Monthly Archives: December 2010

Buyer’s Feet Stave off Foreclosure (for now)!

A client of mine just sold her house in North Carolina and moved to Nevada, just outside of Las Vegas.  As you probably know, Nevada is full of foreclosures and short sales.  So, naturally, my client contracted to buy a short sale.  During the escrow period (and during short sale negotiations with the lender), she […]

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Short Sales Offer Advantages over Foreclosures

I recently came across one of the better articles I’ve seen yet advising  sellers in pre-foreclosure.  Tara-Nicholle Nelson’s piece “Short Sales, Tall Benefits” was featured on Inman.com.  The article also address buyers, and she reiterates a point made earlier on this site…problems in banks’ foreclosure processes have led to title issues for buyers.  The advantage […]

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Denied Loan Mods Reviewed by Lenders?

Oh boy…this one might get your blood boiling, especially if you’re a homeowner who has been denied a loan modification under the government’s HAMP program. (By the way, I recently wrote an article about the shortcomings of HAMP, which might be worth reading for a little background). But back to the issue at hand: Kate Berry of American Banker recently wrote about yet another problem with the program, one that reeks of conflict of interest.

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Government Loan Modification Program Struggles

Here we go again…the government’s HAMP program (Home Affordable Modification Program) was recently re-evaluated by the Congressional Oversight Panel.  And big surprise…it’s not working.  In fact, it’s been a miserable failure so far.  A year and a half since the program started, HAMP is on pace to prevent only 700,000 to 800,000 foreclosures.  By the […]

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Is it Worth Your Time to Buy a Short Sale?

I recently saw an interesting article by Tim Manni on HSH.com, advising buyers on the short sale process. Given all the potential headaches of short sales, buyers often ask if they should be looking into short sale properties or if they should steer clear altogether. According to the article, buyers should align themselves with “a pro who is familiar with short sales.” That makes sense…but then the article delivers the buyer’s wake-up call…

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Foreclosure Drags on for 25 Years!

This story is so bizarre that I felt the need to create a new category – Strange but True – just for this article. Patsy Campbell from Okeechobee, Florida hasn’t made a mortgage payment since 1985! Trying to figure out exactly who owns the mortgage is like a bad re-make of the movie Catch Me If You Can. According to the Wall Street Journal, Ms. Campbell claims that

…at this point, no one owns her mortgage note…

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North Carolina to set Foreclosure Record in 2010

I hear from sellers almost daily that they are going to ride the market out.  After all, it has to get better at some point, right?  I agree, it will get better, but I don’t see a major upswing in prices any time soon.  I’m not an economist, but I do understand supply and demand.  […]

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Don’t let your Neighbors Foreclose on YOUR Home!

Sounds crazy, doesn’t it?  But that’s exactly what’s happening all over the country, as cash-strapped homeowners associations begin foreclosing because of unpaid dues.  That’s right, your HOA/POA (property owners association) can file a lien for the unpaid balance, and can then drive your home into foreclosure, even if your lender isn’t ready to foreclose.

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