short sale: WALK AWAY FROM THE PROPERTY - STRATEGIC MORTGAGE DEFAULTS GROW TO 26% - 07/06/09 06:19 AM
A mortgaged homeowner is likely to "walk from the property" or "give it back to the bank" based more on loss of equity than the ability to make the mortgage payments, a recent research paper emanating from the University of Chicago says. The paper researches and analyzes when American homeowners are likely … (17 comments)
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short sale: Your Property is Underwater - What is the solution? - 06/22/09 08:18 PM
The Distressed Property Owner's "Goal" is an interesting situation for each individual and for each individual experiencing this event, it is different. I like to help my client visualize creating a solution or "goal" by telling a visualization story.
Imagine you are in a dark tunnel and you can only go in one direction … (8 comments)
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short sale: TENANT RIGHTS AND FORECLOSURE - A DISCUSSION OF SAFEGUARDS - 03/03/09 08:50 PM
The unintended victims of the foreclosure process are often the occupant of the home that is a tenant. The landlord is a borrower under a mortgage that has gone into default and is now being foreclosed. What is going to happen to the tenant as a result of the foreclosure? How … (9 comments)
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short sale: FLORIDA FORECLOSURE FRAUD BILL - UPDATE - 09/13/08 10:17 PM
Government can react positively when enough people raise their voice - and the law is clearly against public policy. This post updates my article on the Florida Foreclosure Fraud Bill.
The Florida Foreclosure Fraud Bill, which I reported was written in such a way that borrowers could be barred from access … (6 comments)
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short sale: BANKS CREATE BILLIONS (MORE) IN LOSSES - 08/24/08 10:00 PM
Short Sale Buyers are increasingly investors seeking to buy and flip or buy and rent for positive cash flow. Missing from the field are homebuyers seeking a place to live. Why?
Banks Encourage Short Sale Investors and Discourage Retail Buyers
Let's look at the basic premise of a short sale. The … (7 comments)
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short sale: THE BANK CHANGED THE LOCKS! - 05/04/08 01:25 PM
There is discussion on Active Rain from time to time on whether in a short sale it is advisable to move out of the house.
The real issue is the clause in the mortgage that says the bank can change the locks on the house if it is "abandoned". The exact … (23 comments)
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short sale: CREDIT REPORTING AND SHORT SALES / FORECLOSURES - REVISITED - 04/03/08 09:17 AM
I received an email on my quest to find the real answers to the incessant question of how a foreclosure vs. short sale vs. deed in lieu all affect the credit report of the borrower.
The email I recieved was from the President of a Florida credit counseling service and it was … (11 comments)
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short sale: Six Months To Bottom? - 03/28/08 11:33 AM
See this new article on when and what of the South Florida real estate market dropping to the basement.
Things are definitely following the normal 8 to 11 year cycle of peaks or valleys (the cycle is peak to peak or valley to valley - depending on where you are at any … (7 comments)
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short sale: CHAINED TO THE HOUSE - DIVORCE SOLUTIONS INVOLVING SHORT SALES - 03/26/08 10:15 PM
DIVORCE - CHAINS TO THE UPSIDE DOWN HOUSE VALUE CAN BE BROKEN!!! (edit/delete)
Chained to your home and can't get a divorce? You are not alone! A major problem with divorcing couples is that they cannot sell the marital home. They think they are forced to stay in a difficult relationship … (5 comments)
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short sale: DIVORCE - CHAINS TO THE UPSIDE DOWN HOUSE VALUE CAN BE BROKEN!!! - 03/26/08 10:08 PM
Chained to your home and can't get a divorce? You are not alone! A major problem with divorcing couples is that they cannot sell the marital home. They think they are forced to stay in a difficult relationship or marriage. Today's economic climate is terribly impacting couples (or former significant others) … (2 comments)
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short sale: SHORT SALE FLIP - QUESTIONABLE METHODS - 03/18/08 09:11 PM
SHORT SALE FLIP - QUESTIONABLE METHODS
This article is a follow up to an issue discussed in December titled Short Sales and Title Insurance - Critical Look at Hybrid Closing Schemes.
I am representing an ultimate buyer on a short sale "flip" that raised some eyebrows and got me to looking carefully on … (32 comments)
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short sale: Negotiated Payback or Foreclosure Judgment Deficiency? Compared - 03/06/08 08:52 PM
I was negotiating on a very large problem mortgage today with a high-up executive at the servicing firm. He made a comment that I thought peculiar and I called him to task on the matter.
The comment was that "after the foreclosure sale, lenders seldom bother to get a court ordered … (57 comments)
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short sale: SALES FIGURES FOR JANUARY IN SOUTH FLORIDA - DOWN DOWN DOWN - 02/25/08 09:47 PM
Today's South Florida Business Journal published an article today showing the across the board declines in sales activity in the South Florida and near South Florida geographic area.
One bright spot - for what it is worth - is an increase in prices for condo sales in Miami.
Presently I can find no published … (1 comments)
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short sale: FORM RELEASED BY IRS FOR DEBT RELIEF ACT FILING - 02/22/08 01:49 AM
New IRS Form for Filing for Debt Relief
The form for filing for tax relief under the Mortgage Forgeiveness Debt Relief Act of 2007 has been released and is available online. Click HERE for the form.
Information about the relief available - which is available only to primary residences that incurred the tax … (3 comments)
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short sale: No-Conflict Considerations in Short Sale Fees - 02/17/08 09:46 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 … (1 comments)
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short sale: TOO MUCH MONEY IN THE BANK TO DO A SHORT SALE? - ECONOMIC LOGIC - 02/09/08 12:31 PM
TOO RICH TO DO A SHORT SALE? - ECONOMIC LOGIC APPLIES (edit/delete)
This week I spoke with several people that wanted to do a short sale of investment property that is upside down in value. They are sick and tired of the short fall on rental income (if they are … (31 comments)
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short sale: TOO RICH TO DO A SHORT SALE? - ECONOMIC LOGIC APPLIES - 02/09/08 12:28 PM
This week I spoke with several people that wanted to do a short sale of investment property that is upside down in value. They are sick and tired of the short fall on rental income (if they are lucky to have a renter that actually pays rent) vs the mortgage payment, … (5 comments)
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short sale: WHAT DO I DO? -- I CAN'T PAY MY MORTGAGE - 01/12/08 09:13 PM
Most Common Question: "What do I do? - I can't pay my mortgage"
As an attorney, I receive plenty of telephone calls and visits from people that are no longer able to pay their mortgage on their home or investment property. They all have endless questions and usually tell me they are … (4 comments)
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short sale: RECOVERY IN 2009??? - 01/08/08 09:23 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 … (5 comments)
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short sale: Foreclosures Triple - AGAIN!?! - 01/03/08 07:25 AM
Another article in the Palm Beach Post this morning says that foreclosures here have tripled from the same period last year.
It also says that the important "ratio" of home price to household income is double what is considered affordable and normal.
In Palm Beach County foreclosure rate is a STAGGERING 1 in … (4 comments)
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