KCM Blog

From the category archives:

Short Sales

I’m Fine, It’s My House That’s Drowning.

March 1, 2010

First American Core Logic just released their Fourth Quarter 2009 Negative Equity Data Report last week. Negative equity, often referred to as “underwater” or “upside down,” means that borrowers owe more on their mortgage than their homes are worth. The reason this report is so important is that studies have shown that there is a direct [...]

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HAFA Helping Homeowners: A Guide to Short Sales

February 10, 2010

Today’s post is dedicated to helping families find an alternative to foreclosure, and helping them return to the goal of homeownership more quickly; therefore, we are emphasizing the brochure developed by the National Association of Realtors (NAR) that nicely summarizes the existing HAFA Program.
On November 30, 2009, the Obama Administration released guidelines and uniform procedures [...]

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Don’t Be Short-Sighted on Short Sales

February 4, 2010

There was an interesting article that was posted on The KCM Crew fan page the other day titled: Surge in Short Sale Requests Unlikely to Impact Housing Market. In this article, it was reported:
In the first half of 2009, only 40,000 short sales were completed, according to the most recent data available from the Office [...]

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New Short Sales Process Puzzle Coming Together

January 25, 2010

The Treasury Department has announced new guidelines to ensure ‘short sales’ will be more readily initiated. The program starts April 5, 2010; but servicers have the option of starting sooner. The administration is taking steps to prepare for the increase in short sales that the new guidelines will create in 2010.
A short sale is a workout [...]

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Delinquencies: Roadblock to a Housing Recovery?

January 20, 2010

The current economy has devastated the finances of so many families in every income bracket and in almost every neighborhood in this country. More and more people are falling further and further behind in their mortgage payments. In the past people would take a second job or borrow money from family to catch up. Today, [...]

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The million $ short sale has arrived!

December 18, 2009

During the past week, this blog has concentrated on short sales and mortgage information you could use if you decided to buy a distressed property. It is important that we realize that short sales will be prominent in every market and AT EVERY PRICEPOINT!!
Yesterday, Bloomberg posted an article regarding homeowners doing short sales on their million dollar homes. Below [...]

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11 Short Sale FAQs

December 16, 2009

1) What exactly is a SHORT SALE?

A short sale is when a property is sold for less than the sum of all liens on the property.  The lender often  agrees to forgive the unpaid amount and releasing the borrow from any remaining obligations.
2) What conditions must exist for a lender/service company to consider a short sale?
The borrower [...]

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The New Face of Short Sales: Part 3

December 15, 2009

This is the last installment of Phil Tesoriero’s trilogy, “The New Face of Short Sales.”  Be sure to check out Parts 1 & 2 as well:

Part 1: Basic Short Sale Information
Part 2: Homeowner’s Preparation before a Short Sale
Part 3: After Receiving Your Short Sale Agreement

The New Face of Short Sales: Part 3
By Phil Tesoriero
You should review the [...]

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The New Face of Short Sales: Part 2

December 14, 2009

The New Face of Short Sales:

Part 1: Basic Short Sale Information
Part 2: Homeowner’s Preparation before a Short Sale
Part 3: After Receiving Your Short Sale Agreement (Tomorrow’s Post)

The New Face of Short Sales: Part 2
By Phil Tesoriero
Part of the servicer’s due diligence will be to determine “expected recovery through foreclosure and disposition.”  If they can determine [...]

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The New Face of Short Sales: Part 1

December 11, 2009

Dear KCM Community,
Our next guest blogger, Phil Tesoriero, is a Short Sale expert.  He will be putting out his Short Sale trilogy, “The New Face of Short Sales”, that will take us through three separate parts of the new Short Sale process.
The KCM Crew, along with its lead author, Steve Harney, believe that Short Sales [...]

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