From the category archives:

Short Sale

The Truth About Mortgage Modification

More than 1 in 10 homeowners are upside-down on the mortgage and don’t know what to do. The search for a solution can be filled with misinformation and fraud. If you or someone you know is among the many homeowners who owe more money on their home than it’s worth, know that there are options [...]

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9 Ways to Avoid Foreclosure

Reinstatement Bring the loan current if you are behind in payments, there will be penalties also. Forbearance Temporary repayment plan. Refinance New loan with reduction in monthly payments, usually due to lower interest rates. Loan Modification Modify original loan terms. Sell the Property Use equity to payoff or pay difference [...]

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Foreclosure vs. Short Sale

ISSUE FORECLOSURE SUCCESSFUL SHORT SALES Future Fannie Mae Loan – Primary Residence A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period of 5 years. A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage after 2 years. Future [...]

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The 7 Most Dangerous Short Sale Myths

Don’t let one of these myths land you and your family in foreclosure… A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, there are a number of myths about short sales and it is important to understand this [...]

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Banks embrace short sales

Any one who has kept up with the economic news is well aware that the number of foreclosures are up all over the US. In some cities the number of loans in default are so high and the amount of inventory for sale is so high that the banks are just letting people stay in [...]

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Planning year-end tax strategies in a down year

Year-end tax planning this year will be different from years past, largely because of the recession. For many taxpayers, the year has meant a job loss, a job with less income or perhaps a home foreclosure. There also have been government stimulus programs that have added to taxpayers’ take-home pay or given some homebuyers a [...]

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Wall Street vs. Main Street: Courts Beginning to Side in Favor of Foreclosed Property Owners

Agents involved in foreclosures and short sales may need to begin to disclose the possibility of serious property transfer defects associated with these types of lender controlled sales. If recent court decisions are any indication, we could be headed for an explosion of litigation in this area. And now, Massachusetts Courts have revealed the possibility [...]

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Foreclosures Selling almost Three Times as Frequently as Short Sales

Lender-owned foreclosure inventory available for sale in the Twin Cities is down 60% from last year, falling from an estimated 4,886 at the end of last September to 1,960 this September. Short sales are a different story—basically holding steady over the last 12 months. The simple reason for this growing chasm is that foreclosures are [...]

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ARE YOU FACING FORECLOSURE?

A recent industry report indicated that more than 1 in 10 homeowners in the U.S. are behind on their mortgage payments. This is an unfortunate trend in our community. Contributing to this situation is job loss, adjustable loans re-setting to higher rates and area price ranges experiencing lower values than homeowners balance owed on their [...]

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Dallas-Fort Worth foreclosure postings up 35 percent from year-ago numbers

Lenders have filed foreclosure notices on more than 5,000 Dallas-Fort Worth area homes for next month’s forced sale – a 35 percent jump from September 2008, Addison-based Foreclosure Listing Service said Thursday. The biggest increase in pending home foreclosures is in Tarrant County, where postings are up 54 percent from a year ago. Denton County [...]

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