Short sales of U.S. homes rose to a three-year high in the first quarter as banks agreed to let more borrowers unload property at a loss, putting the transactions on pace to surpass deals for foreclosures, RealtyTrac Inc. said. Sales of homes in the pre-foreclosure process increased to 109,521, up 25 percent from a year … Continue reading Short Sales of U.S. Homes on Track to Exceed Foreclosure Deals
Month: May 2012
Speeding Up Short Sales
With rules that take effect next month, federal regulators have hopes of greatly streamlining the short sale process.Starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days. (In a short sale, a lender agrees to accept … Continue reading Speeding Up Short Sales
Foreclosures and resulting blight infest once-safe neighborhoods
Foreclosed homes invite drugs and crime. But the city of L.A. and lenders aren't dealing effectively with the problem.By Hector TobarMay 29, 2012William Perez has been waiting a long time to tell someone all the sad and crazy things he's seen. Perez runs a crew that crisscrosses Los Angeles and the Antelope Valley doing the … Continue reading Foreclosures and resulting blight infest once-safe neighborhoods
Short Sale Incentive
Bank of America is offering to pay delinquent homeowners up to $30,000 if they sell their homes through short sale to avoid foreclosure.The homeowners must start the short sale process by the end of this year and close the deal by Sept. 26, 2013, to be eligible for the incentive. The amount of assistance "will … Continue reading Short Sale Incentive
Boomers and refis: a warning
It’s a mortgage problem that is likely to intensify as homeowning baby boomers by the millions shift into retirement: Though they may have significant financial assets tucked away in retirement accounts, their diminished monthly incomes may not be sufficient to meet some lenders’ hyper-strict underwriting rules. Jim Eberle of McLean, Va., found this out the … Continue reading Boomers and refis: a warning
Short Sale Is A Better Option Than Foreclosure
Las Vegas short sales will be a major part of the real estate market in 2012. The banks now realized that a short sale is a better option than foreclosure for them, the homeowner and the neighborhood. Daren Blomquist, vice president at Realty Trac, said: “We believe 2012 could be a record year for short … Continue reading Short Sale Is A Better Option Than Foreclosure
Sen. Dean Heller touts bill to speed up short sales
Sen. Dean Heller now has a hat trick of housing bills before the Senate, after formally unveiling a bill to help expedite short sales Wednesday.Heller’s new bill is mostly an effort make all mortgage service providers subject to the same policies being implemented next month by federal lenders Fannie Mae and Freddie Mac.The bill—like the … Continue reading Sen. Dean Heller touts bill to speed up short sales
