Pace of foreclosure growth eases

According to some in Washington every little dip in ANY category related to foreclosures equals a victory over the foreclosure crisis.   While we all can agree that a reduction in the number of foreclosures is a good thing the reporting of these stats can be interpreted many different ways.
Bottom line: Nationwide the number of folks facing [...]

Freddie buys loan on Sept 09, 9999.

Forget a 30 or 40 year mortgage term.  How about an 8,000 year term!    This is a GREAT example of the fraud and/or negligence perpetrated by many of the mortgage servicers and trustees.
REALTORS:  Whether you are assisting a homeowner with a short sale or loan modification, it will be for naught if the homeowner is foreclosed upon.   [...]

Lenders fear or can’t buy back loans from FREDDIE MAC

If you are dealing with a short sale situation involving Freddie Mac (and I suspect Fannie Mae as well) and it is dragging on forever then heads up…it might be in this buy back loop.
Until Freddie decides what if anything is going to happen to a loan in default it might take some real firepower to break [...]

$8,000 tax credit is just not enough if you can’t sell your home

The website, Housing Predictor carries some interesting commentary and at times casts some rather big assumptions, as far as where the housing market is headed (in our opinion); but kudos to them for spotlighting what the National Association of Realtors seems to be ignoring.
Bottom Line:  Tough to buy a new house if you can’t sell [...]

Lenders pursue homeowners after Foreclosure or Short Sales

REALTORS, be very, very careful when negotiating with the mortgage companies.  Your clients (the homeowners) may want to pursue and possible sue you after closing a short sale if you led them to believe they would be free of their house trouble.  If you are working with a homeowner attempting a short sale, remember two important facts:

According to stats in the Houston [...]

Fannie Mae not complying with Tenant Protections?

As a REALTOR it is important to understand the protections available for renters for whom you have helped locate a home but are facing being “kicked out” due to a foreclosure as the landlord not paying his mortgage.
Hats off to Robert Dogget for uncovering Fannie’s moves…
The Neighborhood Stabilization Program (NSP) was established to stabilize communities that have suffered [...]

Hackers Steal $50,000. Bank of America says ‘Tough Luck’

Bank of America is on a roll.  Not only have they foreclosed on the wrong house twice in two weeks.   They now are turning up their nose at a small business customer whom has apparently lost $50,000!   The arrogance and lack of care from these guys is pervasive.  Folks wonder why it takes so long [...]

Mind the P&L, as in Payoffs and Liens

This is a re-print of an article I wrote for Real Estate Executive Magazine for this month’s issue.
Mind the P&L, as in Payoffs and Liens
Understanding your seller’s complete financial picture has long been a best practice of top producing REALTORS but that task has become more important and more complicated.  It’s not just declining [...]

FHA pumps up the commission for brokers

The US Department of Housing and Urban Development (HUD) removed the 1% origination fee cap on loans insured by the Federal Housing Agency (FHA), according a mortgagee letter sent out this week.
HUD made the change to remain consistent with the Real Estate Settlement Procedures Act (RESPA), which will require mortgage lenders to disclose to borrowers a [...]

FHA loans are available to Short Sellers!

One of the fears that homeowner have is whether they will be able to secure a new loan to purchase a home in the future after short selling the current one.  The answer is yes.  In fact, the Department of Housing and Urban Development (HUD) released a letter to lenders regarding borrower eligibility for a [...]

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