Category Archives for "REO/Foreclosures"

News and information relating to REO’s/Foreclosures

The demand for HAFA increases drastically

Here is an unbeleivable short sale statistic in an exerpt from the DSNews.com article, HAFA Short Sales up Over 70% in April.

“Servicers completed 1,666 short sales and deeds-in-lieu (DIL) of foreclosure under the Home Affordable Foreclosure Alternatives (HAFA) program in April. That’s up 73.7 percent from the 959 HAFA transactions completed the month before.”

 

If you need assistance regarding a short sale or foreclosure, contact us and a member of our team would be happy to guide in the right direction.

BofA Offers Home Loan Assistance to Customers

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.

www.bankofamerica.com/homeloanhelp

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.

VA Authorizes Relocation Help for Short Sales and Deeds-in-Lieu (DSNews)

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The following article was written by Heather Hill Cernoch for DSNews:

The Department of Veteran Affairs (VA) has instructed mortgage servicers to pay relocation assistance to borrowers completing short sales or deeds-in-lieu (DIL) of foreclosure on VA loans.

“VA has a longstanding policy of encouraging servicers to work with veteran borrowers to explore all reasonable options to help them retain their homes or, when that is not feasible, to mitigate losses by pursuing alternatives to foreclosure,” according to the circular released by the federal agency.

VA is authorizing servicers to advance $1,500 in relocation assistance to borrower occupants who complete a short sale with a VA compromise claim or who execute a DIL.

The transfer of ownership via DIL or short sale is typically shorter than a foreclosure time period, the VA explained, and the property is left in better condition via DIL. These options can also provide a better outcome than a foreclosure sale for borrowers, investors, and communities.

The amount of the indebtedness reimbursable on a claim after crediting it with the net value of the property (or the short sale proceeds, if larger) is limited to the maximum guaranty on the loan plus the cost of liquidation appraisals. The servicer must waive any amount on the loan not covered by the sum of the VA guaranty claim amount and the greater of the net value or sale proceeds.

VA expects servicers to notify eligible borrowers of the availability of foreclosure alternatives and encourage completion of a short sale or DIL by providing the homeowner with a written agreement describing the requirements for receipt of a relocation incentive. With a DIL, the agreement must specify that the property will be unencumbered by other liens or restrictions on title, it will be kept in good and safe condition, and it will be left ready for sale in “broom clean” condition upon homeowner departure.

For this article, click here.

To see Charlotte-area short sale properties that are available or to speak with a Certified Distressed Property Expert, click here.

January 14, 2011

Free Online Resource Aims to Help Americans Facing Foreclosure

The following was written by Heather Hill Cernoch for DSNews.com and was published 1/14/2011

Free online software for the creation of personalized mortgage modification applications under the federal Home Affordable Modification Program (HAMP) and otherlender programs is now available from FreeMortgageFix.com. Borrowers can complete an application to modify existing home loans via the site’s user dashboard.

“Paperwork is undeniably the No. 1 reason for the delays with the HAMP loan modification program and unnecessary denials,” said Jonathon Ende, CEO of FreeMortgageFix.com.

“We believe we provide the answer,” Ende added. “By using our free online program, homeowners now have a

quick and dependable option for dealing with unaffordable monthly payments and the threat of foreclosure. As this concern continues to escalate nationwide, we wanted to provide an equally affordable and helpful solution that can help turn families’ lives around in less than 15 minutes.”

Based on the borrower’s specific financial situation and lender, FreeMortgageFix.com software completes more than 100 different calculations and analyses to compile a customized report.

After the site confirms the homeowner’s debt-to-income ratio, net present value, and general eligibility, the appropriate federal and lender forms are automatically populated and printed for submission with a customized cover sheet addressed to the lender.

Homeowners are also provided with tips, solutions, and warnings, as well as an online resource center, custom document checklists, a conversation log for maintaining notes on all discussions with the lender, and a to-do list manager.

External financial and legal assistance is also available if users require them, including a network of approved attorneys.

FreeMortgageFix.com was developed by a group of mortgage industry and real estate law veterans. The company is headquartered in New York.

For this article and others like it, visit www.DSNews.com 

To get information straight from a Certified Distressed Property Expert, click here.

Charlotte Business Journal: “Mecklenburg, Union worst for foreclosure”

According to an article published today in the Charlotte Business Journal, Mecklenburg and Union counties had the highest frequency of foreclosures in the state last year, with one in 34 housing units facing repossession.

The following is an excerpt from the article:

The statewide average was one in 63 units, according to the data compiled by the N.C. Justice Center.

The top 6 counties by foreclosures per housing unit are:

•Mecklenburg: 1 in 34

•Union: 1 in 34

•Dare: 1 in 37

•Currituck: 1 in 43

•Cabarrus: 1 in 44

•Brunswick: 1 in 45

Mecklenburg had the greatest number of foreclosures last year, at 12,176, followed by Wake County (5,584) and Guilford County (4,101). Forsyth County ranked fourth, at 2,396, followed by Union, at 2,050. Gaston County had 1,705 filings, the ninth-most in the state. Cabarrus County ranked 10th with 1,609.

“Now is the time for our leaders to support vital public investments that create jobs and help people stay in their homes,” said Bill Rowe, director of advocacy at the N.C. Justice Center. “We need to make critical investments in North Carolina’s future prosperity, like preserving essential programs that help homeowners avoid foreclosure.”

The N.C. Justice Center, based in Raleigh, is a research and advocacy organization that seeks to eliminate poverty.
Read more: <a href=”http://www.bizjournals.com/charlotte/news/2011/01/13/mecklenburg-union-worst-for-foreclosure.html?ed=2011-01-13&s=article_du&ana=e_du_pub”>Mecklenburg, Union worst for foreclosure</a>

If you or someone you know is facing foreclosure, contact a Certified Distressed Property Expert by <a href=”http://hosted.cdpe.com/105366″>clicking here</a>.