foreclosures: North Carolina Establishes Foreclosure Rules...
- 03/22/10 01:00 PM
Recently state regulators ruled that once a homeowner asks for a loan modification, any foreclosure actions must be halted. Now, lenders pursue foreclosures at the same time they're working with homeowners to make their loan payments more manageable. That puts homeowners up against the clock. "We believe that the mortgage industry has failed to prevent as many foreclosures as they could have, and that there are some significant flaws in the system," said Mark Pearce, deputy commissioner of banks. "We think the new rules that we adopted ... will help homeowners have a better chance of avoiding foreclosure when they have … (0 comments)
foreclosures: Obama Relocation Assistance - Shell Game or Solution?
- 03/09/10 08:54 PM
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration's most aggressive attempts to grapple with a problem that has defied solutions. More than five million households are behind on their mortgages and risk foreclosure. The government's $75 billion mortgage modification plan has helped only … (6 comments)
foreclosures: Obama Considers Halting All Home Foreclosures...
- 02/27/10 04:41 AM
President Barack Obama reportedly is considering stopping all home foreclosures unless they have been rejected by the administration's struggling $75 billion mortgage assistance program.The move comes as Republicans take aim at Obama's mortgage assistance program. Republicans argue the effort is making the economic crisis worse and say many homeowners would be better off as renters. Continue reading here and tell us what you think! For information about the Pinehurst - Southern Pines - Aberdeen, North Carolina area contact us for a free relocation report and search the Pinehurst Southern Pines MLS for all available properties matching your criteria. Thank you for your … (7 comments)
foreclosures: Short Sale vs. Foreclosure
- 09/02/08 04:07 PM
A short sale occurs when a lien holder agrees to discount the outstanding balance on a primary or secondary mortgage due to economic or financial hardship on the part of the mortgagor. Foreclosures are time consuming and expensive, which is why most lenders will choose to allow a short sale. Advantages to the mortgagor include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Prior to the Mortgage Forgiveness Act of 2007 the deficency or canceled debt, on a short sale, was considered taxable income, and the seller could be penalized by as … (0 comments)
foreclosures: Buying Foreclosure Property is Risky Business
- 04/23/07 04:50 AM
Some people consider those who take advantage of other people's troubles, mercenaries... But the reality of the situation is that in many cases, the real mercenaries were the lenders who made loans to consumers who either could not afford them or did not understand the terms and conditions of the loans, or both. Buying a home at a foreclosure sale is fraught with risks. You can end up spending a lot of money doing your homework, only to learn that at the last minute the foreclosure sale was cancelled, or that the borrower filed bankruptcy minutes before the sale takes place. And even if … (0 comments)
We’re NC real estate brokers and members of “The” Pinehurst Home Team. For nearly two decades we have served the needs of buyers and sellers of single and multifamily properties and offer a friendly, consultative approach to client’s real estate and relocation endeavors. Whether visiting or considering relocation, we encourage you to visit our websites and contact us for more information about the greater Pinehurst North Carolina area and the unparalleled quality of life the area offers.
Recently state regulators ruled that once a homeowner asks for a loan modification, any foreclosure actions must be halted. Now, lenders pursue foreclosures at the same time they're working with homeowners to make their loan payments more manageable. That puts homeowners up against the clock. "We believe that the mortgage industry has failed to prevent as many foreclosures as they could have, and that there are some significant flaws in the system," said Mark Pearce, deputy commissioner of banks. "We think the new rules that we adopted ... will help homeowners have a better chance of avoiding foreclosure when they have … (0 comments)
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