short sale expert: More Changes To How Fannie Mae Handles Short Sales
- 06/07/11 09:48 AM
My Take: Fannie Mae continues to make adjustments to how they handle foreclosure alternatives for borrowers. I like this move because it gives some power to the servicers to make decisions on those who are claiming they will be imminently delinquent. This should hopefully speed up the short sale approval process. Plus, we have more and more people are coming to us BEFORE they are behind on their payments and want to know if they can pursue a short sale. Fortunately, the short sale option is becoming more well known to the general public and proactive homeowners are looking into it as a way to improve their situation … (2 comments)
short sale expert: 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)
short sale expert: More Underwater Homeowners Considering Strategic Default
- 05/19/11 02:58 AM
My Take: People are looking at their homes as bad, or even toxic, investments. It's like owning a stock that was now worth less than what was paid for it with little to no chance of it regaining its value in the near future. Why hold onto it? Morals and borrower responsibility are obviously added variables that come into play when discussing one's mortgage versus owning a stock. These variables should not be discounted. However, many people aren't seeing the incentive in paying their mortgage on an asset that is worth less than what is owed, ESPECIALLY in a situation where the homeowner is … (2 comments)
short sale expert: More People Dealing With Negative Equity In Their Homes
- 05/13/11 03:06 AM
My Take: This is one of the primary components as to why so many people are pursuing a short sale to sell their homes. Unfortunately, the homeowner has no control over the real estate market and when they realize their mortgage is higher than the value of their house, it can very frustrating. It is esepcially frustrating when the homeowner HAS to sell because they can no longer afford the home anymore. It is important for the homeowner to keep a good long-term perspective when making a decision whether or not to pursue a short sale. How will getting out from … (6 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)
short sale expert: 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)
short sale expert: Many People Having Trouble Making Their Mortgage Payments
- 04/08/11 04:03 AM
My Take: Unfortunately, this is just a sign of the times. While it can be embarrassing, frustrating and emotional, the important thing is to be proactive and seek ways to improve your situation. For many people who are having trouble with their mortgage(s), a short sale is the best option.
Poll: 22% of Homeowners Have Difficulty Making Mortgage Payments 04/05/2011 By: Heather Hill Cernoch According to a new poll from the New York-based market research firm Harris Interactive, 22 percent of people with mortgages have difficulty making their monthly payments, and 7 percent have "a great deal of … (1 comments)
short sale expert: 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)
My Take: Fannie Mae continues to make adjustments to how they handle foreclosure alternatives for borrowers. I like this move because it gives some power to the servicers to make decisions on those who are claiming they will be imminently delinquent. This should hopefully speed up the short sale approval process. Plus, we have more and more people are coming to us BEFORE they are behind on their payments and want to know if they can pursue a short sale. Fortunately, the short sale option is becoming more well known to the general public and proactive homeowners are looking into it as a way to improve their situation … (2 comments)
;)
;)
