Shadow Inventory…Short Sales…FHA…Wow!
Take a minute or two and read this article! Make sure to pay special attention to the new “servicer” requirements on these bad loans once repurchased. Servicers must be purchasing at some extraordinary prices to agree to hold the home from foreclosure for a minimum of 6 months from time of purchase to work with homeowners to avoid foreclosure. http://www.housingwire.com/news/2013/05/03/hud-sell-40000-distressed-loans-2013
read moreWells Fargo…Current Spike in Home Prices…”Bubble within a Bust”, More Short Sales
By now you’ve probably heard that home prices are rising…at high rates, some even cracking the double digit rates! Ask yourself, How and Why? Easy answer…the banks (servicers) are at it again. By not pursuing foreclosure process on homeowners that don’t pay, the banks are creating more demand for the homes that are currently listed. Good? Yes, Bad, YES! Good makes sense. Why Bad? Well, the banks did this in 2003-2006! Learn from your mistakes. Here’s a good article backing it up: There’s been plenty to be...
read moreJane Armstrong, Las Vegas Broker Highlighted on CNBC Power House
Jane Armstrong, one of our Short Sale Graduate Students with Harris University… Congratulations for this great expose’ on CNBC and sharing your inside knowledge…watch this...
read moreFannie Mae Forcing Foreclsoure to Make More Money…Short Sale Sabotage?
Just reported today from We The People.com… It appears that Fannie Mae, the Government Subsidized Entity (GSE) is gouging homeowners in trouble with a standardized decree to request a minimum of 20% more than market value…on their Fannie Mae backed short sales. What does this mean? When a distressed homeowner requests a short sale, Fannie Mae demands 20% more on the sales price, in effect, making it nearly impossible for distressed homeowners to complete a successful short sale. Many of these homeowners are forced into...
read moreCalifornia Homeowners: Changes to Laws on Foreclosure…Short Sale is the Answer!
California Court of Appeals (4th District) overturned CCP 580d as it pertains to protecting homeowners that choose foreclosure over Short Sale. California law “protected” homeowners that chose foreclosure as an alternative if the lenders that were foreclosed on 1st and 2nd “purchase money” liens (80/20 Purchase Money Loan) whether or not if the loans we’re still held by originating lender or servicer. Court of Appeals overturned a portion of 580d…if the servicer of the 2nd lien changed hands to a new...
read moreSenate Approves Fiscal Cliff and Includes Extension of the Mortgage Debt Tax Relief for Short Sales
Early this New Years morning, the Senate approved the budget to “avoid” the fiscal cliff that would have lead Americans into a financial tizzy. As long as the House votes this in, we’re all good. Meaning? If you sell your home for less than what you owe, Short Sale, you were liable for the difference on what you owed and what was forgiven. EX: if your home is worth $200,000, but you owe $350,000, we would be taxed on the $150,000 that was essentially forgiven by your lender. $150,000 x 15% Tax rate = $22,500 tax...
read more3 Government Programs That Help Distressed Homeowners
Housing Preservation Foundation The Housing Preservation Foundation has a website that provides information on the foreclosure process. Distressed homeowners can log into a 24-hour online chat session to connect with a housing counselor. The counselor can help the homeowner determine if he is eligible for any of the foreclosure prevention programs. If requested, the counselor can speak directly with the mortgage lender on behalf of the homeowner. The counselor can help him obtain a loan modification, refinance or forbearance. Foreclosure...
read more10 THINGS YOU SHOULD NEVER DO IF YOU FALL BEHIND ON A MORTGAGE PAYMENT
10 THINGS YOU SHOULD NEVER DO IF YOU FALL BEHIND ON A MORTGAGE PAYMENT If you are a homeowner having trouble paying your mortgage please know that you are not alone! There are tens of thousands of property owners across the United States who have missed their payments already or will miss this month’s payment! There are options for you and there is hope! Here are 10 Things that you should NEVER do if you are about to fall behind or are behind on your mortgage: 1. DONT bury your head in the sand! Although it can be tempting to just...
read moreCalifornia Program Gives Money to Homeowners in Need During Short Sale Process
California Homeowners need money for moving after a short sale try "TAP"
read moreNotre Dame BCS Ranked #1…Congratulations!
11 Straight Wins! A Little plug for the Alma Mater: With the losses of Oregon and Kansas State, mayhem has now ensued at the top of the BCS standings, and the national title picture is officially wide open. Notre Dame has the inside track to reach the national title game. They’re 11-0 and have reeled off wins over four top 20 teams, including a very impressive win against Oklahoma on the road. However, the Irish still have a game remaining with USC, and even as the Trojans flounder, the contest will still be difficult. However, it gets...
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