Short Sale Help

I know. I said I would NEVER do another short sale in my life after the last 15month mess. But after having a few good smooth sales close using the new systems banks have put in place, I’m hopeful and looking for the next owner to help.

So, what IS a Short Sale?  Here is a link I’ve found helpful:

Bank Of America Short Sale Program

Here is a YouTube Video (it’s made in Houston but the information is relevant for all)

If you are a home owner under water or experiencing hardships in paying your mortgage, let’s talk. There are options- and all do not include selling your home.

Short Sale Fraud Rising, Freddie Mac Wants Your Help

Unfortunately, there’s been an increase of fraud in the real estate world!  For more information read about it HERE .

Be aware of any unusual happenings, and find tips to help prevent short sale frauds’ continuous rise!

My new closing attorney:

 Leonard of Medley & Kosakoski, LLC
2839 Paces Ferry Rd Ste 850 Atlanta Ga 30339
770 319 7592 P  770 319 7594 F

Saved my butt on a short sale!!! Came through in a flash with HUD- add him to your list and give him some business, can’t thank him enough for helping ME- help my distressed seller!

Countrywide Offers Help to Former Customers

Bank of America, which acquired Countrywide Financial Corp., one of the most active of the subprime lenders, has begun issuing checks to its borrowers who are eligible for foreclosure assistance under an agreement with attorneys general in 40 states.

Borrowers most likely to be eligible for assistance must have experienced a foreclosure, short sale, or deed-in-lieu of foreclosure after taking out a Countrywide mortgage.

Rust Consulting, a third-party administrator, is managing the program, and notifying and paying eligible customers.

Source: Reuters News, Steve Eder 

Survey: Households Say Now Good Time to Buy

More than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy.

Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.

Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy.

Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42 percent) and “waiting for prices to go down before they seriously consider making a purchase” (48 percent).

“Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,” said Tom Kunz, Century 21 Real Estate president and CEO. “Our research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.”

Among the survey’s other key findings:

  • Bargains in the marketplace are providing additional options for buyers to consider. 56 percent of potential first-time home buyers are considering purchasing a foreclosed or short sale home, and 63 percent are open to purchasing either a “fixer-upper” or “as-is” home.

  • When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent)
  • Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are “very worried” about the issue.
  • Most respondents (86 percent) are in the market for single family homes.

Source: Century 21

How Will Foreclosure Effect Credit Scores?

The amount of damage to a credit score caused by foreclosure, deed in lieu or a short sale during 2008 and 2009 may be mitigated by the slower economic times, say some credit and legal experts.

FICO may have to adjust its credit scores to lessen the impact of a foreclosure in the last two years, says Todd J. Zywicki, a professor of law at George Mason University.

”It just seems obvious that a foreclosure in 2008 or 2009 doesn’t have as much information value as a foreclosure five years ago,” he says. ”To the extent that foreclosure doesn’t predict future behavior as much as it did in the past, you’d expect that the FICO algorithm would change to adjust for that.”

One of the country’s largest credit unions Golden 1 has already figured out a way to lend to people with a foreclosure on their record by offering a mortgage repair loan specifically for those who have lost a home to foreclosure and who want to buy a new one.

BECU, another large credit union based in Washington State, is about to present a program to fellow lenders, ”How to Lend to the Newly Credit Impaired.”

Source: The New York Times, Ron Lieber (03/14/2009)