Who is actually owed the money on your mortgage and how much is owed? Recently we’ve seen TARP documentation showing a flow of money into mortgage-backed securities. If large banks like Bank of America routinely foreclose on the wrong house are we sure mortgage payment are going to the correct place? Is the bank going [...]
How do you get Obama’s $3,000 for a short sale?
April 7, 2010 By Leave a Comment
So you need the $3,000 to either help you move out or maybe just put a little money in your pocket when exiting your home in a short sale. So many friendly Texas folks, while understanding yesterday’s post about the new short sale program understood there were some “gotchas”, but they still wanted to know [...]
Obama is handing out $3,000 to short sellers
April 5, 2010 By 1 Comment
Our U.S. Treasury stands ready to hand out checks to homeowners to help them with short selling their home! Ok, not exactly but the Obama Administration is pledging to chip in to help homeowners who are underwater and need to sell their home. Bank of America, clearly our Nation’s leading “uplifting promise to do something press [...]
Disappointing mortgage performance means more foreclosures
April 1, 2010 By Leave a Comment
According to the OCC and OTS the number of mortgages falling behind by 90 or more days increased 21.1%. Bottom line is more foreclosures are coming. Hopefully some will be averted with short sales and modifications but homeowners and REALTORS have to act quickly before the loan is too far behind. The foreclosure process in [...]
Can I get a principal reduction on my mortgage?
April 1, 2010 By Leave a Comment
Sure, with enough firepower you can not only get a principal reduction but shut down the bank from even attempting to collect from you at all. As far as regarding how you “get your principal reduction” in HAMP read on… Remember folks, these changes to HAMP and HAFA and every other program rolled out require [...]
$8,000 tax credit is just not enough if you can’t sell your home
March 8, 2010 By Leave a Comment
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 [...]
Modification is Not for Every Borrower according to a Treasury Adviser
February 3, 2010 By 2 Comments
Two questions borrowers frequently ask us, “How did my neighbor get into HAMP (and/or get a loan modification) but I can’t? “Do I have to be delinquent to get a workout plan?” The best answers typically are: The secret Black Box recipe may not mix well with your situation (read more here on this) because [...]
HAMP’s secret formula in a black box = black hole for homeowners
January 27, 2010 By 1 Comment
This is from a rather long article posted by MSNBC. Here’s a quick summary of some of the more salient points. So much for full transparency from the U.S. Government. Flaws plague foreclosure relief program Millions of Americans who are struggling to save their homes from foreclosure are trapped in a labyrinth of disappointment and [...]
