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 […]
Chapter 7 Bankruptcy Chapter 7 bankruptcy is often a more popular choice for homeowners trying to delay a foreclosure rather than permanently block it. Chapter 7 is called a liquidation bankruptcy because the court might have to sell some of your property (by property, we are referring to more than just your home, basically your […]
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 […]
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 […]
Bank of America Short Sales Bank of America was the first to introduce a new automated system called Equator that it is currently using to process all of it’s short sales of conventional loans (that is all of it’s non-FHA and VA loans) as well as former Countrywide loans which it acquired when it purchased the company. Equator […]
The Federal Housing Administration (FHA) is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to re-enter the market and purchase a home using an FHA insured mortgage in as little as 12 months, according to a mortgage letter released Friday 8/23/13. Currently borrowers who experienced a foreclosure, deed-in-lieu, or short sale must […]
What if the lender wants way too much money for your Short Sale? You owe more on the mortgage than your home is worth and you will get from the sale, so it is a Short Sale. You submit the short sale offer to your lender and the lender says they will not approve the […]
Loan servicers / Lenders will have 30 days to send a borrower a short-sale agreement that includes the list price or acceptable sales proceeds under recent changes made to the Home Affordable Foreclosure Alternatives Program (HAFA), aimed at distressed borrowers who don’t qualify for other government loan modification and foreclosure alternative programs. Once a sales […]
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 […]
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 […]
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