the reason for the decrease in the foreclosure inventory.”

image

Highlights as of December 2011

  • In the report Virginia ranks 39th out of 50 states with only 1.5% foreclosure inventory
  • The five states with the highest foreclosure inventory were: Florida (11.9 percent), New Jersey (6.4 percent), Illinois (5.4 percent), Nevada (5.3 percent) and New York (4.6 percent).
  • The five states with the lowest foreclosure inventory were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.0 percent) and Washington (1.3 percent).
  • Of the top 100 markets, measured by Core Based Statistical Areas (CBSAs) population, 34 are showing an increase in the foreclosure inventory in December 2011 compared to a year ago, an improvement from November 2011 when 46* of the top CBSAs were showing an increase in the foreclosure inventory compared to a year ago. 

 

SEARCH FOR FORECLOSURES IN HAMPTON ROADS AND WILLIAMSBURG ON THIS WEBSITE

To search by  city or county, click on the links below. These are preset searches where you bank owned / REO  foreclosures in those areas. No registration needed and no charge to access.

Foreclosure Lists:

VA_Beach_Foreclosures ,Chesapeake_Foreclosures ,Yorktown_Foreclosures

Suffolk_Foreclosures ,Isle_of_Wight_Foreclosures ,Norfolk_Foreclosures

Hampton_Newport_News_Foreclosures ,Williamsburg_Foreclosures

Smithfield_Foreclosures ,Poquoson_Foreclosures

.

Like what you are reading ? Want to receive updates by email in the future ? Sign up here  banner psst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com  and Mr Williamsburg.com were created as a resource for folks who are exploring a move to  Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities,   condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New KentPoquoson, and Gloucester, VA as well as surrounding markets of Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

You can reach John by email John@MrWilliamsburg.com
or phone @  757-254-8136

Special Offers On Bank Owned Homes in Williamsburg and Hampton Roads Va

imageHomeSteps, the Freddie Mac real estate sales unit, kicked off a sales promotion this week to unload some of its inventory of lender owned foreclosed homes in Virginia and a number of other states.

The Winter Sales Promotion for owner-occupant buyers includes:

  • Paying up to 3 percent of the final sales price toward the buyer’s closing costs for initial offers received between Nov. 15 and Jan. 31, 2012. You must close on the property on or before March 15, 2012, to qualify. 
  • Two-year Home Protect limited home warranty, which covers such things as the heating, air conditioning, electrical, plumbing, and other major systems
    and appliances. You can read the warranty info

You can search for bank owned homes in Williamsburg and Hampton Roads VA here

Or sign up to get our current local listings emailed directly to you on a weekly basis or as they become available in your area here , simply but bank owned homes in the comment field.

NOTE: There is no charge for these bank owned/ REO/ Foreclosed home lists

 

Like what you are reading ? Want to receive updates by email in the future ? Sign up here  banner If you hadn’t guessed I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home.
This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com  and Mr Williamsburg.com were created as a resource for folks who are exploring a move to  Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities,   condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New KentPoquoson, and Gloucester, VA as well as surrounding markets of Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

You can reach John by email John@MrWilliamsburg.com or phone @  757-254-8136

Can’t Make Your Mortgage Payments ? Know Your Options.com

Fannie Mae has launched a new website,  KnowYourOptions.com, an online resource that outlines the available options to homeowners who are struggling with their mortgage payments.

The online resource, which offers reliable and easy-to-understand information in both English and Spanish, expands on Fannie Mae’s ongoing efforts to help struggling borrowers find alternatives to foreclosure. Key features of KnowYourOptions.com include:

  • an interactive Options Finder to help homeowners identify options that might be right for their situation;
  • calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
  • videos featuring real homeowners discussing how they received help and housing counselors providing advice;
  • next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor.

KnowYourOptions.com provides homeowners who are having trouble paying or recognize they can no longer afford their mortgages with detailed information on 

  • refinancing, 
  • repayment plans, 
  • forbearance, 
  • loan modifications, 
  • Deed-for-Lease
  • short sales, 
  • deeds-in-lieu; and more

As Certified Distressed Property Expert’s we can identify all possible options and, when possible, assist you in the quick execution of a short sale transaction.

Please feel free to give us a call anytime at 757 254 8136 or send us an email at John@MrWilliamsburg.com   and we will be happy to discuss your options with you.

cdpe-logo

Another Ford’s Colony/ Realtec Foreclosure

Another property owned by Realtec/ Ford’s Colony has been advertised as a foreclosure sale. This property fronts on Centerville Rd and is adjacent to the Westport Community that is under development by Realtec.

The property is approximately 22 acres and is currently zoned A1. It lies outside of the PSA district so rezoning would be difficult although it could possibly be subdivided into 3 acre lots.

The sale is scheduled for August 27, 2009 at the James City County Courthouse.

Realtec paid $895,000 for the land in November of 2005.

A recent search of properties owned by Realtec/ Ford’s Colony revealed they own at least 92 different parcels. Their most recent purchase of land was the  parcel on News Rd which they paid $6,000,000 for in August 2007. This is where the controversial  Retirement Community “ Village at Ford’s Colony “ is to be built.

Aerial Map of Auctioned land

Email John@MrWilliamsburg.com for a current list of foreclosed and or short sale homes for sale in Williamsburg or Hampton Roads VA

This post was authored by local resident and REALTOR, John Womeldorf.  John is known around town as Mr. Williamsburg, for both his extensive knowledge of the historic triangle, and his expertise in the local real estate market.  His websites, www.WilliamsburgsRealEstate.com  and   www.MrWilliamsburg.com, were created as a comprehensive resource about living in Williamsburg, with the hopes of selling a house now and again.  You can reach him at 757.254.8136 or John@MrWilliamsburg.com.

Williamsburg VA Foreclosures

New Foreclosure, Williamsburg VA, Wellington Neighborhood, 5 Bedrooms, 3100 + square feet, Brick. Built in 2004. The Wellington community has a community pool opening this year.

CUSTOM WELL MAINTAINED HOME ON LARGE CORNER LOT. CIRCULAR DRIVEWAY,SIDE LOAD GARAGE, 16X20 DECK/ENCLOSED UNDER FOR GREAT STORAGE. 280 FT WELL FOR INGROUND SPRINKLER & OUTDOOR WATER USE. EXTENSIVE LANDSCAPING,LARGE OPEN FLOOR PLAN,5TH BEDRM OVER GARAGE CAN BE USED AS A BONUS OR MEDIA ROOM. $134 A SQFT. GREAT OPPORTUNITY.

Call or email for further information on this or all other foreclosures, short sales and REO in the Williamsburg, Hampton Roads Areas of Virginia

mrwmbglogo.jpeg

Foreclosures/ REO – Williamsburg VA

Coming soon. Not yet listed. Williamsburg VA Foreclosures/ REO/ Short Sales, James City County VA/ York County , VA.

Address:  LOW RIDGE, WILLIAMSBURG, VA, Penniman East, almost 2000 square feet, 4 bedroom, 2.5 bath, built in 2001, priced below $240k

____________________________________________________

Address:  SMALLPAGE TR, Pointe at Jamestown, WILLIAMSBURG, VA
     4 bedrooms, 3.5 baths,   Price: 324,880.00

____________________________________________________

Address:  QUEEN BISHOP LN, WILLIAMSBURG, VA, Off of Jamestown Rd

3 Bedroom with loft, very open floor plan, Lake Powell Point, Built in 2004, located on a cul de sac. Price TBD

____________________________________________________

For further information on any of these properties or updates on foreclosures/ REO’s in the Williamsburg or greater Hampton Roads, VA. area contact John Womeldorf     John@MrWilliamsburg.com  or on his website www.MrWilliamsburg.com

mrwmbglogo.jpeg

John Womeldorf is Mr. Williamsburg, sharing his thoughts, real estate expertise, and “all things Williamsburg” in an effort to spread the word that Williamsburg and Hampton Roads, Virginia is the greatest place on earth to live!

This informational update provided by Mr Williamsburg.com/ John Womeldorf . A local Realtor assisting home buyers and sellers in the Hampton Roads and Williamsburg areas of Virginia.

Research the area at www.WilliamsburgsRealEstate.com

Ask any questions about homes, neighborhoods, schools, amenities, recreation , shopping or anything else about the area.

Search Homes for Sale

Click here to Search all homes, town homes, condos and building lots for sale in Williamsburg, James City, New Kent, York, Gloucester, Charles City Virginia

Click here to search all homes, town homes, condos and building lots for sale in Va Beach, Norfolk, Chesapeake, Isle of Wight, Portsmouth,Franklin, Sussex, Southhampton, Emporia, Greenville, Mathews, Suffolk, Surry, Smithfield, Newport News, Hampton , Poquoson, Gloucester or York County VA