Friday, May 25, 2018

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A person I know has been trying to refinance his house for over 14 months. He needed a lower monthly payment in order not to lose his house. His bank was not cooperating with him so he contacted his senator. Once his senator’s office contacted the bank and identified themselves they were transferred to the president of the company. In efforts to shorten a longs story, the interest was reduced for to 4% for 5 years and the principle was reduced by $50,000. The most incredible part is this all happened in less than 2 weeks. Once again please understand, I cut a lot of things he did... Read More

A short sale is when the bank/lender agrees to discount a loan balance due to a economic of financial hardship on the part of the home owner. The home owner sells the property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Usually the bank is in the process of foreclosing on the property due to the current owner defaulting on their loan. Both the current owner and the bank that holds the note(mortgage are involved with the process of selling the home and signing the necessary documents and disclosures.

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Your lender calls this "loan workout". And banks are slowing figuring it out. A year ago, banks did not have a process for short sales, now they do and things are running smoother. Now, modification is the uncharted territory. Modification is not always an option, sadly the statistics are not good. Within 6 months, 58% of homeowners who received a modification are in default, which means headed for short sale or foreclosure. The reason for this...banks are for the most part not yet processing principle reductions when they modify a loan. Here is what banks can do today: halt a rate adjustment... Read More
Buyers are definitely active in the market place right now, but they are taking a lot more time deliberating on the right home to buy or even to buy at all. Generally speaking, this is the ideal time to buy because rates are low and there is a lot to choose from. The law of supply and demand definitely applies to the housing market. Lots of supply + lower demand (largely because of stricter underwriting guidelines)= better deals for buyers.When I see buyers hesitating because they think the market may not have hit bottom yet, there is one thing that I know to be true. You never know you've hit... Read More

By definition short sale means that the value of a home is less than the total loans on the property. In a short sale, the bank forgives the debt with a few qualifying factors. The sellers/homeowners of a short sale home do not pay commissions, closing fees or other associated costs, the bank approves the offer and then pays the costs associated. The process requires patience and you do have quite a bit of time to get the home sold. If you have missed a payment, the bank will file a Notice of Default typically once you are 3 months late on the mortgage. In that document, the bank sets a date... Read More

Carrie Teegardin, writing for the Atlanta Journal Constitution on 10/15/2007 in an article entitled "Foreclosures Hit Record High In Metro Atlanta", reveals that almost 7,000 properties in the metro area -- a record high -- are up for foreclosure in November, 2007.

Foreclosures in Atlanta are up 11 percent through October, 2007 compared to year-to-date figures from 2006. While many of the unfortunate delinquent debtors find some measure of relief in bankruptcy or reworking their loan terms where pliant lenders are trying to keep their own investors safe, there is another danger waiting... Read More

I was speaking with a gentleman today who was employing a form of logic that can only be described as well, circular. He believes the housing market will not “crash”. He has to. He purchased a home in LA within the last five years; he can’t afford to be wrong. There seems to be two camps in America today; the camp that believes the housing market is overbought, overvalued and unsustainable and those who believe that the recent boom in housing prices is “business as usual” or normal. I am not in the camp that subscribes to the later opinion. Let’s look at housing prices and... Read More

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