Short Sale Myths A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs….
Tag Archive: Short Sales
Short Sales vs Foreclosures – The Real Deal
I thought this was a great article on describing the benefits of not going into a foreclosure. read more… Editor’s Note: Short sales and preforeclosures are two home types that constitute a growing subset of bargain homes that also includes properties referred to as “distressed” and “auction” homes. With many Americans facing the very real…
Option Arms Set to Reset in Westchester County NY
Payment option adjustable rate mortgages are about to go through major resets, sending federal and state regulators scurrying to withstand a new wave of defaults and foreclosures. The impending changes were a major topic of conversation when the state magistrates met with Obama administration officials to discuss strategies for combating mortgage fraud. “Payment option ARMs…
Fewer Westchester Jobs Cut
WASHINGTON (Reuters) – The U.S. unemployment rate fell in July for the first time in 15 months as employers cut far fewer jobs than expected, giving the clearest indication yet that the economy was turning around from a deep recession. U.S. employers shed 247,000 jobs in July, the Labour Department said on Friday, the least…
1 Out of Every 6 Homeowners Owe More Than Their Home is Worth
Tips for First Time Home Buyers Buying a home can be a long, complicated and frightening process, and it is important to be prepared. Knowledge is power when it comes to negotiating the difficult world of home prices, interest rates and mortgage loans. For a first time home buyer, there are many factors to consider…
Borrowers Can Use the $8000 Tax Credit at Closing
First-time buyers using FHA financing will be able to use their $8,000 federal housing tax credit at the closing table, rather than waiting for a tax refund, according to an FHA document released today. The eagerly-awaited “mortgagee letter” spells out the details of the effort, which was first announced two weeks ago by HUD Secretary…
Foreclosures HALT Economic Recovery!!!
More than two years year after the housing market tanked and the foreclosure rate began rising, the ongoing wave of distressed home sales is weighing on house prices and crimping a long-awaited economic recover On Wednesday, President Obama signed off on the government’s latest response to the crisis, a whittled-down bill aimed at helping millions…
Loan Mods Can Be the Answer!!!
source: Inman News The housing crisis in the San Francisco East Bay Area and in many regions of the country has reached dire proportions, with seemingly no end in sight. But it doesn’t have to be this way. There is a five-step solution to fixing the foreclosure crisis caused by poor lending practices of recent…
Buyers Jump at the Opportunity to Buy Foreclosed Homes
source:Builder magazine Buyer jump at the opportunity to purchase homes in foreclosure, or some state of distress. read more… Joint survey by RealtyTrac and Trulia also found a growing level of wariness about buying a distressed property. For better or worse, the share of Americans interesting in buying a foreclosed home has increased in…
How Long Does a Loan Modification Take?
source: Realty Times Understandably, homeowners who apply for a loan modification tend to get a little antsy and perhaps even annoyed when they apply for a loan modification and then fail to hear anything for several weeks, especially if they continue to receive late payment notices and nasty phone calls from collection agencies. Many homeowners…