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…
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 Hampton Roads housing market is seeing some initial signs of improvement, according to Zillow’s Chief Economist, Stan Humphries (http://www.sfgate.com/business/bloomberg/article/U-S-Home-Values-Post-First-Increase-Since-2007-3731799.php). However, the improvement is quite limited, and the economic conditions that forced so many families into foreclosure or short sale are still present. While the housing market is expected to improve about 1% over the…
“Thus, as counter-intuitive as it may seem, the high share of underwater homes is helping the market by at least keeping the supply of homes for sale low.” In an article in Core Logic today entitled : “The positives of Negative Equity”, ( http://www.dsnews.com/articles/positives-of-negative-equity-on-home-prices-corelogic-2012-06-11), the author draws several conclusions which are worth your consideration! Locally,…
If you’ve been reading blogs and articles on how to save your house from foreclosure and you are overwhelmed by it all, you are not alone – Like Mat Kearney’s song about having your back to the wall and getting that bank notice, the situation can seem dark. The answers can be hard. As loan…
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…
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…
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…
