foreclosure and REO

What is a Short Sale-Process and FAQs?

01.20.2010

Q:  Short Sale definition.  What is a Short Sale in Real Estate? Answer: In ”short”, a shortsale is when the lender agrees to settle the debt owed on the property for less than the full amount of the debt. In most cases “Settled” means the lender writes off the debt. You usually will receive a 1099 after a short sale [...]

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Fannie Mae is to Move Faster on REO Sales

01.06.2010

Fannie Mae has adopted a new policy in which it may accept offers to purchase homes it has repossessed without notifying loan servicers. Loan servicers may be required to reimburse Fannie Mae for a loss if it turns out the original mortgage on the home did not meet its eligibility or underwriting requirements. Fannie Mae [...]

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7 Steps to a Short Sale and How to Short Sale.

12.27.2009

Short Sales are proving to become the market leader.  Many homeowners are confronted with the fact their home is worth less than their mortgage.   Most investors who are confronted with non-performing assets…cut their losses and sell them. In Real Estate we call it a Short Sale.   Alternatives are bankruptcy, foreclosure or granting a deed in [...]

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New FHA Short Sale Guidelines

12.22.2009

You can now do a short sale on your home and buy a new home without waiting three years.   Prior to the new guidelines you were unable to buy a home with a FHA insured mortgage following a short sale of your primary residence. download FHA Guideline PDF If you were current when your short [...]

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B of A Leads Foreclosure Solutions

12.08.2009

Last month BofA chose to work with REOtrans, a leading transaction vendor to the mortgage industry, to advance and streamline foreclosure solutions by reducing them all together. They are working to move the short sale idea into the mainstream RE sale arena. This is great news no matter what side of the Real Estate market [...]

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Should You Walk Away From Your Mortgage?

12.05.2009

According to the following article it seems it may become the rule rather than the exception.   This always reminds me that a short sale is the only way to go. Read this article to learn about the possible new trend. New FHA lender short sale guidelines

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Read this if you want a Loan Modification

12.02.2009

The Home Mortgage Preservation Program is now Turbocharged enough to help high Los Gatos mortgages hopefully. In May the government stepped up the pace to modify mortgages to stave off the 10–12 million potential foreclosures looming on the horizon.   This was to be done first, by allowing homeowners to qualify for modifications on a temporary [...]

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Los Gatos Real Estate Market Stats

11.24.2009

I have included 95124 in today’s, Los Gatos Real Estate sales numbers, to give a general sense of the area and surrounding community in a more broad sense. Date Range 11/1/2009 – 11/23/2009 Homes for sale  260 New Listings  66 Pending sales  55 Closed Sales This Week  2 Congratulations to 2  the new Buyers and [...]

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Is My Agent Lying to Me? Part 3 Buyer

11.23.2009

part 2 cont. – Start out on right foot. Trust begets trust. Only hire a Realtor you have every confidence is representing your best interests.  Be realistic and above all forthright.  Remember trust is earned.  The agent with the nice personality or “my friend’s friend”  isn’t the answer.   Every person who has been taken by [...]

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Swine Flu Short Sale and Bad Medicine

11.22.2009

After hiring a Realtor to make a diagnosis, be sure there are going to be relapses…lots of little relapses. Lately, I have seen some that must have felt a little like the H1N1 virus. The common relapses are multiple lenders, the HELOC problem, the dreaded HOA variables and the always troubling…

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