May sees uptick in homes facing risk of foreclosure

LOS ANGELES - Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales -scenarios that could further weigh down home values in coming months. Default or scheduled-home-auction notices were filed for the first time against 109,051 homes last month. That's an increase of 12 … Continue reading May sees uptick in homes facing risk of foreclosure

Home Affordable Foreclosure Alternative HAFA Changes

One thing is certain in the short sale and real estate arena – changes happen. Most of the time, lately, the changes are good. We are seeing the timelines for short sale approvals shorten to more appropriate lengths (30-60 days instead of 6-12 months.) On June 15, 2012 there are some changes that go into … Continue reading Home Affordable Foreclosure Alternative HAFA Changes

What’s Ahead for Mortgage Rates

Mortgage markets improved last week in response to ongoing concerns for the European Union and an across-the-board weakening in U.S. economic data — including the much-watched jobs report. Conforming mortgage rates in California eased lower last week, falling to a new all-time low for 6th week in a row. The moves have been modest, however, … Continue reading What’s Ahead for Mortgage Rates

U.S. Posts Its 20th Straight Month Of Job Growth

For the second straight year, the jobs market looks to be slowing into the summer. Last Friday, in its monthly Non-Farm Payrolls report for May 2012, the Bureau of Labor Statistics reported 69,000 net new jobs created, plus a one-tick rise in the national Unemployment Rate to 8.2%. 2012 is shaping up like 2011, it … Continue reading U.S. Posts Its 20th Straight Month Of Job Growth

Beginning Monday, June 11, the FHA is changing its mortgage insurance premium schedule for the second time this year.

Beginning Monday, June 11, the FHA is changing its mortgage insurance premium schedule for the second time this year. Some FHA mortgage applicants will pay lower mortgage insurance premiums going forward. Others will pay more. The new premiums apply to all FHA mortgages, both purchase and refinance. The MIP update will be the 5th time … Continue reading Beginning Monday, June 11, the FHA is changing its mortgage insurance premium schedule for the second time this year.

Three landmines that can destroy a short sale

There are some assumptions that a short sale negotiator can make that will wreak havoc on the process.  Here are a few common mistakes inexperienced negotiatiors make, and tips on how to avoid them. Landmine #1: Assuming lender approval of an offer will automatically postpone foreclosure proceedings. In Washington State, lender approval of a short sale does not automatically … Continue reading Three landmines that can destroy a short sale

BofA launches faster way to dispute short sale valuations

Listing agents that disagree with bank valuations of short sale properties now have a new option. Bank of America has streamlined their process for settling valuation disputes during a short sale, making it faster and easier for agents to get the bank to consider an alternate value. The value of a property is established by … Continue reading BofA launches faster way to dispute short sale valuations

Limitation for collecting on Deficiency

New Washington State Laws Benefit Homeowners Doing Short Sales Changes in state laws that go into effect June 7, 2012 will provide significant benefits to homeowners involved in a short sale or facing foreclosure. Time Limitation for Collecting on Deficiency A lender agreeing to the short sale of an owner-occupied property must now provide written … Continue reading Limitation for collecting on Deficiency

Timeline Requirements to Support Continued Short Sale Growth

With new deadline requirements set by the Federal Housing Finance Agency (FHFA) looming on the horizon, short sales are expected to increase after an already active first quarter. According to RealtyTrac’s Q1 2012 U.S. Foreclosure Sales Report, pre-foreclosure sales (most often short sales) reached their highest level in the first quarter of 2012 than they’ve … Continue reading Timeline Requirements to Support Continued Short Sale Growth

Hurry and cash in on short-sale tax savings Mortgage debt relief law set to expire at the end of the year

By Amy Hoak, MarketWatch CHICAGO (MarketWatch)—An increasing number of homeowners who are underwater on their mortgage are selling their homes by short sale, and that could become an even more popular option during the rest of the year. That’s partly because of a law set to expire at the end of 2012 that offers tax … Continue reading Hurry and cash in on short-sale tax savings Mortgage debt relief law set to expire at the end of the year