Your neighbor Harry, the one that never shaves and causes you to wonder if he knows that there are still department stores that sell pants that fit, you know who I am talking about. Harry will be the first one at your door telling you how much he is going to miss you when you move away.
Away. From Harry.
Maybe you should buy a home in Los Gatos or West San jose. is that far enough? Cambrian sounds pretty good. You need to sell your house first though.
You have decided you are going to save money and do it yourself. More money for you will help you get further from Harry. So, where do you start?
Figuring out what your house is worth is probably what you are thinking. Not exactly… and…. yes, it is. Better be quick. Harry is getting really Buddy-Buddy since he learned you are selling your house. Saving that 6% Realtor fee should help get it done faster.
Think about it. You have more room to negotiate! Read the rest of this entry »
It looks increasingly obvious the problems for some lenders are going to get a lot worse.
Rismedia reported this weekend…
The Department of Housing and Urban Development (HUD) said it’s taking a closer look at 15 mortgage companies to determine why they had such high rates of problems with FHA insured mortgages.
Can I answer that? Lending to anyone who could fog a mirror tends to do that. I told you Fannie Mae was getting a spanking before this new investigation.
“Each loan on this list will be thoroughly examined and we will track down the reasons why it failed. Once we determine the causes, we will look to see whether there is a need for further review or remedial action. We want to send a message to the industry that as the mortgage landscape has shifted, we are watching very carefully and that we are poised to take action against bad performers,” Donohue said.
I wonder if this has anything to do with the fact Fannie Mae is approving foreclosure without notifying banks.
I don’t think Ken Donahue has tried to actually apply for a Home Purchase Read the rest of this entry »
Short Sales are proving to become the market leader. Many homeowners are confronted with the fact their home is worth less than their mortgage. Most investors who are confronted with non-performing assets…cut their losses and sell them.
In Real Estate we call it a Short Sale. Alternatives are bankruptcy, foreclosure or granting a deed in lieu of foreclosure. I prefer a mortgage short sale.
Does your home resemble a non-performing asset?
The Basic steps you will need to accomplish The Short Sale process Start here. Execute these simple steps and successful negotiations will follow.
First what is a short sale? Here is the short sale definition:
In ”short”, a shortsale is when the lender agrees to settle the debt owed on the property for less than the full amount of the debt. In most cases “Settled” means the lender writes off the debt. You usually will receive a 1099 after a short sale for the amount of debt forgiven. The bank is agreeing not to go after you for the money they lost by filing a deficiency judgment in the future. The exception is the HELOC loan where they reserve the right to file a default judgment.
Step 1
Contact your mortgage lender. Don’t just call or email customer service or the “loan work out” department. You need to speak with the manager of the problem loan department or another individual who has the authority to approve a short sale request.
While mortgage lenders can be sympathetic to these problems, they are never Read the rest of this entry »
