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Tag: short sale

Mortgage Foreclosure “Dual-Tracking” Abuses To End

Mortgage Foreclosure “Dual-Tracking” Abuses To End

New government rules will end the practice of foreclosure “dual tracking,” cases where borrowers enrolled in loan modification programs are simultaneously foreclosed. The new regulations give borrowers powerful new foreclosure protections and essentially require loan servicers to help prevent foreclosures in situations where borrowers are seeking modifications or short sales on a timely basis. As […]

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Obama Second Term To Challenge Big Banks

Obama Second Term To Challenge Big Banks

It will be in the mid 40s for the second inauguration of Barack Obama, but  behind the secenes things will be a lot hotter. One of the big themes of the next four years concerns banks, lending and clarity. In the past few weeks thousands of pages of new regulations have been published as a […]

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Mortgage Debt Relief Remains in 2013 Cliff Bill

Mortgage Debt Relief Remains in 2013 Cliff Bill

The final tax agreement approved late last night between the House and the Senate is not online, but as of early Tuesday morning the American Taxpayer Relief Act of 2012 (H.R. 8) included tax forgiveness for unpaid mortgage debt. Without the continuation the debt forgiveness policy would have ended December 31st. Until the Mortgage Forgiveness […]

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Foreclosure Skid Reflects Hurricane Sandy Impact

Foreclosure Skid Reflects Hurricane Sandy Impact

The latest monthly report from RealtyTrac.com shows that November foreclosure filings were 19 percent lower than a year ago, the 26th consecutive month with an annual decrease in foreclosure activity. It’s hard to look at the new numbers and not suggest that part of the slow down is related to Sandy, the huge storm that […]

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Foreclosures Take Back Seat To Short Sales, Says RealtyTrac

Foreclosures Take Back Seat To Short Sales, Says RealtyTrac

Lenders are beginning to dump foreclosures in favor of short sales and for a very good reason: Money. According to the National Association of Realtors, when compared with properties in good financial shape foreclosures sell with a 20 percent discount while short sales (pre-foreclosures) are typically marketed at 14 percent off. The latest figures from RealtyTrac.com show […]

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Foreclosure Filings Drop 19% But Rise In Northeast.

Foreclosure Filings Drop 19% But Rise In Northeast.

Foreclosure filing stats for October were a mixed bag, up 3 percent when compared with September but down 19 percent from last year, according to the latest nationwide survey from RealtyTrac. Foreclosure filings –which include default notices, scheduled auctions and bank repossessions — are the best available measure of distressed properties because they reflect not only homes which […]

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Mortgage Help For Hurricane Sandy Victims

Mortgage Help For Hurricane Sandy Victims

Weather experts now predict that the East Coast will be widely impacted with the arrival of Hurricane Sandy, an event which will also change mortgage payment requirements in some cases. If tradition holds, lenders will have in place a series of protections for borrowers, including delayed payments, reduced bills and suspended credit reporting. High waves, […]

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Foreclosures Drop in 62% of Metro Areas, Says RealtyTrac

Foreclosures Drop in 62% of Metro Areas, Says RealtyTrac

While the real estate market has not recovered from the peak prices seen in 2007 it made huge progress during the past year. RealtyTrac reports that foreclosure activity decreased from a year ago in 131 out of the nation’s 212 metropolitan areas with a population of 200,000 or more —  that’s a 62 percent decline. […]

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Will Your Mortgage Modification Be A Rip-Off?

Will Your Mortgage Modification Be A Rip-Off?

If someone asks you to pay in advance to avoid foreclosure or get a mortgage modification then red flags should go up. That’s the color of the Martian soil, a thought which brings us to the MARS rule. The MARS rule – or the Mortgage Assistance Relief Services rule – is the regulation used by the […]

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RealtyTrac: Foreclosures Plummet To Five-Year Low

RealtyTrac: Foreclosures Plummet To Five-Year Low

Foreclosure filings in the US sunk to levels not seen since 2007 according to RealtyTrac, the leading foreclosure tracking service. In September foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,427 U.S. properties, down 16 percent from September 2011. and the lowest U.S. total since July 2007. In terms of quarterly […]

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