east tennessee short sale: 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)

east tennessee short sale: Government Issues New HAFA Guidelines - 04/08/11 03:53 AM
My Take:  Servicers just couldn't live up to the updated terms that became effective back in February, so the government has decided to modify things a bit. Still a good program for certain borrowers. 
Treasury Department Issues New Guidance for HAFA Short Sales
By Carrie Bay 04/07/2011  
The U.S. Treasury Department has released updates to the policy guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program, which provides additional options to homeowners who do not qualify for a federal modification and offers incentives to borrowers, servicers, and investors who utilize a short sale or deed-in-lieu to avoid foreclosure.
The … (0 comments)

east tennessee short sale: 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)

east tennessee short sale: 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)

east tennessee short sale: 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)

east tennessee short sale: 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)

east tennessee short sale: 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)

 
John Verdeaux (Keller Williams Realty, Knoxville-West)

John Verdeaux

Knoxville, TN

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Keller Williams Realty, Knoxville-West

Address: 5616 Kingston Pike, Suite 201, Knoxville, TN, 37919

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