Example of How a Short Sale Works.... - 04/27/10 08:19 AM

Example #1On 4/22/09, I received an email about a client being LATE on her mortgage and wanted to know her options. We discussed Loan Modifications and Short Sales. She was turned down from her bank to do a Loan Modification so we entered into a listing agreement in May 2009 to do a Short Sale. The seller had two mortgages which totaled $648,257.52 ($517,441.83 = First trust; $130,815.69 = Second trust). When we met, the homeowner was already behind a few months and the bank had issued a foreclosure date. The homeowner was very nervous and she pleaded with me that she did not … (2 comments)

Fannie Mae wants to help some troubled borrowers - 04/26/10 04:51 PM
Fannie Mae wants to help some troubled borrowers get back into home marketKenneth R. Harney

Here's some good news for people who had to give the deed on their house back to the bank because of financial problems, or who have done a short sale to avoid foreclosure: You may not have to wait the typical four or five years to re-qualify for financing to buy another home.Instead, it could be as little as two years. In a bulletin to lenders April 14, mortgage giant Fannie Mae said it is relaxing rules that prevented loan applicants who have participated in short sales or deeds … (2 comments)

How foreclosure impacts your credit score - 04/22/10 08:39 AM
How foreclosure impacts your credit scoreBy Les Christie If you're delinquent on your mortgage, your credit score will suffer. Everyone knows that. The question is, by how much?Until recently, those answers were hard to come by. Credit bureaus were uncommunicative about expressing, in points, just how much impact different foreclosure types of mortgage delinquencies have on scores.Recently, Fair Isaac, which developed FICO scores, pulled back the curtain a bit, revealing some estimates of point-score declines following mortgage delinquency problems.Here are the average hit your credit will take:30 days late: 40 - 110 points 90 days late: 70 - 135 pointsForeclosure, short sale … (3 comments)

Real Estate Making a Comeback with Distressed Sales - 04/13/10 07:40 AM
Real estate comeback? It's distressed sales SANTA ANA  • Distressed sales made up 29 percent of all home sales in January• Central Valley cities make the list again Nearly one out of every three (29 percent) of homes sold in the nation in January were so-called "distressed" sales - short sales or sales of property claimed by lenders in foreclosures, according to a new report Thursday from real estate information company First American CoreLogic of Santa Ana.A year earlier -- January 2009 -- distressed sales accounted for 32 percent of all sales transactions.After peaking in January of last year, the distressed sales share fell to 23 … (0 comments)

Has Economy changed your view about Homeownership? - 04/12/10 07:51 AM
Economy has shifted Americans' attitudes about homeownership and moneyBy Sadie Dingfelder Since 2007, Americans have suffered through the worst economic conditions since the Great Depression. The real estate market collapsed, banks failed and unemployment became commonplace. As many people who lived through the privation of the 1930s developed lifelong frugality, we, too, may emerge from the recession with our beliefs about real estate and personal finance permanently transformed."Our attitudes, particularly toward homeownership and housing, are changing, and they are changing quickly," said Richard Florida, an urban studies professor at the University of Toronto, who explores the phenomenon in his book "The Great Reset," … (0 comments)

Get Relocation Assistance doing a Short Sale - 04/11/10 04:57 PM
New Rules May Speed Up Short SalesSarah BudusonReporter, KPHO.comThe U.S. government launched a new program Monday to help homeowners avoid foreclosure.HAFA, or Home Affordable Foreclosure Alternatives Program, gives banks and borrowers incentives to complete a short sale if they cannot come to terms on a loan modification. Usually, if a homeowner does not qualify for a loan modification or cannot afford their trial modification payment, the lender goes forward with a foreclosure.Now, a homeowner will receive $3,000 in moving expenses and the lender will receive $1,500 for administrative and processing costs if a short sale is completed instead. "It is a start," … (0 comments)

What is the HAFA program for Homeowners? - 04/07/10 07:44 AM
HAFA Helping Homeowners: A Guide to Short Salesby THE KCM CREW Today's post is dedicated to helping families find an alternative to foreclosure, and helping them return to the goal of homeownership more quickly; therefore, we are emphasizing the brochure developed by the National Association of Realtors (NAR) that nicely summarizes the existing HAFA Program.On November 30, 2009, the Obama Administration released guidelines and uniform procedures for its Home Affordable Foreclosure Alternatives Program (HAFA). Modified HAFA rules for loans owned or guaranteed by Fannie Mae or Freddie Mac will be issued in coming weeks. HAFA does not apply to FHA or … (3 comments)

30 days to get $8,000 tax credit - 04/05/10 07:13 AM
30 days and counting: Homebuyer tax credit expiresby Les Christie Attention shoppers: You have barely a month left before the homebuyer tax credit expires. But depending on where you live, you might not want to rush out to buy. First-time homebuyers may qualify for up to $8,000, while those who are trading up could get as much as $6,500. But either way, buyers have to ink sales contracts by the end of April and close before July 1 to see the refund. And this is absolutely, positively your last chance to claim the credit. (Probably.) So don't wait, thinking the credit will be extended for … (1 comments)

 
Brian Turner (Realty Direct)

Brian Turner

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