Foreclosure BOAT tours!
Realtors can get pretty creative. First bus tours, now BOAT tours of foreclosed properties.
Check it out –>>> http://abcnews.go.com/Business/story?id=7111055&page=1
Add comment January 28, 2010
FHA waives 90 day rule for one year
Effective Feb 1, the Housing and Urban Development Department will waive for one year an FHA rule that prohibits insuring a mortgage on a home owned by the seller for less than 90 days, giving FHA borrowers access to a broader array of recently foreclosed properties.
Add comment January 17, 2010
HUD issues new HUD-1 Form
HUD has released a new HUD-1 form for real estate closings. The form is changed only slightly, the one major thing being a truth in lending form added to it.
You can download it at HUD’s website:
—>>> HUD FORM
Add comment January 6, 2010
Citi to suspend foreclosures for 30 days
WASHINGTON – Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season.
The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck.
>>> Read More
Add comment December 17, 2009
Report: BofA worst Lender for Loan Mods, GMAC the Best
Among big lenders, Bank of America Corp. had the worst performance in the Treasury Department report card released Thursday. The nation’s largest lender completed just 98 modifications for the 160,000 borrowers who had signed up by the end of November. GMAC Mortgage had the most modifications of any lender, 7,100.
Add comment December 11, 2009
Mortgage Relief Reaches 1 in 5
WASHINGTON – After a slow start, the Obama administration’s mortgage relief program has reached one in five eligible homeowners, a government report says.
As of the end of October, more than 650,000 borrowers, or 20 percent of those eligible, have signed up for trials lasting up to five months, the Treasury Department said Tuesday. The modifications reduce monthly payments to more affordable levels.
Launched with great fanfare in March, the plan got off to a weak start, but now nearly 920,000 loan modification offers have been sent to more than 3.2 million eligible homeowners. That works out to 29 percent, up from 15 percent at the end of July.
Add comment November 10, 2009
Are Permanent Home Swaps Solutions to Buy and Sell?
The newest trend to buying and selling with benefits – Permanent Home Swap. You want or need to sell your home, but buyers won’t pay what it is worth or perhaps you have a new job and you need to move, you ask your realtor to search for someone willing to swap for a comparable home. The buyer may be in another state; could be in a nearby city but it all comes down to value preservation. You get another home of the same quality and value.
It’s not a bad idea. There are no complicated closing periods to pilot, with any possible additional expenses of finding and moving into a provisional place between the sale of your place and the closing date of your new place.
You don’t have to worry about double mortgages if you end up owning both homes simultaneously (another closing date risk).
You never get stuck owning two places if you cannot sell yours at all after buying your new place.
Real Estate Agents have been working with desperate home owners to try and sell their homes all-the-while the home sits on the market. Of course there are different stories for every state, city and county however there haven’t been any horror stories as of yet with Permanent Home Swapping.
And the best thing is, if you’re willing to move out of state you could possibly get more value than you bargained for. Then again, that could work on the negative side against you; you could get less home than you’re used to.
Work with a good realtor who can help make this process easy and quicker for you with less headaches.
Add comment November 9, 2009
FNMA’s new “deed for lease” program
WASHINGTON – Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.
The government-controlled company, through its new “Deed for Lease” program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.
Add comment November 5, 2009
Congress considers increasing FHA down payment
Congress is considering a proposal to make FHA down payment 5% instead of 3%.
Read more:
Add comment November 5, 2009
