Category Archives for "Cashing Out With a Short Sale"

A personal experience with our short sale specialist

Michael Simonini“I would like to commend Michael Simonini of Showcase Realty for coming to my rescue and helping me favorably part with investment properties I had in North Carolina. In 2006, I purchased a few properties hoping to rent them but, was unable to do so; I found myself paying these mortgages on my own. After several years I was no longer in the position to continue making payments and therefore, started to receive foreclosure notices. For anyone facing foreclosure, you know how frustrating and difficult it is trying to work with your lender to salvage your credit and at the same time preserve your dignity. I reside in New York, which posses many challenges because I was not able to regularly travel to North Carolina in order to maintain these properties or meet with realtors to list these properties for sale.

“In December 2009, after countless hours of internet searches and telephone conversations trying to locate a realtor in North Carolina, I was referred to Showcase Realty by GMAC Mortgage. Showcase Realty was instrumental in successfully obtaining short sale on these properties. I am extremely grateful and fully satisfied with the high level of professionalism received from the staff at Showcase Realty. I can assure you, Showcase Realty will be by your side every step of the way in assisting to find a favorable solution for your situation. In the future, if I am in the position to purchase properties in North Carolina I will not hesitate to contact Showcase Realty. I am confident in highly recommending Showcase Realty for all your real estate needs.”

Brian M., New York

Many struggle to keep their homes after losing a job… Help is out there!

According to DSNews.com and a recent national survey taken last month, 1 in 3 Americans would not be able to afford their mortgage after only ONE MONTH of being unemployed!

Many people feel that they are the only ones living paycheck-to-paycheck, but 61% of those surveyed said that they would not be able to keep up with their mortgage or rent payments within 5 months or less of being unemployed. This also includes those with higher annual incomes, who also admitted that they could not guarantee that they could afford the payment following losing their jobs.

There are several options to choose from when this occurs that is much less devastating then being foreclosed on, including special government programs like HUD’s Emergency Homeowners’ Loan Program.

If you cannot afford to keep your home, but still would like to refrain from the damage of a foreclosure – short sales are the way to go!

To learn more about short sales, how they will benefit you and the easiest way to go about doing it, visit Showcase Realty or call our short sale expert at 704-889-5600.

CLICK HERE to read more on DSNews.com.

Worried foreclosure is coming?

LPS Data Shows GSE Foreclosure Starts Are Accelerating

Fannie Mae and Freddie Mac are beginning to initiate foreclosures at a faster pace.

According to a new study from Lender Processing Services (LPS), GSE foreclosure starts have been accelerating and are currently at all-time highs. From May to June, foreclosures initiated by Fannie and Freddie jumped 21 percent.

The GSEs’ prime borrowers are performing the worst. Foreclosure rates among the agencies’ prime loans have soared nearly 400 percent since January 2008, with a notable hastening tracked over the last two months, LPS reports. That increase is second only to the swell seen in non-agency “jumbo” mortgages, for more than $729,750.

LPS says the recent momentum in GSE foreclosure starts coincides with Home Affordable Modification Program (HAMP) cancellations, with most of the volume concentrated in the very late stages of delinquency (six-plus months).

The latest HAMP statistics from the Treasury showed an extremely elevated number of cancellations from trial plans, as many borrowers who received temporary modifications have not been able to verify their income or have missed trial payments.

As of the end of June, 520,814 HAMP trials had been cancelled – more than have been converted to permanent status. In addition, 8,823 permanent modifications have been cancelled under the federal program.

In contrast, LPS says foreclosure starts have remained relatively stable over the last several months for the rest of the industry. The company puts the overall foreclosure rate as of the end of June at 3.65 percent, but notes that foreclosure inventories are still elevated.

According to LPS’ market data, total foreclosure starts for 2010 are at 1,456,000. That stat is lower than 1,682,000 for the same period in 2009, but up from 1,245,000 in the first half of 2008.

Bailout Watchdogs Call Mortgage Program a Bust

 Bailout watchdogs on Wednesday raised a red flag over the Obama administration’s program for helping homeowners avoid foreclosure, saying the multibillion-dollar fund is not working and the Treasury Department refuses to fix it. 

Warning that the inefficiencies could hold the economy back, the officials told a Senate panel that changes should be made and that Treasury needs to come clean. One official called the program “one of the greatest failures in transparency and accountability” in the $700 billion bailout. 

A $50 billion fund was carved out of the Wall Street bailout for the mortgage program. The housing market being a root cause of the 2008 economic crisis, the money was pitched as a way to help millions of homeowners avoid foreclosure and get the economy back on track. 

But a fraction of that money, $248 million, has been spent. 

Elizabeth Warren, chairwoman of the congressional TARP Oversight Panel, said that for every one family that wins a permanent mortgage modification, “10 more have been moved out through foreclosure.” 

“This is a program that’s just — it’s behind the curve,” she told the panel on Wednesday. 

Special inspector general for the financial bailouts Neil Barofsky said the program has not “put an appreciable dent in foreclosure filings” during the Senate Finance Committee hearing on the $700 billion bank bailout. He also said the Treasury Department has ignored earlier demands that it set clearer goals for the program.  A Treasury official said Wednesday that the bailout program has had “a major effect on the ability of people to stay in their homes.” The official argued that before the program was launched, it was not designed to prevent all foreclosures and not designed to help investors or speculators — or those with vacation homes or million-dollar homes.

More foreclosures could force down home prices and further hurt the ailing housing industry. 

Part of the problem with the Home Affordable Modification Program has been that plenty of homeowners are being accepted into a trial period, but relatively few are having their loan changes made permanent. Warren said just 165,000 have moved into permanent modifications with help from the TARP program, though more than that have advanced through a similar program administered by Fannie Mae and Freddie Mac. 

Barofsky said Treasury is giving mortgage companies too much leeway to decide which homeowners will qualify for a program to reduce the principal balance of their mortgages

The program relies on voluntary cooperation from mortgage companies, Warren said. She said many of the mortgage debt collectors make more money when they foreclose than they do when helping homeowners. 

“We can’t have a program in which, in effect, we put incentives on the table paid for by the taxpayers to say, ‘Please do the right thing here,'” she said. “We have a crisis, and the consequences of not having cooperation from the servicers … (is) felt by this entire economy . We need a program with far more urgency and some real teeth in it.” 

Article contributed by Fox News