foreclosure: Bank vs Long Island New York Homeowner – When Does A Short Sale Benefit Both? - 12/27/11 03:51 PM
What is a short sale and who benefits from a short sale? Short sales used to be an infrequent type of real estate transaction, but with current economic conditions, more and more homeowners are opting for this type of sale. A short sale occurs when a homeowner sells their home for less than what is owed to the mortgage holder. There are pro's and con's for both the homeowner and the bank in a short sale.
Bank
There are several reasons why a mortgage holder, or bank, would agree to accept less than what is owed. A bank may benefit from … (0 comments)
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foreclosure: A Great Time to Sell a House - 10/14/11 02:08 PM
Selling a house in this economy has its challenges. A seller must make a careful assessment of the pros and cons of their property before they put in on the market. One question that must be answered right from the start is establishing whether now is the best time of the year to sell.
Generally, fall and winter are not the best time to sell a home, but due to the increase of foreclosures and short sales, there is an abundance of available homes to choose from, but with many of these properties it is truly buyer beware. The market is … (0 comments)
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foreclosure: Facing Foreclosure - What You Should Do Now - 07/22/11 08:35 PM
Do you see trouble ahead for making your mortgage payments? Here are some things to do now to make it through…
Source:longislandrealestate4buyers.com
*************************************************************************************** Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighbouring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to … (2 comments)
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foreclosure: Is It Time To Rent Or Buy? - 10/29/10 08:17 PM
The stalled economy, expiration of homebuyer tax credits, marked-down home prices, stubbornly high unemployment and concerns about a double-dip recession all leave prospective homebuyers wondering what to do. Is it time for renters to convert to buyers and for existing owners to grab that dream home on the cheap? Or will housing get even cheaper?
Home prices have plunged about 30% from their mid-2006 peak on average, with some areas, like Las Vegas, seeing … (0 comments)
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foreclosure: Are You Paying Your Neighbor's Bills? - 10/16/09 01:27 PM
Many people are finding themselves in a situation of, pay the neighbor's bills or else lose their home.
Know anyone in this situation of having to pitch in more than their fair share on the utility bills? We'd love to hear about it. Just click the comment link below and sound off.
***************************************************************************************** Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have … (1 comments)
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foreclosure: Foreclosure Affecting People Who Never Thought It Would - 06/16/09 03:33 PM
With the U.S. economy and financial markets showing some signs of life, optimistic analysts are looking for a recovery in the all-important housing sector. They got some ammunition recently from the National Association of Realtors (NAR), which said that its Pending Home Sales Index jumped in April by the most in more than seven years.
But housing can't revive as long as the market is being flooded with homes that are falling into foreclosure. And far from going away, the problem is broadening.
It's not just about subprime anymore. Now, people with excellent credit who never dreamed of getting in financial … (5 comments)
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foreclosure: Mortgage Scams - Don't Get Taken - 03/09/09 03:34 PM
The economic recession has caused a lot of homeowners to find themselves in danger of losing their homes. There are many situations that have cropped up because of it — on one side are the homeowners who are doing everything they can to stop foreclosure. On the other side are the companies who are doing all they can to exploit the same homeowners who are needing help. To avoid falling for their scams, it is always good to be informed about these fraudulent schemes that are massively circulating everywhere.
One of the most common scams is the "Mortgage Negotiation Scam."
In … (2 comments)
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foreclosure: Real Estate Pricing - 12/03/08 03:55 PM
Real estate prices cycle through different highs and lows. Keeping track of the following market indicators will help you decide if now is a good time to invest in real estate or not.
Job Growth People go where the jobs are, and home prices follow jobs. A strong local job market is a sure sign of a healthy real estate market. While the Wall Street Journal gives you insight into the nation's overall economy, check the local newspapers in the area you're considering for statistics on the job market in your chosen area.
Housing Inventory The housing inventory is the number … (1 comments)
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foreclosure: Obama on Fighting Foreclosure - 11/20/08 04:22 PM
During his campaign for the presidency, Barack Obama explained where he stands on many of the economic issues that matter most to Americans.
On foreclosures, Obama wants the government to step in to help homeowners facing foreclosure.
- Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.
- Require any financial institution participating in Treasury's Troubled Asset Relief Program to put a 90-day moratorium on foreclosures for homeowners "acting in good faith."
- Create a 10% tax credit for homeowners who do not itemize their taxes.
- Create a $10 billion fund to help victims of … (6 comments)
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foreclosure: Home Sales Up, Prices Down - 11/07/08 09:51 AM
Sales of existing homes rose in September, but prices continued to drop, according to the latest reading on the battered housing market by the National Association of Realtors. The report shows sales by homeowners jumped in September to an annual pace of 5.18 million, up 1.4% from a year ago. It was the first time that sales rose compared to a year earlier since November 2005.
Sales got a boost last month because prices continued to fall. The median price of a single-family home fell 8.6% from a year ago to $190,600. The median price of all homes sold during the … (0 comments)
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foreclosure: Rescue for U.S. Homeowners? - 11/05/08 01:30 PM
Housing is at the root of the financial crisis, and preventing foreclosures could bring a double-barreled benefit. It would allow families to remain in their homes and could also help keep the housing market from spiraling out of control. The more foreclosed homes that get dumped on the market, the more home prices will fall. The idea of helping Main Street has an undeniable appeal.
Given all the other imperfect emergency measures that the U.S. government has taken in recent weeks, it can certainly do more to stem foreclosures than it has. The Treasury Department's $700 billion bailout fund, as it's … (3 comments)
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foreclosure: Lenders Don't Want Your House - 10/29/08 10:56 AM
With the huge number of homeowners facing foreclosure, it is true that your lender does not want your home. In fact, mortgage lenders are also victims in this crisis (believe it or not) as well. Your problem has become their problem!
With 8 homes in every 1000 currently in foreclosure (and many, many more on their way), banks are in no hurry to take your home. They will run themselves out of business if they were to take back the homes of all their high risk mortgages. Most lenders are willing and eager to find a way to keep you in … (6 comments)
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foreclosure: Bankruptcy: Won't Help Foreclosure - 10/23/08 01:48 PM
Can filing for bankruptcy help homeowners facing foreclosure? Apparently, not much.
For most people, trying to negotiate changes in their loan with help from a housing counselor or lawyer is a much better option. While bankruptcy judges can reduce or eliminate certain kinds of debt, they aren't allowed to alter the total amount owed or interest rate of primary mortgages. A 1993 Supreme Court decision bars judges from altering first mortgages on primary homes, though such changes are allowed on loans for vacation homes, motorcycles, boats and other kinds of property.
Consumer advocates say this is unfair, while mortgage lenders say … (3 comments)
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foreclosure: 2 Million Borrowers Avoid Foreclosure - 09/11/08 01:49 PM
Hope Now has helped more than 2 million at-risk borrowers stay in their homes during the past 13 months. Despite this progress, foreclosures continue to climb; 91,752 families lost their homes in July. That represents an increase of 14% from June and more than double the number of July 2007, when only 42,043 homes went to foreclosure.
But even now, after months of publicity, many borrowers still fail to respond to Hope Now's offers to help. Of the nearly 1.6 million letters that have gone out since November 1, 2007 to borrowers 60 days past due, more than 80% of borrowers … (1 comments)
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foreclosure: Filing Bankruptcy to Stop Foreclosure? - 09/03/08 08:50 AM
Some homeowners facing foreclosure are considering filing bankruptcy. Even though this might be an option for some people, there are a lot of other things you should try before filing bankruptcy to stop foreclosure.
The first thing you need to do is contact your mortgage lender. The sooner you do this the better. It's best to contact your lender as soon as you realize you might miss a payment. not after you've already missed one or two. Then your mortgage lender will be more likely to negotiate other options with you so you will not have to consider filing for bankruptcy.
… (2 comments)
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foreclosure: Foreclosures: We Have to Warn You! - 09/02/08 11:59 AM
Seems everyone these days thinks they can score a house on the cheap by buying a foreclosed property. There are good deals to be had, but we have to warn you, the process is complicated and risky. Foreclosure properties are much like fire, and you know the old saying, "play with fire, and you could get burned."
There are three different stages of foreclosure, each of which presents different opportunities for buyers. The first step is to figure out which one makes the most sense for you, if indeed any of them do.
Pre-foreclosure A home goes into pre-foreclosure when a … (3 comments)
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foreclosure: Short Sales: What Are They? - 06/16/08 01:31 PM
We've had people asking us lately, "What is all this talk about Short Sales?… what are they exactly?"
Very briefly, a short sale home is a home where the seller is having to sell because of a looming foreclosure. They have a higher loan on the home than it's worth, so they are what is called upside down in their loan. The sellers can negotiate with their banks and lenders to allow them to sell the house for what it is worth rather than what they owe on the home. The deal is called a short sale because the seller is … (3 comments)
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foreclosure: Homeowner Mortgage Bailout Poll - 05/25/08 03:53 PM
Americans remain split on whether homeowners about to default on their mortgages should receive special treatment to help them keep their houses, according to a new research poll.
The poll finds 49% of Americans believe such homeowners should receive special treatment, while 48% feel homeowners should not get assistance. Three percent of those polled had no opinion.
Congress also appears split on the issue. The House is debating Democrat-sponsored legislation that would let the government back loans for homeowners facing foreclosure and would reduce the principal owed on those mortgages. Many Republicans oppose the bill, and President Bush has threatened to … (3 comments)
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foreclosure: Housing: Where do the Candidates Stand? - 04/11/08 04:01 PM
Recent data show that nearly a million American households are at risk of foreclosure, 71% more than a year ago. Nearly 6% of all borrowers are past due on their mortgages.
And the presidential candidates are trying hard to convince voters that they have the best plan for fixing the problems. How do their plans compare?
The Democratic candidates argue that if the Federal Reserve can back the purchase of Bear Stearns with $29 billion, then the federal government can also lend a hand to struggling homeowners. John McCain contends that the Fed's intervention in the financial markets was designed … (0 comments)
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foreclosure: Lenders Put a Freeze on Foreclosures - 03/10/08 12:39 PM
Six of the nation's largest mortgage lenders, in a joint effort to cool the raging foreclosure crisis, have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments.
Under a program unveiled recently, legal efforts to oust seriously delinquent borrowers from their homes will be postponed for 30 days while lenders and borrowers try to work out payment options.
The effort, known as Project Lifeline, will not be confined to borrowers with adjustable rate mortgages. So-called ARMs have recorded the highest rates of delinquencies, even as default for loans of all types have risen … (2 comments)
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