All Posts Tagged With: "short sale"
Foreclosure Discount — 26% Nationwide
A new report from RealtyTrac shows that foreclosure buyers who purchased in the second quarter typically received a 26 percent discount. Other discounts could be had with distressed properties and REOs — real estate owned by lenders. For distressed properties the typical pre-foreclosure discount was 12.97 percent while REO buyers were able to save 34.54 [...]
30Sep2010 | Peter G. Miller | 0 comments | Continued
Why Foreclosure Prevention Is Not Enough
Fannie Mae has opened a new consumer education site which it says “outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.” The site, Know Your Options.com, has the usual bells and whistles for a [...]
3Aug2010 | Peter G. Miller | 0 comments | Continued
Fannie Mae Gets Tough With Mortgage Loan Walk-Aways
In a new get-tough mode, Fannie Mae says it will cut off mortgage financing for as long as seven years in cases where borrowers walk away from mortgage loans. In addition, Fannie Mae says it will seek deficiency judgments when possible. Borrowers don’t have to walk away, says the company. “Troubled borrowers who work with [...]
24Jun2010 | Peter G. Miller | 0 comments | Continued
This Mortgage Lender Is A Fake (Don’t Just Take Our Word For It)
You can’t help but wonder about the good folks at Esteemed Lending Services. They seem so sure, so certain, so familiar…. If you want a mortgage, Esteemed has one for you. Recent bankruptcy? No problem? A foreclosure last month? So what. Less income? They can work with you. And help with short sales? Who could [...]
14Jun2010 | Peter G. Miller | 0 comments | Continued
Feds Start New Short Sale & Deed-in-lieu of Foreclosure Options
Large numbers of people facing foreclosure have been helped by the government’s Making Home Affordable program, but what about those who can’t succeed under the plan? Truth is, a lot of people who enroll in the foreclosure prevention program don’t make it. The government reports that through April 299,092 borrowers received permanent loan modifications under [...]
2Jun2010 | Peter G. Miller | 0 comments | Continued
Who Pays Foreclosure Fees?
The foreclosure process is a big business, a reality which is not good news for those who face the loss of their home. However, who pays various foreclosure fees and costs depends on who winds up with the home. Missed Payments If an owner has missed one or more payments the lender will threaten to [...]
24May2010 | Peter G. Miller | 0 comments | Continued
What Is A Mortgage Modification?
A mortgage is actually a contract between a borrower and a lender. The borrower gets cash up front and the lender gets back the loan amount plus interest over time under terms and conditions established in advance. There are times though when either the borrower or the lender will seek a mortgage modification, a change [...]
16Feb2010 | Peter G. Miller | 0 comments | Continued
What’s A “Deed In Lieu” Of Foreclosure?
There were more than 3.5 million foreclosure notices sent out last year, a total which does not include homes lost with something called a deed in lieu of foreclosure. What is a “deed in lieu” of foreclosure and is it good or bad? Good & Bad In basic terms, a deed in lieu of foreclosure [...]
6Jan2010 | Peter G. Miller | 0 comments | Continued
What’s a “short” sale?
In some areas of the country, and from time to time, real estate values decline. In such situations it sometimes happens that owners need to move but the value of the mortgage is greater than the value of the property. The owner is said to be financially “upside down.” If the property is sold at [...]
27Aug2008 | Peter G. Miller | 1 comment | Continued
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