The Good News on this rainy day 3 of a moderate Noreaster in Tidewater, Virginia, is that foreclosures and “shadow inventory” continue to decline. The meteorologists tell us we have a couple more days of winds and much needed rain off the Atlantic Ocean. Likewise, the economists predict that our financial storm is not over…
Never underestimate the lobbying power of NAR (National Association of Realtors). NAR managed to have the enforcement of the anti-dual agency rule postponed. The Department of Housing and Urban Development (HUD) had planned to implement the new regulation 10-1-13 to help fight Fraud in Short Sales. “Dual Agency” is generally defined as one real estate…
When interviewing agents to list and sell your Short Sale, i.e., your real estate which is currently worth less than the total owed on the mortgage, there are many factors to consider. Personality compatibility, motivation level, persuasiveness, compassion, are all factors in selecting a “partner” to help you succeed in the business of selling your…
The East Coast seems a little behind the West Coast in terms of the cycle of : (1) Housing Price Bubble; (2) Deflation and Recession; (3) Round of Foreclosures, Short Sales, or Deeds in Lieu of Foreclosure; (4) Swelling of the ranks of Renters; and (5) Return of significant numbers of former homeowners from the…
This headline out of Missouri at first seems encouraging to the average homeowner trying to find anyway possible to keep from having their home taken from them. Like this family in the featured story, many homeowners have done everything possible to “keep a roof over their heads”, including selling all the family jewelry. But unlike…
The minutia of regulatory/governmental involvement in banking created three years ago by the Dodd-Frank law is definitely on the President’s radar screen. Either that or his advisors read yesterday’s blog entry. If the blog entry somehow escaped their notice, feel free to send a copy to anyone you know in the administration because President Obama…
A week doesn’t go by without a new article in a major publication touting the administration’s commitment to make new loans kinder and gentler and easier to qualify for by prospective homeowners. A week doesn’t go by without a new article in a major publication warning that new mortgages will require larger down payments…
In our Short Sale practice we find that many of our clients need protection from debilitating harassment both before the Short Sale closing and after. A few settled mortgage debts of our clients have been acquired by collection agencies, presumably for pennies on the dollar, and the collection agents often use aggressive tactics to intimidate…
While the consequences of extreme error in foreclosure and repossession very drastically from state to state, the one universal given is that mortgage lenders do make mistakes in foreclosure. Our firm was privileged to represent an upside down homeowner in Virginia Beach, Virginia and to help our client get an excellent negotiated settlement on the…
If you are a homeowner that has had the luxury of avoiding foreclosure while holding onto a property that makes very little sense to hold onto, now may be the time to List your property for sale. The factors that affect this timing are: 1. Increases in housing prices are predicted to plateau for the…
