Short Sales on the Today Show
Date: 10 Mar 2010 Comments:0
Visit msnbc.com for breaking news, world news, and news about the economy
Visit msnbc.com for breaking news, world news, and news about the economy
Bank of America is one of the largest mortgage holders in the country, therefore it is important for many homeowners to understand the Bank of America Short Sale Process. I have outlined the process below:
Once BofA has received a copy of the signed purchase contract
Additional negotiations or information will be requested such as:
If you have any questions about the Bank of America Short Sales program or would like to see if you qualify give me a call at 301-343-7671 or email me at jnewman@kwflagship.com and I would be happy to speak with you directly.
Well it seems as if the new HAFA program is gathering quite a bit of steam recently. If you are a homeowner and would like to Short Sale your property, your time has come. I wrote in previous blogs about the Government’s new Home Foreclosure Alternative Plan and it appears that the press is really starting to pay attention to this program. The HAFA program is being rolled out on April 5th, but some servicers have already started implementing the proram. A complete guide to the HAFA program can be found here
https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf
If you have any questions about the HAFA program or would like to see if you qualify give me a call at 301-343-7671 or email me at jnewman@kwflagship.com and I would be happy to speak with you directly.
Gov. O’Malley is strongly urging the state legislature to pass a bill that would FORCE banks to first attempt a loan modification with Maryland Homeowners prior to being able to foreclose. If passed, this bill would require that lenders try by “all means necessary” to help the homeowners with alternative solutions to foreclosure. This could get interesting as our state is ANTI foreclosure.
Are you experiencing financial difficulties and looking for advice on the options available to you? Contact me today, I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.
Many of our clients Active Duty and therefore are PCS’d quite often. Unfortunately, if my clients purchased a property in the past several years and now are PCS’ ing to another part of the country they are stuck with a house that they cannot sell, because they owe more than the house is worth. Well The Department of Veterans Affairs has a Compromise Sales Program that allows these individuals to sell their properties anyway. Below are several key features to the program:
For more information on the VA Compromise Sale Program feel free to give me a call at 301-343-7671 and I would be happy to send you the entire package from the VA.
Well if 2009 was the year of the loan modification nightmare, 2010 will be the year of the Short Sale. Many large banks are now turning there resources toward Short Sales and away from Loan Modifications. If you are a homeowner in the loan modification process, be prepared to start receiving letters and/or phone calls advising you that a Short Sale may be the next alternative. You can view an article below outlining some of the new bank initiatives.
http://www.ft.com/cms/s/0/fd66e156-1b62-11df-838f-00144feab49a.html
Are you experiencing financial difficulties and looking for advice on the options available to you? Contact me today, I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.
Many clients have asked me in the past weeks about a Deed-in-Lieu of foreclosure. What are the benefits, what are the drawbacks?
Well, a deed-in-lieu of foreclosure is a process by which the homeowner Deeds the home back to the lender. Basically they turn the keys in to the bank. A deed-in-lieu has several benefits:
A deed-in-lieu may be reported as a foreclosure on ones credit report and a homeowner should discuss this with their lenders. Also, a deed-in-lieu needs to be approved by the primary lender. Typically, lenders will want the homeowner to attempt a “short sale” prior to giving authorization for a deed-in-lieu, and most of the time the property can only have one loan.
Are you experiencing financial difficulties and looking for advice on the options available to you? Contact me today, I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.
This morning on the CBS Morning show CBS MoneyWatch analyst Jill Schlesinger discussed the pros and cons of “walking away” from your mortgage.
Housing Predictor. Com released a research report today stating that the forelcosure crisis is far from over. The research firm in predicting that 20 Million households may be affected by foreclosure in the coming years. http://www.pr.com/press-release/212780
The research report also stated that 1 in 3 homeowners may decide to “walk away” from their homes if property values continue to decline. As we all know loan modifications are not working. Here are some statistics on the HAMP program through Dec. 2009
With this being said, it seems that many lenders and government officials are now pushing short sales as another method to stem the flood of foreclosures.
Are you experiencing financial difficulties and looking for advice on the options available to you? Contact me today, I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.