President Obama committed $75 billion on Wednesday to tackle the foreclosure crisis in an effort to prevent up to 9 million Americans from losing their homes.
The Treasury Department also said it would double the size of its lifeline to Fannie Mae and Freddie Mac. The government, which seized the mortgage finance companies last fall, said it would absorb up to $200 billion in losses at each company.
The plan is more ambitious than initially expected — and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.
Here are some frequently asked questions about the program, which takes effect March 4:
If You Are Current on Your Mortgage
What if I’m current, but my house value has fallen?
Eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. The program only applies to loans held by Fannie Mae and Freddie Mac or loans they placed in mortgage backed securities.
Who is eligible?
Complete eligibility details will be announced on March 4th when the program starts. The criteria will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.
What if I owe more than my property is worth?
Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.
I have both a first and a second mortgage.Do I qualify?
As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the program. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
Will refinancing lower my payments?
The plan is designed to give creditworthy borrowers who have shown a commitment to paying their mortgage an affordable payment that is sustainable for the life of the loan. Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see their current payment go down if they refinance to a fixed rate. These borrowers, however, could save a great deal over the life of the loan. When you submit a loan application, your lender will give you a "Good Faith Estimate" that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.
What are the interest rate and other terms under the program?
The objective is to provide borrowers with a safe loan with a fixed, affordable payment. All loans refinanced under the plan will have a 30- or 15-year term with a fixed interest rate. The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans will have no prepayment penalties or balloon notes.
Will refinancing reduce the amount that I owe on my loan?
No. The program will help borrowers refinance into safer, more affordable fixed rate loans. Refinancing will not reduce the amount you owe to the first mortgage holder or any other debt you owe. However, by reducing the interest rate, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.
How do I know if my loan is owned, or has been securitized by Fannie Mae or Freddie Mac?
To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible to be refinanced, you should contact your mortgage lender after March 4th, 2009.
When can I apply?
After March 4th, 2009.
What should I do until applications are accepted?
Gather the information you’ll need to provide to your lender after March 4, when the refinance program becomes available. This includes: information about the gross monthly income of all borrowers, including your most recent pay stubs (if you receive them) or documentation of income you receive from other sources; your most recent income tax return; information about any second mortgage on your house; payments on each of your credit cards (if you are carrying balances from month to month), and payments on other loans such as student loans and car loans.
If You Are at Risk of Foreclosure
Do I need to be behind on my payments to be eligible for a modification?
Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.
What if I’m behind on my mortgage, or struggling to make payments?
The government’s program offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.
How do I know if I qualify for a payment reduction?
In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.
I don’t live in the house that I paid for with the mortgage I’d like to modify.Is this mortgage eligible?
No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible. If you used to live in the home but you moved out, the mortgage is not eligible. Only the mortgage on your primary residence is eligible. The mortgage lender will check to see if the dwelling is your primary residence.
I have a mortgage on a duplex.I live in one unit and rent the other.Will I still be eligible?
Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.
I have two mortgages.Will the plan reduce the payments on both?
Only the first mortgage is eligible for a modification.
I owe more than my house is worth.Will the plan reduce what I owe?
The primary objective of the plan is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford. Lenders are likely to lower payments mainly by reducing loan interest rates. However, the program offers incentives for principal reductions and at your lender’s discretion modifications may include upfront reductions of loan principal.
I heard the government will be giving financial incentives to borrowers.Is that true?
Yes. To encourage borrowers who work hard to retain homeownership, the plan provides payments to borrowers who make keep up with the payments on the modified loan. The incentive will be paid monthly and will be applied directly to reduce your mortgage debt. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of that period.
How much will a modification cost me?
There is no cost to borrowers for a modification under the Homeowner Affordability and Stability Plan. If you wish to get assistance from a HUD-approved housing counseling agency or are referred to a counselor as a condition of the modification, you will not be charged a fee. Borrowers should beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they require a fee in advance.
Is my lender required to modify my loan?
No. Mortgage lenders participate in the program on a voluntary basis and loans are evaluated for modification on a case-by-case basis. But the government is offering substantial incentives and it is expected that most major lenders will participate.
How do I apply for a modification?
You may not need to do anything at this time. Most mortgage lenders will evaluate loans in their portfolio to identify borrowers who may meet the eligibility criteria. After March 4 they will send letters to potentially eligible homeowners, a process that may take several weeks. If you think you qualify for a modification and do not receive a letter within several weeks, contact your mortgage servicer or a HUD-approved housing counselor. Please be aware that servicers and counseling agencies are expected to receive an extraordinary number of calls about this program.
What should I do in the meantime?
You should gather the information that you will need to provide to your lender on or after March 4, when the modification program becomes available. This includes: * information about the monthly gross income of your household including recent pay stubs if you receive them or documentation of income you receive from other sources * your most recent income tax return * information about any second mortgage on the house * payments on each of your credit cards if you are carrying balances from month to month, and * payments on other loans such as student loans and car loans.
For those of you that don't know, I've been asked on several different occasions whether or not I had an investor that I work with that would buy the home from them, then lease it back to them. I've read about all I can on this topic and am still not sure. Half of the articles say it's a great option for homeowners, and the other half say that it's not totally legal...
From what I can tell, it's all about the initial paperwork and how well that the contract is put together.
I'm really excited to introduce an MLS search feature that ALL potential homebuyer's will find helpful. This is some pretty cutting-edge technology, and it's FREE...with NO REGISTRATION required! If you're looking to search the Northern Kentucky MLS, there's no better place to do it. This feature is AWESOME!!
I'll walk you through how to access the map search and how to take advantage of some of its features. I highly recommend reading the entire post, but if at any time you feel like you've got a handle on it (Google Maps is the base), or you just want to work though some of it yourself, look for the Northern Kentucky MLS link posted beneath each picture. Additionally, if the picture seems a bit too small, just click on it and a larger version will open up for you.
First, you'll need to navigate to NickDailey.com. Once you're at the homepage, there are 2 ways to access the MLS Search. (The results will encompass every listing currently active on the MLS, not just RE/MAX listings.)
Once you reach the MLS Search page, it will default to the 'Quick Search'. You'll need to click on the 'Map Search' tab. All of the red dots are cities where listings are available. Look just above the map on the right-hand corner, and you'll see how many cities are in each view. You can zoom in and out, or drag the map around until you get to the area you're interested in. Or, you can enter your criteria into the search boxes above, and it will populate the map with only those specific properties.
If you'd like, you can also view the map as a 'satellite' image, or a 'hybrid' image that contains both satellite imagery and named streets. This is easily accomplished from the menu directly above the map. I guess now is a good time to mention the other choice here. If you'd like to see your results in a more traditional manner, click the 'List' button and you'll be able to view the listings that way, with all of the information below included...but it's not as fun ;).
When you move your curser over each of the dots, you will see a pop-up that tells you exactly how many houses are for sale in each city, and what the average asking price is. Sweet!! Click on the 'click to search' link, and it will take you to all of the available properties in that city.
Once you have the area that you'd like to live featured on the map, you'll see little blue (all listings) and red (RE/MAX listings) houses. Each of these is an active listing. When you move your mouse over each of the houses, you'll see another pop-up. That will give you the asking price, the number of bedrooms/bathrooms, a photo of the home and an option to get more information about the home or save it to your account. (I told you this was AWESOME!!)
After you've decided that you'd like more information about the home, and clicked through, you'll be taken to a detailed listing page. This will give you a better description, more photos (where avaiable), room sizes and a whole host of other options. Want to know what the neighborhood is like...? Clicking on the icon to the right will get you to a street view of the home that will let you navigate the entire area!!
And lastly, but definately not least, you can pull the most recent home sales in the area by clicking on 'Recent Nearby Home Sales' icon. This will pull a map of the immediate area with little pink signs on it. Clicking on each of the signs will pull up information about that home. Most importantly, it will identify the sales price, but it also gives you mortgage information, square footage, when it closed, bedrooms/bathrooms and the size of the lot!!!
That should give you a pretty good feel for this feature...I hope. If there are any additional questions, either about my site, or the current real estate market here in NKY, feel free to contact me at any time. You can find my # and email at NickDailey.com, your home for everything real estate.
After a successful short sale has been negotiated, there is a potential liability out there that sellers need to be aware of. Lenders, or even the PMI company, may come after the owner for a deficiency judgement. This can be negotiated out, with varying degrees of success depending on the loan servicer, as part of the offer. But remember, if the home is foreclosed on, it is pretty much guaranteed that a deficiency will be filed.
So what is the difference between the two possible outcomes?
A 'release' means that the the lender will offer to forego their interest in your property in exchange for less than you owe on their note. This process allows the property to be sold without satisfying all of the original terms. This does not mean that the account is satisfied though. As with anything else, there are advantages and disadvantages. The biggest plus to accepting a release is that you get to legally convey title to your buyer, and avoid a foreclosure. The bad part is, you can still be liable for the difference and owe money to your lender after the sale. This brings up the importance of your hardship letter. Many people think this is a factor in determing wether or not the offer is accepted, and that's not entirely true. When determining whether or not to take your offer, the numbers are what the bank wants to see. When determining whether or not to file a deficiency, the letter is what the bank wants to see. Deficiencies are also based on a full understanding of the owners' current financial status and the likelyhood of repayment. After you are no longer the owner, the bank doesn't have any leverage, or security, for their note.
Since deficiencies are not secured by the property, the terms of the promissary note are usually fairly flexible. They get you to a payment that they know you can afford, and they won't normally charge any interest on the note either. Theses notes can also be renegotiated after a certain amount of time; say 18-24 months. If you've been paying on time, request that the note be marked as satisfied. Or offer a small settlement if you can.
A 'satisfaction' is when the lender agrees to release their lien entirely and no furter obligation is incurred. This is the best-case scenario for owners, and something that I work very hard to make happen for my clients. In fact, it's in my cover letter that our offer is for payment in full. The negative side, yes there is one, is that there may be some tax consequences. The IRS looks at the forgiven debt as 'phantom' income, and they may issue the owner a 1099 at the end of the year. This does not mean that you will be responsible for the entire amount. For example: You owe $200K and an accepted offer is for $175K. That $25K is what you would pay taxes on, not the amount you still owe. Congress did pass HB3648 (The Mortgage Forgiveness Debt Relief Act of 2007) at the very end of last year to help owners combat this obligation.
Hopefully this helps give a better understanding of what can happen after the sale. Please also see my disclaimer post here.
The deeper I get into figuring out short sales, and how to sucessfully get them closed, the more I'm suprised how many people (including the "experts" that teach at our local board of Realtors) are unaware of how PMI plays into the equation. There are 3 questions you need to ask your loss mitigator during your first discussion that are critical to your success. 1) "Does this loan have PMI?" 2) "What is the loss ratio?" 3) "Who is the investor?"
While it's true that many borrowers were able to get around paying PMI due to the availablity of 80/20, 80/15/5, etc... products, there are still plenty of loans where this is a factor. So why does this matter? It's pretty simple. The bank that owns the note can be reimbursed by the insurer for a certain amount (loss ratio). Usually this is around 20%-30%.
Below is an example of how a loss mitigator can analyze your file and make a decision about which option is better for the bank.
(This formula is NOT how every bank makes their decision. This is just an example of how PMI can play a role...)
You'll notice that the Net Proceeds will be $3500 higher for the bank if mortgage insurance is not a factor. Normally this means you'll be getting a counter. But with this example, the insurance makes the offer a better deal for the bank. Knowing this can help you to work your offers in a more efficient manner.
For more information about real estate in the Northern Kentucky area, please visit www.NickDailey.com.
For more information about real estate in the Northern Kentucky market, including full MLS searches w/out registering, please visit www.NickDailey.com.
I just read an interesting post on this topic, and thought I'd share some of it with you. It details some of the things homeowners can do to help mitigate the damage done to your credit scores after a short sale.
"The short sale can be reported as a foreclosure but more often it is reported as "paid - settled". This is a definite ding on your credit, but not a severe one compared to multiple delinquencies, charge-offs, foreclosure or bankruptcy. It is a very good idea to do a short sale as compared to running out of savings andruining your life just to maintain 50 points on a credit score, at least that is how I see it.
It is also possible for the bank simply to remove derogatory reporting. They may say they can't remove something but in fact they can.
Or, they can substitute "unrated", which is neither good nor bad. Unrated as an alternative to "paid - settled" is a great outcome but even if you can't get the bank to agree to this, it is still important to try.
Then there is another move. You can write a letter to the bank demanding this as part of the conditions for the short sale, and then continue with the short sale and complete it. That way you can then challenge the derogatory credit report afterwards and you have a shot at getting it removed based upon your letter. The bank may not have the appetite or staff to handle the challenge, and depending upon your state laws, they may have to remove the derogatory report anywhere from 10 to 30 days later."
As you can see, there are ways to combat the negative reporting. Remember, the entire short sale process is a negotiation. The bank does not have to accept your offer if it's short. They make a strategic decision about which outcome (short sale vs. foreclosing) is in their best interest. In many cases, they'd rather not carry the property as an REO, and will agree to a short sale. Knowing that you have a bargaining chip in that they don't want the house, you can request things in return...like how you'd like the transaction reported to the credit bureaus.
For the full article quoted above, please click here.
A short sale is an agreement between a lender and a borrower to settle for less than is what owed on the loan. Obviously, many things need to be factored in before this decision can be made. If you are 3 months or more behind in your mortgage payments, chances are the company that services your loan, your lender, (i.e. Chase, Wells Fargo, Countrywide) has begun foreclosure proceedings. This doesn't mean that there aren't still solutions for the homeowner. But lately, after exploring all the other options (and I'll get to those in a later post), many homeowners have decided to attempt a short sale. I say attempt because not every situation is set up for a successful short sale to be completed. Your lender is going to want to see that you/your family are experiencing a hardship of some sort that is not something that you will able to remedy before a Sheriff Sale is scheduled.
Before the lender will even look at an offer that is for an amount lower than your payoff, they require a 'short sale package' to be submitted. The items to be included can very a bit from lender to lender, but in general, most banks will review the same set of documents.
Here is what you'll need:
1) A hardship letter - this is a one page document written by the homeowner explaining exactly what brought them into their current situation (i.e. divorce, job loss, death of a spouse, rate adjustment) that no longer allows them to make their payments as scheduled. Be specific, and honest. The person assigned to making the decision about your loan WILL read this in it's entirety. If it doesn't match up with the supporting documentation, that's the easiest way to have your short sale request denied. I used to have my clients hand-write these for a more personal touch, but after talking with a bank's loss mitigation manager, he suggested they be typed. It's just easier for them to read after faxing...
2) Tax Returns - Many people make the mistake of just sending in their most recent W2. While that may suffice on occasion, they would really like a better overall picture of your financial situation. Normally no more that the first 5 pages or so will work.
3) Bank Statements - You'll need to get copies of your bank statments for the last 2 months. This one is pretty easy. They want to see exactly how much money you have.
4) Paystubs - The homeowner will need to submit paystubs from their last two pay periods.
5) Income/Expense Statement - If you're requesting a short sale, you need to show the lender exactly what is coming in and going out every month. For a better chance to be accepted, include every expense that you currently have. (If you're working with me, I'll provide a sheet with a professionally itemized template to work off of.) Be sure to include insurance, car payments, utilites, credit cards, mortgage payments...everything. Again, the person assigned to your file WILL review this, and it needs to match up with your bank statment.
If you're an agent, you also need to include the following:
6) Purchase and Sale contract
7) Listing agreement
8 ) MLS Sheet showing current Days on market (save your COMPs/relevant market data for negotiating leverage later on if necessary)
9) Authorization to Release form - this allows you to speak directly with the lender on behalf of your client. This should be attained at your initial consultation. It must contain the homeowner's signature, SSN, and loan #. Please be aware that if you're working with certain banks, they can expire from time to time, so be sure to ask the bank rep if that is the case.
10) A preliminary HUD-1, or at the very least, a net sheet.
Now that we have the bulk of the specifics out of the way, let's review a few other factors that go into whether or not your short sale request is accepted. Firstly, and this is something that I've only recently been made aware of, but makes a perfect sense, does the loan have PMI (Private Mortgage Insurance)? This will determine whether or not the bank will be recieving any compensation from an insurer of the loan. Most often, it is around 20%-30% of the total debt owed to the bank. So if the payoff (including principle balance, taxes, insurance, PBO fees, and attorney fees) is $200,000, and the insurance is for 30%, the bank will be getting a check back from the PMI company for $60,000. Think that makes a difference in their answer? You bet! Unfortunately, many of the loans written in the last few years were done without having the owner pay PMI, by using 80/20 products.
Besides PMI, there is another major factor that goes into an acceptance. You need to see who your mortgage company is servicing the loan for. Many times it's not the same entity. Countrywide, for example, does service many of their own loans, but they also service loans for investors like Freddie Mac, Fannie Mae, and FHA. Why does this matter? Because different investors have different guidlines for acceptance. They have a certain percentage that they are willing to take, and this is usually non-negotiable. Only in very rare circumstances will they step out of these guidelines, and it won't be by much.
Here are some other items to be mindful of while you're working through this process:
The departments that are handling these files are BUSY! Even after you've submitted your complete short sale package, it could be up to TWO MONTHS before anyone is even assigned to take a look at it. From there, it can be several more weeks to get an answer. They need to order their BPO, and review all the supporting documents. Some of the poeple working in these departments have 120+ files to process at a time. And with the influx of new short sale requests, banks are expediting employees through training programs. What used to be a position that required at least a year and a half of training through all the departments, is now a process that can take as little as 6 months.
Be patient! (see above ;) ) This isn't like a normal retail sale where you can work out a deal with your agent over the weekend. This is a process, and will take months to complete.
Deficiency judgements are a possibility. (I'll post specifically about this later)
Hopefully, you now have a better understanding of the short sale process. It's long, and fairly complicated. But in the end, everyone really does win. The bank has one more property that they don't have to take back and resell. The end buyer normally gets a pretty good deal on the home. The agents get extra business that they didn't always know was available. And most importantly, the homeowner avoids the foreclosure and maintains the ability to own a home in the future. Assuming that they've learned their lesson, and are diligent in repairing their credit from the late mortgage payments.
Fore more information on the home buying/selling process, please see www.NickDailey.com.
Pre-foreclosure is the period between when the foreclosing lender files the Lis Pendens or Notice of Default (Depending on whether or not your state is judicial. In Kentucky they file a Lis Pendens.), and the time of the actual Sheriff Sale. This is the time when you should be working REALLY hard to figure out your options. In some 'quick' states, this can be a matter of just a few weeks. In KY, you normally have between 120-150 days before any court ordered action is taken against your property. This depends on the county. You can also help buy yourself some more time if you make sure to respond to the initial attorney's filing within the timeframe alloted, which is around 3 weeks. Either the homeowner, or their attorney can file the letter. The response needs to be filed in the same clerk of courts office that sent the letter, and you also need to send a copy of the letter to the attorney who is handling the foreclosure for the bank within 3 days of filing.
Most of the short sale clients that I deal with have a property in pre-foreclosure. When a property is in this state, the bank has specific departments to handle the file. It's commonly referred to a the Loss Mitigation, or Workout Department. These departments try to remedy the file before it gets passed off to their REO (Real Estate Owned) division.
Please see www.NickDailey.com for more information on the home buying/selling process.
When facing foreclosure, it's important to know what options are available to you as a homeowner. Normally, the clients that I deal with aren't in a state of mind that is conducive with making a rational decision very easily. All of them are stressed out, that should go without saying. This has been weighing heavily on their minds for the last several months. Not to mention, the stress from the foreclosure action is normally compounded by whatever got them into the situation in the first place. Admittedly, some people just got greedy, and borrowed more than they knew they were going to be able to pay back after any adjustments. For others, life happened. Maybe a spouse passed, or they're currently going through a divorce, or a child got sick and now the medical bills are overwhelming, or one income was cut due to a job loss. There are many, many reasons for why, but in the end, they all conjur the same emotions. People are left feeling ashamed, embarrased, and many times, helpless. If a foreclosure does hit your credit report, you can count on your score dropping by approximitely 250 points!! So what CAN you do as a homeowner to avoid a foreclosure?
Repayment Plan - You may be able to work with your lender to come up with some sort of repayment plan. Remember, this will increase your payments. Not only are you responsible for maintaining the payment as originally agreed upon, but now there are several months of unpaid bills (arrears) that need to be caught up. For example: Your payment used to be $1000/month. Let's say you've missed 3 payments. (Banks are somewhat flexible in the timing of the repayment, but it's usually about 6 months.) Using 6 months as a guide, you now need to pay $1500/month, on time, for 6 straight months. This usually only works if the problem that got you in trouble in the first place is FIXED. Meaning, you and your spouse worked things out, or the company that let you go now has a new position availble for you.
Forbearance - This process suspends or reduces payments...temporarily. If you have good communication with your lender, and can prove that your current hardship is only temporary, sometimes they will work out a solution for you. The late payments are not forgiven though. The arrears are going to be factored back into the loan, usually at the end. Meaning, instead of paying off your loan 06/20xx, your last payment will be due 09/20xx.
Loan Modification - It is possible for the lender to restructure your loan for you. Through this process, the actual terms of the loan are changed.
Partial Claim - For FHA loans only. In some cases, HUD will loan the borrower $3K-$4K for arrears. This loan is attached to the property as a lien.
Deed in Lieu - This is commonly known as a voluntary foreclosure. Basically, the homeowner gives the keys back to the bank and surrenders the property to them. This will still show up on your credit report as a foreclosure, and is it possible for the PMI insurer to file a deficiency judgement.
Loan Assumption - With mortgage rates dipping into the 4's a few years back, many lenders removed this clause from their loans. They knew rates couldn't stay that low for very long, and if someone wanted to try to assume the payments on a loan, the bank was better off to have them apply for a new loan...with a higher interest rate. That being said, there are still some loans out there that are assumable.
Bankruptcy - If a Chapter 13 is filed, you may include your house, and no action will be taken for up to 5 years. Please be aware that on average, only 3% of Chapter 13 filings are successfully completed, and often the foreclosure proceedings will resume after the BK is discharged.
Short Sale - This has become the most viable option for many homeowners who find themselves behind on their mortgage. Mentally, the owner needs to prepare themselves to leave the home. Please see my earlier post 'What is a Short Sale?'
I'm still researching whether or not you're allowed to 'buy back', or 'lease back' your home from an investor. Any insights to this matter would be greatly appreciated as I've ready many contradictory articles.
Please see www.NickDailey.com for more information on the home buying/selling process.
While I plan on having many posts here in the future, please also see my updated blog at www.nickdailey.wordpress.com or my RE/MAX site www.NickDailey.com. You'll be able to find much more information as it relates to real estate and the Northern Kentucky market.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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