Mortgage Modification Scams Rampant in 2011 - 01/19/12 04:59 PM

Mortgage modification scams made the list of the Better Business Bureau's Top Scams of 2011, with more than 20,000 complaints. Sadly, there are countless organizations out there preying on desperate homeowners.
That's why trained, qualified real estate agents are needed now more than ever. The nationwide network of more than 35,000 CDPE-designated agents has helped hundreds of thousands of homeowners find a dignified solution in difficult times.
But distressed homeowners aren't the only ones being targeted. Unfortunately, even well intentioned agents have been caught up in increasingly sophisticated mortgage fraud scams.
Don't let it happen to you! Join Alex Charfen for … (1 comments)

Fannie Follows Freddie's Lead in Extending Forbearance Period for Unemployed - 01/17/12 05:17 PM

Fannie Mae revealed its new Unemployment Forbearance Program, which mortgage servicers are required to implement by March 1 for all Fannie Mae-owned and backed loans.
Servicers can now provide up to six months of relief for eligible unemployed borrowers without Fannie's review and approval. Borrowers may also apply for an additional six months of forbearance, for a total of 12 months.
Fannie's announcement follows a similar move by Freddie Mac.
To find out if your loan is backed by either GSE, use the "Fannie Mae Loan Lookup" or "Freddie Mac Loan Lookup" tools on the Useful Links section of our website. … (1 comments)

Freddie Mac Announces Up to 12-Month Forbearance for Unemployed - 01/17/12 11:32 AM
Effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period. It's important to note: This applies to Freddie Mac-owned or guaranteed loans only. There is ACTION required. The homeowner must contact the servicer to request the forbearance. Delinquent borrowers in an existing short-term forbearance plan can be evaluated for an extended forbearance term under the new policy. Again, homeowners will need to contact their servicer to … (0 comments)

Bank of America Shrinks Window for Short Sale Backup Offers - 01/11/12 06:01 PM

In an effort to shorten overall cycle times, Bank of America has reduced the window for submitting a backup offer on a short sale from 14 days to eight days after the initial offer becomes invalid. Once a backup offer becomes necessary: Contact your short sale specialist immediately to let him or her know you have a backup offer to submit. Within eight calendar days, resubmit the listing data, submit the short sale offer, and upload the offer documents and supporting documents. Note: All backup offers will require approval, regardless of similarities to the previous offer. If no backup offer … (4 comments)

Federal Reserve Recommends Short Sales Among Solutions to Housing Crisis - 01/06/12 05:53 PM
On Jan. 4, Federal Reserve Chairman Ben Bernanke sent a letter and white paper to Congress outlining his insights and recommendations on restoring the health of the U.S. housing market. Among the key findings on current market conditions: Housing prices remain 33% below their early 2006 peak Currently, 1 in 5 mortgage holders are underwater (12 million homeowners) In states with the price declines (i.e. Nevada, Arizona and Florida) roughly half of all mortgage borrowers are underwater on their loans The number of properties currently in the foreclosure process is more than four times larger than the number of properties in … (0 comments)

Three Surefire Strategies to Multiply Your Short Sale Listings in 2012 - 01/03/12 01:19 PM
With 1 in 10 homeowners not paying their mortgage—and Major Lenders predicting huge increases in short sale closings in 2012—savvy agents are finding new and creative ways to find and attract distressed property listings.
A great place to start your outreach campaign is a list of NODs. Notices of Default, or NODs, are legal notices sent by a mortgage servicer to a homeowner who is 90 days late on their mortgage.
With a few simple modifications, you can use many of the same marketing techniques with NODs that have yielded you results when prospecting for traditional listings. For maximum impact, utilize … (1 comments)

 
Alexfavoritepicture_600 Rainmaker_large

Alex Charfen

Austin, TX

More about me…

Charfen Institute

Office Phone: (800) 482-0335

Email Me

Our news and views on the distressed property market and Real Estate in General.


Listings

Links

Archives

RSS 2.0 Feed for this blog

Find TX real estate agents and Austin real estate on ActiveRain.