mortgage modification: MORTGAGE MODIFICATIONS TEND TO FAIL
- 02/04/09 12:34 AM
Here is an interesting article from the Washington Post that describes the difficultiy many homeowners have with modified mortgages. See http://www.washingtonpost.com/wp-dyn/content/article/2009/02/02/AR2009020203163_pf.html Some interesting statistics show that the avergage modification increases the principal balance. This is probably because some delinquency is added to the principal. We just had a modification that changed the interest rate but not the payment amount. OK, it became interest only instead of negative amortization, but what good is it to someone that got a pay cut and can't afford the payments? At best it was a stop gap measure and the borrower knows it. The lender approach … (12 comments)
mortgage modification: TOP TEN LIST OF SHORT SALE OBSERVATIONS
- 10/05/08 05:56 AM
OK all you short sale Realtors - Here is my list of the top ten short sale rules when dealing with sellers and buyers. What is your top ten list for YOUR favorite category involved in the short sale process (lender, buyer, seller, buyer Realtor, Seller Realtor, processor, loss mitigator and servicing agent, etc.)? My TOP TEN BUYER / SELLER observations regarding Short Sales are: 10 - A Short Sale is a tough place for a buyer looking for personal housing. 9 - A Short Sale is not for people that just want to move. 8 - A Short … (11 comments)
mortgage modification: EMERGENCY ECONOMIC STABILIZATION ACT - WHAT IT MEANS FOR YOU
- 10/04/08 02:51 AM
My wife asked a very important question this morning - so what does this new Act do for the housing market? I then read the entire Act and wrote a blog of the Act in a NUTSHELL. Then realized that I have not discussed what the Act will do for Realtors and distressed homeowners. The Act is not the cure-all. The Act authorizes the creation or expansion of governmental entities and departments to deal with the housing crisis. Implimenting these provision is what will create the "cures". Assuming the "cures" are in place, this is what I see: Realtors - Opportunity … (2 comments)
mortgage modification: NUTSHELL VERSION - EMERGENCY ECONOMIC STABILIZATION ACT
- 10/04/08 01:04 AM
The BIG news this week is the passage on Friday of the Emergency Economic Stabilization Act of 2008 - or more formally called "Secure Rural Schools and Community Self-Determination Act of 2000". Yes, that is how it started and it is known as H.R. 1424. What it says will change our economic horizon for decades and this article will discuss its major imports for the real estate buyer and seller and homeowners. The full text of H.R. 1424 is found through this link. The discussion below includes pertinent parts of the legislation as passed and signed by the President. Note that … (5 comments)
mortgage modification: BAILOUT FOR HOMEOWNERS - WITHOUT WALL STREET
- 09/30/08 01:55 PM
BAIL OUT FOR HOMEOWNERS - WITHOUT WALL STREET 149 years ago today, Abraham Lincoln stated an important fact for today's financial crisis. But first a word of hope. It is human to think that when times are good, they will stay good. And when times are bad we all hope for good times. King Solomon went on a quest to find one item that would remind him to realize that good times or bad times, neither is permanent and to be prepared for the other. He found a ring imprinted with the saying, "this too shall pass". "This too shall pass" … (2 comments)
mortgage modification: No-Conflict Considerations in Short Sale Fees
- 02/17/08 01:46 PM
No-Conflict Considerations in Short Sale Fees As short sales and pre-foreclosure assistance servicers proliferate, the type, style and amount of fees that these individuals and companies charge has become ingenious and varied. This article discusses the rights and wrongs regarding the most popular of the charging methods. A short sale and pre-foreclosure servicer for our definitional purposes will be called the Short Sale Servicer. The services offered usually include some mixture of collecting financial information from the "financially stricken borrower", getting current valuations on the mortgaged property, finding a realtor or working with a realtor to find a buyer, and finally negotiating for … (1 comments)
mortgage modification: RECOVERY IN 2009???
- 01/08/08 01:23 PM
CNN posted this article today on the "housing meltdown" and that price rebound will get a full year under its belt until 2009. CNN ARTICLE I don't know if this is really new news. On AR we have been seeing this statement for months in various blogs, and my own opinion in South Florida is that we are about 1 or 2 quarters from seeing pricing "scrape across the bottom" for another quarter or two, and then begin to rebound. An article by Fishkind, a Florida real estate consultant guru, released a report today (I have not read the whole report) that had … (5 comments)
mortgage modification: SHORT SALE TRILOGY
- 01/01/08 12:05 PM
We get at least one call a day at my office on short sales. It is really amazing how many people - professionals as well as potential sellers - do not even know what the term "short sale" means. This blog assumes you have actually worked a short sale already -- if you have -- or if you are curious -- read on! For the short sale to work I like to think of the process as the coupling of a trilogy. #1 - you need to have the Seller who can no longer (maybe never could in the beginning too!) afford … (3 comments)
mortgage modification: Mortgage Forgiveness Debt Relief Act of 2007- Another Look
- 01/01/08 04:15 AM
I have been getting a lot of calls and emails about the Mortgage Forgiveness Debt Relief Act of 2007. The new law became effective today, and applies to 1099's on short sales or foreclosures retroactive to January 1, 2007. Before the Act was passed, one of the rewards for a homeowner helping the lender keep the home out of foreclosure and minimizing the enevitable monetary loss to the lender, was that the homeowner at the end of the process was saddled with a huge income tax bill compliments of a Form 1099 unearned income statement. For detailed information and the text … (2 comments)
mortgage modification: Foreclosures Triple - What's Next?
- 12/12/07 11:46 PM
In a report issued today from the Palm Beach Post, Palm Beach County had 1 foreclosure filed for every 371 homeowners. Surpassing that was St Lucie County with 1 for every 306 households. The October average for Florida was 1 in 273 (new filings for foreclosure). Prices for homes in Palm Beach, Martin and St. Lucie counties have been dropping precipitously in recent months. But homeowners have mostly tried to hold on to boom-time prices, hoping for a turnaround - or at least for things to stabilize. For too many, however, holding on to a mortgage they can't afford in hopes of a … (3 comments)
mortgage modification: Foreclosures Triple - What's Next?
- 12/12/07 11:43 PM
In a report issued today from the Palm Beach Post, Palm Beach County had 1 foreclosure filed for every 371 homeowners. Surpassing that was St Lucie County with 1 for every 306 households. The October average for Florida was 1 in 273 (new filings for foreclosure). Prices for homes in Palm Beach, Martin and St. Lucie counties have been dropping precipitously in recent months. But homeowners have mostly tried to hold on to boom-time prices, hoping for a turnaround - or at least for things to stabilize. For too many, however, holding on to a mortgage they can't afford in hopes of a … (9 comments)
Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
var _clustrmaps = {'url' : 'http://activerain.com/rpzaretsky', 'user' : 949532, 'server' : '3', 'id' : 'clustrmaps-widget', 'version' : 1, 'date' : '2011-11-03', 'lang' : 'en', 'corners' : 'square' };(function (){ var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = 'http://www3.clustrmaps.com/counter/map.js'; var x = document.getElementsByTagName('script')[0]; x.parentNode.insertBefore(s, x);})();
Here is an interesting article from the Washington Post that describes the difficultiy many homeowners have with modified mortgages. See http://www.washingtonpost.com/wp-dyn/content/article/2009/02/02/AR2009020203163_pf.html
;)
;)
;)
