avoid foreclosure: When to Consider a Short Sale
- 11/16/10 04:30 AM
When to consider a Short Sale? When is the best time to consider a short sale? Deciding to Short Sale your property is usually considered an option after homeowners have exhausted their savings, spent weeks or months trying to get a loan modification and after a Notice of Trustees Sale (in Clark County) has been filed. I meet people weekly who are at the end of their available options in a foreclosure action and are just beginning the short sale process 30 to 60 days in advance of a foreclosure sale. Reviewing their history gives me the opportunity to consider what … (0 comments)
Times have changed. Today we live in a true buyer's market. Simply put, a buyer's market exists when there are more homes on the market than there are buyers. If inventory-the number of homes on the market in a neighborhood-has been rising, it's likely that the number of days a home stays on the market has increased as well. Couple that with declining sales figures over the last 2 quarters, and home buyers are in an enviable position to negotiate. Keep this in mind: The number of homes on the … (1 comments)
avoid foreclosure: THE TRUTH ABOUT LOAN MODS
- 05/04/09 03:02 AM
Just because you want a Loan Modification, doesn't mean you will QUALIFY for one. Here is the truth, no one seems to want to hear it, but here it is: YOU STILL HAVE TO HAVE AN INCOME THAT SUPPORTS AND QUALIFIES YOU FOR THE LOAN!The loan modification has to work for the lender, too. Why on earth would any bank make a bad loan now, especially now? If you have lost your job, and have no way to repay the loan, modified or not, why would the bank want to take on that risk?The few loan modifications that I have seen … (0 comments)
avoid foreclosure: Real Estate Professionals BEWARE!
- 04/06/09 04:27 AM
Real Estate Professionals BEWARE! REAL ESTATE PROFESSIONALS BEWARE: Before you or your clients pay any fees to any company, make sure to learn the legal facts and truths to the alternatives to foreclosure. You need to learn more about the following topics:Foreclosure's effect on credit scoreThe consequences of BankruptcyThe Timing and Success of Short SalesLoan Modifications and their failure ratesEducate your clients:35% Of homeowners with a mortgage have little or no equity16% Of all mortgages will be in foreclosure in the next four years. Turn your short sales into profits! When you are ready to start making more money with … (0 comments)
avoid foreclosure: Are Agents Unknowingly Leading Sellers to Foreclosure?
- 02/24/09 11:03 AM
Saving the seller from foreclosure may mean saving the seller from the wrong agent. I work with a group of investors that are making offers on pre-foreclosure properties, and negotiating short sales. Once they acquire a property, they do all they can to sell it for a profit as soon as possible. Recently, I sent out an email to my friends and email list letting them know that I have cash offers waiting to help people they may know avoid foreclosure. I received a call a few days later from a gentleman that got my number from a mutual friend. He explained to … (0 comments)
avoid foreclosure: The Short Sale Tsunami is Headed Our Way
- 01/17/09 09:25 AM
The wave has only just begun. Option ARMs are still very toxic to the real estate market today. Delinquencies are rising rapidly. HOPE Now data from early January 2009 revealed that delinquencies rose to a new record, 4.9%. Despite the efforts of servicers and institutions to modify loans, the modifications fall short. None of the lenders out there are reducing the principal owed on the loans. Therefore, the houses that are worth way less than what is owed on them are headed for foreclosure or short sale. There is a huge possibility that 2009 will be far worse than 2008. The distressed inventory … (0 comments)
avoid foreclosure: The Housing and Recovery Act of 2008
- 08/04/08 09:21 AM
The Housing and Recovery Act of 2008 is really 3 separate, focused, legislative proposals.President Bush has signed this legislation, it is expected to become law in October 2008.Here are three components of the Housing and Economic Recovery Act of 2008:Federal Housing Finance Regulatory Reform ActHOPE for Homeowners ActForeclosure Prevention ActEach of these laws have specific Acts have a different focus.The "Federal Housing Finance Regulatory Reform Act of 2008" an independent regulator for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. This new legislation will enhance the affordable housing component and expands the number of families Fannie Mae and Freddie Mac can … (0 comments)
When to consider a Short Sale?
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