The cork was popped at the Real Estate Legal Services conference room again today when two very conscientious clients, husband and wife, both defense contractors who need to maintain a high credit rating for their respective security clearances, were able to jettison their upside down home in a short sale and simultaneously close with a…
Depending on who you ask, the Commonwealth of Virginia is the second easiest state in the United States in which to foreclose on a deed of trust or mortgage. Along with about half of the states, Virginia is a “non-judicial foreclosure state”. That means that in most cases, a mortgage lender does not need to…
The official scoop is in! Lenders have had a change of world view. According to Time Moneyland, 1 million foreclosure bloody noses later, lenders have seen the light: “An increase in short sales is actually a good sign: Short sales do less damage to their surrounding neighborhoods than foreclosures do, both because foreclosures drive values…
According to an article in DSNews.com this month (5-18-2012), Bank of America is offering up to $30,000 in relocation assistance to those BOA borrowers who list and obtain a short sale contract to sell their homes in 2012 and close by September 26, 2013. As with so many inducements in the area of loan workouts,…
http://www.reuters.com/article/2012/05/16/us-housing-borrowers-idUSBRE84F04Y20120516 Very encouraging article in Reuters today about how quickly some “victims” of financial failure have been able to turn their lives around and buy a new home after a short sale. Actual statistics are not yet available nor can an exact amount of recovery time be quantified, but if you are facing a no…
Finally – a subtle admission by the lending industry that they are making their own losses worse on troubled mortgages with long delays and indecision in the short sale process. New common sense guidelines are being promulgated from above! The FHFA has said that as of June of 2012, servicers will be required to do…
Not the best, Not the worst! Virginia is the 10th most upside down state in the Union. According to CBS Money Watch: “Top 10 states for ‘underwater’ mortgages March 27, 2012 10. Virginia Percentage of mortgages underwater: 23 percent Like the rest of the nation, Virginia was not immune to the housing market crash. In…
After we explain the benefits of short selling real estate, people often ask us . .. “so what is the drawback?” In a word – “Delay”. Relief in a shortsale is not as quick or comprehensive as it may be in a Bankruptcy, for example. But it may have the potential to heal your credit…
www.TBWSDailyShow.com Listen to the “Think Big, Work Small” video podcast for 3-19-2012 and about 2 minutes into the 6 minute video, you will see a comical portrayal of the allocation of the government’s latest $42,000,000 infusion of cash into the cure for the foreclosure epidemic. It would be hilarious, except that it is true! The…
Under the pressure of yet another round of demands from Congress to ease the requirements for mortgage modifications and principal reduction modifications, the “GSEs” or quasi-governmental mortgage clearinghouses for mortgages – FNMA and FDMC (Fannie Mae & Freddie Mac) have rationalized their steadfast refusal to grant principal reduction modifications. http://www.dsnews.com/articles/fhfa-criticized-for-arguments-used-against-principal-reduction-2012-03-15. The rationale for disallowing 100%…
