HUD Extends Unemployed Mortgage Relief Program DAILY REAL ESTATE NEWS | TUESDAY, AUGUST 30, 2011 The Department of Housing and Urban Development has once again extended its deadline for a program that provides up to $50,000 in interest-free loans to unemployed or medically ill home owners who are struggling to make their mortgage payments. The new deadline is now Sept. 15. HUD resumed taking applications for the program on Monday. The $1 billion Emergency Homeowners Loan Program, which launched in June, was originally slated to end on July 22, but HUD first extended the deadline to July 27 to give… Read More
Short sales on the increase According to RealtyTrac, short sales are increasing as a percentage of home sales in many states, helping some neighborhoods and homeowners avoid the more devastating impacts of foreclosures. The increases were sharper in some states, including California, Nevada, Michigan, Georgia and Colorado, the data show. In Colorado, short sales were 17% of all sales in the second quarter, up from 10% a year earlier. In California, they made up 25% of sales, vs. 18%. Bank of America, the largest home mortgage servicer, expects to complete more than 100,000 short sales this year — more than double what it did in 2009, the… Read More
6 Tips for Buying a Home in a Short Sale By: G. M. Filisko Published: March 19, 2010 By preparing for a real estate short sale, you can emerge with a great home at a favorable price. 1. Get help from a short sale expert A real estate agent experienced in short sales can identify which homes are being offered as short sales, help you determine a purchase price, and advise you on what to include in your offer to make the lender view it favorably. Ask agents how many buyers they’ve represented in short sales and, of those, how… Read More
Top 5 Real Estate Headlines in the 1st Half of 2011 by THE KCM CREW on JULY 5, 2011 We have reached the midway point of the year. Today, we want to look back over the first six months and give you what we believe were the five items that have had the biggest impact on the real estate industry so far this year. The Government Wants Out of the Mortgage Business From the original outline of the Dodd-Frank regulations to the talk of closing Fannie Mae and Freddie Mac to the proposed Quality Residential Mortgage (QRM) guidelines, the government has made it very clear… Read More
More Home Owners Foreclose by Choice A growing number of home owners whose homes have dropped drastically in value are deciding to stop paying their mortgage and walk away from the property, even though they can afford to keep making the payments–a move known as strategic default. The exact number of strategic defaults is unknown. A study conducted by the Federal Reserve Board showed that half of home owners who walked away from their home owed twice what their house was worth. From celebrities to prominent business people to the average home owner, strategic default is a growing option more… Read More
Fannie Mae’s guidelines to short sale option to avoid foreclosure.
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