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foreclosures: Distressed Property Home Owners To Buy Again - 05/29/12 04:28 PM
Previous home owners of distressed properties are joining the housing market as lenders are giving them another chance at home ownership. Distressed properties include both foreclosures and short sales, although the waiting periods for home loan qualification differ greatly between the two.
Most loan programs are dependent on the home owner making strides to improve their credit score, and have the source of the default no longer apply. For example, lenders are much more willing to lend to someone whose reason for delinquency was a failed business or job loss instead of someone who walked away from their mortgage even though … (2 comments)
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foreclosures: Interested in Distressed Properties? - 01/26/12 12:50 AM
Over half of all of the homes for sale in the Phoenix Metro Area are distressed. But what does that mean? Are buying these homes even a good idea?
Distressed homes have either gone through foreclosure or are put on the market by the homeowner as a “short sale”. A short sale means that the homeowner can no longer afford to pay the mortgage on their home, and the mortgage is greater than the current market value of the home. The homeowner’s lender then agrees to accept less than the outstanding loan instead of going through the foreclosure process.
These two … (1 comments)
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foreclosures: The Best Deal: Short Sale or Foreclosures? - 06/29/11 09:19 PM
With distressed properties inundating the market after the real estate boom, many buyers are looking to capitalize on the low prices of homes. However, some are leery of what are reported to be lengthy and difficult transactions. While the true answer of which is the best deal depends on the home buyer's personal situation (how quickly they need to buy, or how much money they have to fix up a home), here are a couple of pros and cons for each type of distressed property.
Time Periods:Short sales tend to be long transactions, averaging anywhere from 60-90 days. Programs such as the federal Home Affordable Foreclosure Alternatives … (1 comments)
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foreclosures: IS RARE “REALLY” RARE? - 08/06/10 09:16 PM
A recent article told the amazing story of a family who-within a matter of hours -were to vacate their home due to foreclosure proceedings. This family had tried everything (within THEIR knowledge) to save their home, with no success. The packing process was fully underway, when a family member lucked up on a "rare" comic book that was potentially worth $250,000.00 and it was "Superman" to the rescue!! What are the chances that would happen for most homeowners that are facing foreclosure today?
There's good news! Rare is not "really" rare! "Superman" comes in many different ways for homeowners today that … (0 comments)
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foreclosures: How Long After A Foreclosure Do You Have To Wait To Purchase Again? - 06/04/10 05:10 PM
It is common knowledge that abandoning a mortgage you can still afford has severe consequences. Your credit score can be ruined and it can be difficult to obtain any further credit.
Some believe that the decreased credit score is worth washing their hands of a mortgage that is heavily upside down. Let's say they owe $400,000 when their house is only worth $200,000. They assume it will never again be worth what they owe so it's easier to walk away and just try to raise their credit scores by paying bills on time and working their way toward another home.
Not … (0 comments)
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foreclosures: WALKING AWAY FROM YOUR HOME IS NOT THE ANSWER - 02/17/10 04:08 PM
Please read on for more information about how a strategic default is not often the best strategy...
http://www.hosted.cdpe.com/admin/cp/Content/Campaign.aspx
… (0 comments)
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foreclosures: Foreclosure-Prevention Scammers: How To Not Become A Victim - 09/21/09 03:56 PM
The most common foreclosure-prevention scams works like this: The despaired home owner gets a letter that says something like, "We know you're having a hard time. We have a pipeline to your lender and can help you save your home. Call this toll-free number now."The poor home owners call the number and agree to pay an outrageous amount of up to $1,500 upfront for help with their mortgage. Then, nothing happens. Finally, the home goes into foreclosure and the home owner has no one to fall back on.Harold Kirtz, a lawyer for the Federal Trade Commission who is prosecuting these scammers, says … (2 comments)
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foreclosures: Update Regarding Arizona's Anti-Deficiency Statute - 08/20/09 07:38 PM
The governer's office has approved the special session of the legislature to review repealing the anti-defiency status. The good news is the Senate has transmitted HB 2008 to the governor's office. Depending on the circumstances, Governor Brewer could have up to 10 days to sign, veto, or allow the bill to go into law without her signature.
There are a couple of other provisions contained in HB 2008, including partial language from HB 2269 that effects the notification of tenants in foreclosed properties. The language requires the trustee to notify the tenant that the property is in foreclosure by mailing a … (0 comments)
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foreclosures: Serious Changes to Arizona's Anti-Deficiency Statute - 07/23/09 12:55 AM
SB 1271 - Anti-Deficiency Law Change
The current law - Arizona Revised Statutes (A.R.S.) § 33-814 currently states that within 90 days after the date of sale of a trust property under a trust deed, a legal action may be brought to recover a deficiency judgment against the borrower (trustor) who has now had their property foreclosed. The deficiency judgment must be for an amount equal to the sum of the total amount owed as of the date of the sale either by the fair market value of the trust property as determined by the court or the sale … (1 comments)
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foreclosures: Stonebridge Lakes Manor Home In Gilbert For Sale - 07/20/09 02:11 PM
This Adorable Home Is Highly Upgraded. Home Features Travertine Floors, Wood Floors In Den, Decor Paint. Kitchen Features Updated Appliances and Tile Counters. This Home Is A Great Starter Home And A Must See! Don't Let This Home Pass You By!
Call Gina McKinley, ABR, CRS, CDPE, Associate Broker at 480-355-8645 in order to schedule an appointment to view this home.
For more pictures and a property brochure, please visit our web page at http://www.LocateArizonaHomes.com/306Vaughn.
… (0 comments)
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foreclosures: New Refinance Guidelines - 07/07/09 02:56 PM
The federal government's new eligibility requirements for its home-loan refinancing program should allow more Arizonans to reduce their monthly mortgage payments.
However, the program still doesn't solve the biggest problem for so many borrowers: owing much more than their homes are worth.
This week, the U.S. Department of Housing and Urban Development extended the Home Affordable Refinance Program to borrowers who are up to twenty-five percent upside-down on mortgages guaranteed by Fannie Mae and Freddie Mac.
The previous origin was 105 percent, or owing 5 percent more than the value of the home.
"As long as (the refinance loan) is at … (0 comments)
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foreclosures: Foreclosures Ahead - 07/07/09 01:53 PM
Economic observers are forecasting another surge of foreclosures later this summer or in the fall. Those lenders that held off on foreclosures as part of President Obama's plan will now proceed vigorously to clear the backlog of troubled mortgages, causing the large amount of foreclosures.
Home values will depreciate with the foreclosures rising, says Mark Zandi of Moody's Economy.com, who calculates that 15.4 million homeowners, one in five of those with first mortgages, will be underwater.Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner, has said that the government is "unlikely to implement another moratorium."However, Wheeler also said the government … (0 comments)
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foreclosures: When Should Homeowners Walk Away? - 06/24/09 01:13 PM
In a complicated market like todays, it is hard to know whether you should keep your home or walk away from it. Many homeowners have watched their property values drop over 25 percent, sometimes more. Some say the market hasn't even hit the bottom yet.
Some homeowners are beginning to wonder if staying in their home is even worth it anymore. Some wonder, "If I owe more on the mortgage than the house is worth, why throw good money after bad?" When homeowners are thinking of walking away, they need to remind themselves of why they purchased the home, when they … (1 comments)
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foreclosures: Foreclosure Crisis Now Spreading To Prime Mortgages - 06/09/09 06:15 PM
The prime borrowers are rapidly going into foreclosure, especially in those states of mass unemployment or decreasing property values, all which saw a huge run-up during the housing boom.
It's a marked shift from earlier this year, when foreclosures were driven by defaults on subprime loans. It has major implications - ravaging the credit scores of those borrowers who once had impeccable records and dragging down property values in the more wealthy neighborhoods.
It also threatens to weaken the housing recovery.
"It's definitely a concern," says Brian Bethune at IHS Global Insight. "(Unemployment) is a major driver of foreclosures, and it will frustrate … (1 comments)
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foreclosures: Housing Rebound Is On The Rise - 06/09/09 05:58 PM
Sales are the uproar for the economic housing situation this week.
Residential sales and pending sales are adequately increasing and a rebounding real estate market could soon start stimulating the economy.
Even Federal Reserve Chairman Ben Bernanke told Congress last week that essentially the worst is over, the housing market is stabilizing, and we're heading out of recession in the second half of the year.
Pending home sales heightened by 6.7 percent in April. April made the third consecutive month of significant increases. April was the highest pending sale total for any month in the last seven years.
In the Northeast region, pending sales rocketed upwards during April by an astounding … (0 comments)
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foreclosures: Median Home Prices Up In May - 06/08/09 03:08 PM
Phoenix-area median priced homes sold increased slightly in May from the previous month despite an increase also in home foreclosures, according to the latest data from the Information Market and Cromford Report, local analysis firms.
In May, the number of homes sold increased to over 8,600. In April, the homes sold were just under 8,160. The median sales price for both new and resale homes was $130,000, which is an increase of about 3 percent. This information is based on data from the Maricopa County Recorder's Office.
In May, the median new-home sale prices rose to $216,000 from $205,000 in April. … (0 comments)
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foreclosures: Obama Signs Anti-Foreclosure Bill - 05/20/09 07:37 PM
President Obama signed a new legislation that entices the banks to help save homeowners facing foreclosure on Wednesday. President Obama states that it protects the homeowners and cracks down on lenders who try to take advantage of their situation.
The law expands on an existing program that entices the lenders to adjust the mortgage rate if the homeowner pays an insurance premium. The bill also extends a deposit insurance increase by the FDIC from $100,000 to $250,000 until 2013.
The House voted 367-54 to pass the Helping Families Save Their Homes Act on Tuesday, where it progresse to the Senate who had voted 91-5 in favor of the bill and approved the final … (0 comments)
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foreclosures: Survey Says "Now Is A Good Time To Buy" - 03/30/09 05:15 PM
Despite the current concern of the economy, 78% of potential first-time home buyers say that now is a great time to buy a home.In early March, Century 21 hosted a survey for potential first-time home buyers. Of the 1,000 prospective U.S. first-time home buyers surveyed, 68% think now is a better time to buy rather than 6 months ago.Record breaking low prices are the driving motivation for first-time home buyers with more than 80% first-time home buyers (85 percent) saying they consider current home prices affordable and 73% citing that taking advantage of current prices is an extensive factor in their decision to purchase. Interestingly enough, potential … (1 comments)
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foreclosures: Short Sales & Obama's Foreclosure Prevention Plan - 02/21/09 05:06 PM
My first thought was Hooray!!! Obama is coming to Mesa, AZ to make a great announcement and roll out a new foreclosure prevention plan and help stem the tide of foreclosures in Arizona and across the country. Short Sales will go away because people will finally be able to refinance their home and stay in the house, foreclosure rates will slow.
Unfortunately, it seems that this is not the case. When, the Obama administration released its long-awaited plan to stem foreclosures, it turns out that the plan still falls far short of saving many people here in Arizona where our prices have depreciated as … (3 comments)
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foreclosures: Clarifying Arizona's Anti-Deficiency Statues - 02/01/09 02:08 PM
Arizona's Anti-Deficiency Statues , A.R.S. 33-729(A) and A.R.S. 33-722have been adopted by the legislature are intended so that a homeowner who is unable to make payments on a "purchase money mortgage" should lose no more than their home.
The Supreme Court of Arizona, in interpreting this intent, has held that a secured lender may not waive its security and sue directly on the note. The Supreme Court has also held that there is no distinction between a homeowner and an investor/developer seeking protection under the anti-deficiency statues if the residential property meets the status definition of "two and one-half acres or … (0 comments)
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Gina McKinley, ABR, CIAS, CDPE, CRS, SFR ~ Chandler, Gilbert, Mesa, & Scottsdale
Chandler,
AZ
More about me…
RE/MAX Masters
Address: 2390 W. Ray Rd, Suite 3, Chandler, AZ, 85224
Office Phone: (480) 821-5700
Cell Phone: (480) 600-1129
Email Me
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