short sales: 2011 May Be the Year of the Short Sale - 01/06/11 09:22 AM
 
With new rules from Treasury and pressure from investors, 2011 may be the year of the short sale.  And while the Home Affordable Foreclosure Alternative, HAFA, was intended to speed up the short sale process, real estate agents and sellers know the program has been anything but speedy. 
 
With millions of homeowners in serious default, many had expected to see short sales increase dramatically in 2010 as HAFA encouraged lenders to increase the pace, but the program lacked sufficient incentives for servicers and ended the year with less than 700 approvals.  However, a report on CNBC describes how … (9 comments)

short sales: Can’t Make Your Mortgage Payment? Fannie May Says, “Know Your Options” - 08/22/10 10:04 AM
A new Fannie Mae website, KnowYourOptions.com, provides help and answers questions for homeowners struggling to make their mortgage payments. With all the confusion surrounding foreclosure, mortgage modification, and short sales, the site can help keep homeowners away from the “vulture” businesses that spring up to take advantage of unsuspecting homeowners.
 
The recession and housing crisis have caused millions of homeowners to lose their homes through foreclosure, and many of those foreclosures could have been avoided. While the government may have done a poor job of offering solutions to those struggling to keep their homes, Fannie Mae’s new website, KnowYourOptions.com, changes … (2 comments)

short sales: Banks Pursuing Deficiency Judgments May Have Something To Fear - 06/16/10 03:21 PM
An article in the Washington Post describes how banks pursuing deficiency judgments may have something to fear. According to the article, some lenders are taking a more aggressive stance in dealing with distress sales that recoup significantly less than the original loan amount.
 
In the past, the cost/reward ratio caused few lenders to seek deficiency judgments, but the practice has become more widespread as lenders incur greater looses due to increasing numbers of foreclosures and short sales. According to the MBA, banks are not pursuing those who lack the ability to repay; and lenders participating in the government’s HAFA program … (53 comments)

short sales: New Fannie Mae Policy May Offer Hope To Struggling Homeowners - 05/03/10 02:49 PM
In an attempt to help both the housing crisis and the economic recovery, a new Fannie Mae policy may offer hope to struggling homeowners. Those who are currently unable to make their monthly payments can offer a “deed-in-lieu” of foreclosure or “short sale” of their property and may be able to qualify for a home loan much sooner than allowed under previous underwriting guidelines.
 
In an announcement released earlier this month, Fannie Mae described the new rules which will take effect on July 1 and will allow many to return to homeownership within two years. Although the changes are significant, … (17 comments)

short sales: Short Sellers Beware--Your Lender May Lie - 10/05/09 11:00 AM
Behind on your mortgage, underwater and thinking about a short sale for your home? Short sellers beware—your lender may lie. According to recent reports, almost 8% of all home mortgages are now at least 30 days past due; and with more than a million owners who haven’t made a payment in more than a year, the number of sellers attempting a short sale is increasing. With the hope of salvaging some dignity and a little of their credit rating, home owners are turning to short sale “specialists” to help them deal with the complex and often confusing procedures of many lenders.
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short sales: Can You Still Owe Your Lender After A Short Sale--Sellers Beware - 07/11/09 10:37 AM
Many homeowners facing foreclosure or in homes worth less than their mortgage are opting for “short sales,” an agreement with their lender to allow a sale for less than the amount owed. And most of these home owners assume that once the sale is consummated, their obligation ends; however, they could be in for an unpleasant surprise.
 
Some banks, are quietly adding a clause to the short sale agreement that allows them to pursue the seller for the difference between the amount received and the amount owed. While banks are currently ignoring their ability to pursue sellers for additional money, … (5 comments)

short sales: The Cold, Hard Facts for Sellers - 06/08/09 06:36 AM
Trying to sell in today’s market? Don’t understand why your Realtor® can’t bring you an acceptable offer? Perhaps you haven’t even seen an unacceptable offer. Is it time to consider changing Realtors®? You know the market is tough, but other houses have sold, why not yours?
 
Yes, it’s a tough market, probably tougher than you’ve ever encountered; and the ingredients for creating a sale are different from a couple of years ago. Not only do you need the best agent available, YOU MUST PARTICIPATE. Otherwise, take your home off the market, for you’re wasting everyone’s time.
 
Today’s market is … (6 comments)