We now offer a small library of free, printable information documents for you to download and print.
These documents are very helpful in understanding the foreclosure and short sale processes, and also offer a comparison chart of the two choices and how they could impact your life and your finances.
Click HERE to go to our documents.
Wednesday, February 8, 2012
Monday, December 5, 2011
Thursday, November 10, 2011
Wednesday, November 9, 2011
Freddie Mac Could Take TEN Years to Unload Its REO Inventory
(Reposted from Housing Wire)
Thursday, November 3rd, 2011, 12:23 pm
Freddie Mac vendors sold fewer REO properties in the third quarter than they did earlier in the year as nonperforming loans continue to climb.
More than 25,300 repossessed homes held by Freddie Mac sold in the third quarter, down 13.5% from the nearly 30,000 in the previous three months. It was also a 17% decline from the record-setting 31,600 sold in the first quarter.
At the same time Freddie unloaded the 25,300 REO, it repossessed another 24,300 homes back into the inventory. At the end of the quarter, Freddie held 60,000 REO on its books, which has been trimmed — as new foreclosures are completed — from 75,000 one year ago.
If the current trend holds, and the GSE reduces a net 1,000 REO from its inventory every quarter, it would take 60 quarters to unload its entire inventory — roughly 15 years.
(Read the full article here)
Thursday, November 3rd, 2011, 12:23 pm
Freddie Mac vendors sold fewer REO properties in the third quarter than they did earlier in the year as nonperforming loans continue to climb.
More than 25,300 repossessed homes held by Freddie Mac sold in the third quarter, down 13.5% from the nearly 30,000 in the previous three months. It was also a 17% decline from the record-setting 31,600 sold in the first quarter.
At the same time Freddie unloaded the 25,300 REO, it repossessed another 24,300 homes back into the inventory. At the end of the quarter, Freddie held 60,000 REO on its books, which has been trimmed — as new foreclosures are completed — from 75,000 one year ago.
If the current trend holds, and the GSE reduces a net 1,000 REO from its inventory every quarter, it would take 60 quarters to unload its entire inventory — roughly 15 years.
(Read the full article here)
Thursday, October 20, 2011
Friday, August 12, 2011
Bank of America: The Great Off-Loading Begins
According to a July 28 article by Jon Prior at housingwire.com, Bank of America will "likely" begin moving certain high-risk loans to subservicers, in accordance with its pending settlement with investors.
This move will involve "eight to ten" specialty servicers that have expertise in delinquent or problem loans.
This is an attempt to remedy what many investors saw as B of A's sluggish efforts to resolve lingering delinquencies. According to some complaints, the bank delayed foreclosure even in cases where it was inevitable--meanwhile continuing to collect servicing fees. And borrowers that sought short sales or modifications encountered similar delays.
The implication of this transfer is that these loans will be pushed toward resolution more quickly. That's good news for the industry, which has been paralyzed by servicer inaction.
It's especially good news for homeowners needing to resolve a distressed Bank of America mortgage. Finally, Bank of America is acknowledging that a short sale is the best option for everyone when a borrower can't sustain even modified payments.
The major servicers also know this, but have been reluctant to release large numbers of loans to the specialty servicers that could make it happen.
At last, that's changing.
Once the subservicers of these loans receive the designated files, the short sale for homeowners with these loans will become a relatively painless, and much simpler thing to complete.
Friday, February 11, 2011
Short Sales Continuing Through 2011 - More Success
While the REO / Foreclosure wave in northern California--well, really, California in general--short sales are still moving along well.
As well as a short sale can move, of course, as they still take several months to close. But, even the talking heads and the economic advisors around the country are no longer "nay-sayers" when it comes to taking the plunge and buying a short sale.
What does this mean to you?
If you are a buyer, you no longer need to be afraid of a short sale, if you can be patient. If you are the lucky one who makes the offer that is submitted to the bank, you most likely will get the home. Just be sure you make an offer that is reasonably close to the appropriate value of the home, as the bank will do an appraisal.
If you are a seller, and you need to let your home go, you can still realize some benefit by short-selling your home, as opposed to handing the keys back to the bank (or going through a full-blown foreclosure). Some benefits may include the opportunity to stay in your home longer in order to save for your move; potentially less damage to your long-term credit rating (if you hope to buy a home again in the future); and knowing that you worked with the buyer of your home cooperatively to get them in there.
Many people prefer the idea of knowing who ends up in their home, as opposed to the idea of having the bank hire what one of my clients describes as "cannibals" to go in, forcibly change the locks and "clean" the home as they call it. Often, what really happens is that the cannibals actually strip the house of valuable items such as appliances, and then report to the bank that they found the home devoid of the items.
Of course, it all comes down to taking a deep breath, mustering some patience, and letting a really good Realtor come in and work her magic.
As well as a short sale can move, of course, as they still take several months to close. But, even the talking heads and the economic advisors around the country are no longer "nay-sayers" when it comes to taking the plunge and buying a short sale.
What does this mean to you?
If you are a buyer, you no longer need to be afraid of a short sale, if you can be patient. If you are the lucky one who makes the offer that is submitted to the bank, you most likely will get the home. Just be sure you make an offer that is reasonably close to the appropriate value of the home, as the bank will do an appraisal.
If you are a seller, and you need to let your home go, you can still realize some benefit by short-selling your home, as opposed to handing the keys back to the bank (or going through a full-blown foreclosure). Some benefits may include the opportunity to stay in your home longer in order to save for your move; potentially less damage to your long-term credit rating (if you hope to buy a home again in the future); and knowing that you worked with the buyer of your home cooperatively to get them in there.
Many people prefer the idea of knowing who ends up in their home, as opposed to the idea of having the bank hire what one of my clients describes as "cannibals" to go in, forcibly change the locks and "clean" the home as they call it. Often, what really happens is that the cannibals actually strip the house of valuable items such as appliances, and then report to the bank that they found the home devoid of the items.
Of course, it all comes down to taking a deep breath, mustering some patience, and letting a really good Realtor come in and work her magic.
Subscribe to:
Posts (Atom)
Posts
