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June 11, 2012
If you're thinking about buying a short sale it is imperative to spend time learning about the process. People are often under the impression this is the best approach for getting cheap homes, but this is rarely the case.
For the most part, buying a short sale leaves buyers at the mercy of the bank. Unfortunately, banks can change their rules throughout the negotiation process. They might ask for more money, demand property inspections and appraisals, and other items that increase the original purchase price.
Short sale properties include residential homes, commercial property, and vacant land that have entered into preforeclosure because borrowers defaulted on their mortgage loan. Banks allow property owners to list their realty through an agent at a price lower than their loan balance.
October 05, 2011
Fannie Mae loan mortgage programs are available to help people buy affordable houses; alter mortgage terms through refinancing, loan modification, and other options; and avoid foreclosure through alternatives such as short sales or deed in lieu.
Several new Fannie Mae loan mortgage programs have been instituted since the mortgage crisis led to millions of foreclosure. These include: Hardest Hit Fund, Deed-For-Lease, and Fannie Mae Mortgage Help Centers where homeowners can obtain housing counseling to review and apply for mortgage programs.
Hardest Hit Fund is offered in 19 states and aimed at helping homeowners who are experiencing financial hardship due to unemployment or underemployment. Eligibility criteria varies by state, so homeowners will need to spend time learning about what is available in their state.
December 16, 2010
Preforeclosure is the last opportunity borrowers have to cure mortgage arrears or work out a payment plan with their lender to avoid foreclosure. This phase takes place once lenders send out a Notice of Default, which normally occurs when borrowers are 60 days delinquent with loan payments.
Once mortgagors enter into preforeclosure they may limit eligibility for foreclosure prevention strategies. Therefore, it is important to attempt to work out a payment plan the moment borrowers realize they will not be able to fulfill their loan obligation.
February 22, 2010
A real estate short sale is a type of agreement sometimes offered by mortgage lenders to borrowers who have fallen behind on home loan payments. In order to obtain short sale approval certain eligibility requirements must be met. While short selling offers financial relief to borrowers, it might not be the best strategy.
The real estate short sale process can take between three to six months to complete. The first step involves contacting the bank loss mitigation department. In addition to handling short sale real estate, loss mitigators also work with borrowers to obtain loan modifications, mortgage refinancing and deed in lieu of foreclosure transactions.
November 13, 2009
Deed in lieu is an option presented to borrowers facing foreclosure. Deed in lieu agreements allow borrowers to return their house to the mortgage lender and walk away. Although homeowners' lose all vested monies and receive no sale proceeds they can avoid foreclosure and lessen credit damage.
Mortgage lenders are not required to offer deed in lieu agreements. However, banks benefit by this type of real estate transaction because it allows them to avoid the costly expense of foreclosure eviction.
August 02, 2009
Short sales vs. foreclosure is a hot topic in the world of real estate. These two options might be the only thing left for borrowers struggling to make ends meet. Both can resolve financial challenges or create an entirely new set of problems.
The primary difference between short sales vs foreclosure is with short sales homeowners have the opportunity to sell their property for less than is owed on the mortgage note. Borrowers must meet certain criteria to obtain short sale approval from their lender.
July 30, 2009
Many homeowners are asking "what is a short sale?" Rumors are flying around the Internet suggesting everyone who is struggling to make ends meet can sell their home for less than they owe and walk away from their property. While there is a portion of truth to this, borrowers must meet certain criteria before being allowed to short sell their home.
Today, I would like to provide an overview of what is a short sale to clear up any confusion you may have. 'Short sale' is a real estate industry term used when a lender accepts a discounted payoff on a mortgage loan. Short sales offer homeowner's who have defaulted on their mortgage an opportunity to sell the home for a lesser amount than is owed and avoid foreclosure.
July 15, 2009
Investors refer to an individual or group of people who invest money into specific projects. All types of investment opportunities exist. People invest in stocks, bonds, small businesses, corporations, and real estate. Each type of investment comes with its own set of pros and cons. Some can be quite profitable while others take a large chunk out of your savings account.
Investors need to become educated about the market, product, business or individuals they are investing in. It would be rather foolish to invest your life savings into a project or person you know nothing about. Although you might possess beginner's luck and strike it rich your first time out, investing is a game that requires research, planning and a watchful eye over where your investment money is being spent.
July 06, 2009
'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.
June 30, 2009
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