short sales: Socially acceptable “strategic defaults” The ticking time Bomb!
- 06/01/10 03:10 PM
We saw this coming a mile away....socially acceptable "strategic defaults." For purposes of my blog I am suggesting that "strategic default" means a homeowner that can make his or her payments but chooses not to for one reason or another. (Note: this excludes legitimate hardships like job loss or health issues for example) Many owners think, "I'll walk away, my credit will get dinged up a bit, I will keep my credit clean and be able to buy again in a few years". But we should look at the real long term affects of default. First, how long will it be before the borrower … (3 comments)
short sales: Short Sales: Buyers need Patience, Guidance, and Realistic Expectations
- 12/16/09 02:53 AM
There are some great opportunities for buyers in today's real estate market. We have all heard about how one can get a great deal on a bank foreclosure. However, if you are willing and able to wait out a short sale purchase, that may be the best option. What is a short sale? It is a sale where the seller owes more on the house that the market is willing to bear. Thus, if the seller has a valid hardship, his or her mortgage company maybe willing to accept a short payoff on the loan which would allow the home to be sold. Why would … (0 comments)
short sales: Suit against Loan Servicers for Short Sales Gone Bad...
- 05/28/09 05:42 AM
By this point, most of us real estate agents have been involved in a short sale that failed to close as a result of the loan servicer’s loss mitigation delays only to see the house sit and rot for 6 months to a year as an REO and watch the bank net $50,000 less than our short sale offer a year prior. The more I witness this phenomenon, the more questions come to mind. Can the servicer be held liable for not appropriately handling short sales? As a mortgage investor, I would be pretty upset to learn I lost $50,000 because … (1 comments)
We saw this coming a mile away....socially acceptable "strategic defaults." For purposes of my blog I am suggesting that "strategic default" means a homeowner that can make his or her payments but chooses not to for one reason or another. (Note: this excludes legitimate hardships like job loss or health issues for example);)
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