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June 02, 2011
Short Sale Act of 2011
The Short Sale Act of 2011 is back on the agenda for review by the House Committee on Financial Services. Previously, submitted as H.R. 6133: Prompt Decision for Qualification of Short Sale Act of 2010 this bill was bypassed by Congress last year, but expected to pass legislation later this year.
If passed, the Short Sale Act of 2011 will require mortgage lenders to respond to borrowers request for short sale approval within 45 days of written request. If the banks fail to respond within the time period the application will be considered approved.
Real Estate Investing article on "Short Sale Act of 2011 "
February 09, 2010
Home Foreclosure
Home foreclosure continues to plague Americans, with one of every 385 homeowners receiving notice of default in 2009. By now, everyone knows that Wall Street, subprime lending practices, and skyrocketing unemployment has clouded the American Dream of homeownership. The question remains, is there an end in sight?
Mortgage financiers and government agencies publish conflicting home foreclosure information. Some sources claim bank foreclosures are lessening, while others report the number of foreclosure properties will continue to rise through 2010.
Real Estate Investing article on "Home Foreclosure"
August 14, 2009
Bank Owned
Bank owned refers to real estate that has been repossessed by the bank because the borrower was unable to maintain their mortgage payments. Bank owned real estate is oftentimes referred to as real estate owned or REO properties.
Bank owned real estate is foreclosure property which did not sell at auction. Once property has been foreclosed it is first place for sale through public auction. If no acceptable bids are placed, the property is returned to the bank. At this point, it becomes the mortgage lender's responsibility to maintain the property until sold.
Real Estate Investing article on "Bank Owned"
July 06, 2009
Short Sales Homes
'Short sales homes' has become the buzzword of the day within the real estate arena. Word has gotten out that borrowers who have fallen behind in their mortgage payments can sell their house for less than they owe and walk away scott-free. Sounds great, but it's not 100-percent true.
Short sales homes are sold for less than borrowers owe on their mortgage note. But, the process is no walk in the park. Most banks want evidence there is a buyer in place before they will even discuss the option of short selling property. It is not easy to locate a realtor willing to tackle a short sale.
Real Estate Investing article on "Short Sales Homes"
June 30, 2009
Loss Mitigator
A loss mitigator refers to an individual who specializes in helping homeowners who have become delinquent on their mortgage note. Loss mitigators either work as an employee of the bank; independent representative for the lender; or an agent who represents the homeowner.
The primary roll of a loss mitigator is to develop a plan allowing borrowers to remain in their home. The most common option offered is a loan modification. When mortgage loans are modified, terms are permanently altered. In some cases, borrowers end up paying a higher mortgage payment in order to cure arrearages
Real Estate Investing article on "Loss Mitigator"
June 19, 2009
Prevent Foreclosure
Prevent foreclosure is on the minds of many Americans. The foreclosure crisis is causing unsettling economic turmoil. Every community in the United States is affected in some manner. Housing prices are rapidly falling. People owe more on their mortgage than their house is worth. It's not a good situation.
There are many reasons to prevent foreclosure. The most obvious is no one wants to be homeless. Another major factor is foreclosure wreaks havoc on your credit history. It can take years to recover from the financial fallout.
Real Estate Investing article on "Prevent Foreclosure"
April 02, 2009
Sell House Fast
Today's real estate motto is "sell house fast". Problem is there are a bounty of houses on the market and only a handful of qualified buyers. There is no question the real estate market is in one of the worst slumps in recorded history. Foreclosure filings are occurring at record speed. Experts predict nearly 4 million Americans will file for bankruptcy protection this year. Nearly half of those filings will be an attempt to save homes from foreclosure.
Type in 'sell my house fast ' at any search engine and you'll discover thousands of websites offering house selling advice. The problem is a large percentage of these websites are operated by internet marketing entrepreneurs with no training in real estate
Real Estate Investing article on "Sell House Fast"
July 08, 2008
Bank Loss Mitigation
Bank loss mitigation is a special division of mortgage lenders. This division oversees delinquent accounts and assists borrower's who have fallen behind on their mortgage payments. Employees of the bank loss mitigation department are known as loss mitigators. Homeowners delinquent on their mortgage note or facing foreclosure are assigned to a bank loss mitigator. These specialists work with borrowers to help them devise a plan to become current on their past due payments and avoid foreclosure.
The primary function of bank loss mitigation is to review investments and determine when to sell or trade them. Sometimes, bank loss mitigation will sell mortgage notes to another lender in order to reduce their losses. Oftentimes, selling delinquent mortgage notes benefits the borrower. Other times, it can force the borrower into foreclosure.
Real Estate Investing article on "Bank Loss Mitigation"
March 14, 2008
Crafting the Perfect Short Sale Hardship Letter
The short sale hardship letter is by far the most important element to obtaining a short sale through your lender. The message you convey in this document can make or break your deal. Therefore, it's important to understand what you should and should not include in your hardship letter.
Short sales are quickly becoming an alternative solution for people facing foreclosure. In essence, a short sale is an arrangement between a homeowner and their lender, which allows the homeowner to sell the home for less than the amount owed on the mortgage note.
Real Estate Investing article on "Crafting the Perfect Short Sale Hardship Letter"
February 25, 2008
Be Nice to the Bank Loss Mitigator!
A Loss Mitigator is an individual who helps homeowners stop foreclosure. Loss mitigators either work directly for the Loss Mitigation Department of a bank or lending institution, as a representative for the lien holder, or an independent agent who works strictly for the best interests of the homeowner.
The main function of a Loss Mitigator is to devise a plan that will allow the homeowner to remain in their home. One of the most common options Loss Mitigators present to homeowners is known as Loan Modification. This type of arrangement allows the homeowner to make partial payments for past due payments and extends the loan terms.
Real Estate Investing article on "Be Nice to the Bank Loss Mitigator!"