Mortgage company Fannie Mae is introducing a website to help consumers who are struggling to avoid foreclosure learn about ways to get help. The government-controlled company has launched www.knowyouroptions.com. It is designed to provide easy-to-understand definitions of mortgage industry terms and online calculators that help consumers determine whether they can qualify for a refinanced mortgage or a loan modification.
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The way to determine if you should do a short sale while in bankruptcy is to ask yourself this one simple question; Even though my creditis going to be damaged now, do I want to own a home again sometime in the future? If the answer is yes, then you should seriously consider the idea of doing a short sale regardless of a bankruptcy filing.
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The Obama administration last week introduced a program to encourage lenders to forgive some of the mortgage debt owed by homeowners. The purpose is to help people remain in their homes and reduce foreclosures. But the housing crisis is so huge that no one initiative can solve it all. So another kind of help is on the way. It's aimed at homeowners who can't afford to remain in their homes and instead want to sell them.
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Is walking away really an option when facing foreclosure? A recent opinion piece in the Wall Street Journal; When It’s Ok to Walk Away From Your Home, gives advise that could lead down a scary alley. If you walk away, who might be chasing you? Unless the deficiency is released in writing by the lender, it can haunt you.
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A real estate short sale is a form of agreement between the seller of a home in the beginning stages of foreclosure and their lender, allowing the home to be sold for less than the existing loan balance outstanding. The mortgagee would accept less than the loan amount in order to avoid a foreclosure proceeding. This short sale would result in a substantially discounted purchase price for the buyer of the home. The buyer would then proceed with the purchase of the home much the same as in any conventional realty transaction.
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The U.S. Treasury Department recently announced new guidelines to the short sale process that could speed the housing market recovery, a move RE/MAX Executives have been promoting in Washington D.C. for the past year. Short sales, transactions that can occur when a lender accepts the sale of a home at a price below the actual amount owed on the home, have become an increasing part of the real estate business as besieged homeowners look for alternatives to foreclosure. RE/MAX Chairman Dave Liniger has promoted a streamlined short sale process since foreclosures began flooding the market and has presented specific proposals to government officials.
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Get ready for the short sales. According to a Treasury spokeswoman, Treasury officials will soon announce a $2,500 subsidy ($1,000 to the servicer and $1,500 to the seller) to encourage short sales as a way to clear the excess inventory. The fees are designed to help compensate the servicer for the extra effort, and to incent the seller to be cooperative and leave the home in good condition. Presumably, the Treasury is trying to help facilitate a transaction that will result in less loss to the lender than in the case of a foreclosure.
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"Running out to my recycle container right now to check. Helpful article. " about Recycling: A Refresher Course
on Monday, July 19, 2010 @ 9:50 PM
Shirley said
"I heard they are considering extending this credit past November. Heard anything like this?" about Six Critical Things You Need to Know to Get the $8000 Buyer Credit
on Wednesday, September 30, 2009 @ 7:57 AM
Steven said
"Well, time will tell I guess. For my sake I hope it's true but I have a feeling the high end market is going to come down in price for the next several years. " about
on Wednesday, September 30, 2009 @ 7:56 AM
Micah said
"Keep posting more articles like this. Question, does a short sale offer delay the foreclosure process??" about New Foreclosure Rules In Washington Assist Homeowners
on Wednesday, September 30, 2009 @ 7:54 AM
Jessica said
"This will be even more true when the price of gas jumps to seven dollars a gallon!" about Homes with High Walk-ability Worth More
on Wednesday, September 30, 2009 @ 7:52 AM