Short sales, which many people are still unfamiliar with, are becoming more and more popular throughout the country with a noticeable increase in many states. Large banks including Bank of America and Wells Fargo have also had an increase in the amount of short sales they have seen in the last year, expecting more than double of what they had in 2009. 

Short sales are not new and nothing drastic has happened with the process recently, people are just finally starting to understand what it is! Showcase Realty specializes in short sales and encourages sellers to use this process, rather than go through the devastation of a foreclosure. CLICK HERE for more information on short sales, along with the contact information of someone on our team who can help you go through this process quickly and efficiently.

Read this article in USA TODAY:

Number of short sales on the rise

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.

Have you thought about looking for an “”easy-fix” for mortgage problems you are experiencing? Don’t sign up for just any program. Due to an increasing amount of scams that take advantage of homeowners, the Federal Trade Commissio FTC has issued regulations protecting consumers against relief fraud. 

Everyone could benefit from learning about these regulations and by downloading this free report you can protect yourself from potentially fraudulent activity.

Nancy Braun, Owner and Broker-in-Charge of Showcase Realty, LLC will be on the 10:00pm news on FOX News Charlotte speaking on luxury short sales in the Charlotte, NC area. Make sure to tune in – we will also be posting this video in the near future.

 According to an article by Christina Rexrode for the Charlotte Observer published this morning, Bank of America will no longer be offering reverse mortgages. This controversial option has been seen as something that was marketed toward the elderly as a way to make quick cash. The only borrowers able to take advantage of a reverse mortgage have to be at least 62 years old. 

It can be profitable and the homeowner won’t have to sell their home they may not be able to afford anymore - but because the bank pays the borrower instead of the other way around they end up losing equity in the end. The following is an excerpt from the Charlotte Observer article.

“The loans are often misunderstood. Borrowers do have to repay the bank, just not in cash: When they move or die, the bank sells the house and keeps the money, leaving out any heirs. The loans also carry high upfront fees, and a borrower can almost always get more money by selling the house instead. In general, reverse mortgages let borrowers access only 45 to 75 percent of the equity in their homes. The older the borrower, the bigger the percentage.

Guy Cecala, publisher of Inside Mortgage Finance, said that Bank of America is trying to minimize its exposure to potential lawsuits.

‘You’re dealing with the elderly, you’re talking about taking away their homes when they die,’ Cecala said. ‘That’s a bad set of variables there.’

Francisco, the bank spokesman, said the decision wasn’t related to any ethical qualms about reverse mortgages. The bank has worked with industry groups to put in safeguards to protect consumers, he said, and is ‘fully aware that it’s a very sensitive population.’

The reverse mortgage unit is profitable, he said. But the industry has been making fewer of the loans in the past year.

Various regulatory agencies have been eyeing reverse mortgages. Among other concerns, they wonder if borrowers are being forced to buy other financial products as a condition of getting the loans.”

To read the entire article, click here.

For affordable homes available in the Charlotte Metro and surrounding areas, click here.