The time it takes for a lender to foreclose on a home has tripled in the past four years. According to this CNN Money article, more and more borrowers are using the tactic of demanding that the lender produce required original documents and affidavits in order to proceed with the foreclosure. In many cases, the … More Foreclosure Free Ride: 3 Years, No Payments
In an effort to spur the sale of foreclosures that will continue to flood the market in 2012, the FHA has announced that it will extend the waiver of the “no flipping” rule, which was set to expire this month, through 2012. This step marks the latest move to try to stabilize the housing market. … More FHA says “Flip That House”
New research from the Federal Reserve Bank of New York show that nearly one third of purchasers during the boom years already owned a home. Furthermore, the loans they used for their purchases during this period were predominately sub-prime loans where minimal downpayments were required. Finally, it was pointed out in the report that while … More How Speculators Poured Fuel on The Housing Fire.
Then new HARP program (Homeowner Affordable Refinance Program) was rolled out on December 1, 2011 in an effort to help more homeowners refinanced their Fannie Mae or Freddie Mac backed mortgages. The details of f the new program however suggest that the process will not help many of the homeowners who are struggling with their … More Sizing Up HARP 2.0
Several of my clients who have recently entered contracts to sell their condominium unit as a short sale have met with resistance from the condominium board when the request is made that the board reduce the amount owed on the common charge arrears. This unwillingness of the board to compromise with the owner will prevent … More Advice to Condo Associations- Keep an open mind with short sales.
Thanks to the hard work of Julien Moliere, licensed real estate agent with Exit All Seasons Realty, another one of my clients owing more than $550,000 combined on their first and second mortgages and facing foreclosure, was able to close on the sale of their home today for $345,000 with their lender accepting the total … More Short Sale Success!