avoid foreclosure knoxville: Changes To How Short Sales Are Reported To Credit Bureaus
- 05/23/12 01:39 AM
Apparently lenders are changing how they are reporting short sales to the credit bureaus. Even though I am in "believe it when I see it" mode with this, it still provides some perspective on the mindset of mortgage holders when it comes to short sales. The article tells me that mortgage holders and loan servicers are realizing the true benefits of a short sale compared to foreclosure. Some of the points in the article below are generalized and not entirely true across the board, but it does show that there are now even more reasons for distressed borrowers to pursue a … (0 comments)
avoid foreclosure knoxville: More than 1/5 of US Home Mortgages Underwater
- 09/29/11 04:17 AM
A short sale is a great option for homeowners that need to sell their homes, but unfortunately owe more on the home than they can sell it for. Even those who ARE NOT delinquent on their mortgage can possibly qualify for a short sale. More Than One-Fifth of Mortgages Underwater: Report 09/13/2011 By: Phil Britt 10.9 million, or 22.5 percent, of all residential mortgages had negative equity at the end of the second quarter of the year, according to a report released Tuesday by the analytics firm CoreLogic. The figure is actually a slight improvement from the 22.7 percent of all … (0 comments)
avoid foreclosure knoxville: Mindset of Underwater Borrowers
- 09/01/11 04:48 AM
Interesting information. The article does give the impression that consumer confidence in the housing market and economy is shaky at best. It seems pretty rational that a high percentage of borrowers who are "underwater" are delinquent on their mortgages. The Financial Mindset of Underwater Borrowers: Survey 08/16/2011 By: Carrie Bay, DS News.com term ‘underwater’ has become common industry jargon in today’s marketplace of depressed home values and high loan balances, and it’s increasingly making its way into the everyday vocabulary of consumers. Twenty-six percent of mortgage borrowers now say they are underwater, meaning they believe they owe more on their … (1 comments)
avoid foreclosure knoxville: Realtors Dissatisfied With Loan Servicers Regarding Short Sales
- 08/23/11 10:56 AM
Quite honestly, we think the level of service provided by most of the large national lenders on short sale transactions has actually improved pretty significantly over the past 12 months. The same can't be said for the regional lenders in our area who we feel are the hardest to deal with and have the slowest response times. An agent with the proper experience handling short sale transactions can overcome many of the shortcomings the loan servicers have. Realtors Increasingly Dissatisfied with Servicers Regarding Short Sales 08/04/2011 By: Krista Franks , DSNews.com
Realtors continue to be dissatisfied with … (2 comments)
avoid foreclosure knoxville: Banks Prefer Short Sales Over Foreclosures
- 08/10/11 05:40 AM
It's about time! This has actually been the case for quite some time, but there are other factors that weigh into a bank's decision to foreclose on a property. The bottom line is that the mindset of MOST lenders is to pursue the option that best mitigates loss.
Banks Now Prefer Short Sales to Foreclosures
A lender’s interest is in profit, and a foreclosure used to be more lucrative for a bank than a short sale. Now, however, the average foreclosure takes more than 300 days to process and the time and work that goes into the process now costs banks … (1 comments)
avoid foreclosure knoxville: Pros and Cons of the HAFA Short Sale Program
- 06/30/11 02:11 AM
Over the past few months, we have seen a pretty significant increase in the number of our short sale clients pursuing the HAFA program. The jury is still out on whether or not I actually like HAFA, but I think the program does offer some positives for the borrower. We've recommended HAFA to several of our clients who were closing in on a foreclosure date. We've found it's a pretty decent way to help stop a foreclosure and give us, the agent, a chance to sell the home. However, you can't wait until the last minute. Most servicers won't allow borrowers to … (0 comments)
avoid foreclosure knoxville: Too Many Distressed Homeowners Don't Know About a Short Sale!
- 05/27/11 04:25 AM
Based on data from RealtyTrac and NAR, more than 700,000 HOMEOWNERS FILED FOR FORECLOSURE AND NEVER LISTED THEIR HOME IN 2010. How many of those 700,000 homeowners could have been saved from foreclosure? This number was both shocking and sad to me. Our goal this year is not only get this number down, but also to provide as much correct information as possible to help homeowners make the best decision they can when faced with a distressed financial situation. A SHORT SALE IS A FAR BETTER OPTION than a foreclosure for the vast majority of people who find they can no … (3 comments)
GSEs Issue New Servicing Guidelines for Delinquent Mortgages 04/28/2011 By: Carrie Bay Fannie Mae and Freddie Mac are issuing new guidelines to servicers in order to align their procedures for handling past-due mortgages. The objective is to ensure consistent servicing requirements for loans handled on behalf of the GSEs across four key areas: borrower contact, delinquency management practices, loan modifications, and foreclosure timelines. The new approach provides monetary incentives for servicers that perform well … (1 comments)
avoid foreclosure knoxville: Quicker Lender Response to Short Sales?
- 04/16/11 05:15 AM
My Take: It will be interesting to see how far this initiative makes it. The one question I would have is, how would the government enforce this? Legislation Introduced to Speed Lender Response to Short Sales 04/14/2011 By: Carrie Bay Two lawmakers, one Republican and one Democrat, have joined forces to push federal legislation through that would facilitate wider use and shorter transaction timelines for a foreclosure alternative that some say could be a lifeline for millions of underwater homeowners while drastically reducing the number of empty, repossessed homes lining U.S. neighborhoods - the short sale. The bill, … (3 comments)
avoid foreclosure knoxville: Watch Out For Bad Short Sale Information
- 04/10/11 05:34 AM
I felt inclined to vent today about how much BAD information there is out there regarding short sales. I hate to say it, but most of the bad information is coming from fellow real estate agents. So many agents out there are claiming to be "experts" or "pros" at handling short sales because they have worked through one, maybe two, transactions. They then base their opinions and advice about short sales in general on those one or two transactions. Those of us who have successfully closed numerous short sales know that while the foundation of every short sale deal is the same, the … (4 comments)
avoid foreclosure knoxville: Fannie Mae Attempts to Improve Short Sale Process
- 04/04/11 10:16 AM
My Take: More evidence that the industry is trying to improve the short sale process and make it more efficient. I consider this only a small step in the right direction, but a good one nonetheless. We'll have to wait and see how effective the "Assistance Desk" really is. California Realtors and Fannie Mae Launch Effort to Expedite Short Sales 04/01/2011 By: Heather Hill Cernoch The California Association of Realtors (CAR) has partnered with Fannie Mae on an initiative designed to help Realtors resolve issues that arise after a short sale offer is made on a Fannie Mae-backed loan.The … (1 comments)
avoid foreclosure knoxville: Qualifying For HAFA Short Sale Program
- 03/30/11 05:56 AM
Question: Do I qualify for the HAFA Short Sale Program? Answer: Call me and I can let you know! Hah! In all seriousness, this is a bit of a loaded question because a borrower has to meet several criteria in order to qualify for the program. MOST of the top lenders and mortgage holders do participate in the program and it can be a great option for someone who is trying to avoid a foreclosure, especially with the new qualification parameters. Prior to these new parameters, the biggest reason our clients were not getting approved for HAFA was because they did not meet the required debt-to-income ratio. … (2 comments)
avoid foreclosure knoxville: Government Pressures on Loan Servicers
- 03/22/11 05:10 PM
My Take: The government continues to push banks to explore foreclosure alternatives. Their motives are generally selfish in nature (popularity with the people), but the result is a positive one for the distressed homeowner. This article discusses loan modifications, but it also applies to short sales. The government wants loan servicers (i.e. B of A, Wells Fargo, Chase, Citimortgage, etc.) to exhaust all options before foreclosing on a borrower. For those who handle a lot of short sale transactions like we do, you can tell which servicers are embracing this movement and which ones are not. AGs Threaten Lawsuits If Servicers Don't Make Fundamental … (2 comments)
avoid foreclosure knoxville: Why Should I Pursue A Short Sale?
- 03/19/11 06:03 PM
We've been posting common questions we get from prospective and current clients about short sales on our Facebook Page (Knoxville Short Sales) and website blog (www.knoxvilleforeclosurehelp.com) for quite some time. Now that we are on ActiveRain, we will start posting them here as well. Recent Question: Why should I pursue a short sale with my lender(s)? Our Response: We start asking questions! Are you trying to avoid a probable foreclosure? Are you trying to protect your credit and ability to purchase another home as quickly as possible? If credit is not an issue for you, are you trying to avoid having your lender file a deficiency judgment against you? Have you been trying … (6 comments)
avoid foreclosure knoxville: Loan Modifications Just Aren't Working!
- 03/17/11 05:10 AM
My Take: The bottom line is that mortgage servicers and investors don't have much incentive to do loan modifications. I always tell clients that the irony of loan modifications is that the people who can actually qualify for a loan modification, don't actually need one. The reality is that short sales have proven to be a MUCH more effective way for people to avoid a foreclosure than a loan modification.
Congressional Panel Report Says Foreclosure Mitigation "Largely Failed" 03/16/2011 By: Joy Leopold, DSNews.com The final report released on Wednesday by the Congressional Oversight Panel (COP) regarding the programs and … (6 comments)
Apparently lenders are changing how they are reporting short sales to the credit bureaus. Even though I am in "believe it when I see it" mode with this, it still provides some perspective on the mindset of mortgage holders when it comes to short sales. The article tells me that mortgage holders and loan servicers are realizing the true benefits of a short sale compared to foreclosure. Some of the points in the article below are generalized and not entirely true across the board, but it does show that there are now even more reasons for distressed borrowers to pursue a … (0 comments)
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