A client the other day asked "how about a deal on foreclosures?". The quantity of foreclosures, or distress sales in the system are at historic lows. Back during the recession 10 years ago, foreclosures and short sales were a combined 70% of the real estate sales transactions. Now they're only a ... » Learn More about Very Few Foreclosures in the System
Loan Modifications
Good and Bad News for Short Sales and Loan Modifications
The appropriations bill, which is a $600 billion bipartisan spending bill signed off by the President last week includes a provision allowing homeowners to exclude forgiven mortgage debt (the remaining mortgage loan balance when a borrower’s principal residence is sold in a “short sale” to avoid ... » Learn More about Good and Bad News for Short Sales and Loan Modifications
Decline in Foreclosures Outpaces The Decrease in Loan Modifications
An approximated 44,000 homeowners obtained permanent loan modifications from mortgage servicers at the time of the month of November under both proprietary servicer programs and the government's Home Affordable Modification Program (HAMP), HOPE NOW reports. Although that total represents a 12 ... » Learn More about Decline in Foreclosures Outpaces The Decrease in Loan Modifications
Loan Modifications Can Hurt Borrower
http://www.youtube.com/watch?v=BNV9Pe8vIVY Mortgage modifications being given out right now are hurting people in ways they wouldn't have expected. There are several different ways the lenders are approving the loan mods. Some lenders are forcing borrowers to quit making payments for a few months ... » Learn More about Loan Modifications Can Hurt Borrower