So often buyers say they don’t want to get involved in a short sale because they believe short sales always fall apart. However when one explores why short sales so often fall apart they are likely to find the buyer frequently plays a significant role. Sure, one can argue that there are difficult lenders who […]
Posts Tagged: reos
Build Your Ark, the Short Sale Flood is Coming
The Home Affordable Foreclosure Alternatives Program or HAFA will not only effect how lenders manage short sales as I have previously mentioned in the December 17, 2009 post, it will demand that all lenders who operate under HAMP offer short sales to any failed loan modification attempts who are eligible. With the current numbers at […]
The Next Wave – Luxury Short Sales
A recent Bloomberg News article reports first time home buyers were aided this past year by an $8,000 tax credit that raised resales to a 6.1 million annual pace in October, the highest since February 2007 according to the NAR. Last month President Obama extended the program for another year for first time buyers and […]
Foreclosure and Short Sale Tax Implications
The Mortgage Debt Forgiveness Act of 2007 and the Emergency Economic Stabilization Act of 2009 provide tax relief for debt forgiven through a short sale or foreclosure. In the Internal Revenue Code Section 108, discharge of qualified debt from the purchase of a principal residence can be excluded from income if the discharge occurs in […]
Streamlined Shortsales? Really? Hey, I Have This Bridge For Sale…
Buyers and sellers unfamiliar with the short sale process always ask if there is anything that can be done to speed up the short sale process. As I have mentioned before, there are new and improved rules that have just been formed to streamline the short sale process that will go into effect April 5, […]
They Should be Called Long Sales
Time and time again sellers, buyers and agents involved in short sale transactions complain that the process takes too long. In fact, buyers often get frustrated and leave prior to receiving approval. It isn’t uncommon to go through two or three buyers in any given short sale. This is unfortunate since it can prolong the […]
Short Sales Gain and REOs Slip
Although the number of foreclosures has been reported as going down 8% since last month, it is still up 18% over this time last year. Don’t be mislead by the numbers, foreclosures are still ocurring in large numbers and the government is actively trying to create incentives to help prevent them. The good news is […]
U.S. Treasury to Impose New Short Sale Incentives and Requirements for Lenders
As reported by Reuters on Monday The U.S. Treasury released terms for mortgage companies to increase approval times on short sales and loan modification programs to reduce the numbers of foreclosures. The Home Affordable Foreclosure Alternatives Program will provide financial incentives and simplifies the procedures for completing short sales. Since the HAMP program encounters situations […]
Stockton Short Sales and Stockton Foreclosures
The number of Stockton REOs has decreased as banks and investors sell REOs in bulk and foreclosures are purchased at a discount on the court house steps. Banks and investors are also starting to rent the homes they own. We expect this will provide a downward pressure on rental rates. Landlords should lock tenants into […]
Stockton Short Sales Are Alive and Well
In the last two weeks the Homes In Stockton team has received 3 Stockton short sale approvals and successfully postponed an additional 3 foreclosures that are currently under short sale approval consideration. If you have a home in default in Stockton, Lodi, Manteca, Tracy or nearby outlying areas, we may be able to help you! […]
New Push Toward Short Sales
The US Treasury Department has announced the formation of a new incentive program aimed at encouraging mortgage servicers to pursue short sales. Details are expected later this month. The program is expected to simplify the process of pursuing short sales by standardizing the process, documentation and timeframes. A short sale is a transaction in which […]
Government short sale incentive program
Short sale incentive program is on its way! Is it the solution we all have been waiting for or too little too late? Read article here Call me at (209) 471-6516 or email me at [email protected] regarding any questions you may have regarding Stockton real estate, Lathrop real estate, Lodi real estate, Manteca real estate […]
Stockton Short Sales
We continue to see in an increase in the number of short sale listings on the market. Out team is currently closing in excess of 90% of the short sales we list. Average time for approvals is 3.6 months. Patience is the key!
Wells Fargo sues itself!
I have often wondered how the banking industry got us into the mess we are currently in. This recent article explains a lot. Wells Fargo sues itself. Total lack of common and business sense. And waste of money, time and effort. Maybe the Stockton short sales we process with Wells could move a little bit […]
New Study Suggests More Than 25% of Mortgage Defaults Are Strategic!
Current housing policy is attempting to address the needs of home owners facing a cash crunch. Not being addressed however are the homeowners who now are 40 – 60% underwater with their existing mortgages. These homeowners may be able to afford the payment but some are making an economic decision not to. Many have not […]
The ARM “Non-Issue” & California Pay Option Arm Nightmare May Lead to an Increase in Stockton Foreclosures!
The ARM reset issue has disappeared as long as interest rates remains at historical lows. The Option Arm problem still is a very large back cloud looming over California. With in excess of 80% of Pay Option Arm homeowners making the minimum payment each month, interest payments are not being paid and loan balances are […]
Stockton’s Foreclosure Crisis Continues to Deepen!
The number os Notices of Defaults filed in California reached a high in March, 42,704. These new filings are the first step in the foreclosure process and will result in an increase in the number of foreclosure down the road. The number of Notices of Trustee Sale – which are filed 3 months after a […]
The Number of Stockton Homes for Sale Dwindles!
The number of Stockton homes for sale has decreased as the number of Stockton foreclosures has dwindled. Good news is the "junk" Stockton foreclosures and Stockton short sales are sold! Demand far exceeds supply. There are approximately 4000 foreclosures countywide that have not hit the market and many more expected. Not quite sure what the […]
Same Old Story! Mortgage Delinquencies Up. More Stockton Real Estate Foreclosures & Stockton Short Sales Expected!
As delinquency increase so will Stockton foreclosures and Stockton short sales. HousingWire
Expect more high-end Stockton Real Estate Foreclosures
Jumbo prime mortgages had the highest foreclosure increases in February. I expect this trend to continue as large numbers of Option Arms and Alt A loans reset. Stockton real estate prices will continue downward at the higher-end. I am experiencing an increase in the number of short sales calls I am receiving. HousingWire Article
Stockton Short Sales
Many have fallen prey to these economic times through no fault of their own, and are unable to keep up with their commitments. Some homeowners with adjustable-rate loans can’t make their payments when rates adjust; others fall behind because of a job loss, divorce or illness.It is estimated that more than a million homeowners will […]
Your tax dollars at work….Citi continues with headquarter renovations!
Citi is moving forward with the multi-million dollar face lift of their New York headquarters. When will the insanity stop? Meanwhile I continue to experience nothing but frustration with Citi’s loss mitigation department in my ongoing effort to negotiate Stockton short sales. Yahoo! Finance
It’s going to get ugly!
American Home Mortgage Servicing, Inc., the country’s largest independent mortgage servicer has been sued by hedge fund investor, Carrington Capital…and now AMHS is counter suing alleging racketeering. Meanwhile the number of Stockton foreclosures and short sales is growing. Can’t they all just get along? HousingWire.com Article
FHA First Payment Defaults Skyrocketing!
FHA first payment default rate are increasing dramatically as FHA becomes the only game in town for buyers with less than perfect credit and minimal downpayments. The same unscrupulous lenders that got is into the sub prime mess are now pushing FHA. /t compound the losses FHA has recently increased their lending limites and The […]
Watch out California….here comes the foreclosure wave!
February volume of Notice of Defaults, auction sales and negative equity at time of foreclosure SURGED over 20% . No surprise. Will only get worse as the lender and servicer moratoriums are lifted. We expect the number of Stockton short sales and Stockton foreclosures to increase dramatically over the next few months. HousingWire article