Category Archives for "REO/Foreclosures"

News and information relating to REO’s/Foreclosures

How to Get a Home After a Foreclosure

Buying a home is a difficult task for anyone, but is especially tough for those who have experienced a foreclosure or filed for bankruptcy. It may be difficult, but it’s NOT impossible! Here are some tips:

1.       Wait A While
The waiting period after these situations can be anywhere from 1-7 years, but most people don’t know that this period can be waived or shortened if the foreclosure was due to “extenuating circumstances or hardship beyond his or her control.”

2.       Clean Up Your Credit
Make sure to avoid any late payments on bills, rent, etc., and try to stabilize your employment to show that you are capable.

3.       Consult a Professional
Consult a loan officer or mortgage broker for advice on your personal situation.

CLICK HERE to read the full article

Homeowners of distressed properties may have some relief in sight

“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.

Administration Considering New Housing Policies

Talking Short Sales with The Mecklenburg Times

About a week ago, The Mecklenburg Times turned its focus from the devastation of homeowners in today’s market, to the success of the real estate agents behind the scenes, working their hardest to sell these homes and get their clients the best deals out there. Click on the article below to continue reading. 

Prospect Mortgage Makes Homebuying Easier

HUD homes in Columbus Repair Escrow

Prospect Mortgage has recently come out with the HomePath Renovation Mortgage. This mortgage is beneficial to those who are interested in purchasing a foreclosure, because as foreclosure sales increase, so does the demand for renovation loans. This mortgage offers up to $35,000 in non-structural repairs and a low interest-rate, making the homebuying process much more appealing.

Click on the link below to read more about this mortgage opportunity in a DSnews.com article.

Prospect Mortgage Offers Renovation Loans for Fannie Mae REOs

 

Forclosures in N.C. becoming less frequent

The foreclosure count in North Carolina has dropped 38% in the last year and 3.5% since April.

Here is an exerpt from Charlotte Business Journal’s article: N.C. foreclosures down 38% year-over-year

“Some 2,689 homes in North Carolina were in foreclosure proceedings in May, or one in every 1,584 households, according to RealtyTrac Inc.  The state ranks 36th in the nation for the rate of filings, RealtyTrac says.

Foreclosures nationwide dropped 33.4 percent last month from May 2010 and dipped 1.98 percent from April. There were 214,927 filings last month across the nation, or one in every 605 households.”

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