Archive for category Housing Market
Missouri clerk wins Powerball – $258 million
Posted by admin in Housing Market, Stock Market on April 23rd, 2010
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Dump your mortgage? Risks are big
Posted by admin in Housing Market, Mix Up TV on April 20th, 2010
Visit msnbc.com for breaking news, world news, and news about the economy
HAFA – Home Affordable Foreclosure Alternative
Posted by admin in Housing Market on April 20th, 2010
by Speedy Short Sales – Apr. 19, 2010
The Short Sale Expert
Obama Administration releases Home Affordable Foreclosure Alternative!
Speedy Short Sales would like to introduce the new foreclosure alternative program HAFA “Home Affordable Foreclosure Alternative”. With so many modification turn downs, the government stepped in once again to help struggling home owners that didn’t qualify for a modification.
A short sale is an essential process when the homeowner is unable pay the full balance owed on their mortgage. The difference on the value of the home and debt owed on the property is negotiated through the sale of real estate. The loss on the difference owed is incurred by the lender, allowing the borrower to walk away from the property avoiding foreclosure and deteriorating credit scores.
HAFA effective dates: April 5,2010 – December 31, 2012
Lenders must consider borrowers for HAFA within 30 days of the following.
- Request a short sale
- Delinquent on a HAMP modification by missing two consecutive payments
- Disqualified for a Trial Payment Plan
- Miss a payment while on a Trial Payment Plan
The great thing about HAFA is even if the borrower is approved for HAMP, but isn’t interested with the terms and interest rate. The borrower can still take advantage of HAFA and exercise their right to short sale their property. Another great factor to HAFA is the program also plays a huge role with assisting 2nd liens as well. With that said, 2nd liens must agree to a maximum $6,000 payment to release their lien and borrower from all obligations. That means the borrower will not be responsible to pay back their note under a HAFA short sale.
For more information and to schedule an appointment with an Expert Short Sale Negotiator. Please contact Speedy Short Sales by submitting your information and we’ll have an experienced real estate agent contact you for assistance with your HAFA short sale.
Speedy Short Sales – 1st Online Real Estate Community
Posted by admin in Housing Market on April 11th, 2010
By Speedy Short Sales – Apr. 11, 2010
The Short Sale Experts – Scottsdale, AZ
Speedy Short Sales is the 1st online community for all of your real estate needs. Unlike most 3rd party short sale companies, Speedy Short Sales does not charge fees when offering short sale assistance to struggling homeowners. We realized that ethically, it was NEVER right to charge for a service that couldn’t be guaranteed with so many variables to overcome. That’s why we created Speedy Short Sales! We are all about helping the struggling homeowner which in return will increase home values sooner than later.
Rather than charging fees, our strategy is to use our knowledge and experience by educating the homeowner while connecting them with an Expert Real Estate Agent to handle their short sale needs.Whether it be a short sale, purchase, or refinance. Speedy Short Sales has the partnerships in place to handle any task.
Let us know how we can be of any assistance!
Quarter in U.S. foreclosure plan late on payments
Posted by admin in Housing Market on December 5th, 2009
by Lisa Richwine – Dec. 5, 2009 5:13pm EST
Reuters.com
WASHINGTON (Reuters) – More than one-quarter of homeowners receiving help under a U.S. government foreclosure prevention plan are behind on their new mortgage payments, a Treasury Department survey has found.
Some 650,000 borrowers are participating in the trial phase of the Obama administration’s Home Affordable Modification Program, a $75 billion taxpayer-financed program launched this year.
Most home loan modifications result in lower monthly payments, although some lead to reduced principal on mortgages.
Trial modifications were initially for three months, but the Treasury added 60 days, effectively making them last five months.
Homeowners must submit more detailed documentation before they can have their loan modifications made permanent.
A Treasury Department survey of large mortgage servicers found “over 73 percent of borrowers are current in their trial plan payments,” Assistant Treasury Secretary Herbert Allison told a congressional oversight panel.
That leaves about 27 percent who are delinquent on the payments.
Allison provided written answers to questions raised at an October hearing before the Congressional Oversight Panel, which monitors the government’s foreclosure prevention plan and other financial rescue efforts.
Allison said that “while not all eligible borrowers will convert to permanent modifications, it is too early to estimate a failure rate, diagnose causes and predict future success rates.”
Experts say the conversion rate to permanent loans is the key to determining the program’s ultimate success or failure.
The Treasury has not published figures on how many trial loan modifications have been made permanent, but it said it will start doing so this month.
The next monthly report on the program will be released next week, Treasury Department spokeswoman Meg Reilly said.
This week Treasury officials threatened to fine mortgage lenders unless they speed efforts to give hard-pressed homeowners a permanent break on monthly payments.
According to a report from the congressional oversight panel, only 1,711 permanent mortgage modifications had been offered as of September 1, an indication of how reluctant banks seemed to move beyond trial offers.
(Reporting by Lisa Richwine; Editing by Xavier Briand)
FHA considers tighter lending rules
Posted by admin in Financial Market, Housing Market on December 1st, 2009
Dec. 1, 2009
By Market Mix Up
In other news… it has been brought to many people’s attention that FHA is considering tighter lending rules. They say the percentage of delinquencies on new loans this year is on the rise. How much worse is it going to get before we hit the bottom???
This clearly isn’t a good sign!!!!!
Check out the full article from USA Today.
Permanent mortgage relief?
Posted by admin in Housing Market, Mix Up TV on November 30th, 2009
