Category Archives: Foreclosure News

Luxury Homeowners have more Pre-foreclosure Options

For high-end, luxury, or executive homeowners, there is typically more time to work out a foreclosure alternative with lenders, whether it be a short sale, a loan modification, a forbearance agreement, or deed-in-lieu.  Additionally, some lenders will even pay cash to the homeowner of up to $30,000 (this only happens in a short sale, and it actually […]

Also posted in North Carolina Short Sale News, Short Sale Info for Sellers | Tagged , , | Comments closed

Mortgage Forgiveness Debt Relief Act Extended for 2013

Homeowners facing the possibility of short sale or foreclosure got a little bit of good news this month.  As part of the “Fiscal Cliff” deal reached by Congress, the Mortgage Forgiveness Debt Relief Act was extended until the end of 2013.  According to Forbes.com, homeowners who go through a short sale or foreclosure (on their primary […]

Also posted in North Carolina Short Sale News, Short Sale Info for Sellers | Comments closed

What does the Fiscal Cliff mean for Short Sales?

By now, we’ve all heard of the looming “fiscal cliff” that awaits us if Congress doesn’t come to an agreement on tax legislation by the end of 2012.  There are several tax laws that must be extended, modified, or allowed to expire, but one is of particular importance to the real estate industry. The Mortgage […]

Also posted in Short Sale Info for Realtors, Short Sale Info for Sellers | Comments closed

Time Running Out on Tax Forgiveness for Short Sales

One of the most important pieces of real estate and tax legislation is set to expire at the end of 2012.  The Mortgage Forgiveness Debt Relief Act has benefited countless borrowers who have sold their home in a short sale and had their debt “forgiven” by their lender. For a brief explanation of how this […]

Also posted in North Carolina Short Sale News, Short Sale Info for Realtors, Short Sale Info for Sellers | Comments closed

New Guidelines to Make Short Sale Approval Easier

For the 2nd time this year, Fannie Mae and Freddie Mac will issue more guidelines to make short sale approval easier for eligible borrowers.  Back in June, Fannie Mae issued guidelines to speed up the process, but these new guidelines (effective November 1st, 2012) are aimed at overcoming some of the obstacles that borrowers face […]

Also posted in Fannie Mae & Freddie Mac, North Carolina Short Sale News, Short Sale Info for Realtors, Short Sale Info for Sellers | Comments closed

Short Sales Increase as Banks Realize Their Benefits

2012 is shaping up to be a big year for short sales, and it should come as no surprise.  Nationwide, short sales peaked in the first quarter of 2009 (105,000 short sale transactions nationwide), but preliminary data indicates that 2012 could come close to those same levels. According to a report from RealtyTrac (A Building […]

Also posted in North Carolina Short Sale News, Short Sale Info for Sellers | Tagged , , | Comments closed

Fannie Mae Changes Guidelines to Speed up Short Sale Times

Anyone who has ever attempted a short sale has probably been frustrated by the amount of time it can take to get a response from the bank.  To help combat absurd response times, Fannie Mae has issued new guidelines that should at least provide Realtors, borrowers, and buyers with an expectation of when the bank […]

Also posted in Bank of America, Fannie Mae & Freddie Mac, Wells Fargo | Comments closed

Freddie Mac has 10+ years of Foreclosure Inventory

Many areas of the country have seen an increase in real estate sales activity recently.  But the foreclosure anchor continues to weigh down the overall recovery. HousingWire.com recently reported on Freddie Mac’s glut of foreclosure inventory.  At the end of the 3rd quarter (2011), the government-sponsored enterprise (GSE) had approximately 60,000 foreclosures on its books.  This […]

Also posted in Fannie Mae & Freddie Mac | Comments closed

Bank of America Foreclosures Expected to Rise

Bank of America has figured out a way to foreclose on even more homeowners.  According to a recent piece in The New York Times, a new deal between the lender and investors who bought its bad loans could lead to faster approval of loan modifications but also shorter foreclosure processes.  According to BofA exec Tony […]

Also posted in Bank of America | Comments closed

Luxury Foreclosures on the Rise

Homes valued at more than $1 million represent the fastest growing segment of the U.S. foreclosure market. According to an article by Jerold Leslie at The Street (available on Yahoo!), such high-end homes represent a fairly small portion of the whole U.S. foreclosure problem (just 2.3% in the first 10 months of 2010). However, that […]

Posted in Foreclosure News | Comments closed