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Tag: short sale

What’s The “MARS Rule” in Real Estate?

What’s The “MARS Rule” in Real Estate?

Question: We’re interested in buying a local short sale because of the possible discounts. We know that we must reach an agreement with the owner and that the deal must be approved by the lender. Does the broker representing the seller negotiate with the lender to get the best deal? Answer: This is a matter which is […]

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Fast Refinancing After A Short Sale — Here’s How

Fast Refinancing After A Short Sale — Here’s How

Question: We did a short sale on our home in May 2012. We then bought a house with cash in Oct 2012. Can we get a fast refinancing on our current home? Answer: A short-sale is a situation where a home has been sold for less than the mortgage debt, meaning the lender has taken […]

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FHA Back To Work Mortgages — New Loans In 12 Months

FHA Back To Work Mortgages — New Loans In 12 Months

If you’ve been shut-off from new mortgage financing because of hard times you might want to take a look at the new FHA Back To Work mortgage program. Here, finally, is a program which can allow you to get an FHA loan in as little as 12 months after a foreclosure, short sale or deed-in-lieu […]

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MARS Rule Changing Short Sales & Mortgage Relief

MARS Rule Changing Short Sales & Mortgage Relief

It used to be that there were plenty of people who could grease the wheels if you got into mortgage trouble. Instead of a short sale or foreclosure these lovely folks — some of whom claimed government recognition and approval — would negotiate for you with the lender so you could walk away from the […]

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Foreclosure Activity Hits Six-Year Low

Foreclosure Activity Hits Six-Year Low

Foreclosure activity hit a six-year low in April according to RealtyTrac, but while home losses were down in general they actually rose in states where foreclosure actions must go through local courts. Maryland, for example, is the nation’s wealthiest state in terms of household income and yet foreclosure activity — default notices, scheduled auctions and bank […]

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Wealth Gap Creates More Foreclosures and Short Sales

Wealth Gap Creates More Foreclosures and Short Sales

The worst of the foreclosure crisis seems over, if you can accept the idea that today’s foreclosure levels are in any way acceptable. Many of the foreclosures and short sales seen today actually have their roots in the period between 2000 and 2008 when lending standards went out the window. Today, with the better underwriting […]

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Should Paid-Off Medical Bills Damage Credit Scores?

Should Paid-Off Medical Bills Damage Credit Scores?

There are a lot of people who do not get home mortgages or automobile financing because of events which are far beyond their control, especially medical bills. Now there is an effort on Capitol Hill that would limit the way health costs are listed on credit reports and thus how they impact credit scores. “Illness […]

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Are Cash Investors Missing Real Estate Profits?

Are Cash Investors Missing Real Estate Profits?

There are a lot of real estate investors who finance with cash but are they getting the best deals? According to the National Association of Realtors, 32 percent of all existing home transactions in February were cash deals. On many levels such an approach to financing makes sense: There are no loan applications, no mortgage […]

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Are Three Missed Payments Required For FHA Short Sales?

Are Three Missed Payments Required For FHA Short Sales?

Question: In a short sale where the financing was insured by the FHA is the borrower first required to miss three payments? This was the advice given by a lender before it would allow a short sale to go forward. Answer: We sent this question over to HUD and received this response: “The information is […]

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RealtyTrac: January Foreclosures Slide 28%

RealtyTrac: January Foreclosures Slide 28%

Foreclosure filings continue to decline. The latest monthly report from RealtyTrac shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — fell 28 percent when compared with January 2013. Still, 150,864 U.S. properties received a foreclosure notice in January, a huge number by historic standards. On a national basis the federal government has […]

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