From the category archives:

Short Sales

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. [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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The Solution: Short Sales

December 3, 2009

Yesterday, we discussed that we are faced with the prospect of having millions of homes going to foreclosure in the next two years. This could have devastating effects on the economy and the future values of residential property in this country. Foreclosures impact our neighbors and neighborhoods in many ways. They force families out of [...]

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‘Short Sale’ Updates

December 2, 2009

**UPDATE** There is a new tab on top of your screen named “Short Sales.” Any latest information on the new Short Sale process can be found here. The Treasury department has released new rules to help simplify the ‘short sale’ process. For months, we have been preparing our followers for this great announcement. It should [...]

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Modifications: is it really the Magic Pill?

December 1, 2009

I want to begin by saying that modifications have saved hundreds of thousands of families from being forced from their homes. We should be thankful the process exists. If anyone is having trouble with their mortgage and thinks they may be eligible for a loan modification, call 888-995-HOPE or go to http://makinghomeaffordable.gov/. That being said, [...]

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Families Fall Behind on their Mortgage. What’s next?

November 30, 2009

In our last post, we discussed the possible impact distressed properties might have on the values of homes in the surrounding area. We documented how the current economy has devastated the finances of so many families in every income bracket and in almost every neighborhood in this country. In order to bring some insight to the [...]

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Short Sale Forms

November 19, 2009

Today’s Talking Point 11/19/09 We have often mentioned how important it is to understand the ‘short sale’ process going into 2010. In order to help, I have included two forms that should be in every package going to the bank. 1. Carry Cost Analysis This document analyzes and compares the various costs associated with a [...]

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