Are you “sdrawkcab” in your mortgage? Being backwards or upside-down in a mortgage is a simple reality in today’s market for many people. With the boom, high risk loans and weakly founded appraisals at an end coupled with the economy many homeowners are in the same boat looking at negative equity. If you’re not going …
Foreclosures & Short Sales
Hurdles In Short Sale Transactions
Are you an agent looking to do a short sale or in the middle of one now? Or are you a seller looking to do a short sale on your property? No matter the case the short sale process can be done although difficult at times but it can also go as smooth as to …
Short Sale & Foreclosures
In a market of increased homes on the market that are in the process of foreclosure, or that have been foreclosed already, REALTORS® are dealing with more and more properties needing unique marketing. In some of these transactions, the seller does not have sufficient equity to sell the property without coming to closing with additional …
Citigroup Receives Bailout
Making headlines is yet another bailout for the financial industry. U.S stock markets opened higher today as news of the Citigroup bailout plan traveled. The U.S government announced Sunday a rescue package for Citigroup, the parent company of Citibank that would inject another $20 billion on top of the previous $25 billion that was part …
Fannie Mae To Suspend Foreclosures
I just read an article released yesterday that Fannie Mae will suspend foreclosures until January 2009 while the streamlined modification program is implemented. The streamlined modification program was announced November 11, 2008. The program is targeting those high risk borrowers who have missed at least 3 payments and own and occupy the subject property. The …
Mortgage & Foreclosures
By Ron Monroe – PHH Home Loans Didn’t we drive around just a few years ago and see all these “starter castles” popping up all over the place? It always amazed me that these BIG homes were popping up all over plus they had a Hummer or two in the driveway. What do all these …
Avoid Foreclosure
While these 4 items may not work for everybody if you’re in a foreclosure situation here are some tops you may want to look into. Repayment Plan – This is the most common workout plan for any household that is 1-3 months delinquent on their mortgage payment. Under this scenario, a homeowner sends in their …
Bank Short Sale Information
Most banks are buried in short sale requests and requests for loan adjustments and they have thousands of houses that they have taken back in foreclosure as of today. Mortgage lenders to offer short sale information is hard to come by but I will offer some pointers that you may find helpful. First, recognize a …
What About The Deficiency Amount?
I was on an appointment last night that went into a short sale conversation based on the owners position, the question that came up was “If I sell for less than what is owed using a short sale what about the deficiency balance left, who pay’s that or am I responsible?”. Great question so I …
Short Sale Timeline?
Many sellers are now in a short sale situation and for this it’s needed more than ever that we explain the possible timeline to our buyer’s when they decide to write on such a property. We have found all banks are not the equal, some banks are quicker than others but on average from the …