Category Archives for "National"
“Treasury is currently reviewing a proposal to aid distressed homeowners by allowing a short sale of mortgage notes from mortgage-backed securities (MBS) trusts to new investors.” (DSNews.com)
Jordan D. Dorchuck of American Home Mortgage Servicing, Inc. developed the proposal in hopes of making the lives of distressed homeowners much easier with the use of principal reduction modifications. He believes that the plan will reduce the losses and increase benefits for both the investors and the borrowers, as long as it refrains from being driven by consumer demand.
Just when you thought that owning a home in this current market wasn’t the best decision, the Homeowner Reward Co., of PMI Group, Inc. wants to remind you that you did the right thing!
PMI realizes that it’s not the homeowner’s fault that their market was hit harder than most others, so it is now offering the RH Reward to help those who owe more on their mortgage than their home is worth.
Read the article below for more information on the program!
Alex Charfen, CEO of the Distressed Property Institute, LLC (CDPE.com) went on CNBC on April 13th to to express his views on whether or not you should consider your home an asset. Watch this 3 minute video:
If you currently have questions regarding short sales, foreclosures or real estate in general, Nancy Braun, owner and broker-in-charge of Showcase Realty, LLC, is a Certified Distressed PropertyExpert. Either she or a member of her team would be more than happy to help you! Contact us
According to DSNews.com, a bill has been introduced to appoint a deadline of 45 days on lenders to approve, disapprove or give the status of a decision on an offer for a short sale.
By decreasing the length of time lenders have to make a decision, the more likely underwater homeowners will be able to use the short sale as a foreclosure alternative. This will decrease the amount of empty, repossessed homes on the market.
The bill was introduced by two lawmakers, Representatives Tom Rooney of Florida and Robert Andrews of New Jersey. They named their legislation the Prompt Decision for Qualification for Short Sale Act of 2011 and have stated that is will bring the short sale processing timeline closer to buyers’ and sellers’ expectations.
The following is an excerpt from the DSNews article written by Carrie Bay, “The National Association of Realtors (NAR) is throwing its support behind the new bill. The trade group has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data.
‘Realtors want to help more homeowners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,’ said Ron Phipps, president of NAR and broker-president of Phipps Realty in Warwick, Rhode Island.
Phipps says a short sale not only minimizes the negative impact on the borrower, but in most cases costs the lender less than a foreclosure. He praised Reps. Rooney and Andrews for their efforts on a bill that he says could soon bring relief to distressed homeowners who hope to avoid foreclosure.”
For more information on proceeding with a short sale or purchasing a home in the short sale process, contact us.
Are you in need of home loan assistance? Do you have a Bank of America home loan? You may be in luck!
BofA has recently launched a new website dedicated to helping its loan customers no matter what situation they may be in. Whether you think you may miss a payment soon, just missed one home loan payment, missed more than one loan payment or have received a forclosure notice. This easy to navigate website will give you assistance into understanding your situation and where to go from there.
To find a real estate agent who will understand what you are going through and can help you through a short sale process or relocating, click here.