More Central Valley Short Sales Expected as the Majority of Loan Modifications Fail
June 23, 2010
A recent AP story suggests that short sales and foreclosures are expected to increase as the number of loan medications fail. To date 27% of loan modifications have succeeded. If you have any questions regarding the short sale process or any real estate related issue please contact Pat Holkesvig at (209) 471-6516 or complete our Contact Form.
Are Loan Modifications and Short Sales Decreasing or Delaying Foreclosures?
June 17, 2010
Santa Clara County has seen an annual decline in foreclosure notices for the past consecutive six months. Yet, Foreclosure Radar reports that these types of declines don’t make any sense. They speculate that lenders may be holding on to the foreclosure inventory longer to avoid flooding the market. There is no evidence to support that these foreclosure numbers are being dramatically influenced by a strong increase in short sales or loan modifications. However, more at risk homeowners are pursuing these options up front and as a result may be delaying the foreclosure process by overwhelming loan servicers with work out requests which require lenders to document the borrower’s earnings and assets.
Posted via email from www.Homes-In-Stockton.com Posterous
Stockton Homes for Sale & Stockton Real Estate, 2316 Hydrangea Dr Stockton CA 95212
June 3, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com! Do not disturb tenants. Write offer subject to inspection.Adorable house with den/study and bedroom downstairs. Kitchen with granite counters and dining bar. Cute yard that requires little maintanence. This home is just waiting for you! Brought to you by Pat Holkesvig and Your Home Team. Stockton’s #1 listing agent!
Media Reports REOs Are On The Decrease But Up Over Last Year According To LPS
May 6, 2010
According to the Lender Processing Services (LPS) Mortgage Monitor report as of March 2010, over seven million mortgages in the US are in a REO status. In fact, REOs are at their highest numbers since 2008. The media reports that the REO levels are down from February 2010, and this is true, but according to LPS REOs are up 15% over this same time in 2009. The same is true with the number of actual foreclosures. The media reported that foreclosures were down in March from February, which again was true, but again LPS reports foreclosures are up almost 33% over this same time in 2009. So although the current REO trend is moving downward, the road to recovery is still a long one. The good news is that there appears to be a silver lining. The rate of homeowners in early arrears converting to REO status and foreclosures is decreasing, likely attributed to the Home Affordable Modification Program (HAMP).
New Short Sale Rules Could Help Borrowers
May 4, 2010
The new HAFA rules are not such a new topic of discussion, but they are new in practice since they only just went into effect this past month. Borrowers (sellers) who are considering a short sale should become well educated on HAMP, HAFA, the short sale process and what they all mean to their specific circumstances. If HAFA is the correct alternative, they should request a short sale agreement from their lender. Then the borrower has two weeks to respond and four months to sell the house. During this time, the borrower should hire a real estate agent to list the house and the lender will assess the value. The borrower should continue to make mortgage payments up to 31% of their monthly income. While the lender is assessing value and the borrower is reviewing potential offers, the lender should be determining the minimum acceptable net proceeds. However they may not reveal this number to the borrower or their real estate agent. If a buyer makes an offer within the four months allowed to sell the home, the buyer and the borrower must submit a request for approval of short sale along with any other required documentation to which the lender has 10 days to reply.
For more detailed information read How new short sale rules can help you or contact Pat Holkesvig & Your Home Team at 209.471.6516 or by email at shortsale@homes-in-stockton.com. Pat Holkesvig and Your Home Team are The Central Valley’s Short Sale Specialists. We process Stockton Short Sales, Elk Grove Short Sales, Lodi Short Sales, Lathrop Short Sales, Manteca Short Sales, Modesto Short Sales, Mountain House Short Sales and Tracy Short Sales.
View all the homes for sale at the Central Valley’s best homepage www.homes-in-stockton.com.
