Category: Short Sales

Banks Pay Homeowners to Encourage Sales

Short Sale OC

It is in the best interest of banks to help homeowners avoid foreclosure. According to a CNN Money news report, some banks are now offering homeowners as much as $35,000 to sell before the home ends up in foreclosure. These deals incentivize homeowners to conduct short sales before they fall so far behind on payments […]

Second Mortgage Settlements: How to Settle a Second Mortgage

You may have been one of those to receive an “offer letter” to settle your second mortgage recently. These typically go out to homeowners when they are substantially behind on payments (over 6 months). Alternatively, you may just be curious to know if your second mortgage can be settled for a lump sum, as so […]

Home Sales Drop as Number of Unsold Homes Hits 4M

According to the National Association of Realtors, the sales of pre-occupied homes plummeted back in June and are projected to continue falling. Needless to say, this news is not good for the already flailing housing market—though analysts expected worse. Federal tax credits have contributed to random bursts of sales, and recently the deadline to close […]

When to Plan for a Short Sale

A person who thinks that they will need short sale help sometime in the near future should begin planning for the potential of a short sale as soon as possible.  Requesting short sale help from a lender requires time due to the fact that lenders require documentation to be provided and procedures to be followed […]

Short Sale Scams

A short sale allows a person to sell their home for less than it’s worth as a way to avoid foreclosure.  The remaining debt is often forgiven by the lender (although this is not always the case).  As this option of foreclosure avoidance has become popular, so has the opportunity for honest borrowers to be […]

Fannie Mae Short Sales

A short sale is a foreclosure avoidance program that allows a borrower to sell their home for less than they own on their original mortgage.  A short sale requires the approval of the lender who will retain the option to forgive the remaining debt or seek compensation for the unpaid debt.  Those who are borrowers […]