According to this article in the New York Times, the new rules for short sales are going to help the homeowners - or at least that is the plan according to government officials…
But the underlying facts of how the new rules will play present a very different picture; and also an interesting dilemna for the [...]
Continue reading about How Bizarre How Bizzare - Another Twist in the Housing Crisis Play Book
15 January 2010
This piece showed up on Jesse’s Cafe’ as well as Mish Shedlock’s blog Friday the 15th of January - and frankly we are thrilled to see that this practice, which we have encountered ourselves MANY times in the process of completing a successful short sale is finally getting some attention. Kudos to [...]
HUD announced on Friday January 15th that they are instituting a 1 year waiver of the 90 day seasoning rule for FHA funding of properies.
Here is the Press Release from the HUD Website:
HUD No. 10-011
Lemar Wooley
(202) 708-0685
FOR RELEASE Friday January 15, 2010
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help [...]
Continue reading about FHA Waiver of 90 Day Seasoning Requirement A/O Feb 1, 2010
Today the Huffington Post came out with a great article to encourage Americans to take action - non partisan, populist action - and put their money into small community banks and get it out of the Too Big To Fail Bailed Out Bully Banks -
Read the article here: Move Your Money - A New Years [...]
In his Market Ticker blog of August 13, Karl Denninger points to another of the underlying indicators of the incredible slow down of short sale acceptances by lenders of the last 6 months when he writes:
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Heh Lookie Over Here: Bloomberg
from The Market Ticker by Karl Denninger
Gee, you think someone’s been paying attention to The Ticker?
[...]
Continue reading about Six Months of Sluggish Short Sales Nearing an End?
In this newest Market Ticker post, Denninger touches on precisely the thing we’ve been suspicious of - that the delays and stalling in foreclosures, short sales and loan mods may have more to do with the paper lenders are “pretending” is still sound and not writing down on their books.
It may also account for the [...]
Here is a letter sent out by Bank of America today regarding a short sale file.
Note that all the requirements listed by BofA are to be met by 5pm Central time TOMORROW.
Note that the Seller’s Concession is posted as no higher than 3% in the guidelines and reduced from 3% to 0 in the contract.
So [...]
In the July 11, 2009 Washington Post article “Coming Up Short - Is a Short Sale Right for You?” the article quotes Bank of America’s Dave Sunlin, a senior vice president who manages the foreclosure and real estate division as saying: “We understand this is an opportunity to mitigate our losses, while helping turn [...]
This is one of the most frequent and common questions we hear.
The answer is a qualified “Maybe”.
1. If the funds were borrowed by someone intending to occupy the property (owner occupant) to purchase the property [Purchase Money Mortgage] in the State of California, the answer is “No”. No for first lien holders, no for 2nd’s [...]
Continue reading about Can I be Sued For the Deficiency After a Short Sale or Foreclosure?
