An estimated 2,200 condominium projects nationwide last week lost their eligibility for Federal Housing Administration-guaranteed sales and refinancing. Unless condo officials take action, another 23,000 residential condos with housing units numbering in the tens of thousands will lose their eligibility by spring. That means that buyers of units in these buildings won™t be eligible for […]
All posts by Jason Opland
Should You Stop Making Your Mortgage Payments During A Short Sale?
Should I stop making my mortgage payments? This is a question we are frequently asked by clients who are thinking about doing a short sale, and regrettably this is not a question we can directly answer as we can not advise you to breach your contractual agreement with your lender to pay back the money […]
Luxury Housing Market Gaining Momentum
At first glance, the July Existing Home Sales report was pretty terrible. Sales volume fell to 15-year lows, home supplies jumped 40%, and the press is beating the point to a pulp. (it should be mentioned that Columbus fared far better than much of the rest of the country as our sales volume fell by […]
PNC Short Sale
PNC Mortgage / National City Short Sales – Getting Started The first step to initiating a short sale with PNC Mortgage / National City is to list the home with a Realtor who specializes in short sales and has significant experience with this lender. Your agent will be critical to the success of your transaction and […]
Citi Mortgage / Financial Short Sale
Citi Mortgage / Citi Financial Short Sales – Getting Started The first step to initiating a short sale with Citi Mortgage / Citi Financial is to list the home with a Realtor who specializes in short sales and has significant experience with this lender. Your agent will be critical to the success of your transaction […]
Wells Fargo Short Sale
Wells Fargo Short Sales Out of all of the major banks, Wells Fargo is one of the most efficient when it comes to short sales and the processing and handling of these sales. Wells Fargo is also one of the only banks that actually provides a written short sale time line and on average they are […]
JP Morgan Chase – Short Sale
Chase / EMC / WAMU Short Sales If one company™s short sale process has changed more than any other it would be Chase. Chase™s short sale process hasn™t changed so much in terms of administrative process, but more from a corporate stand point. You see, after Chase acquired Washington Mutual their primary task seemed to […]
7 Things Borrowers Should Know About FHA Loans
Below our readers will find a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA). We have seen home buyer interest in FHA loans […]
Local Foreclosure Listings
Real estate owned or REO is a class of property owned by a lender, typically a bank, and most commonly acquired after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank (negative […]
Figuring the Tax on a Foreclosure or Short Sale
Foreclosures and short sales are treated as the sale of property for tax purposes. Homeowners going through a foreclosure or short sale (pre-foreclosure), will need to calculate their gain or loss for tax purposes, as well as consider any tax that might be due on the forgiveness or cancellation of debt. ** Note the Mortgage […]
