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charlottesville short sale: Refi—Or Short Sale? - 02/27/12 02:14 PM
Refi madness is sweeping Charlottesville and the nation. With the recent expansion of the federal government’s Home Affordable Refinance Program (HARP), banks have been deluged with phone calls requesting information. Call volume at Bank of America has been so high that they’ve had to refer requests to a “reservation system”, basically letting applicants know that they’ll get to them when they can. With the new emphasis on refinancing, it may seem that short sales are out of vogue, but there are still plenty of homeowners that won’t fall into either the refi or mod basket. And as with any government program, … (0 comments)
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charlottesville short sale: Doing a Short Sale? Here is How to Contact your Lender - 02/27/12 02:12 PM
If you are doing a Short Sale in the Charlottesville Area or anywhere in the United States, we have added a list of all of the loan servicers contact information from the MakingHomeAffordable website. This should help you contact your Mortgage Company and help get the short sale closed. The banks are organized in alphabetical order below, then the website is framed below that. We will continue to update this list as additional servicers execute formal participation agreements. If your servicer is not listed, please bookmark this page and check back with us soon. In the interim, you can locate your servicer by … (0 comments)
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charlottesville short sale: Short Sale, Viable Option to Foreclosure - 01/04/12 12:47 PM
Economic experts have said that the real estate market is not a major factor in the Federal Reserve's true goal of keeping inflation in check – and its recent activity seems to bear this out. By strategically infusing billions of dollars into the banking system and unexpectedly cutting its discount window rate for 30 days, the Fed has clearly attempted to "bail out" the financial and credit markets. The real estate market, however, continues to suffer nearly double the number of foreclosures as it did this time a year ago – one in every 693 US households. In some states, the … (2 comments)
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charlottesville short sale: Do You Qualify for A Short Sale? - 01/04/12 12:18 PM
DO YOU QUALIFY FOR A SHORT SALE?■Are You Facing a Foreclosure?■Have You Been Denied a Modification?■Are You Upside Down On Your Loan?■Do You Want to Minimize Damage to Your Credit?■Do You Want to Postpone Foreclosure and Deficiency Judgments?■Do You Want Solutions Towards a Fresh Start?■Do You Want to Dispose Your Debt and Avoid Future Collections?■Are Your Mortgage Payments Skyrocketing?If you answered yes to any of these questions, then your best option is a short sale.
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charlottesville short sale: Short Sale Experts in Virginia - 05/20/10 11:45 AM
SHORT SALE EXPERTS: VIRGINIA REAL ESTATE SOLUTIONS
With over 35 years of experience, Virginia Real Estate Solutions has developed a system that helps homeowners dealing with distressed properties. Virginia Real Estate Solutions has developed long lasting relationships with lenders that allow you to take advantage to short sale your property quickly and remove bad mortgage debt. The strength of our experience and knowledge is invaluable to those looking for an alternative to foreclosure. Short sales are becoming the predominant exit strategy for most troubled homeowners.
Virginia Real Estate Solutions assists homeowners throughout the nation in negotiating down the loan balance of … (0 comments)
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charlottesville short sale: Short Sale Pro and Con - 03/25/10 10:58 AM
Short Sale
If you cannot bring your loan current, afford to make payments moving forward, or are unable to sell the property for the full amount of the loan, your lender may accept less than the amount owed as full payment.
PRO: Under the terms of a short sale, your lender may forgive your mortgage debt in its entirety according to the terms outlined in The Mortgage Debt Relief Act of 2007. Fannie Mae has announced a reduced mandatory waiting period to establish credit history to 2 years after the completion of a short sale. This mandatory waiting period after a … (1 comments)
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charlottesville short sale: Lose the House, but Not Your Credit - 03/11/10 01:11 PM
According to sources in the mortgage industry, people who agree to a short sale with the lender do far less damage to their credit rating than those who go through foreclosure.While in both cases, short sale and foreclosure, the delinquent mortgage will negatively affect their credit rating, at least short sellers avoid having a "debt discharged due to foreclosure" on their credit reports. Mortgage and credit experts say that, after bankruptcy, having a foreclosure on your credit report is the worst result and will reduce your credit score by over 250 points. You could also have to wait up to three … (2 comments)
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charlottesville short sale: The Problem of PMI & Charlottesville Short Sales - 08/20/09 02:50 PM
The Problem of PMI & Charlottesville Short SalesA lot of Charlottesville short sale investors become very confused as soon as PMI is mentioned.PMI or Private Mortgage Insurance is that monthly fee many Charlottesville homeowners pay each and every month for what appears like no apparent reason (in their opinion).Of course, there was a reason for it and if you are contemplating a short sale deal, this reasoning is a valid concern.PMI was created for the express purpose of insuring against default by home buyers that didn't put at least 20 percent down when purchasing a home.It does not mean life insurance … (0 comments)
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charlottesville short sale: Mortgage Rates Upcoming Week - 07/26/09 10:22 PM
What to expect this week with Mortgage Rates in Charlottesville and the rest of VirginiaThere are several important reports scheduled for release this week that are likely to affect mortgage pricing. The first is tomorrow's release of June's New Home Sales that gives us a measurement of housing sector strength and mortgage credit demand. It is expected to show an increase in sales of newly constructed homes, indicating that the housing sector gained some strength. That would be considered negative news for bonds, but since this data tracks only 25% of all home sales it usually has little impact on the … (0 comments)
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charlottesville short sale: Charlottesville Homeowners with 2nd Mortgages - 07/22/09 08:53 AM
Charlottesville Homeowners with 2nd Mortgages and the options they have.You probably know that Charlottesville bankruptcy judges do NOT have thepower to reduce the principal of a first mortgage in the event you file for bankruptcy personally.There was a move to change this. But the powerful lobby for the big elite banks defeated it in congress.But are there cases where filing a Charlottesville bankruptcy can wipe out a mortgage?Regarding 2nd Charlottesville mortgages...I have read that the US bankruptcy code section 6 allows for wiping out a second mortgage in a situation where the 1st mortgage loan amount is greater than the current … (0 comments)
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charlottesville short sale: Charlottesville Foreclosure Projections - 07/22/09 08:52 AM
Charlottesville Foreclosure ProjectionsIf the majority of Wall Street economists are right, the U.S. recession will end this quarter and the global recovery won't be far behind. And our window of opportunity for once in a lifetime deals is here, but not for long. (Read on below.)On Wednesday, the International Monetary Fund is expected to nudge up its forecast for 2010 global growth from the current estimate of 1.9 percent, primarily because fears of a more serious economic setback have not materialized.That makes for a brighter backdrop to this week's meeting of leaders from the Group of Eight major industrial nations in … (0 comments)
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charlottesville short sale: Charlottesville and Central Virginia Short Sale Information - Commission - 07/22/09 08:49 AM
The most common concerns and questions regarding a short sale is commission. Who pays the commission?In a short sale, the bank pays everything at closing from the cost of the termite inspection all they way to the recordation fee. This includes the commission. The listing agent should be in contact with the bank on behalf of the seller and the contract. The listing agent is resposible to negotiate the overall commission with the bank. THE SELLER (HOMEOWNER) DOES NOT HAVE TO PAY THE COMMISSION. Most banks will pay anywhere between 4% and 6%. Depending on the listings agent and their ability … (0 comments)
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charlottesville short sale: Short Sales - General How to Guide for Realtors and Consumers - 07/22/09 08:45 AM
Charlottesville Short Sales - General How to Guide for Realtors and Consumers
Short Sale How To Phone Call Rules:1) Listen to the Homeowner: Some Realtors/Investors are so excited to offer services that they just talk and talk. Make the homeowner feel that they're understood by you before you start talking. However, don't let this progress too far because some people start crying. When they expose themselves, it hurts your ability to deal with the homeowner's situation. On the phone; listen 70% and speak 30% of the time.2) Project Confidence: Homeowners will want to deal with professionals who know what they're doing. … (0 comments)
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charlottesville short sale: Anti Deficiency Laws - Virginia Has None - 07/20/09 09:56 AM
Anti Deficiency LawsSome states have anti-deficiency laws. These are laws that protect purchasers of residential real property used for his/her primary residence pursuant to a purchase money mortgage. In the event that the purchaser fails to make the mortgage payment and the property is foreclosed and sold to pay the mortgage, a deficiency between the sale price and the outstanding balance of the mortgage could occur. Under anti-deficiency laws, the purchaser will not be held responsible for any deficiency the lender can only recover the property and the proceeds of a subsequent sale; the purchaser does not pay any deficit between … (2 comments)
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charlottesville short sale: Why a Deed in Lieu of Foreclosure is a Bad Thing - 07/20/09 09:37 AM
A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower ) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. How a Deed in Lieu of Foreclosure WorksIn order to be considered a deed in lieu of foreclosure, the indebtedness must be secured by the real estate being transferred. Both sides must enter into the transaction voluntarily and in good faith. The settlement agreement must have total consideration that is at least equal to the fair market value … (0 comments)
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charlottesville short sale: Preforeclosures Rising in Charlottesville, now ranked #4 in VA - 07/16/09 02:29 PM
Here is a map from Realty Trac that shows the trends in Virginia in Preforeclosures:
This map shows the number of preforeclosures in the state of Virginia. Right there in Central Virginia is Albemarle County and Charlottesville Ranking #4. You can see the actual map by clicking on the picture of the one above. The definition of preforeclosure on realtytrac.com is the number of people that are at least 90 days behind and the banks have submitted it to their credit report. This is a new development in our area and further proves that the Charlottesville Real Estate market is going … (2 comments)
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charlottesville short sale: Charlottesville Real Estate Market Trends - Sold Statistics - 07/16/09 02:27 PM
I posted a earlier today about the market trend for Months Supply of Inventory and here is the graph for the same two years to show the Charlottesville Real Estate Market Trend of Price of sold properties.
Here again, we see a steady decrease in the price of sold properties over the last two years. Please take notice that the Charlottesville Real Estate Market of Sold Properties is DECLINING in price. This data includes all sold properties in the Charlottesville MLS. We can see that in May of 2007 the average sold price for a home was roughly a little more … (0 comments)
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charlottesville short sale: Obama Expands Refinance Program From 105% To 125% - 07/02/09 10:34 PM
Today HUD Secretary Shaun Donovan announced that the Obama Refinance - also known as the Making Home Affordable Plan - was expanding the guidelines to allow people to refinance their homes up to 125% loan to value.This means that people who were previously under water by more than 105% and couldn't refinance under the Obama refinance plan can now refinance their homes as long as they do not owe more than 125% of what their home is worth.This change in guidelines is just one more thing the Obama administration is doing to boost participation in its anti-foreclosure programs.Prior until today's announcement, … (0 comments)
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charlottesville short sale: How long would it take to evict former owner (but current occupant) of house acquired in short sale, in VA? - 07/02/09 10:29 PM
A bank has approved our offer for a short sale of a home in pre-foreclosure. The current owner of the property has told us he will only move forward with settlement if he can have two months free rent back while he finds someplace to go. If it came down to it, and I accepted this offer, to what lengths could the current owner extend his stay beyond those two months-through filing bankruptcies, or other legal means that could prevent me from moving forward with an eviction? Clearly, I am not going to move forward unless I KNOW that I can … (1 comments)
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charlottesville short sale: Your Mortgage is Stealing Your Future - What Banks Don't Want You to Know - 05/06/09 01:59 PM
Did you know that on your typical 30-year mortgage, it takes approximately 21 years just to pay down less than half of the principal of your loan? The Mortgage industry's big secret has been kept away from the public since the Roosevelt administration. This little known secret has been taking you (and every other homeowner) for a very costly ride. Your 6% LOW INTEREST MORTGAGE IS REALLY costing you upwards of 60% or more! You might be asking how you could possibly be paying THAT much without knowing it? It is because ALL mortgages are front end loaded, meaning you're paying … (0 comments)
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A comprehensive blog about Charlottesville Real Estate including articles on short sales, foreclosures, market updates, news, resources and more.
Charlottesville Real Estate news and information. All new updates and market conditions as well as charlottesville short sale information, charlottesville foreclosure listings, avoiding foreclosure help, buying and selling information, central virginia updates, mortgage updates, charlottesville happenings, and tips and tricks in a slower market by Rob Alley, Realtor of Keller Williams Charlottesville
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