Trying to minimize foreclosures, new Fannie Mae rules will go into effect as of July 2010 for homeowners who do a “deed in lieu of foreclosure” or short sale allowing them to apply for another Fannie Mae backed loan in two years. Currently, Freddie Mac still requires a four year wait. Previously the wait period […]
Monthly Archives:: April 2010
Foreclosures Down For San Joaquin or Is It Too Soon To Tell?
Foreclosure notices in San Joaquin County dropped dramatically in the first quarter of this year from the same period a year sending mixed messages to industry experts regarding the mortgage meltdown. The drop in foreclosures could be linked to more short-sale approvals or the increase in first time buyers due to the impending expiration of […]
Servicers Taking Steps to Prevent Short Sale Fraud
As short sales are significant in foreclosure prevention, fraud concerns abound. Appraisal fraud to flipping, the short-sale process poses several possible areas of fraud where the servicer must take preventative action. Included but not limited to the following: – Focus on making sure it’s an arm’s-length transaction – Search deeds on a regular basis – […]
Real Estate Prices May Not Boom Again For 15 Years
The return to the bubble home prices could take a long time to bounce back for many U.S. markets, according to Fiserv, Inc. The company believes the areas of biggest price bubbles, in California, Florida, Arizona, and Nevada, may not see real estate prices back at those levels again for another 15 years or more. […]
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Sent from my BlackBerry – please excuse typos. Posted via email from www.Homes-In-Stockton.com Posterous
First Quarter Foreclosure Jump
California had more than 216,000 foreclosure filings with the most of any state at 23% of the nation’s foreclosures one for every 62 homes this past quarter. First quarter 2010 foreclosure filings rose 7%, to more than 930,000, over last quarter a 16% increase over last year. Just when you thought it was safe: Foreclosures […]
Senate Bill 401 = No More Debt Tax
Senate Bill 401 has been enacted into law. The new California state income tax on debt forgiven in a short sale, foreclosure, or loan modification will be treated much like the federal law up through 2012. The existing federal exemption allows $2 million, and the new California exemption allows for $800,000 and forgiven debt up to […]
DRE Issues Short Sale Alert
The Central Valley Business Times reported yesterday that the California State DRE issued an alert regarding short sales. Read the article here. The DRE cautioned against the following: • In some instances, the homeowner may be sued by the lender/bank for the money that was “forgiven” • The amount not paid back, which is a […]
Struggling Homeowners Can Take Steps to Save Credit
If you’re a struggling homeowner, remember the safest option is always to keep making your mortgage payment. However, if you can’t pay, try to work with the government’s foreclosure prevention program. If that doesn’t work, consider all of your potential options and the affect each one will have on your credit scores before making a […]