foreclosure: Residential Statistics October - December 2010: Talent City
- 01/10/11 12:22 AM
FORECLOSURE VS SHORT SALE FUTURE LOANS - PRIMARY RESIDENCES FORECLOSURE: A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 7 years. On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks "Have you had property foreclosed upon in the last 7 years?" this will affect future rates. SHORT SALE: 2 Years. Fannie Mae may adjust based on down payment amount.
Foreclosure Vs Short Sale LOAN FHA Loan – Current FORECLOSURE A homeowner who loses a home to Foreclosure isineligible for a Fannie Mae backed mortgage for aperiod of 5 years.
SUCCESSFUL SHORT SALE No Wait - borrower must be current on all obligations, including installment debt
Issue: Credit Score
Foreclosure
Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years.
Short Sale Only late payments on mortgage will show, … (1 comments)
foreclosure: Stop Foreclosure in Eagle Point
- 12/07/10 04:00 AM
Eagle Point is a community of 8,700+ residents located in the Upper Rogue River Valley in Southern Oregon, approximately 10 miles east of Interstate 5 and northeast of Medford along State Highway 62. Eagle Point is only 40 miles from the California/Oregon Border and 50 miles west of Crater Lake National Park. The community is the “Gateway” to several mountain lakes in the region including Crater Lake. The community was incorporated in 1911 (Hussel, 2006).If you're looking for a new place, Eagle Point is a beautiful city to live in. Thinking of selling your house? Below is a figure showing … (0 comments)
For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." The figure below shows the existing home sales in Ashland from September 1, 2010-November 30,2010.
On a lighter note, don't forget to check out the on-going Festival of Light up to December 31st. For those who may ask the Festival of Light is a community event by the Ashland Chamber, to kick off the holiday season.Bring your loved ones and enjoy the entertainment on the Plaza followed … (0 comments)
foreclosure: Which banks are easier to do short sales with?
- 07/18/07 04:04 AM
Which banks are easier to do short sales with? Jared Hokanson - Realtor Medford Oregon www.jaredhokanson.com As foreclosures keep increasing across the country, including here in my hometown of Medford Oregon, we are seeing more and more sellers that have no choice but to have the bank foreclose on them or do a short sale and save the homeowner from foreclosure. As I help my clients with short sales and work with a variety of banks, I've noticed that some banks are easier to deal with than others. Some are also easier to deal with if they are in 2nd position where their position is weaker than when they are the … (10 comments)
Jared's opinion on real estate in Oregon. Jackson County. Rogue Valley. Medford, Ashland, Talent, Phoenix, Eagle Point, White City, Central Point, Gold Hill, and Rogue River.
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