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Short Sales & Foreclosures

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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Walking Away from Negative Equity

January 22, 2010

Today let’s look at negative equity and attempt to determine what impact it will have on a housing recovery in 2010. Negative equity, often referred to as “underwater” or “upside down,” means that borrowers owe more on their mortgage than their homes are worth. Negative equity can occur because of a decline in value, an [...]

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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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One more time: IT’S ABOUT SUPPLY AND DEMAND!

January 5, 2010

Coming into 2010, there are many people trying to decipher all the data that is being reported regarding the housing industry. The main goal is to try and bring clarity to a market that has been clouded with confusion for the last two years.
We must prevent ourselves from looking for a simple solution that will justify what [...]

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Real Estate 2010: New Year, Less Fear

December 31, 2009

“Fear always springs from ignorance.”
-Ralph Waldo Emerson
Unlike last year, we are better prepared for the challenges ahead of us.  Knowing how the market is moving will help us in the decisions we make.  Here are a few things to consider when making your move into the New Year:

Mortgaging Interest Rates – Rates remained at historic levels [...]

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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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