Murfreesboro River Oaks Midland Mortgage FHA Short Sale Closed by Murfreesboro Short Sale & Foreclosure Specialist Jim McCormack, a Murfreesboro and Nashville area Short Sale and Foreclosure REALTOR and Specialist was able to get this Murfreesboro (in River Oaks) Short Sale listed and closed in 131 days despite the short sale mortgage lender (Midland Mortgage) substantially over-valuing the Property. Jim was able to get this Murfreesboro River Oaks Midland Mortgage FHA Short Sale approved and closed due to the following reasons: Proper research and work … (0 comments)
Antioch Long Hunter Chase Magna Bank THDA FHA Short Sale Closed by Murfreesboro TN Short Sales & Foreclosure Specialist Jim McCormack, a Murfreesboro and Nashville area Short Sale and Foreclosure REALTOR and Specialist was able to get this Antioch (in Long Hunter Chase) Short Sale listed and closed in 69 days. Jim was able to get this Antioch Long Hunter Chase Magna Bank THDA FHA Short Sale approved and closed due to the following reasons: Proper research and work prior to marketing … (0 comments)
Murfreesboro Stewart Creek Farms Bank of America FHA Short Sale Closed by Murfreesboro TN Short Sales & Foreclosure Specialist Jim McCormack, a Murfreesboro and Nashville area Short Sale and Foreclosure REALTOR and Specialist was able to get this Murfreesboro (in Stewart Creek Farms) Short Sale listed and closed in 334 days despite the short sale mortgage lender (Bank of America) substantially over-valuing the Property. Jim was able to get this Murfreesboro Stewart Creek Farms Bank of America FHA Short Sale approved and … (0 comments)
Nashville Ransom Park Bank of America FHA Short Sale Closing Jim McCormack, a Murfreesboro and Nashville area Short Sale and Foreclosure REALTOR and Specialist was able to get this Nashville (in Ransom Park) Short Sale listed and closed in 54 days despite the short sale mortgage lender (Bank of America) initially mishandling the Borrower's/Seller's application to the HUD Pre-foreclosure Sale Program due to the following reasons: Proper research and work prior to marketing the home for a sale. This includes researching the loan … (0 comments)
According to this Real Estate Economy Watch article, Recovery Softens as More Markets End Year with Annual Price Decline, the government sponsored artificial housing market recovery has already begun to sputter. Despite the NAR's (National Association of REALTORS) reports earlier in the year that the housing market was recovering, the latest reports show the opposite. This should be no surprise since the government efforts to "save" the housing markets are largely the same policies that caused the housing bubble and crash. The government has used the following strategies to try and … (3 comments)
fha: FHA In Financial Trouble: Bailout Likely
- 11/15/12 05:10 AM
FHA In Financial Trouble: Bailout Likely Federal Housing Administration's Financial Problems Will Hurt Housing Prices According to this Wall Street Journal (WSJ) article, FHA Nears Need for Taxpayer Funds, the Federal Housing Administration (FHA) is in deep financial trouble, and as a result, the FHA will need a taxpayer bailout soon. It appears that the government propping of the housing market at taxpayer expense goes on and on despite the poor results and future problems that it creates. It is a shame that the US government keeps trying to fool home buyers into thinking the housing market is recovering only to … (0 comments)
fha: FHA Insured Loan Foreclosure and Short Sale Process
- 02/23/11 05:26 AM
FHA Insured Loan Foreclosure and Short Sale ProcessGood News For FHA Borrowers Facing Foreclosure My blog post, FHA Insured Mortgage Foreclosure Help, and webpage, Seller and Borrower Short Sale Documents and Instructions: HUD Pre-foreclosure Sale Program (HUD PFS Program), show that due to the way that HUD handles foreclosures and short sales for borrowers with FHA insured loans, foreclosure avoidance (i.e. stopping foreclosure) and a successful short sale closing are more likely than for borrowers with conventional (i.e. Fannie Mae and Freddie Mac) and other mortgage loans. Therefore, financially distressed homeowners and borrowers with FHA insured loans should not wait until … (0 comments)
fha: FHA Insured Mortgage Foreclosure Help
- 12/06/10 09:00 AM
FHA Insured Mortgage Foreclosure Help How to Stop Foreclosure If You Have an FHA Insured Mortgage Loan FHA Insured Mortgage Loan Short Sales (HUD Pre-Foreclosure Sales Program) Missing a mortgage payment (i.e. defaulting on your mortgage loan) creates a lot of personal and financial stress. This stress is even worse if the financially distressed homeowner and borrower receives a foreclosure notice, Notice of Default, or Notice of Trustee's Sale (or Notice of Substitute Trustee's Sale) from the mortgage lender or bank, or an attorney representing the mortgage lender or bank. This stress is absolutely legitimate and understandable since foreclosure severely damages … (0 comments)
fha: Foolish Banks Foreclose Again
- 12/02/10 10:39 AM
Foolish Banks Foreclose Again This article, The Abysmal State Of Mortgage Finance As Shown By One House, Two Foreclosures, absolutely hits the nail on the head and shows that bankers regularly hit their thumbs with hammers. This "lending into sink hole" needs to stop. "Saving" the housing market cannot be defined as artificially propping up housing prices with taxpayers paying up the huge losses on the long way down to the bottom that result from this foolish and reckless policy. I personally know of a very similar situation involving a home in Murfreesboro Tennessee, but this one is even worse. A … (0 comments)
fha: Can I Buy a Home Immediately After a Short Sale?
- 06/17/10 03:34 AM
This is some valuable information about mortgage loan options for sellers and borrowers who were recently involved in a short sale, or who are contemplating short selling their home. If you are a Middle TN homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, … (1 comments)
fha: FHA Head Says Housing Market Is On Life Support
- 05/26/10 03:21 AM
Amen! I have been saying this for nearly a year now and addressed it thoroughly in my blog post, Our Phony Real Estate Market. The fact is that housing prices are going to continue to decline as people finally discover that the economy and housing markets have been artifically propped up by massive, unprecendednted and unsustainable government involvement in the economy and hosuing markets (think Stimulus Bill, Omnibus Spending Bill, record mortgage securities buying, expanded FHA lending and the tax credit). It is all only going to get worse. There will be more short sales, more foreclosures and additional housing … (2 comments)
fha: FHA Loans - Some rumors are now reality - Important information about FHA mortgage changes !!!
- 01/21/10 02:05 AM
The FHA will continue to tighten underwriting due to record default rates (greater than 17%). As a result of those defaults, the FHA is basically bankrupt. It is amazing to see how long it is taking the FHA to figure out that making loans to people with lots of debt and practically no money isn't such a good idea. Homes purchased with FHA loans will be experience lots of foreclosures and short sales. The fact is that when you purchase a home with only a 3.5% down payment you are underwater day 1 since it will cost you more than … (3 comments)
fha: FHA has lifted the 90-day seasoning requirement!
- 01/17/10 07:38 AM
This is good news for foreclosed, distressed and fixer upper property flippers, rehabbers and investors. However, be aware that the FHA is basically bankrupt. It is likely that FHA loan underwriting standards will continue to tighten.
The news is spreading fast... As reported out from FHA on January 15, 2010 - HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS Measure to help bring stability to home values and accelerate sale of vacant properties WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun … (0 comments)
fha: FHA Loans More Difficult and Expensive
- 01/07/10 10:02 AM
FHA Loans More Difficult and Expensive According to this MSN Money article, Last chance for lowest-cost loans (Coming soon to FHA-backed loans: Higher FICO scores and more cash at closing. The changes are needed to help keep the agency afloat.), Federal Housing Administration (FHA) loans are about to get more expensive and more difficult to obtain due to the financial problems that the FHA is experiencing that are a result of record FHA mortgage loan default rates. Simply put, the FHA is paying more out to cover loan losses than it collects in Mortgage Insurance Premiums (MIP) from FHA borrowers and, … (2 comments)
fha: FHA Will Tighten Underwriting
- 12/07/09 06:34 AM
FHA Will Tighten Underwriting According to this Inman News article, FHA will tighten up in 2010, "The Obama administration is moving to tighten underwriting standards on FHA-backed loans by increasing the amount of upfront cash homebuyers must bring to the table, raising minimum FICO scores for new borrowers, and reducing maximum seller concessions from 6 percent to 3 percent." Many industry experts and insiders believe that this will result in the FHA raising the minimum down payment from 3.5% to 5.0%, raising the minimum credit score to around 620 and reducing (from 6% to 3%) the amount of closing costs that … (2 comments)
fha: What Happens when Uncle Sam stops buying mortgages???
- 10/10/09 03:49 PM
I felt that the content of this blog post was important and worth noting on my blog. The question posed by this post was what happens when the government stops buying up mortgages? I think the real question is what happens when the government stops aritficially propping up the real estate market (i.e. through buying up mortgages, expanded FHA role, tax credits, bank bailouts, etc.)? The answer is that home prices will finally drop down to where they should be, which is based on peoples' incomes, not the availiability of debt. We have definitely not hit the bottom. More foreclosures … (3 comments)
fha: FHA in Deep Trouble; Default Rates Skyrocketing
- 09/21/09 06:11 AM
According to this Nashville Business Journal article, FHA reserves feeling the squeeze, and this CNBC article, FHA Cash Reserves to Fall Below Required Levels, high levels of FHA loan defaults have pushed FHA cash reserves below the mandated minimum levels. Both articles state that the head of the FHA said that the agency will not need a tax payer bailout, that the FHA will hire a chief risk officer and that underwriting criteria will be tightened including higher minimum credit scores and stricter appraisal rules. The Nashville Business Journal article quotes the new release statements of FHA Commissioner David H. Stevens … (0 comments)
Murfreesboro River Oaks Midland Mortgage FHA Short Sale Closed by Murfreesboro Short Sale & Foreclosure Specialist
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