For homeowners who have been unsuccessful in negotiating a loan modification, there generally remains two other options – a short sale or foreclosure. While a foreclosure involves the bank taking possession of the mortgaged property back through a legal process by which the owner forfeits all rights to the property leaving the mortgagor (aka the […]
If you’re having trouble making your mortgage payments and have already missed a couple of payments (or if you’re contemplating a strategic default), you may be wondering how long you’ll be able to stay in your home before the bank can repossess it. Before we dive into this topic I want to make it clear that FORECLOSURE […]
With many Americans still facing the very real threat of foreclosure, many are looking for ways to avoid it. One option, and a topic that has garnered a lot of industry interest, is a real estate short sale. Short Sales have become an increasingly popular, and common foreclosure avoidance tactic for homeowners but what are […]
If you are the holder of a FHA mortgage and if you’re currently having trouble making your monthly mortgage payment, or one who is already in default, you’ll be happy to learn that FHA short sales are some of the easiest to process. The reason FHA short sales tend to be easier than conventional short […]
A short sale in real estate occurs when the outstanding obligations (including all loans, lines of credit, etc.) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid bankruptcy or foreclosure proceeding by convincing the bank to accept a discounted payoff, meaning the […]
After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers: Ally/GMAC Bank of America Citi JPMorgan Chase Wells Fargo As has been reported the settlement will provide as much as $25 billion in relief to distressed […]
Roughly forty percent of the homes offered for sale in today’s market are short sales and foreclosures! Distressed properties are well known for their value, but they also have a reputation for transactional snafus, last-minute surprises and long, drawn-out escrows are just a few of the issues buyers are likely to face. While many inexperienced agents advise avoiding […]
Q. What are my options as a home seller when my property is in or heading toward default (foreclosure)? A. In the event that you have been delinquent in paying your mortgage or anticipate that you will not be able to make payments moving forward, your options will vary based upon several factors or variables […]
Making Home Affordable Plan Expanded – Adminstration Pushes Short SalesThe Obama administration is encouraging troubled borrowers who don’t qualify for loan modifications or can’t keep up payments on a modified loan to pursue a short sale in order to avoid foreclosure. While the main thrust of the administration’s Making Home Affordableinitiative remains loan modifications and […]
Buying a short sale, foreclosure or bank-owned property (REO) is an appealing option for buyers looking for a deal, and those trying to stretch their dollars and get more home for their money. Searching for a short sale, foreclosure, or bank-owned property (REO) can however be difficult and maddeningly frustrating as short sale listings are […]
Follow Us
Follow Us
