Q. In this current housing environment, are lenders/banks more willing to accept short sales before the borrower is in default based on the fact that property values are declining? If banks are indeed accepting short sales in this scenario, is the short sale approval based on financial hardship?
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11/16/2008
Each day, I will select and then post a general question poached from another website's Q&A forum. AR members are invited to contribute with an answer, or a follow-up question. Q. I recently found out that the house that I am paying for right now has a much lower value than my mortgage. What ca
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11/15/2008
Fight Foreclosure! Reviewed by Michael Kinsman, CPA, PhD, Professor of Finance and Accounting Pepperdine University "Valuable Information and a good read" Fight Foreclosure! I look at books on "saving your home in foreclosure" with a cynical eye. Most of them are very long on promises and war st
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11/11/2008
A recent post from a previous blog, An Open Letter to Countrywide David - I have not met one lender that was willing to work with homeowners as the current media bull trys to get out there. All you here is "Call your lender" - "they'd love to work something out" - that is hogwash IMO. I have no
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10/29/2008
Perhaps one third of the people I counsel who want to save their home from foreclosure are fighting an uphill, and oftentimes losing battle. When they want to fight. I help, but try to temper their expectations, and have them prepare for and accept the eventuality of relocation. Then, there are
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10/12/2008
The scope of my non profit organization's practice isn't so much preforeclosure "counseling" these days but has now shifted its focus to the hands-on facilitation of "cramdown" loan modifications for Borrowers whose lenders offer little relief, if any. I've been doing loan mods/short sale/worko
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10/05/2008
Any bailout worthy of support should put endangered homeowners first, not the bankers who swindled them. Frankly, I've read the "Bailout Bill" and it is an unconscionable screwing of WE, The People who work for a living. I'm against the "Bailout" with a capital "B" as presented. It is akin to "Th
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10/02/2008
From the E-Mail bag: Q. Dave, I had a question: Mc Cain said [& so far I've not seen anyone challenge the statement] that 'the vast majority of these troubled mortgages , [that are sub prime] will be fully paid off....' is this a BS statement? Kevin. A. On its face, the statement sounds grea
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09/29/2008
excerpts from WASHINGTON (MarketWatch) -- "I'm furious," said David M. Petrovich, executive director of the Society for the Preservation of Continued Homeownership (www.spoch.org) in Oakhurst, N.J., and frequent source of information for this column about how to deal with lenders when you are in
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09/18/2008
Though I've been in this end of the business for almost two decades, I haven't been controversial, and haven't made too much of a media splash. However, since Fight Foreclosure! hit the shelves I've been interviewed by TV, radio, mainstream print news media, and occasionally asked to comment on
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09/13/2008
