port charlotte florida: Are Distressed Homeowners Giving Up on Short Sales?
- 08/19/10 12:34 AM
Are distressed homeowners giving up on short sales? With foreclosure filings on the rise due in large part to continued employment losses and fallout from faulty mortgage loan modifications, it seems fewer and fewer homeowners are considering the possibility of short selling their home. Within my own community, more than 80% of the homes that are currently in the foreclosure process are not listed for sale in the local MLS. What is even more staggering is the fact that over 50% of these same homes in pre-foreclosure have not been listed for sale in the MLS for the past 10 years!! With REO inventories rising … (1 comments)
Port Charlotte, FL - Mike Sikorski, a local real estate broker specializing in the marketing of homes by short sale, has developed a marketing strategy and website that is focused on assisting distressed homeowners find information and investigate options to avoid the foreclosure process. As an expert in short sales, a real estate transaction option that banks will consider instead of foreclosure with specific guidelines, Mike Sikorski is determined to provide essential knowledge to homeowners in Port Charlotte facing this … (0 comments)
port charlotte florida: Most Short Sales, Foreclosures Unnecessary
- 10/21/08 12:49 PM
Most of the properties for sale as Short Sales as well as properties currently in foreclosure are unnecessary, so property owners should strongly consider all of their options before taking the steps towards certain financial ruin and seriously derogatory credit. The use of Federal and State lending laws could dramatically alter the ever-increasing number of homes for sale as a short sale, as well decreasing the large number of foreclosures and bank-owned properties. More importantly, homeowners can keep their homes and improve their credit rating. A thorough review of all mortgage loan documents, including the initial loan application … (0 comments)
port charlotte florida: COMMIT MORTGAGE FRAUD AND PAY A HEAVY PRICE
- 10/21/08 12:43 PM
Question: What do you get when you combine a dishonest mortgage broker, dishonest title agent, and a dishonest real estate appraiser? Answer: heavy fines as well as a lengthy prison sentence! Law enforcement officials and government regulators are cracking down hard on people involved in all aspects of the real estate business who commit or conspire to create fraudulent mortgage loans as well as illegally obtain mortgage loans, which ultimately costs tens of billions of dollars to both mortgage lenders and consumers each and every year. Recently, Federal agents in both Miami and Anchorage, Alaska have charged numerous people with … (1 comments)
port charlotte florida: MORTGAGE LOAN APPROVALS USING NON-TRADITIONAL CREDIT
- 10/21/08 12:42 PM
Homebuyers turned away due to lack of credit or credit scores do have a rather unconventional way to be approved without traditional credit or even a credit score. Nontraditional credit is a widely used form of credit verification used by certain mortgage lenders for loan applicants who prefer not to use traditional forms of credit such as credit cards or car loans yet can provide a payment history on similar forms of ‘nontraditional" credit. For several years now, mortgage lenders have recognized that loan applicants who choose to use non-traditional credit in place of traditional credit should not be penalized … (0 comments)
Financing the purchase of a home is getting more difficult these days, especially for those consumers who may have recent or past credit delinquencies in their credit file. Credit score requirements by most mortgage lenders are changing on a weekly basis, requiring no less than a 580 middle score from the three credit repositories: Transunion, Experian, & Equifax. Many of the loan approvals issued by banks and mortgage lenders over the last several months have failed to close due to these changes in the credit score requirements, leaving many potential homeowners without the means necessary to finance their home … (0 comments)
Just when you thought the housing and mortgage crisis was limited to only homeowners, a new victim has been brought into the fray, one who doesn't own a home or have a mortgage. Who are these new, unsuspecting victims? The people who are actually renting homes! Thousands of homeowners (namely investors and property speculators unable to sell homes purchased in the recent sellers market) have opted to rent their homes to help offset their monthly debt service. Low market rents compared with high risk, high interest mortgage payments are causing many investors to go ‘out of pocket' to pay … (0 comments)
port charlotte florida: The Terrible Truth about Mortgage Brokers and Loan Originators
- 10/21/08 12:35 PM
Many of today's Florida licensed mortgage brokers and Loan Originators lack the necessary skills to truly assist consumers in securing the best financing arrangements possible, due in large part to the fact they are poorly trained, lack the most basic skills necessary to truly understand all facets of residential mortgage lending, and possess little or no experience in residential mortgage lending, and offer too few mortgage lending programs to their customers. What's worse: scores of consumers throughout Florida and across the country apparently do not know the difference between an experienced mortgage broker and one with no experience at all, … (0 comments)
Getting a mortgage loan approval is about to get a lot tougher beginning in June, as both Fannie Mae and Freddie Mac have opted to toughen underwriting guidelines for conventional mortgage loans as a direct result of the current housing and mortgage crisis. Effective June 2, 2008, revised mortgage loan underwriting guidelines will call for higher credit score requirements, increased private mortgage insurance premiums, and lower loan to values (LTV's) for cash out refinance mortgage loans. In addition, risk factors such as previous bankruptcies, foreclosures, and previous mortgage payment delinquencies will require longer recovery periods for conventional mortgage loans. … (0 comments)
Are distressed homeowners giving up on short sales?
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