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Last month, Bank of America announced a pilot program that will provide some distressed property homeowners with a new foreclosure alternative. This new “Mortgage to Lease” program will allow homeowners facing foreclosure to remain in their homes by converting from home ownership to rental. In this program, participating homeowners will transfer their home titles to [...]
For awhile now, we’ve instructed agents on government incentives available to distressed homeowners who opt to do short sales. Such programs include the Home Affordable Foreclosure Alternatives (HAFA) program, which provides up to $3,000 to assist the borrower with relocation fees. In recent news, major publications including USA TODAY and CNNMoney have spotlighted the incentives [...]
The Obama administration announced its latest plan to help troubled homeowners, enabling an estimated 3.5 million underwater mortgage holders to refinance at today’s historically-low interest rates. However, experts speculate the proposal—which is expected to cost up to $10 billion and would be paid for by imposing a fee on major banks—could have a difficult time [...]
There’s both good news and bad news on the foreclosure front. The good news? According to RealtyTrac’s Year-End 2011 U.S. Foreclosure Market Report™, total U.S. foreclosure activity and the foreclosure rate were both at their lowest annual level since 2007. The bad news? Foreclosure levels were artificially lowered due to delays following the robo-signing scandal. [...]
Fannie Mae revealed its new Unemployment Forbearance Program, which mortgage servicers are required to implement by March 1 for all Fannie Mae-owned and backed loans. Servicers can now provide up to six months of relief for eligible unemployed borrowers without Fannie’s review and approval. Borrowers may also apply for an additional six months of forbearance, [...]
In an effort to shorten overall cycle times, Bank of America has reduced the window for submitting a backup offer on a short sale from 14 days to eight days after the initial offer becomes invalid. Once a backup offer becomes necessary: Contact your short sale specialist immediately to let him or her know you [...]
On Thursday, Veros Real Estate Solutions released its VeroFORECAST real estate market forecast for the 12-month period ending Dec. 1, 2012. Their findings indicate “the national housing recovery will continue to be gradual and slow without any significant changes in markets.” Veros predicts up to four percent appreciation in the strongest markets, including Fargo and [...]
On Jan. 4, Federal Reserve Chairman Ben Bernanke sent a letter and white paper to Congress outlining his insights and recommendations on restoring the health of the U.S. housing market. Among the key findings on current market conditions: Housing prices remain 33% below their early 2006 peak Currently, 1 in 5 mortgage holders are underwater [...]
With 1 in 10 homeowners not paying their mortgage—and Major Lenders predicting huge increases in short sale closings in 2012—savvy agents are finding new and creative ways to find and attract distressed property listings. A great place to start your outreach campaign is a list of NODs. Notices of Default, or NODs, are legal notices [...]
The holiday season should be a magical time of year. However, for a growing number of families, the usual holiday celebrations are trumped by financial troubles, foreclosure and the looming threat of eviction. Fannie Mae and Freddie Mac offered some relief to such families by announcing an “Eviction Moratorium” through January 2, 2012. During this [...]
Our CEO Alex Charfen is quoted in a recent New York Post article on the growing popularity of short sales as a viable option for homeowners who are underwater on their mortgages. The article references major lenders—including Bank of America, JPMorgan Chase and Wells Fargo—that are offering cash incentives at closing for distressed homeowners who [...]
(Photo courtesy of IowaPolitics.com) In a recent blog post, CNBC’s Diana Olick slams the Republican presidential candidates’ plans for solving the nation’s housing crisis. Political beliefs aside, Olick makes some astute observations regarding the bank’s preferences for short sales over foreclosures and the important role that Fannie Mae and Freddie Mac play in keeping [...]
From 2009 until now, the national mortgage delinquency rate trended downward. However, according to a TransUnion press release, the national mortgage delinquency rate increased between the second and third quarters, rising from 5.82 percent to 5.88 percent. Every state save 10 experienced an increase, with Florida, Nevada, Arizona and New Jersey experiencing the highest rates. [...]
SPECIAL REAL ESTATE INDUSTRY BROADCAST Exclusive Interview with the US Treasury’s Director of Policy for Homeownership Preservation Office, Laurie Maggiano! You and the Treasury Department Have the Same Goal … to Close More Short Sales in 2011! Join us for an exclusive interview with Laurie Maggiano, Director of Policy in the Office of Homeownership Preservation, [...]
We’ve long said that the foreclosure crisis is not limited to the United States; it is a global issue. Here in the U.S., there has been little attention paid to the challenges other countries around the world are facing today. That’s why we couldn’t be more excited to announce the launch of CDPE South Africa. [...]
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