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Short Sales/Foreclosure News

Found 17 blog entries about Short Sales/Foreclosure News.

If you are considering purchasing a bank-owned foreclosed property, then you these 15 facts will give help inform you about what to expect.  

What is a Bank Owned Foreclosed Property?

A bank forecloses on a property when the person paying the mortgage stops making payments. When someone takes out a loan on the house, the house becomes collateral in the event they don’t pay the mortgage. If payments become seriously delinquent, the bank steps in and terminates the equitable right of redemption. At this point, the bank takes back the house to sell it. In this way, they recoup some or all of the money owed.

Don’t Expect Rock Bottom Prices

People sometimes have the idea that a foreclosed property is going to sell for a rock bottom price. They

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Selling a property involves many documents. Understanding what materials you require will help the process run smoothly. Those working with an agent may benefit from the escrow company assisting in retrieval. However, any home seller should be aware of the types of documents that are typically necessary to facilitate the expedient sale of a home. The required documents vary slightly depending on the state in which one owns a home. Other factors play a part, as well.

What Documents Are Useful?

Sellers who list their home for sale with an agent need to gather valuable information about their home. The necessary documents depend on various factors such as the type of community in which you live, the kind of property you own, and whether the buyer is

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Loan - Image Credit: https://www.flickr.com/photos/lendingmemo/11442150213

Have you considered having a loan modification on your home? Many homeowners start seeing the adjustment and wonder if they could switch from the load modification to a short sale. It’s easy to question the decision since many loan modifications start at a fixed rate of interest for the initial 5 years and then will convert to an adjustable-rate mortgage.

This is problematic when the 6th year becomes a much higher payment than the fixed five-year rate as. Here is a look at whether or not to switch to short sale from a loan modification.

Problems with loan modifications

After homeowners are teased with the five-year fixed interest and then see an increase in their monthly payments at year six, they typically ask the bank for help and are told

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For those who have recently been involved in a bankruptcy, foreclosure or a short sale, know that purchasing a home subsequent to any of these proceedings will take some additional time, patience and more than likely, extra funds! This article is intended to provide insight on what to expect for those homeowners who have lost their homes and are now seeking financing after the fact. Many lenders tightened their general home loan qualification standards partly in response to the steep decline suffered by the mortgage lending markets in late 2008. Below is a brief summary and timeline for obtaining financing after coming out of Bankruptcy, Foreclosure or a Short Sale.

FORECLOSURE TIMELINE

If one has previously experienced foreclosure in the recent past

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foreclosure-mark-z-guaranteeAs an attorney representing consumers facing outstanding debts and foreclosure, the primary reason that a consumer would file for bankruptcy is to protect against a deficiency judgment. Many homeowners may or may not have been informed, in discussing foreclosure, that losing their home is the end of the foreclosure road. However, this article is here to serve as confirmation that losing a home to foreclosure is not necessarily the final step, if a home is severely underwater.

In a typical foreclosure setting with homeowners, the proceeds from a foreclosure sale are supposed to satisfy the underlying mortgage debt. The bank will set a foreclosure sale date and sell the home to the highest bidder or may reacquire the home itself. Should the sale price at

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forclosures-in-michigan-mark-zThe housing market has shown some promising signs of late, but a fresh batch of foreclosure data offers a reminder that any recovery from the housing bust will likely be slow, spotty and painful. RealtyTrac, which publishes the largest database of foreclosure, auction and bank owned homes, recently reported that foreclosure filings rose by 9 percent in May from a month earlier to a nationwide total of 205,990 properties that were subject to default notices, scheduled auctions or bank repossessions.

The reasoning behind this spike, according to insiders in the industry appears to be because lenders are finally getting around to foreclosing on the backlog of homes which were halted as a result of criticism and audits by the several Attorney Generals

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mortgage-debt-relief-act-mark-z-real-estateAnytime a lender writes off, or "forgives," debt, it can be considered taxable income to the borrower. The larger the loan that is written off, the larger the potential tax bill that a taxpayer/homeowner may incur. Consider that every $10,000 in debt that is forgiven could incur as much as $1,500 to $3,500 in federal taxes depending on your tax bracket. Put another way, if your home is valued at $100,000 less than the existing debt and the debt is forgiven by the Lender, you as taxpayer could be responsible for a federal tax bill of up to $35,000, in addition to any state and local income taxes.

In recent years, most homeowners who have property that is worth less than the debt on the property, or commonly referred to as "underwater" or who lost

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In today’s residential real estate market, there is a lot of interest in buying bank owned properties. Some of the information you may read about is convoluted and confusing. Therefore, let this article serve as a breakdown of how purchasing bank owned property typically works.

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. These properties are now owned by the bank because the properties failed to result in a bid. In fact, most foreclosure auctions do not even result in bids. When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees which accrued during the foreclosure process.

Foreclosure sales begin with a

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refinance_418On October 24, 2011, the Obama administration rolled out a revamped program to help homeowners stave off foreclosures. This plan is for current borrowers who want to get a lower monthly payment through a lower mortgage rate. Proponents of the program say it would help boost the economy by relieving financial stress on homeowners and reducing their mortgage so that they would have more expendable money.

The new initiative, which involves removing barriers to homeowners qualifying for the Home Affordable Refinance Program (HARP), is the latest in a series of steps by the President to defend his mortgage relief efforts and promote his jobs and economic policies.

At its core, the latest initiative would allow homeowners to refinance regardless of how far

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To Lease, Own, Or Lease-To-Own Your Home

rent-to-own-mark-zAt some time in your life, you may have rented a home or an apartment, so you may have undoubtedly encountered a lease agreement. If you’ve ever bought or sold a house, you’re familiar with a purchase offer. The lease-to-own agreement is a hybrid of the two – a lease agreement combined with a purchase offer. Whether renting is better than buying depends on many factors, particularly how fast prices and rents rise and how long one intends to stay in the home.

A lease-to-own house purchase (also “rent-to-own purchase” or “lease purchase”) is a lease combined with an option to purchase the property within a specified period, usually 3 years or less, at an agreed-upon price. The borrower pays an option fee, which

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